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Inquiries About Credit

Member

Inquiries About Credit

RIght of the bat I want to thank any and everyone that can help me.  I admit i have ZERO knowledge on these things, but I want to learn due to the fact Ive recently gotten married.

 

Myself and my wifes credit is in the mid to low 500s and we want to work to raise our credit so that we can in the near future purchase a home. I have a few questions.

 

 

1. Do we work on our credit seperately or since we recently got married (within the last 2 weeks). Do we work together?

 

2. Is there a way to round up all of our debt from all of the different companies (I believe its 4) into one pile and make payments to that one lump sum?

 

3. She was in and out of the Hospital and ER before me, but was recently added to my insurance. Can we go back and add those bills to my insurance?

 

4. Will those medical bills screw us in the long run with a mortage loan? If so how can we fix this?

 

5. I want to do this correct and want to work as fast as possible. Any advice id love. THANKS!!!

Message 1 of 30
29 REPLIES
Moderator

Re: Inquiries About Credit

Welcome to the board Smiley Happy

 

The first thing is obtain all 3 of your reports preferrably from the CRAs thru the mail then separate the derogs into workable groups once this is done you can then work on one group at a time. Credit is an individual deal so each of you should work on your own report this doesnt mean you can assist your spouse with knowledge you may have. You will need to work with each individual item listed. If she was added to insurance and it was in force on the day of the treatment(s) then yes you want to give he medical providers your insurance info so it can be billed to the insurer of course you will still have to pay the copay or coinsurance amounts if its not fully covered.

 

For unpaid medical debt that is reporting on your CR:

 

1. Call the OC and see if you qualify for Charity Care
2. If not then ask that they recall the collection in exchange for full payment
3. Send the reporting CA a PFD offer
4. Google the HIPAA Process and contact its creator for help

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 2 of 30
Member

Re: Inquiries About Credit

Is there anyway i could email you and maybe go indepth into this if I can? Id rather speak directly to someone who took the time like you.

Message 3 of 30
Community Leader
Super Contributor

Re: Inquiries About Credit


Dro889 wrote:

Is there anyway i could email you and maybe go indepth into this if I can? Id rather speak directly to someone who took the time like you.


Its best to post as much info as you can to the board here. You'll get more 'eyes' on it and therefore more advice which you can pick and choose from. Often there is no one correct path to take, but rather mutiple options with varying pros and cons for each.

 

You credit files and scores are separate and individual, work on them separately. If home purchase is your goal, unpaid meical bills are often not an issue, particularly if they are small. Will your spouse need to be on the mortgage app for income purposes?

Most Recent FICO 8 Scores EX616/TU587/EQ607 01/09/2018 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 4 of 30
Member

Re: Inquiries About Credit

Well as for me i currently only have 3 things on my credit all together.

 

1. A Loan in which im currently still paying on. Ive never missed a payment, but ive been days late a lot.  Ive talked to them and theyve said once ive paid it off nothing will be counted against me.

 

2.  A credit card with my former account at the credit union. I just started paying back on that and get it paid off.

 

3. In 2013 I was in a wreck and i totalled my car. Insurance paid off the Car and all and it shows as a closed account.

 

 

As far as when i sign in on credit karma thats the only 3 things seen on the report. 2 I'm still paying and 1 already gone.

 

 

 

My questions are. Does the car being paid off and closed hurt me? I'm Currently paying off both of the debts is there anything I can do while im paying them both to help boost my Score.

Message 5 of 30
Established Contributor

Re: Inquiries About Credit

For the medical collections google the HIPAA Letter Process and follow it exactly as laid out. If you have problems finding the website or any questions PM me.
FICO 8 Scores Eq 821 Ex 820 TU 841, 195K Available CL, 1% Util


Message 6 of 30
Member

Re: Inquiries About Credit

Thanks! I'll look it up.  I have insurance now with my job. Will that help with anything?  My wife has some decent bills lined up in medical that i saw on her report.

Message 7 of 30
Established Contributor

Re: Inquiries About Credit


Dro889 wrote:

Thanks! I'll look it up.  I have insurance now with my job. Will that help with anything?  My wife has some decent bills lined up in medical that i saw on her report.


Your current insurance will not cover any bills prior to her being added to your insurance policy.
FICO 8 Scores Eq 821 Ex 820 TU 841, 195K Available CL, 1% Util


Message 8 of 30
Established Contributor

Re: Inquiries About Credit

credit karma is fine for free monitoring, but you should both request your full reports from annualcreditreport.com  It is free to get this full report once a year. Be sure to get all 3 reports.

 

Your baddies will have to be addressed, but you need some current accounts with good history to start the rebuild. Try prequal sites at Cap1, discover, etc. So you can get some good, current payments going while you work on the old stuff. Don't charge it up with things you can't afford, but use it every month for things you would normally pay anyway (gas, groceries, bills) and PIF each month.

 

 



Giving up on the images for now

Stepped out of the garden 10/9/16

Message 9 of 30
Established Contributor

Re: Inquiries About Credit


Dro889 wrote:

Well as for me i currently only have 3 things on my credit all together.

 

1. A Loan in which im currently still paying on. Ive never missed a payment, but ive been days late a lot.  Ive talked to them and theyve said once ive paid it off nothing will be counted against me.

 

Is this reporting late payments on your reports? If not, it is helping.

 

2.  A credit card with my former account at the credit union. I just started paying back on that and get it paid off.

 

So I assume that means you have some missed/late payments? Paying it off will help, but the lates will still be there.

 

3. In 2013 I was in a wreck and i totalled my car. Insurance paid off the Car and all and it shows as a closed account.

 

If it is a closed, paid account with no late payemnts, it will continue to HELP your score for 10 years. If there were late payments, those will ding your score for 7 years.  As ALL old accounts age, the negative effects will diminish.

 

 

As far as when i sign in on credit karma thats the only 3 things seen on the report. 2 I'm still paying and 1 already gone.

 

 

 

My questions are. Does the car being paid off and closed hurt me? I'm Currently paying off both of the debts is there anything I can do while im paying them both to help boost my Score.


 



Giving up on the images for now

Stepped out of the garden 10/9/16

Message 10 of 30