Collections

[SSH0126]

So we paid off almost all collections (settled some some in full).After they have all been paid off..would  The next step would be to have 3 lines of credit...keep utilization under 10% and get no more lates..when trying to get ready to buy a home? Am I missing anything?? Will be getting  VA loan

[Anonymous]

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@SSH0126 wrote:

So we paid off almost all collections (settled some some in full).After they have all been paid off..would  The next step would be to have 3 lines of credit...keep utilization under 10% and get no more lates..when trying to get ready to buy a home? Am I missing anything?? Will be getting  VA loan

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You might get a secured installment loan if you have no auto loan or student loan. Other than that, yes, you are correct on your path.

[SSH0126]

My husband has one secured credit card. we are working on utilization. and student loans. I have several credit cards(high utilization) we are making min payments..snow balling but first priority has been collections. I have a huge amount in student loans but I am in school. I have been told as long as I am in school when we apply for a loan then the lender would not include the student loans in utlization or anything else? 

[SSH0126]

We have a car loan. My husband has one secured credit card. we are working on utilization. and student loans. I have several credit cards(high utilization) we are making min payments..snow balling but first priority has been collections. I have a huge amount in student loans but I am in school. I have been told as long as I am in school when we apply for a loan then the lender would not include the student loans in utlization or anything else? 

[Anonymous]

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@SSH0126 wrote:

We have a car loan. My husband has one secured credit card. we are working on utilization. and student loans. I have several credit cards(high utilization) we are making min payments..snow balling but first priority has been collections. I have a huge amount in student loans but I am in school. I have been told as long as I am in school when we apply for a loan then the lender would not include the student loans in utlization or anything else? 

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Your're good then, your original post has the correct steps - 3 credit cards, low UTI, and perfect payment history.

[IncrsCreditScore1]

Have the collections that have been paid been deleted from your credit reports?

[SSH0126]

No. They have not been deleated. 

[IncrsCreditScore1]

Recommend that you do goodwill letters to the collection agencies asking for deletions.  You can contact me by private message on this forum for a sample letter, if you like.

[SSH0126]

I will

[IncrsCreditScore1]

Message sent to you.