Repairing credit for Mortgage

Hello!
First of all, thanks for your help in advance. Momof3 saw my post on another board and suggested that I post my message over here-- she said you guys might be able to help me!

Here's the situation-- I didn't even think I had bad credit, but while applying for a mortgage loan the banker told me we could still get a loan but would have to put a lot more money down on a place. I want to get this repaired and would like to do so as soon as possible. My husband doesn't know about this and he will literally hit the ceiling if my credit affects this loan and I'm a complete *nervous wreck* about it!

This is what I have on my report. In 10 years I have 11 thirty day late payments on credit cards. I have two collection agency situations-- one is a charge off and one is still open. The credit card late payments I knew about-- I truly didn't think they were a big deal, I thought pretty much everyone had this situation.

The two collection agency things I knew NOTHING about. One, I found out was a dentist bill from when I lived in another state. The collection agency said they notified me (the letters were sent to my old address and never forwarded to my new address) and since the letters were never returned they feel i was adequately notified. The second I can only find out about through writing the company.

Here's what I've done so far-- the collection agency doctor's bill I am going to pay immediately. The agency said my mortgage broker can call and verify that i've paid. I don't know if this will help my score or not. The second collection agency, Gulf State Credit, I will write (unless anyone has the phone number, i can't seem to locate it through information, etc.) but writing doesn't really do me any good b/c i need to
get this fixed on my credit ASAP.

Then with the credit cards-- i've called both companies and i'm really confused as to what i can do, if anything. My mortgage banker said to call them and ask them to remove the 30 day late off my credit history. Discover (this account was paid off an closed 15 months ago) said that i have to write the credit reporting company-- but i don't know what good that does me since it was discover who decided to put the 30 day late on my credit history and not the credit reporting comany. MBNA Visa (this account is still open) said that they couldn't remove anything unless there was some mistake b/c it would be falsifying records and I would have to write them with proof that I wasn't really late. Well-- I probably was late as far as I remember, for various reasons: i've moved several times and have gotten bills late, personal problems, lack of money-- but i don't know if any of those would count, would they?

Does anyone have any advice or can you answer these questions:

1.) Will it help my credit score to pay off the doctor's bill that went to collection agency?

2.) If I pay this bill will it remove it from my credit history or will it still be there, but show paid?

3.) Anyone have any idea how to get in touch with Gulf State Credit? I would like to do this over the phone, as opposed to in writing.

4.) Can Discover and MBNA Visa remove the 30 day late things at their discretion or is it falsifying records if they help me out and remove a few?

5.) What's the best way to approach the credit card companies to remove the 30 day lates? My mortgage banker made it sound like all i needed to do is call them and they would probably negotiate with me. When I called, they made it sound like it would be nearly impossible to remove and if they did remove it, it would have to be done through the mail.

6.) What reasons or explanations are the best ones to use when trying to get them to remove the 30 day lates?

7.) Is there someone in particular I should talk to at the companies? I just called the 800 numbers and I realize that those probably aren't the best people to talk to.

8.) Why would I contact the credit reporting companies? Can they do anything to remove any of this stuff from my report or do they basically just do what they are told to do from the credit card companies and collection agencies? I don't understand why i would contact them and both credit card companies suggested I do it.

9.) Is my credit that bad? I understand the collection agency stuff is bad-- but the late payments on credit cards? 11 in 10 years-- I didn't think that was a big deal, at all.

Any help would be *truly* appreciated! Thank you!
pecd

 

RE: I sent her here, can you e

DID YOU TRY TO APPLY FOR AN FHA LOAN? WITH THIS TYPE OF LOAN YOU DON'T HAVE TO WORRY ABOUT THE 30'S ON THE CC ACCOUNTS. AS LONG AS YOU DON'T OWE (COLLECTIONS, CHARGEOFFS)AND IF YOU HAVE A COUPLE THAT SHOULD NOT BE A PROBLEM BECAUSE THEY WILL PROBABLY HELP YOU TO GET THEM PAID OFF. THE GREAT THING ABOUT FHA LOANS IS THAT IF YOU ARE A 1ST TIME HOMEBUYER, THE GOVERNMENT WILL GIVE YOU 3% OF THE VALUE OF YOUR HOME FOR THE DOWN PAYMENT. I HOPE THIS WAS HELPFUL

 

RE: I sent her here, can you e

Momof3--
Thanks again for your help!

 

Thank you for the idea! eom

f

 

RE: Repairing credit for Mortg

Thought I would give you some insight. I was just approved for a morgage with shaky credit. First, most mortgage companies are
the most concerned with the past two years,
obviously they look at all of it, but the
last two years is what they are most concerned with.

The dentist bills should not be a problem.

One of the things you could do is, get a copy
of your credit report, and call a couple of
banks or morgage companies, and fax them
your credit report. Ask them if you would
qualify for a loan. Chances are, I think
you will.

I just went down this road after a divorce,
It was a rocky time( Credit Wise) for a while. My credit was worst than yours, I had a paid judgement against me, and about 20 30 day lates, but I was approved.

Read what everyone says on the board. I
learned alot from everyone on the boards.

Good Luck to you!!!!!