Ok, I'll lay it all out for advice. I have a job that my overtime was cut during the past year and a half. In that time I had a tough time making my payments. I am now making payments on time but I am living check to check. Here's what I have. 17 Negative reportings, most of which are in 2001. Included are some 60's, 90's, and one 120. I started using CCCS a year ago and now my credit cards all show no lates within that year. I have 24 requests for credit history. I have a collection that I paid as soon as I found out about it. It was for a phone that I got for my brother. He never paid the bill and I didn't find out about it until someone mentioned it was on my CR. Will I be able to get this removed?? Everything that I see on my CR is valid. My mortgage has 3 30 days late in the past year. I applied for a mortgage to see if I could consolodate all of my bills and the lender told me my credit score was 540. He also told me this to which I am VERY leery... They approved me to pay off my existing mortgage and home equity, increase my interest rate to 12% (currently 6.5%). He said and I quote "A closed debt with negative reporting looks better than an open debt with negative reporting regardless if the payments have been made ontime for the past year or so." I think this is BS, can anyone tell me if this is true? Now, I am asking for help... PLEASE!! Thanks much!! Geoffro
A paid debt is better than an unpaid debt, but lates are lates, I have never seen any evidence that this course of action would improve your score.. 6.5-12% is a huge jump. Can't you just refi your home equity loan and leave the underlying mort. alone. You can't get much better than 6.5% today even with A credit. Your best bet is probably to take a couple of months to do some serious credit repair, then go mortgage shopping again. Most of the experts say you need to be at 620 or higher to get A rates.
Yeah, really. Just stick around and keep reading. There are other things you can do. He is looking at his commission.
Ok, now how do I get the score to go from 540 to 620? And still, what can I do about the collection account showing that I paid as soon as I knew about it? Thanks again for all of the help. Geoffro
Try writing a letter, be nice, give them the story. Maybe they will delete. It just worked for me with a medical account. If that doesn't work, try sending Doc's nutcase letter. Good Luck. Gib
Thanks Gib, that's what I had in mind and I've already typed one up. Is there anything I should or shouldn't mention in the letter? Also, is being with Cconsumer Credit Counseling Service killing my score?? If so, can I cancel the service and continue on my own? Thanks again!
And another while I'm thinking of it... When I dispute a late, should I start with the oldest few first or should I dispute them all. I find it hard to dispute cards and loans that were only late in the past year... Please help me with this guys/gals.. I've been reading for the past few hours and my brain is now mush!! Thanks!
I have been told that CCCS is as bad as a BK. I don't know if thats true, but it shows that you have had credit problems. I had a hard time deleting one for a friend. Her score went up, but there was a lot of other activity going on with her report. Charlie
It is possible to have it deleted. On one CRA it took one dispute and the other 2 I think it took 2 maybe 3. Charlie
