Hi! I have been reading a ton and I'm still very new and have much learning to do. But I've started devising my plan and would like any and all advice. Goal: decent enough credit score to easily get a mortgage in 2 years. Current situation: credit score in the 580's Negatives on CR and plan of action : 1. Closed mortgage account- 30 days late in Oct. 2008- goodwill correction letter 2. Open student loan- 60 days late October 2009- goodwill correction letter 3. Open wells Fargo auto loan- 30 days late January 2009- goodwill correction letter 4. Open capital one credit card- 3x 30 days late in 2008-2009 - goodwill correction letter 5. Two charged off wfnnb cards from 2005 both paid - need advice on how to get them off CR, dispute with CRA? 6. Verizon collections - pay for delete I also have ever two credit cards that are maxed out and I'm starting to pay them down asap. The total is $5250 so it shouldn't take too long. So does it sound like I'm doing the right thing? I feel like my credit score shouldn't be as low as it is. Some of my accounts I've had for 11 years. I really appreciate any feedback! Thanks! Kwh
Welcome to Creditnet! You've got quite a few baddies to deal with and a high credit utilization ratio, so it doesn't surprise me that your credit scores are below 600. For the late pays, there's really not much more you can do than beg for removals through goodwill letters. If that doesn't work, disputing something that's inaccurate regarding the lates through the CRAs may result in deletion. It's at least worth a try. The paid charge offs will be difficult to get removed as well because you really have no leverage at this point. They've got your money and are reporting correctly, so once again your best shot is to send a Goodwill letter and hope that you reach someone with a kind heart who feels like helping you out. Of course, they're not required to do anything at this point. Since your credit utilization ratio is so high, paying down those 2 credit card balances should have a very positive effect on your credit scores. Pay those balances down and get your CU ratio under 10% as fast as possible. Good luck! Please keep up all updated on your progress.
You are doing a good thing by trying your best to clean up your credit report. Once those charge off's are 7 years old I would contact the CRA by letter asking them to be removed. I did this for my husband and they all came off within a 30 day period. His score went up dramatically. Keep plugging away and your score will continue to go up. Husband started out with a 522 score and in 2 1/2 years his was at 725. Anything over 7 years old get it off your credit report. Husband had stuff 10+ years still on his report. Read all you can on this board and the knowledge will help you alot. Dispute old information and request validation for anything old. It may be valid but the chances of the creditor confirming the account is very slim the older the debt and will come off if not validated in 30 days. Good luck
