Help with Rebuilding Credit

[terren2000]

Hello everyone.  Havent been on the boards in a very long time.  Hit some rough patches, but ive ben blessed and im doing well now.  I recently put in for a house after landing a new job 2 years ago.  Currently my credit has a few lates and 1 colelction from AFNI.   The collection from AFNI was placed on my credit report November 2016.  It was for At&t equipment, that I thought my home assistant worker (disabled) delivered.  I received an email confirmation saying the equpiment was returned.  AT&T says it hasnt.  The collection was for $300.000  The pay for delete did not work, so I paid it outright, as I was up for a huge promotion at my job and didnt want the negative collection hindering me.  SO i had no time to continue doing pay for delete.

Fast forward today, my credit score is EQ 617.  Im trying to get a home loan (first time truly independent), and I'm wondering if the deletion of the collection will help me.  I have a bunch of 30 and 90 days lates on 5 accounts.  

Walmart ($2000 PAID IN FULL)

Citibank ($8400 BALANCE -$6800)

Dell ($3000 PAID IN FULL)

Wellsfargo ($3000 PAID IN FULL)

Amazon ($1500 PAID IN FULL).

I have only 1 credit card left with a balance that has a late.  All of the above accounts have been closed.

Had another account that was already deleted due to a famiily member getting a Lane bryant account in my name while I was on bed rest for 2 years.  Im a guy by the way.  Filed a police report and that collectiona gency deleted it without asking for any payment or settlement.

I have 3 open accounts.

Chase - $800 limit

Capital One - $500 limit

Macys - $100 limit

1 open - Car loan account

All of the above accounts are current and no lates.

Id like to buy a home later this year.  ive already been approved.  But due to my credit score being just under 620, Id like to be able to get a better rate, as I wont be buying until later this year.

ANy help would be appreciated.

Thanks.

[Anonymous]

Hi Terren2000. I'm glad to see things are turning around for you and you're back on the boards. You only list one score. Where are you getting that from? Is it a true FICO score or one of the FAKOs? You have 3 cards and an installment loan so that it good. I'm concerned about the score you're reporting though. I know when I spoke with a mortgage lender they told me they pull all 3 and go with the middle value. From what others have posted here that seems pretty standard. My CU requires 620 for FHA so you may be cutting things close. I'd recommend a pull of all your credit reports and scores to see if there are any things that can be removed as well as see where your numbers stand.

If you have a regular CU/bank. You may want to see about meeting with a lender for a preliminary review of where you are. Mine was able to detail some specific points for me to consider based on what their particular lending requirements are and I'd bet that yours would do so for you too.

[Anonymous]

Oops! I missed that you've already been approved. Nevermind my last paragraph above.

[terren2000]

Good Morning Mikki D.  My Fico Equifax is 617.  The lender told me though it was only a 571 on his end because what the lender pulls is not the same as the consumer.  He gave me all of my lender pulls.  And the medium was a 588.  

He also said, that the FHA loan now has a 580 standard.  So I was fine.

I started off with $18000 debt at the beginning of the year, now Im down to $7500.  WHile i've already been approved, I want a better interest rate.  

The scores at the botttom of my page is old, I havent been on here a while and havent updated any of them.  Honestly I cant remember how.

[AllCredit]

Having it deleted will defintely help, but with FHA you can still get a loan with collections reporting (I had a ton when I got my mortgage, all were paid but they were $500 or less of course they were all showing paid) you will have to provide a letter of explanation for each one.

[terren2000]

Just a quick Update.

Collection 360 SHield removed AFNI from both my credit reports.  Experian and Equifax.  Just waiting for Transunion.  The colection was failry new, placed on my reports in October of 2016.  AFNI kept re-aging the the $300 debt, and I ahd no time to fight it as I was up for a promotion at my job and needed to apss a BG check.  SO I paid them outright.  They made me an offfer to pay it for half the amount, but I ask for a PFD, they declined it and began to ask for the full balance.

SO as a last result, after paying them off, I came to this forum and read about  Collection 360.  Opened an account, and I will say 3 days after their 50 day time frame, the collection is now removed from my accounts.

Thank You all for your responses, and contributions on all issues posted on this boards.

Score increased 43 points.  6 points away from 700.