I recently came across this forum while doing some online research; I am in the process of trying to clear up my credit. I am currently at 515 per Experian, and need to get to about 630 in order to qualify for an FHA loan. The majority of what on my credit is from when I was 20 and stopped paying on accounts due to losing my job and hard times. I am hoping that with the information provided some of y’all would be able to provide me with some advice.
I have 3 accounts active and in good standing, 2 credit cards and a car loan. One credit card is 9 months old with CapOne and the other card and loan are both 2-3 months old. Between the two cards I owe about 65%, i will pay these off in full 90 days before applying for a loan.
These are the negative accounts that I have in collections. I will just list the CA in hopes that someone has advice on working with them, along with the date of the last report so that you have an accurate idea of what I am facing.
1. RGS financial: last report on feb/2012
This is for a dental bill that was sent to collections, it looks like my insurance did not pay on the amount and because I moved I never received a notice of the amount due. I plan of fighting this because when I called to see what it was for the CA had the incorrect address for me in a town I have never lived in, and when I followed up with the dental office 4 months after my work they said that I did not owe anything.
2. LVN Funding LLC: last report jan/2012
3. LVN Funding LLC: last report jan/2012 (two separate accounts)
4. GTE Southwest: feb 2012
Paid this account as it was only 57.00, I tried to have them delete the account but they would not budge. I decided to pay because the SOL was so far away and the last report date was this month. I figured if it were going to stay on my credit it was better at a “paid in full” than open collections.
5. retail card that was charged off- last report was in 2007- figured I should find the CA and pay them before they report the acct. maybe they will not report it if I pay it off. Any thoughts??
6. Credit Protection Associates: last report may/2010, paid account in full, the agreed to remove it from my CR
7. Credit First- retail card charged off- last report date may/2006
Thanks in advance.