I should already know the answer to this question! I feel well rather lower then a dog even asking! lol I have and my wife have some paid collection accounts that are listed as "OPEN" accounts? Actually though this is how it is listed on PG? As "OPEN"....should be listed as closed? Is this an incorrect listing? I should fax the CB with a demand to prove or remove? I should just threaten ITS with the damage and pain that as accompanied our recent mortgage applications and the higher rates that we are currently locked into paying? (I really need to get my scores higher in the next 60 days, as I have purchased another rental home and need to re-finance with cash out within the one year term of the hard money loan, no worries it is all good. Our net worth has increased about $200K in the last 7 months. We own 2 homes and 2 vacant lots thanks to the advice and ideas on creditnet. !! ) Should I just use the PG report and show the paid letters along with ITS in 30 days? Dog
My PG report doesn't report the collection on Dh's report the same as it is showing at EX... Just my thoughts, but I'd want a report from Myfico or the CRA directly to be more sure of how it looks. (That said, do we ever see how it really looks? Ok...well..to the best of our ability then, LOL)
NEVER EVER EVER EVER EVEREVEREVEREVER send any documents to a CRA unless it's ID verification if they request it (copy of DL or SS card). Besides admitting to any debt that way, they will use it against you if they have the chance. Request validation from the CA and then cross dispute with the CRA's the TLs are listed on. The CRA does not have to prove or remove anything; that's the job of the CA. Using the validate/dispute method will be best. Hope for deletion, or for the CA to walk into a violation or 2 to use as leverage. I do not think that the CA TL chaning from Open to CLosed is going to move your score up much. Even removals of that TL. Time will help, but in 60days time, you are wishing on a star to do much with credit repair. Don't hold too much to that theory. It takes more time than that. Are there any cc balances you can pay down? That will increase your score, in most cases drastically. Utilization should be around 20-30% for a better score. HOWEVER, there are holes in that theory as not being across the board. We are seeing that everyone's score isaffected differently for the same thing, based on your individual history. It's pretty much a crap shoot I think!
Allow me to explain with a little more caution. I am really just looking to increase my personal scores in the next 60 days, but if it takes 360 days it is not really the end of the world. I purchased the house so cheap that at 13% I/O due in one year the payment should be way below the rent, or I will have a positive cash flow. I am really looking for increased interest from this hard money broker for future deals....more then I am in such a rush to refi the loan with cash out. And the sooner I get the broker's hard money back to him the sooner I can buy another house using his money or OPM (other peoples money). So as far as my personal credit is concerned....I really have only 3 baddies on eqifax, 2 on Experian and 2 on TU. Sherman Ac. is on all of them with Sears showing on 2 CB.....and a Capital one charge off reported on only one. (one other $111.00 charge off from an unknown insurance company from 6/98.) Sherman is Toast as we have already discussed. Sears is due to fall off in 1 1/2 years. Capital one is gone forever in 5 months. So I am very close to clean reports on all? Anyway, my attack on my file has been to request Validation from Sherman, Sears, Capital one, and that mystery Ins account for $111. I faxed a 8 page document to Eqifax last night, I have had great success with a similar Sears account that was purchased by RMA on my Wife's file. I faxed a 12 page account of the this account to Equifax and the proceeding attorney who was going to take legal action against my wife. RMA came up on the short end of that stick. Anyway, the attack is on and we will see how far I can get in 60 days. Credit DOg
Judging by the age of these you should be able to accomplish a LOT in 60 days Creditdog. As an investor, (as opposed to a purchaser) do they still use your center score, or an average of all 3? Maybe focusing on your center score for now may be quite productive. I still think you should turn on your email tho. .
Sure I will turn on my e-mail? Just as soon as I figure out how? or where? I have 2 e-mail accounts, one hotmail...one comcast.net? I guess i need to edit my profile here in some how or way or somewhere?
Hehehe, Just click on my blue name and you'll go to my profile. There you'll see "click here to email Butch". Send me a hi message and I'll hit reply. .
on the hard money lender or broker deal, at least in the Seattle area, it is kind of a good old boys network that I am just starting to break into. The loans are technically based solely on the equity (1st position only) position in the real estate.....not the borrower. The loans are for commercial purposes...ie. rehab and flip for a profit, short term bridge financing until better terms are arranged, etc etc. Some examples of these types of lenders are: http://www.avatarfinancial.com/borrowers.html http://www.equity-funding.com/ http://www.seattlefundinggroup.com/ The terms are typically 13% interest only due in one year. The fees are 4 to 6 points. The funding of the loan is lighting fast, The underwriting is basic and simple. Sure they pulled my equifax report and they want to see say a 600 plus score, but this is not really the criteria for lending decision. The strong equity position is the key. 70% LTV or lower. And when you have an established track record with these lenders, the loan is extremely simple. Just fax the comparable sales to their office and tell them when escrow needs to close. Thats it, no appraisal, maybe a drive-by inspection by the lender the next day and you loan is approved and ready to fund, (subject to title issues and escrow instructions) I plan on purchasing 3 to 4 homes in this new year using this method. Dog
