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I am brand new here. I have suffered several blows to my credit after illness and my mom's death that have negatively impacted my credit. I currently have the following scores:
Equifax 617 Transunion 603 Experian 611
I want to qualify to purchase a home in the next 18 months because I'm adopting two little boys and starting over in my middle age.
My question is in the past I have gotten things removed by simply disputing them or negotiating with creditors. I don't know if either of these tactics work in current credit times. I have 6 accounts that I haven't paid on in over two years and obviously there blowing my credit score. I also have a judgement. What would be the best approach to beginning to rebuild? Should I focus on satisfying the judgement first or focus on removing or paying down the accounts that I haven't paid on in years? Where do you start when you're so far in the hole? My goal is to reach 708 score before I apply for a mortgage loan.
Welcome!
The folks here will be able to advise you best if they have a more detailed understanding of your accounts. So I am going to suggest that you list for them all of your open accounts, all of the closed accounts on which you owe money, and all of your derogs. The following template will help them:
Open cards in good standing:
Card 1. Balance = ____ Credit Limit = ______
Card 2. Balance = ____ Credit Limit = ______
Card 3. Balance = ____ Credit Limit = ______
etc.
Include here any revolving account, even if it is not technically a "card."
Open loans in good standing::
Loan 1. Balance = ____ Original Amount of Loan = ______
Loan 2. Balance = ____ Original Amount of Loan = ______
Loan 3. Balance = ____ Original Amount of Loan = ______
etc.
Closed cards on which you still owe a balance:
Card 1. Balance = ____
Card 2. Balance = ____
Card 3. Balance = ____
etc.
Closed loans on which you still owe a balance:
Loan 1. Balance = ____
Loan 2. Balance = ____
etc.
Derogs (lates, charge-offs, collections, judgments, public records, liens, bankruptcies)
List each one and its date. If it is a late, be sure to indicate whether it is a Day 30, Day 60, Day 90, etc.
If it is a collection, indicate how much the collection is for
Base all the above information on your credit reports.
A moderator may move this thread to the rebuilding forum, if in his judgment that is the best place for it.
Finally, write a short paragraph that indicates clearly how much cash you have available now to begin paying off debts, and how much cash you think you might have in the upcoming 15 months for that.
@Anonymous
Welcome to MyFICO
As CreditGuyinDixie mentioned that the thread might be moved, I have placed it here in the Rebuilding Your Credit forum where these issues are routinely discussed. It would also be beneficial to others trying to assist your that you provide as much information as possible as CGD indicates.
Good luck in your efforts