HI. I have been a lurker and reader here since Nov. 2002. My credit is in need of some major help. lol I started by getting copies of my credit reports. I had alot of collections (ALL medical) and some late payments on my cc's and both mortgages. So far, just be disputing with the cra, I have had 6 collections deleted from Equifax and 13 collections deleted from TU. That raised my score from 476-546 on TU and my Equifax score is 578. Not sure about EXP. As it stands now, I have 4 collections left on Equ. 1 of them paid. And 1 collection on TU. I guess my question is....my scores are still so low with all of the late payments and such. How do I go about improving it? The late payments are on accounts that are still open. Sears and both of my mortgages. I'm not sure how to go about fixing those problems.... any suggestions? ) We would really like to refinance our 1st and 2nd mortgages for a better interest rate. !st mortgage interest is 10%, the going rate in 1996 when we got it. The 2nd mortgage is 13%...the result of bad credit and 2nd mortgage rates.... Thanks in advance for any input.
<BUMP> I am really just wondering the right way to go about having the lates removed on open accounts...anyone...please...
You could try sending them goodwill letters. A lot of people here have had success getting late payments deleted on open accounts by taking this approach. I think the trick is getting the letter into the hands of a person at the company capable of making the changes you're requesting. Do a search for "goodwill" to get some sample letters and discussions of how it's worked for others. Elle
Elle, Thanks so much. I was wondering if that was the right route to take. Now, I will do more research on goodwill letters. My 1st mortgage is at my local bank. Does anyone know if I would have any luck with them.....They are not a branch bank.....I live in a small town. lol The 2nd mortgage is with Homeq and also some lates with Sears. Wish me luck Thanks again
Okay, I'm in the mortgage business and I have a few questions. 1) You really need to find out what Experian says. Your mortgage lender is going to go off your middle score, and there is a huge difference between 546 and 578. That third score is critical. 2) You have two loans on the house. What's the balance on the loans, and what's the value of the house? 3) What kind of loan do you have on the house? Is it FHA, VA or conventional? 4)How long has it been since the lates on the mortgage? I'm not going to kid you, those scores are terrible, but sometimes you can qualify anyway. You probably can't refinance tomorrow, but maybe soon.
