EFX-614 XPN-632 TU-649 I need to raise my scores for a spring time auto purchase. I am posting my actual report that my buddy pulled for me. I have 3 open trade lines: 2 small credit cards and a Mercedes auto loan, the mercedes loan was originally a balloon loan that came due this 6/06 at that point I refinanced the balance of 30K which is now the current loan. The derogs you will notice, the lates on my car loan as well as my credits cards in 2005. The collections account for 676 has been paid in full last week as well as the judgement has been satisfied 100%, I have letters for both that I am mailing this week. I am unsure if paying off those two will help my scores, but I do need to get them up if at all possible. Do I possibly need more tradelines? Any help is most appreciated, thanks so much in advance http://img406.imageshack.us/img406/4782/1hj1.jpg http://img183.imageshack.us/img183/6264/2xu6.jpg http://img181.imageshack.us/img181/2408/3mp4.jpg
There is a basic two step process required in order to elavate your scores: 1) You need to dispute the derogatory tradelines now appearing on your credit reports. Do this through the credit reporting agencies. You stand a much better chance of getting these deleted insofar as they are paid rather than if they were outstanding. However, I would not advise a "not mine" dispute due to the reason above. Moreover, do not send any verification documents to the credit reporting agencies that the collection and judgment derogatories are paid. You may have issues with getting the late notations removed from your prior auto loan and credit cards. Dispute them anyway and follow up with goodwill letters to the lender/creditors in issue if and when they verify the late notations; and, 2) You need more positive tradelines. With recent lates, collections and a judgment, you need positives to offset them. Even without the derogatories, three open positive accounts is a rather thin file. There are exceptions wherein folks have 800 plus scores with only a few tradelines but, in my experience, this is rare. You have two "viable" options for getting the benefit of additional tradelines. The first is to ask a friend or relative to add you as an authorized user to their credit cards. Make sure they have clean histories and the balances are below 30% of the available line. If that is not an option, there are entities which sell such tradelines as a service. Some are cheaper than others but, in any event, do some research before selecting a provider. You could apply for some accounts on your own behalf, however, you will take a hit for the inquiries and the newness of them. I wouldn't advise doing this. Also, make sure your utilization on your two cards now are below 30%.
Apex thanks a ton so far for their help. 1. Mailed dispute letters yesterday for the judgment and the collection without the paid receipts. 2. Updated all 3 CRA's to have them correct my address's and erase employment info 3. My girlfriend (784 middle score) added me to a Visa card that has a 10K limit, she keeps a very low balance but they didnt ask for anything other than my name? How can I get them to report? 4. My mom (790 middle) is adding me to a Visa that has a 15K limit and very low balance. 5. I called each of the credit card companies and asked them to remove the lates and of course they refused I will now dispute them and follow up with goodwill letters. Is there a limit to the amount of AU accounts I should or should not add to my credit to raise my scores, I have lots of family members with 780+ credit and all have over 10-20k limits? Any other suggestions? I want to thank everyone again for your excellent detailed help, all suggestions are helpful. j
