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Advice Please!


Advice Please!

I am trying to work hard on my credit for a home loan. Here is the deal. Current scores are 600(TU), 593(EXP), 571(EQ). I need a median of 620 for home loan. I have five collections listed below. I have GW all and have got all 5 back saying they will delete them. What kind of increase should I expect. I know a lot depends on other credit so I have also listed them below. Also any other ideas would be fantastic. I have until March 2011. I also have SW. Thank You!!!!


Collections     High       Balance   Date Open      Date Rep.

Report Inc         144           0             8/09                    3/10        Will be removed in 9/10

Report Inc           36            0             8/09                    3/10        Will be removed in 9/10

Opt Rec              101          0              6/09                    5/10        Will be removed in 9/10

Opt Rec              479          0              6/09                     5/10       Will be removed in 9/10

Opt Rec               9              0               7/09                  10/09       Will be removed in 9/10



HSBC/ TAX        575         575            1/07                PFD  DENIED

Reg. Accept.      7424       3924          9/02          DOLA 12/03   REPO CHARGE OFF

Ford Motor         8608        0                 3/02          DOLA 1/08    30 (30 day) late payments. Divorce but in my name. Didnt know until to late. Tried GW but no go!!

MCM                     805         893            2/07



Car loan             12229      9756

Car loan             11627      9244

Student Loan     13332      7542           this is totals from 6 accounts

fingerhut              100           0                  NEW ACCOUNT

Exxon                     200          55                NEW ACCOUNT

Message 1 of 6
Frequent Contributor

Re: Advice Please!

Pay off midland then gw ... add that to the list of deleted collections...


Try to pfd the reg/accept if you can't ya still will be required to pif in condition to close same thing with hsbc.


Depending on how much of a mortgage you take up ... you could still end up having to settle with reg/accept after dec this year to june next year because it will still be on your credit file.


That's all I got.


Search the forums for midland success so many ppl have had it it's not even funny i'm surprised you don't already have that on your list.

EQ 715 8-4-12 // Walmart TU 720 8-11-12 // TU 04 744 (cc pull) 8-23-12 EXP (cc pull) 707 8-23-12
~~In my wallet: Chase Freedom, Discover More , US Bank, Walmart Discover, CitiDividend Platinum Select , Target Red Card

Message 2 of 6
Frequent Contributor

Re: Advice Please!

To get a mortgage you will most likely be required to pay off any collections, even if they are still reporting. With that in mind you might want to wait a few months for the Reg. Accept. repo to fall off. Do your reports say a date that they will fall off? TR and EX often show dates, I've never actually seen EQ showing a fall off date. If they don't show dates, assume it will probably come off November of this year. In my experience, the fall off date is usually 6 years and 11 months after the default date. I'm not sure if that means it will be gone as of November 1st, or be gone after November, but I would expect it to be deleted by December.


That leaves you with just Midland (daboss is right, if you pay this off they should GW delete it for you) and HSBC to actually pay. Looking at your overall credit report, once those GW's actually delete I would expect your scores to be above 620. The other thing you can do to make sure they are is pay your revolving credit down to 1% - for some reason this scores better than if it's at 0%. It looks like you have just $300 in revolving debt (Exxon and fingerhut) so pay your Exxon bill down to $3 and you'll optimize that part of your score.


Good luck!

Message 3 of 6

Re: Advice Please!

Thanks for the advice. The reports do not give a date for fall off for the Reg Accept. I planned on paying midland and hsbc. I have seen on here with some GW working and some not. But I will try and see what happens. Thanks again! 


PS- I will update with score increases asap.

Message 4 of 6
Frequent Contributor

Re: Advice Please!

I don't have any experience with HSBC, but I've gotten a GW deletion from Midland. PM me if you need e-mail contacts for them. Good luck!!

Message 5 of 6

Re: Advice Please!

I have not pulled my report and Score Watch doesn't tell me why but my score on Score Watch just went up to 621 Smiley Very Happy  from 571. This was my low score! I can't wait to see what the others are and which CA came off.

Message 6 of 6