Help With Rebuilding

[SHAI]

Hi Everyone, I'm new to the forums and need a little help. I trying to get a mortgage and when my scores were pulled they are as follows. TU-451, EX-432, EQ-429. Accounts are as follows: (collections) Verizon-$203.00 Verizon-$75.00 Verizon-$65.00 Chase-$546.00 Imagine-$794.00 1st Continental-$517.00 T-Mobile-$446.00 Genuine Portraits-$165.00 Salute-$816 I recently got a Bank Of America secured visa $500 and i have $22000 in student loans. What can i possibly do to get my score at least a 620 or more I'm DESPERATE PLEASE HELP!!!!!

[Anonymous]

Shooting for a 620...from your scores...is NOT going to happen overnight...but you surely can do it...how much time do you have???...

First...if you HAVE NOT gotten your free reports...GET THEM...and make sure...these are the only account on your reports...

Second...deal with the CC COs first...by those still having balances...they are KILLING your UTL...because they are still being calculated into your overall UTL...so pay them as soon as you can...hopefully they are still with the OC...and not sent to CAs...paying these should DEFINITELY give you a boost...it will lower your UTL...A LOT...

Third...Is Verizon and T-Mobile reporting the debt themselves???...no CAs...if not...try to PFD with them...hopefully they would agree...

Never be late on you SL...always pay on time...is you have lates from the past...send the a GW letter...for the removal of the lates...

[Anonymous]

Shai, you have to ask yourself first if you've cured the cash flow/spending issues that caused the debts to go bad in the first place. If you haven't, that's what you need to focus on before you attempt to fix your credit score.

If you're back in the black, THEN you're ready to tackle the issue of your credit. For the delinquent CC accounts, I would see if there's any way you can rehabilitate those accounts, and convert them back into revolving accounts in good standing. Right now, what's killing your FICO score is the several negative accounts versus the ONE good account. If you can even get two or three of those accounts restored to good standing, that would significantly improve your long-term situation.

[Anonymous]

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@Anonymous wrote:
Shai, you have to ask yourself first if you've cured the cash flow/spending issues that caused the debts to go bad in the first place. If you haven't, that's what you need to focus on before you attempt to fix your credit score.

If you're back in the black, THEN you're ready to tackle the issue of your credit. For the delinquent CC accounts, I would see if there's any way you can rehabilitate those accounts, and convert them back into revolving accounts in good standing. Right now, what's killing your FICO score is the several negative accounts versus the ONE good account. If you can even get two or three of those accounts restored to good standing, that would significantly improve your long-term situation.

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How do you rehabilitate CC accounts? We've got three that charged off (and were paid in full) circa 2005.

Or do I suppose that's not even an option for us?

[Anonymous]

VERY UNLIKELY....most OCs...for the COs....WILL NOT do this...

[SHAI]

I've checked my report's several times and theses are all of the negative accounts. T-mobile has sent debt to a CA who has just offered a PFD verizon still owns the account but they have a CA "handling it". If I were to pay all of the collections how long do you think it would take to get a score of 620 or above. I'm only 21 and got a little in over my head but now have a good job and the funds to clean up this mess.

[Anonymous]

Shai, if you successfully get PFD (pay for deletion) on almost all of those accounts then your scores should jump dramatically if you can afford to pay off the credit card charge off. If the PFD's aren't successful your scores will go up slowly, you can probably expect 500s for the next year then 600s after 2. Just a very rough guess.

[Anonymous]

You won't get a jump in scores...if you just pay...you need to PFD...if the accounts were ASSIGNED to collections....rather than SOLD...that's better...you might have a greater chance of deletion...

[SHAI]

SO will it just be a waste of time to pay off all of the collections (total about $3500). I need a minimum score of 620 or above by August 1, 2008 in order to get a mortgage scores are currently TU-451, EX-439, EQ-441 When I went to True Credit my scores were TU-491, EX-486, EQ-529. Is there any best course of action at all to get a jump in scores by paying without a PFD????? I'm so desperate

[Anonymous]

DON'T worry about TC scores...they are FAKO scores...and don;t matter one bit...getting to a mid 620 in less than 2 months...is not going to be easy...but there is hope..are you not even using the previous advice I offered...that should give you a boost right there...

1. Pay the COs...ASAP...Chase...Imagine...Continental...and Salute if that is one...find out when they report to the CRAs...even if you keep the receipts...and when you go back for the mortgage...if they have not updated to PAID...the mortgage company should be able to do a rapid rescore...but it should be reported by then....

2. CALL Verizon...see if they will delete...if you PIF...for all accounts...CALL T-Mobile...see if they will delete...if you PIF...CALL the Genuine Portraits place...see if they will delete if you PIF...get it...the key is...getting it deleted...

3. Deal with the CA last...offer to pay the OC first...and see what they say...

Don't just pay these people...without seeing if they will delete first...I myself am working to get a home loan in mid August...so I wish you he best...