Hello, I am new to the whole credit repair process but I had alot of bad things listed, so I started with disputing the old accounts listed. I have felt quite proud by what I have gotten removed and updated till this point when I started about one month ago My FICO with Equifax has dropped from 557 to 508? They deleted two accounts and updated one to read paid as agreed, My question is Can or should I expect for it to drop more if I get more of the accounts removed? My fico on TU is coming in at 570, I removed 2 entries of a dismissed ch 13 and my score did go up but very little. Another question is when I get it pretty clear I probaly will have very low scores and a small credit history, I have one more ch 13 showing for 1999 which is showing dismissed, should I wait to try to establish a positive account or should I start now, I know I will have to pay alot with a crappy account to start the rebuilding process but am confusing as to who to go with, tu being the higher and living in NC.
Were the "old" accounts deleted postive accounts? On EQ, I have found that even old negatives (which give age to your average age of accounts) can drop a score. I had a BK removed and my score dropped. However, it did recover over a few months time. You want to be sure you are not deleting positive accounts, however.
You've probably lost some of the older account = lost some "History". When I first started, same thing happened to me, but as my pos. accounts report every month, my score is slowly climbing. (From 496 in February to 544 las week-average of 10 points a month, but I am still getting little things deleted too.) Be patient. Try to find a credit union who will work with you on establishing credit. They seem to be more willing to look at you as a person and not a number. I went to my credit union, and they had to take my first application before the 'Credit Comittee'. I sent copies of my dispute letters, and wrote a letter stating that I was working on re-establishing credit and would like an opportunity to prove myself to by financially responsible. Since Feb. they have approved me for a $1000 signature loan, a $1500 Visa, and a $15,000 auto. Good luck and don't get discouraged.
EQ is a big one to do this...drop score after neg removed. It generally rebounds.. Congrats on the removals!
Thanks for all the nice comments and advice. Would it be better to try to establish new credit at higher rates or to be listed as a AU on my fathers accounts (he has really good credit and a long credit history).? I dont know if this will help me or not? I just want to be careful not to get into the same situation with having accounts with unbearable rates, my goal is to work toward the purchase of a home in the next year.
