So here is the scoop. I have a repo, that was paid in full, still reporting that it was charged off and not paid. I am currently mailing off the letters for the dispute and explaining the situation since the online disputes didn't work. I am trying to buy a house and it is all that I want to do. I have paid off multiple items that were in collections and charge offs and they are still showing up however showing up as paid/charge-off. Is there anyway that I can make them go away! I just want all this stuff off of my credit report! I have 4 credit cards now that I use and pay. I have multiple car loans that are all paid off with the exception of the repo. I just need to know where to go and what to do. I consulted with a credit repair lawyer that is in the area and she refused to take my money. And she is cheap to not like the lexington law place. She told me that I am on the right path, however refused to take my money because I am doing what she would do for me. She also refused to give me advice on what to do because I am not paying her. She told me to take my money and save it to buy a house! I would have used the letters that state I will pay you $x in a full settlement for a complete deletion of the account from my credit history, however, I didn't know that could be done. Until now! PLEASE HELP I JUST WANT TO BUY A HOUSE!!!!
Unfortunately, paying off debts doesn't make them fall off your credit reports too. They will remain as "paid" charge offs or "paid" collections unless you negotiated their removal in return for payment. Now that you've already paid off the debts, you've lost your leverage to negotiate with your creditors too, so I'm sorry I don't have better news for you but the negative marks probably aren't going anywhere for awhile. Where do your FICO scores currently stand, and when are you planning on buying a house?
There are other ways to increase your credit score besides removing negative items on your credit. If you would like to increase your credit score to purchase a home, you could add positive history to your credit report. Ask a family member or a friend to add you as an authorized user to one of their existing credit card accounts. The longer the payment history and the higher the credit limit the bigger the boost will be in your credit score. Please make sure the card has perfect payment history and they can maintain a low balance (10% of the credit limit). Thanks! Heather with BoostMyScore.NET
I am at a 640TU, 600EX, and 580EQ and I would like to buy a house ASAP! I just don't understand I work in a urban environment compared to where I used to work and I make a lot more and trying to fix this and I deal with people every day who don't work, have no money saved, buy a house get foreclosed and buy another house right away! I can't even buy one!!!
I feel your pain. Buying a house is all I think about as well! I have set it as a 5 year goal. I tell my husband all the time...in 5 years we will be in a house. My strategy is paying down my credit cards then aggressively paying off my car loans and then save save save!! In the meantime I tend to get inpatient...but if you stay focused you will get there!!!!
Have you spoken to a bank or with a mortgage broker to find out what is the minimum credit score to qualify for a home loan? Generally to qualify for a FHA loan you need at least a 640 credit score. You are only 40 points away. Adding an authorized user account can boost your credit score so you can qualify. If you don't know anyone that can help you. You can also purchase authorized user accounts online. Just do your research on the company that purchase from. Thanks! Heather with BoostMyScore.NET
Don't rush into it. Focus on getting your FICO scores higher and saving at least 20% for a down payment. I don't see real estate values dramatically increasing anytime soon, so I think it'll be a great time to buy for quite awhile.
you are on the right track with the 4 cards you are currently using. Keep in mind when disputing online you will not get very far. If you are trying to explain your situation to the bureaus that will also not get you anywhere. You have to dispute with the bureaus, creditors, and collection agencies in order for this to work. There is a reason why the attorney didn't take your money and that is because majority of them didn't go to school for 8 years to do credit repair. They do the same thing you can do for yourself or Lexinton Law can do for you since they send out template letters. Settlement letters will not work for a removal of an item since that is a violation and the company can get shut down by the FTC. Unfortunately, in order to purchase you have to have a 640 mid for FHA or higher for conventional loan. Also, keep in mind that the scores you mentioned may be off if they didn't come from a mortgage report. What state are you in?
Also, was your dispute online, and in the letters "PAID IN FULL", if they were, and they still verified incorrectly that it was charged off, with a balance owing, you could pursue a FCRA suit for the improper investigation of the dispute.
Heather, thank you so much for the advice I will definitely look into doing that for sure! I know that my mom has a card that she only uses for gas once a month just so she has a balance to pay off. I will get her to add me. Vburgos, the one says charge off legally paid for less in settlement, I am not to concerned about that it will be removed in about 3 months due to the length it has been on my report. The other one that has been paid and I have proof of just says charge off, and is still showing that a balance is owed. I will go back to that lawyer lady to get her to help me with that. Unless someone on here is willing to offer advice on what to do on what you said? Jam, See ^^^.
Basically, if the dispute was specific and relevant to the disputed information. (i.e. "Should be reporting PAID IN FULL, NO BALANCE") and the data furnisher verifies it as still being a CHARGE OFF, WITH A BALANCE OWING. Then they're in violation for not verifying the correct information. The suit would really be a simple cut and dry. Now, remember the standard disclaimer. "I'm not a lawyer, and I don't play one on TV." So just like the lawyer lady, I can't give you any legal advice. At your federal court, they should have suit templates that tells you exactly what you need, and the format that you need it, and you can search the FTC and state AG's office web sites for examples of pleadings that they've filed. Then you write out your facts as best you can, and as simply as you can. I obtained a copy of my credit report. I read the trade line being reported by defendant, XYZ Co. I disputed the information that XYZ Co reported to CRA. XYZ Co verified that the information was complete, accurate and verifiable as it was being reported, despite the fact that...
