Need help ASAP!!!! What to remove first?

Anonymous · ‎08-19-2008

Please Help!!!!!!

Hi, I am in a major time crunch and stand to lose $19,000 in 6 weeks if I don't get my median FICO score up to a 700 (It was in the 680's but I took some really poor advice from a bank VP and my score dropped to 658).

I am trying to figure where I would potentially get the biggest hike in score quickly. What do I tackle first . Older (DOLA 2002) collections but more recent update by the CA (8/08) or do I go after (DOLA 2003) with an update in 2007? Which hurts me worse?

Also 2 of the CA are also on my report from the OC as well(DOLA 2002).Should I tackle these first or the more recent ones.

My accts. show a total of 4 collections from 2002-2003.

Thanks so much in advance!!!!!!!

TU 656 EQ658 EX700

Anonymous · ‎08-19-2008

First, what is your util? That is the fastest way to gain points.

Second, recent collections hurt more than older collections.

Can you give some insight on these collections.

What is DOFD, DOLA, and your SOL?

Are they yours? Are they paid?

Anonymous · ‎08-19-2008

First, what is your util? That is the fastest way to gain points.

Second, recent collections hurt more than older collections.

Can you give some insight on these collections.

What is DOFD, DOLA, and your SOL?

Are they yours? Are they paid?

_____________________________________________________________________________________

My Utility is less than 5%.
3 of these are valid (mine ) one is not but do not have the luxury of time to go through various channels to dispute it (fortunately I am in a position to pay these off now).

The accts. originated in Fl. SOL4-6 yrs (However I am purchasing in La.)

1) Palisades (CA) $1432 updated 8/08

placed for collect. 11/03 (to be removed 9/2009)

OC Wash/prov balance $1,000 ($1432 with fees)

last active10/02

2)Palisades (CA) $869

placed for collect. 2/2007 (to be removed (7/2009)

OC HSBC Bank DOA 3/03 This is the one that I do not believe is mine.

3)NCS (CA)$752 This is me but I don't owe this but do not have the time to dispute these fees

Old apt. fees I do not owe! (To be removed 9/2010)

Placed for collect. 2/2006

4)OIS (CA) $103 (to be removed 9/2010)

placed for collect.10/2004

OC- electric company.

Anonymous · ‎08-19-2008

There is no guarantee that anything can happen in 4-6 weeks.

You can send the PFD example letter, found in my signature, and it states that if they don't respond with 15 days, that you will request full debt validation as allowed by FDCPA.

You might want to search on the forums to see if these companies have a history of accepting PFDs.

From what I recall, Palisides is not easy to deal with.

The SOL from the state that the debt originated in and the SOL for the state you currently live in are the two SOL that matters.

Once past SOL, CAs are more likely to accept PFD.

I had luck getting a CA to agree to a PFD by mentioning that SOL has expired and CRTP would be expired in a few months and the account would be removed from my credit report then, paid or not. However, the CA would not agree in writing, so I didn't take the chance.

Anonymous · ‎08-19-2008

Hi all FICO friends ,

I am reposting this here because I desperately need some quick answ. as to what to pay off and tackle first. I need to raise my score by 42 points ASAP or I will not be able to qualify for my mortgage and stand to lose a lot of money.

Please help!!!!

I have 6 weeks and need to know what to tackle first. I know from the forums not to pay without a PFD in writing first.Any idea what I could possibly gain pt. wise for the various baddies being removed?

My utility is less than 5%

No lates in 5-6 yrs.

3 open goodstanding credit lines.

____________________________________________________________________________________

These are unpaid neg. accts on my report

My Utility is less than 5%.
3 of these are valid (mine ) one is not but do not have the luxury of time to go through various channels to dispute it (fortunately I am in a position to pay these off now).

The accts. originated in Fl. SOL4-6 yrs (However I am purchasing in La.)

1) Palisades (CA) $1432 updated 8/08

placed for collect. 11/03 (to be removed 9/2009)

OC Wash/prov balance $1,000 ($1432 with fees)

last active10/02

2)Palisades (CA) $869

placed for collect. 2/2007 (to be removed (7/2009)

OC HSBC Bank DOA 3/03 This is the one that I do not believe is mine.

3)NCS (CA)$752 This is me but I don't owe this but do not have the time to dispute these fees

Old apt. fees I do not owe! (To be removed 9/2010)

Placed for collect. 2/2006

4)OIS (CA) $103 (to be removed 9/2010)

placed for collect.10/2004

OC- electric company.

Anonymous · ‎08-19-2008

One problem is there is no way to guarantee even if you PFD that they will be off in 6 weeks. It is common for stuff to take 2 months or more to finally show up on the credit score.

What is the exact situation. Unfortunately if there is no recent credit mistakes to fix then paying off older accounts without PFD will drop your score while doing a PFD may not get them cleared in time for your needs. Also, you need to get more than 42 if you want to guarnatee the loan. You need a little "safety bubble" in acse one of the many stupid things that can hit your score up and down a few points comes across. Say 50 points to have a few to play with. What does your broker recommend? Is this a build home? If so, why did they approve if they were not sure on the financing.

As far as the most help, the newer the debt is, the more it is hurting your score. So, try as hard as you can to get a PFD and to get it verified in writing through the creditor ASAP. Follow up with the creditor as often as you need to to verfiy the delete. If push comes to shove, your lender may be able to submit the aggreement fro deletion to the credit agencies and request a re-score. I believe you will get charged for this like pulling an additional credit score.

Anonymous · ‎08-19-2008

I was preaprooved many moons ago back when dinosaurs roamed the plains and stated loans were plentiful. I am buying a new condo and the builder is finally ready to transfer title. Now the only stated loan program that I can find with only 10% down is requiring a 700 middle score.

I have a few PFD in writting and plan to rapid rescore but need to know which I should try to remove or not?

Thanks much!

TU656 EQ658 EX700

Anonymous · ‎08-20-2008

Hello mymoney,

I've combined your threads from General Credit Issues forum and the Rebuilding Your Credit forum, as they are regarding the same issues.

Please read the FICO Forums Terms of Service for further information.

-sidewinder

Lel · ‎08-20-2008

@Anonymous wrote:
I was preaprooved many moons ago back when dinosaurs roamed the plains and stated loans were plentiful. I am buying a new condo and the builder is finally ready to transfer title. Now the only stated loan program that I can find with only 10% down is requiring a 700 middle score.
I have a few PFD in writting and plan to rapid rescore but need to know which I should try to remove or not?
Thanks much!
TU656 EQ658 EX700

Does your purchase contract have any contingencies for financing? That is, can you back out of the contract and get your deposit back in case your financing falls through?

Six weeks seems tight, and there's no guarantee that your score is going to reach that 700 threshold. Also, there's no guarantee that the rules regarding stated income loan won't change in the meantime.