Hi everyone, I am extremely new to the site all of about 30 minutes and I am been searching through old post to help guide me in making the "right" decision. I am on the verge of buying a home and I need to raise me score just two points to get 100% finance by the lender. Here is my situation briefly My scores vary a great deal XPN 618,EFX 669,TUC 593. I don't have any credit card debt just the following: 2 collections account totaling $241 Student loans $24,000(in deferment) Gym membership $213 Tax lien placed in error by state of Virginia (filed in 8/96 released in 9/96) Will paying any of these items have the desired impact on my score?
There is no quick answers to these questions. I advise you to read FAQ and all the sticy's up there as well as everything about validation. Good luck.
How old are the collections? Make sure they are within the sol in your state. If they are you could try a sending validation to the ca's. Depending on what type of account they are. That will take quite some time though. I dont know how soon you are looking to take care of this. But if you do have the time disputing the collection items and winning"deletion" will greately boost your scores once the presence of them are gone. Do a search for "validation" for more info on how to start bangin away at the collection items. You already said you have no balances on your revolving debt so your good to go there. Do not apply for any new credit in the process of your home buying process. Inqueries will tank some points. If that tax lien was in fact placed on your reports in error, I suggest you immediately dispute as"not mine" with the cra's. If the lien comes back verified your gonna have to have some correspondance with whomever placed the lien on there. I suggest taking care of the tax lien first. You said it was "an error" so removing it shouldnt be a problem. Than bang away at those collections. First make sure the sol isnt up on them. Than send validation requests to each company. Basically you want the ca's to "prove it" or "remove it". The dispute process with ca's can take some time and patience but if you run into probs just <bump> this post with your results. hope this helps.....-joe-
The 2 collection accounts for $241 could be fixed within a couple of weeks max. I personally had one for $64 which I wrote a letter 4 days ago to correct it, $241 would be easy on 2 collection accounts. Today I received in the mail the "universal data form" to change the account to delete to all 3 CRA's with all 3 subscriber codes from the CA. I checked it today and they are deleted from the reports. FICO did rise since I last checked. That would be a quick fix.
