Your state sol for open ended accounts (credit card) is 6 years. I would make sure you are in the clear before doing anything. Once again, the chances of them suing for 1600 is very small, but I;ve seen it happen. Still thinking about exp
Heads up on the paid collections. They were on all three reports but I negotiated with OC and CA to get information removed upon payment. Now 2 CRAs are removed and 1 is still left. Wrong name is a combo. of my name and a roommate I lived with in college. Not an actual person.
I was looking to purchase a home in the next several months while the market rates are so good. Anything I can do about that BB acct now?
Dispute the name thing and explain exactly what you told me. This can be done with a phone call to TU if you have your credit report. As for the remaining paid collection, did you get anything in writing from the CA? I am going through this on hubby's reports. 1 cra deleted and 2 didn't, but I have been working with CA to make sure the other 2 are. It may just take a phone call to the ca to see if they will either re-submit cancellation info or send you a cancellation letter. I had a pd coll that was supposed to be cancelled per ca and it was mysteriously verified by exp. Called ca and they are re-transmitting cancellation info. It sucks, but it is important to keep on the ca's until you get what you were told.
We got an fha loan and the mortgage co only went back a year. Our score averaged 545 at the time. Also, it was easier for us to get into a brand new home than an older one. The builder had it's own mortgage co that really worked with us. Call around and talk with some local builders. Definately ask about FHA!! That was awesome for us. Great interest too. We locked at 7% (before rates dropped, but it was market at the time). Conventional would have cost us 11 or 12% because of our credit. See thicKmans post today re: fha approval.
No, nothing in writing. Only letters from the CA and OC stating it is paid. And I definitely don't want a paid collection as opposed to nothing being reported. Just keep on the CA at this point?
This collection only appears on 1 report, right? Did they (CA) agree to delete it from you reports, but this report is still showing it?
Yes, we definitely want to go FHA. So you got into a brand new home? Did you have it built or was it already built? Our price range is limited as well though....need to go $90k and under.
Oh yeah, my sister recently did something similar to the FHA post. They wanted a letter written in lieu of any outstanding debts that were not going to be paid. Is this a 100 word letter that goes on your file or something else?
It is something else. FHA is a type of loan for buying a house. The statement you may be talking about is a credit statelment or letter that explains to the mortgage company what happened and why you have some baddies on your credit. It has nothing to do with the 100 word statement. That is if you can't get something off your cr and want to add you side of the story, pretty much.
Sorry to bud in, but I'd just like to interject that I am also one of those that is "almost done". I started off with 23 derogatories between the 3 cra's, and am now down to just 1 left on EQ. Of the 22 that were removed, 20 were deleted or amended by pounding the CRA's with successive disputes. One charge-off was removed by paying the oc in exchange for a deletion. And the 22nd one was deleted by catching EX on a technical error in reporting. I never sent out a single validation letter, but am in the process of doing so now. I tried a nutcase letter and a couple of goodwill letters, but neither worked. My experience has been that the CRA's will fight you tooth and nail on removing the very last derog. You really have use some creative strategies and strong arm tactics to get that final removal. I am very grateful to CN for all of the help that it has given me. I am by no means an expert, but I try to stay around and give advice when and where I can.
Maybe this is not coincidence...the same thing happened to me on the very last one. Probably just spite.....they know about credit repair - and cannot stand to lose the game. -Cliff
juice, a cancellation letter is a letter issued to you/cra's by a ca. This letter cancels or deletes a collection account from your credit reports. Depending on if they are willing to back up the info, a cancellation can be as good as gold. Or, it can be worthless if the ca's continue to verify and validate. Usually, if this happens, you really have to be mean and pissy about getting what you are rightfully due...full deletion.
Okay one down and 2 to go. I contacted one CA and they stated they don't update the CRAs only the OC does. What am I supposed to do now?
Have you disputed it with any cra's yet? I did disputes on everything first...got any deletions I could, then worked with what was left over.
