Need to vent!

Well I have learned some things in regards to mortgages. First off how old are the charge offs?? You must pay off all unpaid collections prior to getting a mortgage. Are you going to be trying for FHA, the reason I ask is that I believe they go back 2 years and as long as everything has been current no lates in past 24 months than I believe they will work with you, but you must first pay any collections you have . I would also put a hold on applying for anything else, inquiries hurt too and you should keep a good payment history with your current accounts. I hope someone else may have some advice for you.

 

It may sound easier said then done, but the first thing you do is....relax. It only takes getting behind in a couple of things to ruin your credit, but it takes a lot longer to build it back up. I am speaking from experience...there are quite a few short cuts out there, but there are no magic tricks. The first thing I had to do was face reality...the unpaid collection accounts had to be paid. If you weren't trying to buy a house, I wouldn't suggest it, but I have yet to hear of a mortgage company that will extend a loan for someone with unpaid collections and unpaid charge offs on their credit report. (I used to work for Equifax's mortgage credit reporting department--Isn't that ironic.) As far as feeling hopeless..you're already on the right track to rebuilding your credit with the few accounts that you have. It doesn't matter how many new ones you open up though, until you begin to pay off the old ones...because until they are purged they will still bring your fico score down.

 

I might also add that once those accounts are paid and a little bit of time has passed you will find it a little easier to get new credit.

 

Aint that the truth. Flagirl, until you get the collections paid you will not get much new credit that isnot secured. I had 3 collection accounts( 2 utilities and 1 health club) and 9 defaulted student loans on my report when I received my credit report for the first time in 12/99. I knew I was in trouble before then because I had trouble renting an apartment. I got turned down by Gateway and Providian( which was an eye opener). I got two secured cards $200 each in 1999. I started disputing items and paying them also. The health club was an billing error and I got that one off after an hefty battle. I paid the utility bills and negotiated for deletion. I am a pretty smooth talker. Oh yeah, I used to telemarket in college. But I got them deleted. I consolidated my student loans. A year ago, I was so damn uptight about my credit, I was pulling my hair out. Stress was making it fall out. But once I cleared my credit as much as I possible could, something happened. As the new accounts got older and the paid collections got older my score started rising slowly. If you and your hubby want a house and you havenot saved for the down payment yet, use this time you have to work on the credit. You have done the right thing in hiring a law firm to help you. If you have paid the accounts and they are two years old, you will have not problem getting a mortgage. At least that is what I have read just about everywhere. This year or two that you are saving money, work those new accounts that you have. Stop applying for credit so that you score will creep up on its own slowly. Paying ontime over a period and fixing your old accounts will improve your score. This takes time honey. It took me about a year. And I worked my a s s off at it. But believe me it will work out. Good Luck to you.

 

Before you pay anything make sure you get it in writing that the company will remove/delete your file from the credit bureaus. Don't take no for an answer.

 

RE: FlaGirl Aria Question

When you got your Aria card - did you have unpaid charge offs? Have you started negotiating to pay any off your old charge offs in lieu of deletion. If so, please let us know how it is going. I am about to approach my first of three -Sterling. I also have a Capital One and Providian (which is for the highest amount $2,400+ and the statue of limitations in my state expires next year so maybe I have some negotiating room). What is the statue in your state and how does it apply to your old charge offs??

 

RE: FlaGirl Hospital charge-of

Regarding the hospital charge-offs. I'm assuming that you weren't covered by medical insurance. If you weren't, here's one way to attempt to negotiate payment. Sometimes it works; sometimes it doesn't. It doesn't hurt to try. Call up the billing office and tell them that you are attempting to choose between to medical insurance policies (have the name of two large companies that do business in the state.) Ask them what Ins. Co. A pays for whatever (the procedure or medication you were billed for) and Ins. Co. B pays for whatever. Before you start asking these questions get the name of the person you are speaking to. Once you have this info, you have some room to negotiate. Chances are the ins. company is paying a lot less than what you were billed. Offer to settle for what the ins. company pays. You wlll get the standard line that ins. co. pays less b/c they send many patients to the hospital. The way to counter it is to ask if it cost the hosptial any less to treat the insured person than you or in the alternative what special treatment did you receive that the insured person did not? Some hospitals will take this offer figuring that they are getting some money; some hospitals won't. It can't hurt to try.

 

pay the unpaid collections. offer a settlement, not the full amount. a paid/ settled collection ain't good, but it is better than unpaid.

which collection agencies?

 

a FL attorney who does bankrup

http://www.abcsvcs.com/mmcgarry.htm