I talked to quicken loans about refinancing our home. My credit scores are about 580, my wife's are 800. Due to the 620 minimum qualification, I can not get approved. Quicken then forwarded me over to their "Fresh Start Credit Repair" service. It's only $299.00, which is refundable is you end up refinancing with them. I'm not worried about that.
I did speak with their "Credit Expert" specifically about the charge-offs that have been sold to CA's. The typical "we'll negotiate settlement", then try to get the OC's to remove these from report. They claim to have had success in the past.
Is this worth throwing $299 to ??? Right now, I'll do anything to get my credit improved. Let me know your thoughts.
I don't know if I would do that personally. I have heard all over this board that settlements do nothing for the credit, and they can sell the remaining balances to other collection agencies. Also, they are pretty much doing exactly what you would be doing by writing PFD and DV letters.
Personally, I would keep the 299 in my pocket to pay towards bad trade lines, pull your history and start at the top and just start sending out DV letters. See what comes back. Dispute what you can through the CRAs to see if some stuff comes off on its own. And anything that gets verified, send out PFD letters to get the trade lines deleted for good. Settling just opens you up for more bad trade lines with other collection agencies, and does not make the account you paid come off the credit report. A paid collection reports just the same as an unpaid collection.
Just my opinion.
Dont do it!!! Google "Fresh Start Credit Repair" many, many complaints!!! Credit repair places only make matters worst!!
They can NOT do anything that you cant do for yourself, for almost free.
The only thing you have to do, is ask yourself............Who has your BEST interest in mind???.........That would be YOU..
I started here about 2yrs ago, did not know anything about credit....except use it.lol
Read, learn and ask questions...The more time you put into anything, the more you will understand.
Some things on your CR......only Time can fix, and No credit repair place can transport you in time.
Your wifes CS is 800, have you tried being a AU on one of her cards? Or......Is your wifes income enough to qualify in her name only?
I would suggest to pull your CR's, post your baddies here and ask questions about your options.
Don't do it. I paid them the $299 and we went through the process TWICE w/out closing on the loan. Each time, they found a reason or some excuse that some portion of it didn't come out correctly, etc. The only thing they did was tell me to pay down some accounts and keep them current. Duh... Really? Ok so, gee I couldn't have figured that out and done it on my own? It's not like they told me how exactly to do that. We got in to a bit of a struggle with our credit score because of health issues. Our Mortgage had never been damaged, but our credit was definitely scarred up a bit. After going through the process TWICE with Quicken Loans we went to another local lender (Credit Union) and walked out that day with our home refinanced. The other thing with Quicken Loans is that we were constantly resubmitting things three and four times and getting bounced from team to team. It seemed the organization is quite disjointed and does a terrible job of keeping things "organized". Even though they have you submit things through their MyQL set up. Seems if it was coming in electronically it would be even harder to lose, but they managed to do it (several times). We had several credit reports expire and then there would be something else wrong with the new one. With all the money we threw at this, it should have been a breeze. We were at our local bank for about an hour and were on our way. Had the appraisal about 3 days after that and closed our loan at the end of the month. Don't waste your time. Run your credit report. Look at the accounts that are "derogatory" and work through fixing them. That's what we did (without a lot of help from the supposed "Fresh Start" program). I do get it is only $299 and other firms charge a lot more and do a lot less (not sure how...), but its really all a big fat money making racquet. I knew more about credit repair than my counselor and I don't work in banking. I'm a nurse!
I have to agree with everyone else, this is something you can fix yourself. Just search for the company in the search box, most have already posted a solution or what to expect.