My Equifax credit report is terrible with a score of 564. The FICO says I am in the 10% of highest risk. That really scares me and I am sure every creditor. I will summuraize what I have and what I will like is if someone can tell me what steps to take to increase my score. I will like to purchase a home by next summer, the latest. Please help.... 1. Bankruptcy filed 1992. 2. 4 collections (Cypress Medical $448 reported 1/04, AT T Wireless $1,169 1/04, Houston College $298 12/03, SBC Phone bill $124 8/02). But, two I am disputing two, AT T because I never had any account with them, and Houston COllege, I paid before it was even reported! 3. Capital One Auto Fin, $7,655, Charge off/ bad debt/collection! opened 9-02, last pyment 6/02 because the loan was upside down. The car was a lemon. 4. Providian $1760 High Credit / Credit limit is blank. Current 5. TX Children Hosp $105 / status states "bad debt/collection" 6. Cross Country Bank (Revolving) High Credit $862 / No balance under CL. It states "Acct closed by consumer". $548 / current with 2 30 days late and 1 60 days late. 7. The rest is history of revolving account and loans paid on time, but this happened before the BK 7. I need serious advise!!!
Hi, Question is your bankruptcy still showing on your credit, because it's been more than 10 years. Also I would suggest contacting some of those recent collection agencies and offer to pay only with a deletion.
oops sorry, the BK was filled in 1996, not 1992. Ok, I was already planning in contacting them offering to pay if they would delete tradeline. That was the advise someone gave me, but I don't know what "tradeline" means? Also, should I pay off my three revolving accounts with balances? Should I leave 3% unpaid? Should I apply for more credit? If so, how long should I wait? (FYI: I am disputing today several items on my Equifax CR Report.) If so, any suggestions where with a score of 564?
Is your BK a 7 or 13 or something else? Have you pulled ALL your credit reports (Equifax, Experian, Transunion) or just the one? What are your FICO scores on all three? Most likely the lender will use the median or average of all three, NOT just your best score. You also need to consider your debt-to-income ratio. Having a lower balance on your credit cards will/should help your score but the mortgage lender will only want to know how much your minimum payments are not necessiarly how much total you owe. I would pay down all balances to 3-5%. It is possible to raise your score a lot between now and next year. Keep a positive outlook. You can make it happen. In the meantime, I would NOT apply for any more credit until we can figure out where you are and what your best road to travel is.
is BK 7 and my current debt to income ratio is 34%. I have onlyl pulled two reports, TU( 530 ) and Equifax (564). Ok, that's what I would do, pay off and leave 3-5% open. But, does it matter if they state "account closed by consumer"? I heard this is bad.. is it true?
