Me and my soon to be hubby are trying to get approved for our first house.My scores are 605,520,500 and his are 650,634, and 600. To get 100% she said that I need my middle score to be 580 which means I need 60 more points.She said they have to go by my income since mines is the highest.As of Monday my defaulted student loans were paid off.That left me only with 5 collection account. I have about $800 in collection so I called all th ca to see if I paid them would they delete the collection but i was told no they can not do this. I have already disputed this items before but they came back as verfied.I was hoping my student loans give me some points but I do not know what eles to do.I have the money to pay these bills off but I just cant get them to delete.I would like to say thank you guys for your help I read here and bayhouse sometimes and my scores started out at 400,371,and450 and now they have improved by me reading things that you guys have done again thank you.....Any advice would be helpful...
Teesha, with your soon-to-be's scores he can qualify for a stated income program. Or you can qualify together for a non-conforming 100% program and a non-conforming lender generally does not require PMI which can make the overall payment pretty similar. If I can help you any further, you can either ask here or you can email me off-board as some of the info required is pretty confidential. Good luck with your house hunting. fla-tan
Teesha, First, don't use the phone. Send validation letters to all of the CAs. Be sure to send them certified, return receipt requested. You are doing this to give the CAs opportunity to violate the FDCPA and FCRA which will give you some leverage in negotiating with them. Print out copies of the FDCPA and the FCRA and study them so you'll understand what your rights are. Then, check your credit reports during the 30 day validation period to see if the CA lists the account as "in dispute." They should, but you hope they don't. Watch the calendar from the time the CA receives your request for validation. You hope they exceed the 30 day time limit for providing you with proof of the debt. If they don't send you validation of the debt within 30 days, (and they rarely do) send the estoppel letter. It's in the sample letters as "Debt Validation #4) After they failing to provide you with validation, dispute with the CRAs again. If the CA's verify, they are continuing collection activity after failing to provide you with validation. All of these are violations which will provide you with leverage for your negotiation. Here was what I thought was a very helpful post "nutshelling" the violations to watch for. http://www.creditinfocenter.com/eBooks/PoorMansClassActionLawsuit.shtml After you have documented their violations with copies of your credit reports (be sure you're monitoring closely), then you'll have the leverage you need to negotiate. This time, you'll send them an offer by mail and agree not to sue them for their violations of your rights pursuant to the FCRA and FDCPA in exchange for their permanent deletions of the tradeline from your credit report. Personally, I would also tell them something along the lines of "there are several similar accounts I am dealing with and I am willing to pay the balance owed, but there isn't enough money to go around. So, I will only be able to pay the first companies I receive agreements from." You've got to be careful about this part though, when you have your letter ready, post it before you send it to make sure you aren't shooting yourself in the foot with your offer. This is not going to be super-quick, but I bet it takes care of getting your scores where they need to be, and probably a lot better than they need to be. Until you have some leverage to use with the CAs, they will probably continue to "blow off" your requests for deletion, and a "paid" CA notation isn't really going to help your scores at all. I know this is a lot of "stuff" but it's a process. Once you understand the steps, you have a better chance of not messing yourself up along the way. All the best! DemPooches
