A few newbie Questions! Pls Help!

Discussion in 'Credit Talk' started by LostinWI, Oct 22, 2007.

  1. LostinWI

    LostinWI Member

    Good Afternoon!

    My husband and I today went and applied for a 1st time home buyers mortgage and I knew my credit history from the past was pretty rocky, although I have done quite a bit thanks to the boards on clearing some of it up, I still need some help in areas I am not getting to far in!

    My husband has no bad marks on his report at all, his scores were 678, 713, and 692 and mine were 500, 518, and 531 (YIKES!).

    Since we live in WI, and it being a marital property state, they have to use my info as well, even though I work VERY part time and we don't even want to use my income as part of the loan, they have to..so..there are a few things I Need to clear up.

    Here is what is out there that I can't seem to take care of!

    LVNV Funding (appears to be a Sears card) they are reporting 3 different times! (Same acct. #).
    *This was an old old card of mine, its reporting $398, $352, and $352 as balances all showing Coll/Chargeoff. I did report this as "Account Not Mine" within the last month and it came back as Meets FCRA. Anything I can do about this to get it deleted?

    Arrow Financial Services--reporting twice with balances $337 and $333. I have no idea what Arrow Financial Services is. One is showing Collection and the other coll/chargeoff. I also disputed this and it is showing Dispute Resolved Reported by Grantor. What is this? Again, what can I do about this?

    Verizon is showing a Chargeoff, which is my old cell phone from last year. Reporting twice with both showing $252 balance.

    Fashion Bug is showing a balance of $207, chargeoff, closed by credit grantor.

    HSBC/RS (Not sure of this account) again chargeoff, closed by credit grantor for $161.00.

    And the last one is IC System INC for $38 which is for Newport News, which I know what that is, but I never had anything to do with this company, I disputed with it and it says Customer DISP--RPTD by Sbscrbr (is all it says) again a Collection/Chargeoff.

    The loan officer is checking with the mtg company to see if we can go through with the loan, obviously I want to get this cleared up even if we do get the loan, but I don't want this to bite me in the bud. If it means paying all of this off then I definitely will do so and never land myself in this shitty position as I did 7 years ago when I was 18.

    Should I just pay these and be done with it to get it done quickly? If so, what is the best way to go about doing this? I have numbers for most of the companies from the credit report items she copied for me so I would just call that I would assume?

    Any and all advice would be greatly appreciated!!

    Thank you!
     
  2. Argento

    Argento Well-Known Member

    Hi Lost,

    Disputing as 'Not Mine' won't get you anywhere in most cases. You have to find factual errors and show that the CR is Inaccurate or Incomplete. I looks like you are in a hurry.

    Here's what I see:
    1. LVNV Funding (appears to be a Sears card) - CO
    2. Arrow Financial Services - CO
    3. Verizon - CO
    4. Fashion Bug - CO
    5. IC System INC - CO

    Looking at you CR's what is the Date of First Delinquency on the TL's? or when were they charged off?

    Are each of the above valid accounts?

    Removing these is going to take some time depending on how old they are. Have you asked the bank or loan broker if they can help you with 'Rapid Re-Scoring'? This might be the fastest way depending on how old the accounts are.

     
  3. LostinWI

    LostinWI Member

    Thanks for the quick response! I appreciate it!

    I filled in my responses below your questions :)

     
  4. Argento

    Argento Well-Known Member

    Lost,

    Don't be hasty on paying these off. As I mentioned, they will just show ups as PAID CHARGEOFFS. Ask your broker/banker if paying these and having PD CO'S is going to help your situation.

    Here's some additional info:

    "Force the Credit Bureaus to Rapid Re-Score your Credit
    Rapid Re-Scoring (Rapid Disputing) allows you to quickly correct your credit score for better rates within hours!

    No time for traditional dispute process. Have a home loan pending? Rapid Re-scoring can up your credit score in as little as 72 hours. This procedure is a fast way to get a better score and better interest rates. If you have inaccuracies, errors or outdated and or unverifiable items, you can use the Rapid Re-score procedure to quickly remove those items. The procedure is done through an authorized Re-score Lender via electronic update (the lender does it for you directly to the CRA.) If you know a mortgage lender (family or friend) or have a loan pending, ask for rapid rescore!

    You can Rapid Re-score with all the CRA:
    Beacon - Equifax
    Empirica - Trans Union
    Fair Isaac - Experian

    How do I know if I am a candidate for the Rapid Dispute Process?

    If you have inaccurate items on your credit reports such as collection items, judgments, late pays or any other derogatory item that is truly false in some way then you may be a candidate. The great thing about Rapid Re-score is that you can claim the items you "believe" to be false and quickly request the CRA update them. Not every consumer is a candidate and the Lender will ultimately decide but the good news is that lenders have motivating factors to Re-score your credit--their loan approval!

    This procedure can increase your score up to 100 points in a matter of hours!

    What types of information can be corrected?
    Collection accounts still showing an unpaid
    Judgments or Tax Liens that have been paid or satisfied
    Late dates that were reported in error or changes in account status, ice from "delinquent" to "current"
    Accounts that should be included in a discharged bankruptcy
    Accounts that have been paid and closed but still show a balance owing

    Get started
    If you believe Rapid Re-scoring is an option for you then get busy requesting your lender or potential lender to qualify you as a candidate. Be sure to gather any and all documentation you have to prove your eligibility. Here is a list of some lenders approved to do Rapid ReScore. Make sure you ask the lender if they are approved to perform Rapid Re-scoring.

    Credit Technologies
    RapidRescore.org
    FundingSuite.com
    "
     
  5. LostinWI

    LostinWI Member

    Here is where I stand, I took the advice of the lender and called the numbers on my report, well they are all telling me to send a letter in the mail to dispute, blah blah blah.

    We should hear back yet this afternoon if we have the loan or not, lets hope we do. But..if its dependent on these getting cleared up, I am willing to just pay them, honestly. Now, I have read a few things about "Pay for Delete" How do I go about doing this? Do most places work with you on that?

    What about for instance, the fashion bug, the balance of $207 is after all this fee's and such, it was a balance of $68 when it defaulted back in 02. Could I call them up and say hey I'll pay the original balance that was owed but can I bargain for them to still mark it paid in full?

    I just really want to get this all taken care of asap and not have to deal with this anymore. My husband has his scores up and has worked so hard, for waht, for me to bring him down? I hate being the reason that this mortgage loan may not work out right away.

    Any advice is welcomed!

    Thank you!
     
  6. LostinWI

    LostinWI Member

    Oh, and one more question, most of these are supposed to fall off in early 09 and some even next year, if I end up paying these, does that re-age the account meaning it will yet be on my report for another 7 years?

    Thanks!
     
  7. bizwiz41

    bizwiz41 Well-Known Member

    Are you 100% positive that both of you must be named on the mortgage? Obviously, you both must be named on the deed, but there must be a way for the mortgage in only your husband's name.

    I would check into the laws further, you may have to acknowledge the mortgage (or your consent) but perhaps not be listed as the borrower.
     
  8. LostinWI

    LostinWI Member

    I am almost 100% sure I have to be on the loan, since WI is a martial property state, I guess even if I wasn't on the loan, my husband getting the loan is depending on them pulling my credit information and it being approved.

    Same thing back in February when we got our truck loan, funny thing though, we had no problem with the truck loan then, and NONE of these chargeoff's were even mentioned tehn, they were obviously there, I wonder why it asn't an issue then :(
     
  9. bizwiz41

    bizwiz41 Well-Known Member

    Look into the requirements of your state's laws, if I remember correctly you do not have to be on the mortgage, but your liabilities (debts) must be considered for the loan package. So, if you do pay them, you may be fine.

    In other words, make sure you are clear what the broker is saying, is he saying your "credit report/score" will have to be considered? Or just the debts, which no lender likes to see..
     
  10. prissypoo

    prissypoo Well-Known Member

    Any news yet? I'm on the edge of my seat!! :)
     
  11. LostinWI

    LostinWI Member

    Well..not so good news :( Of course, b/c of my score the PMI wasn't able to be accepted, the lender even tried putting the request through that even if the debts were paid with proof, they PMI company still wouldn't accept it :( Sucks.

    They said if I raised my scores to 650 I should come back. WTF. I guess my median score was 518, so yea, how on earth am I going to raise my scores THAT much?

    Needless to say, my husband is less than thrilled with me at the moment, and has every right to be.

    And I did ask again that if I had to be on the loan, and even if I am not on the loan they still need to figure in my score AND debts b/c of it being a marital property state...don't move to Wisconsin! :)

    So I guess..does anyone think its even remotely possible for me to get my median scores up to even 600 relatively quickly?

    What steps of action should I take right now? I have these 6 items totalling like $1300 or something, how should I handle them?

    Thanks again!
     
  12. Argento

    Argento Well-Known Member

    Did you ask your loan broker/banker about rapid rescoring? This is a legit program that qualified banks use to QUICKLY remove inaccurate or obsolete info on your CR's so that their clients can qualify for a loan.

    A
     
  13. prissypoo

    prissypoo Well-Known Member

    The first thing you should know is: DON'T GIVE UP!! It's so easy to defeat ourselves when bad news comes along. It is completely possible to raise your scores, using the tips on this board. I have raised both my and DH's scores a huge amount... well over 100 points on two of his reports, all in the space of about 6 months, thanks to this board. Since then, they just go up every month.

    Please don't give in. This is completely fixable!
     
  14. LostinWI

    LostinWI Member

    Thank you Prissypoo! I really needed to hear that! :)

    I just don't know where to start, I mean I know where to start but its all so overwhelming!

    Where do I start with these 6 items to get them cleared up? Any help on this would be great, do I start sending letters? If so, what kind? I already talked to most of these places yesterday in trying to deal with it.

    Thanks!
     
  15. bizwiz41

    bizwiz41 Well-Known Member

    This is a good post to read on "starting", I posted a "primer" on credit repair. Yes, it is a lot of work, but the results are always worth it.

    Don't give up, give it everything you have!

    http://consumers.creditnet.com/Discussions/credit-talk/t-how-do-i-get-started-66755.html
     
  16. Hedwig

    Hedwig Well-Known Member

    You mentioned that you defaulted on at least one of these debts in 2002.

    The first thing you need to do is find out the Statute of Limitations (SOL) for your state. Don't confuse the SOL for legally collecting with the 7-year reporting period.

    If the SOL has expired, you can proceed differently than if it hasn't. In many states, the SOL is 3 or 4 years. If the SOL has expired, there is no reason you should pay anything to anyone.

    If the CAs have figured out that you are trying to get a mortgage, they will try to get you to pay to get the mortgage.
     
  17. Brucey

    Brucey Member

    You do not have to be on the loan. I live in WI and have gotten loans without my wife. I would find a different broker. With your husbands scores he should go to a direct lender, bank, and get a loan no problem as long as he has the income and doesn't need your income to qualify.
     
  18. LostinWI

    LostinWI Member

    Hmmm...so what should my husband do? Go to another bank/lender and say he isn't married? :) He definitely doesn't need my income, I'd rather them not even take that into consideration! I work only a very few hours a week at the YMCA and its piddly.

    I am going to start reading and try to get this all on track.

    I *think* the SOL in WI is 7 years, it says on my credit reports most of this crap should fall off the end of next year and early 09.

    Thanks!
     
  19. Hedwig

    Hedwig Well-Known Member

    That's what I was trying to tell you. The credit reports can report a derogatory item for seven years. That, however, has NOTHING to do with the Statute of Limitations for collecting, which varies from state to state. That's why you need to check your state's laws. You may want to call the state's Attorney General or Consumer Affairs Office or whatever it's called in WI.

    Even if the Statute of Limitations has expired, they can still report. In fact, they can even TRY to collect. But if they try to take legal action against you, you have what is called an affirmative defense.

    Whether or not a debt is in SOL can determine some actions you can take.

    See what the real SOL is, not when it will fall off of your reports. We're talking about two different things here.
     
  20. LostinWI

    LostinWI Member

    Thank you! I am sorry, I misunderstood!

    Here is some information I found online:

    STATUTE OF LIMITATIONS (IN YEARS) Wisconsin

    * Open Account: 6
    * Written Contract: 6
    * Domestic Judgment: 20
    * Foreign Judgment: 20


    Now, does this go by the open date of the item or from the date the account was defaulted? I am assuming by the above means that its 6 years?
     

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