Calling ALL Experts...HELP!

Discussion in 'Credit Talk' started by mother2, Apr 24, 2001.

  1. mother2

    mother2 Well-Known Member

    Well, I went to a mortgage co to get prequalified. Here's what I found out....

    1. Experian seems to be my worst report, according to the score 544. TU is my best at 599. Equifax has increased (due to the limit increase w/ providian to 585.

    2. My front end is great 26%. Back in is high 48%. If they don't count my student loan (which is currently deferred) then I would be right at 43%. But this is something the underwriter will have to make a call on.

    3. I have 7 negative accounts that needs to be addressed..5 of which needs to be updated. These charge-off accounts have been paid in full. The 2 remaining accounts are collection accounts with balances. I'm hoping Junum can just dispute these. Or should I do it?

    I need help on what would be the fastest way to address these issues? Should I let Junum handle all of them?

    Also, I am not getting rid of my car. I've worked too darn hard to get it and not about to give it up. Does FHA really count your student loan even if it is deferred? Is there anyway around this?
  2. kim

    kim Well-Known Member

    Re: Calling ALL Experts...HELP

    Maybe it depends on the type of deferrment. Mine are on in-school deferment and were not counted, I just had to provide proof of that.

    Disputes, depends on when you're looking to purchase. Obviously, if you have the time to wait on Junum, then wait on Junum. If you are looking to have something done sooner, do it yourself. If you're looking to have the charges off reported as paid, that should be simple ~ work from both ends, the collection agency or whomever and the CRA.
  3. mother2

    mother2 Well-Known Member

    In-school deferrment

    Well I guess you're never to old to attend school. Hmmmm that's an option. Actually my loans are in forbearance.
  4. Anon

    Anon Guest

    Re: Calling ALL Experts...HELP

    When do you plan to buy, soon?? I seen Junum get results but time isn't on your side with them. Well the score they will go with is 585(your middle), and that back ratio is kinda high, I have seen them higher but scores usually need to be higher. If the 5 are paid, the underwriter would just need proof from you they were paid, recepits, cancelled checks or have them call the mortgage lender and or fax that these are paid. What program did you apply for FHA?? FHA nows allows high back ratios but only up to 42%.

    Not sure about student loans, but they should have known the answer for that??
  5. Bill Bauer

    Bill Bauer Guest

    Do it yourself

    It's always far better and much, much cheaper to do it yourself.

    The government would like to see all these credit repair firms gone from our nation. They state that flat out and have placed some severe restrictions and conditions on them which they hoped would get rid of them completely. Hasn't worked all that well so far, however. They are still here.
    They spend quite a bit of our tax dollars trying to spread the word that doing it yourself is always best.The Government says that the credit repair companies can't do anything for you that you can't do for yourself.

    Learn to do it for yourself. Gather up all the advice you can on these message boards and from websites and then if you decide to use someone's idea or strategy, think about it a little bit. Does it make sense? Does it look solid or is it likely to be just some trite old form letter that is little more than sophistry and subterfuge? Good ideas are usually short, sweet, and get to the point very quickly, never using up more than 1 to 1 1/2 pages. Anything much longer than that is most likely just going to get ignored.

    Put yourself in the shoes of the person you are going to send your letter to. If you have a whole desk full of letters and somebody sends you something that is maybe 2 or 3 or more pages full of whatever, how likely are you going to be to read all that? More often than not, you will just skim through it and figure out the gist of it and do whatever with it and get on with your day. You may even get a good laugh out of the fool that claimed he was gonna sue your boss.

    Just remember that dynamite comes in small packages.

    And just to help keep it short and simple, don't ever tell them you dispute something or why. Just demand proof or that they investigate and let it go at that.

    Always use certified return receipt requested letters and keep copies of every thing you do.

    Lots of luck and just keep working on it and you can win most of your battles.

    Bill Bauer
  6. mother2

    mother2 Well-Known Member

    Time is a factor here

    I have until July to get these accounts cleared up. As far as my student loan goes, I do have to provide that they are in forbearance/deferrment. I have that letter. He told me that the underwriters would make that decision and YES, usually the scores would have to offset my high back end ratio. Sometimes I feel like what the hell did I go to school for. I mean it's just a burden all around. I probably won't get approved until either my car or my student loans get paid down. :eek:(
  7. mother2

    mother2 Well-Known Member

    Bill I didn't quite understand

    this sentence: "And just to help keep it short and simple, don't ever tell them you dispute something or why."

    I thought that's what I was supposed to do...dispute.
    Not only am I depressed again but now confused.
  8. Bill Bauer

    Bill Bauer Guest

    Bill I didn't quite understand

    No, it's real simple.

    Simply tell them what you want them to do.

    Please validate this report.
    Please validate this debt
    Please investigate this matter.

    Things like that.
    You don't have to tell them why. Your simple demand for the information or the validation should be enough.

    Look at it this way. You are a mother and either have or have had a husband. Or at least I presume so.

    If your husband comes home and says "I'm hungry, honey" does he really need to add a lot of explanations to get you to understand what he needs of you? Not really! You are not stupid! You know what to do and how to do it.

    And so you should at least ASSUME that the credit bureaus and collection agencies are not stupid either. If you tell them to validate your account and you spell out the exact conditions you expect them to follow, that ought to be enough for any human being with enough mental capacity to walk and chew gum at the same time. If it isn't, OH WELL, that's their loss, not yours.

    The whole point is, the less you tell them, the less comments you make, the better for you. Making such comments as "I fell behind on my bills because my Aunt Molly's pet canary died and I had to go to the funeral and that cost me a lot of money in travel expenses, had to help out with the casket and the cemetary lot, or "I lost my job" or any of the million other excuses people come up with will be considered superfelous and just ignored anyway. So why make them? How many times do you think the credit bureaus have heard all the standard statements like "I am disappointed that you are reporting false information about me"? or all the rest of it, "It isn't mine" or "It's inaccurate" ????

    Simply say "Please validate the report by Sleazebag Collection Agency listed on my credit file" and be done with it.

    How on earth are they going to claim your request is frivolous that way and make it stick if you didn't make any statement that might be construed as being frivolous?

    Do you understand a bit better?

    Bill Bauer
  9. mother2

    mother2 Well-Known Member

    I understand now and have

    done that before. I received notification from TU that they did not include the account in the investigation because the reason was not specific and/or incomplete.

    Thanks for the information though.
  10. Bill Bauer

    Bill Bauer Guest

    And you just laid down & d

    And you just accepted the word of the Master and laid down and gave up the ghost??? Bad move.

    You should have immediately informed them that in demanding reasons for doing what the law demands they do, they have not only wasted their 30 days but have violated your civil rights as well.

    Ask them if they would rather comply with your lawful demands or defend against a violation of civil rights lawsuit. Inform them that in the event they would rather defend against a lawsuit for violation of your civil rights all they have to do is to continue to refuse your lawful demand.

    Of course, if push came to shove, you would have to either back down and foget about it, or go seek legal counsel from an attorney qualified to handle such matters.

    But you can always at least threaten and hope they will back down. What have you got to lose? Why just lay down and die if you can come up with another bullet to shoot at them?


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