I have a question that I am sure you all have heard before. I am totally frusterated and I apologize for the length of this post....but looking for some answers to my problem requires a lot of information.
In 10/06 I began to look at my credit because I was interested in buying a home and new car. I was shocked at what I found. My FICOs at that time were as follows: TU-603, EQ-575, EX-619 (and yes they were FICOs not fakos). At that time I had a bankruptcy still on the report (fell off 1/07) along with 11 collection accounts and 21 total open accounts (most late with more than 120 days or more).
Since then, I have been writing GW letters, PFD's and denying and lying my way out of many of the accounts through the credit agencies disputing sections. Maybe not morally approprate...but desperate people do desperate things they aren't proud of. Here is what I have showing on my credit report right now:
1. Household Bank credit card. $700 limit- balance normally less than $100.00 (though right now from Christmas it is maxed out. This will be paid off by the end of the month. I had this card for 5.3 years...only 1 late in 11/06 (thought I had paid it when in fact I skipped it somehow). Tried everything....HB refuses to delete this late.
2. Capital One credit card- collection account $1507.00 due to be removed in 4/09. Disputed with the credit agencies, GWs and yet they too refuse to remove it or allow me a PFD.
3. 3 seperate student loan accounts totaling $31,000.00. Began repaying 6/06- good standing never late. Previously had 8 seperate accounts for this but consolidated 6/07, so it is fairly new.
4. utility account good standing never late. Had since 12/05.
5. GMAC auto loan $7800.00 left to pay. had since 11/05- good standing never late.
6. Chase Auto Finance $33,000.00 since 10/07 good standing. Had no choice, couldnt wait for scores to go up- paying 11.5% APR....got hit hard on this one...but needed a 4x4 ASAP.
7. Sprint PCS- $303- in collections since 4/07. disputed- wrote PFD, GW- nothing worked. They refuse to erase this one.
So...I have 2 collection accounts and 1 late left on my report. I am refusing new lines of credit and I am at a standstill....credit scores arent moving. They haven't really increased in all the time I worked on it. As of 1/2/08....the FICOs are as follows:
TU 602, EX 586, EQ 614. Since these scores, I no longer have the FICO scoring- only FAKO due to the fact they arent moving much anyway- why pay extra to see the real scores? I will purchase it again when I see scores going up more than a few points. My debt to income ratio is 14% and there has been only the one late in over 2 years.
So, my question is....I have removed 9 collection accounts, kept up my bills on time (except the one), 1 collection account added and besides the credit card which I will pay off at the end of the month....what am I doing wrong??? I have consolidated student loans because they tell me it improves scores (made no changes), I could pay off theGMAC account....I'm not because it is helping me by paying it on time every month (and least that is what I am told). I feel totally sick at the thought of the interest rate on my SUV...I need to reconsolidate (certianly not anytime soon though). I'm tired of being told to wait and give it time. I feel like I have done all of this for the last year or so for nothing because nothing has made any difference. I have a great job making great money -I can afford a home and yet I'm stuck in an apartment because of these scores. Does ANYONE have any idea what I can do?
