@myriamma01 wrote:Hello All,
So I have been working on my credit scores since April 2020. I have 15accounts most are cc's that are on 0 balance except for one and 1 auto loan that I have 4 late payments on. I also have 2 late payments on the Walmart cc and 4 late payments on my chevron cc most range from October 2019 to January 2020 due to medical issues and I have one collection from 5 years ago. I have tried sending GW letters without luck I'll keep trying but other than that how else can I increase my mortgage scores in 30 days? Any advice is appreciated 🙏 🙂
April 2020 Ex:527,EQ:526 and TU: 609
Aug.2020 Ex:605,EQ:604 and TU: 630
My goal score: 645 mid score
@myriamma01 Is the collection updating monthly? If yes, is it something you can address?
@myriamma01 wrote:@AllZerono the collection is not updating every month
Not knowing the amount of the collection debt or the collection agency or your intention or ability to pay or settle, I would recommend doing some research to see if they are an agency that does PFD Pay For Delete.
Granted it is a 5 year old collection. You'll have to determine your time frame for mortgage application. 30 days may not be possibility. The recency of the delinquencies are hurting your scores.
You've done amazing job since April. Keep on sending the Good Will letters.
Here is a good read if you have not seen it. The Saturation Technique: Best GW adjustment odds.
@myriamma01 wrote:The collection is for 7,650 and have been contemplating on doing a settlement with them but I'm not sure if they will delete if I settle and the only reason why I'm kind of hesitant is because if they say they won't settle will the date of the collection restart?
I would recommend you do your due diligence before any communication.
Are they on this list?
https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Collection-agencies-that-do-PFD/td-p/5675391
In addition, have you determined the SoL Statute of Limitations for your state?
@myriamma01 wrote:Yes statue of limitations is 7 years so I still need 2 more years to go
@myriamma01 Was this a charge off that led to the collection? Do you know your DoFD Date of First Delinquency?
The things that will restart the clock is acknowledging that you owe the debt, Making a payment, Entering a payment plan, Agreeing to pay, Making a charge on the account, Accepting a settlement offer. If you call and accept their offer and pay it. Its done.
