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Rebuilding Credit for Future Mortgage

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New Visitor

Rebuilding Credit for Future Mortgage

Hi All!

 

When my husband and I initially spoke to a mortgage broker they told us not to touch our old collection accounts. However, my credit scores are suffering and I am wondering if I should write letters to the collection agencies to request PFD? If they agreed to PFD, what type of impact would this have on my credit? I need to increase my score by atleast 100 pts .Smiley Indifferent

 

1. Portfolio Recovery

$0 balance - paid off 2 years ago, but still reporting under collections

Intend to send good will letter for removal

 

2. Jefferson Capital Systems, LLC (Verizon Wireless)

$314 Balance

Intend to send PFD letter

 

3. Asset Care LLC (Hospital Bill)

$408 Balance

Intend to send PFD

 

Thank you all!

Message 1 of 8
7 REPLIES 7
New Contributor

Re: Rebuilding Credit for Future Mortgage

Portfolio will delete. Just call them and request it. Its listed on there website that they delete paid collections.
Starting Score: 450 Experian (Nov. 2018)
Current Score: 623 Experian 655 Transunion 618 Equifax (6/19/19)
Goal Score: 650 For all 3 myfico scores


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Message 2 of 8
Community Leader
Mega Contributor

Re: Rebuilding Credit for Future Mortgage

I believe Jefferson Capital Systems also does PFD. I am not sure if Portfolio will delete an account that was paid prior to their "new" policy for PFD. 

 

As far as medical collection, here is the link for a thread (3rd post) where gdale described how to go about those

 

Good luck!

 

EX 759 EQ 774 TU 753


Message 3 of 8
New Visitor

Re: Rebuilding Credit for Future Mortgage

Awesome! I will call them tomorrow.
Message 4 of 8
New Visitor

Re: Rebuilding Credit for Future Mortgage

Thank you! I will read that link.

Any idea how much impact removing collections will have on a credit score?
Message 5 of 8
Community Leader
Mega Contributor

Re: Rebuilding Credit for Future Mortgage

If all of them were to get deleted, huge.
If one unpaid remains, probably not too much.
Because you already paid Portfolio, I would expect to see some gains if other two are removed.

Work on Jefferson and medical one first, as those are unpaid and hurting you the most.
EX 759 EQ 774 TU 753


Message 6 of 8
New Visitor

Re: Rebuilding Credit for Future Mortgage


@Remedios wrote:
If all of them were to get deleted, huge.
If one unpaid remains, probably not too much.
Because you already paid Portfolio, I would expect to see some gains if other two are removed.

Work on Jefferson and medical one first, as those are unpaid and hurting you the most.

Great, thank you!

Message 7 of 8
Community Leader
Mega Contributor

Re: Rebuilding Credit for Future Mortgage

Welcome!
EX 759 EQ 774 TU 753


Message 8 of 8
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