Did some reading, asking advice

Discussion in 'Credit Talk' started by geoffro, Apr 30, 2002.

  1. geoffro

    geoffro Member

    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
     
  2. wolverine

    wolverine Well-Known Member

    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.
     
  3. breeze

    breeze Well-Known Member

    Yeah, really. Just stick around and keep reading. There are other things you can do. He is looking at his commission.
     
  4. geoffro

    geoffro Member

    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
     
  5. gib

    gib Well-Known Member

    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
     
  6. geoffro

    geoffro Member

    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!
     
  7. geoffro

    geoffro Member

    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!
     
  8. charlieslex

    charlieslex Well-Known Member

    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
     
  9. geoffro

    geoffro Member

    So is it possible to get off of CCCS and have the information removed?
     
  10. charlieslex

    charlieslex Well-Known Member

    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
     

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