Hi, again, everyone! Here's my situation: We're selling our house, will have a lot of money to work with, but also have A LOT of negatives on our credit reports. There are judgments, charge-offs, lates, etc...Where do I start? Should I make offers on the charge-offs, etc.? I want to clean our reports up so that we can get another house in a year. TIA! Also, our scores are barely 500 now. If we pay things off and keep current in the next year, how much can we anticipate our scores going up?
Pb.. Read and absorb as much information as you can from here.. You might not need the extra money, save that for your down payment. The most money I've spent so far is on credit reports every now and again.. I've gotten some of my credit cleaned up.. You can too.. Read about validation.. And start disputing, disputing, and disputing.. Goodluck! Saphire
Beyond any shadow of a doubt that would be one of the worst possible things you could do to your credit reports. Pay them and you will have an awful time trying to get them off. [/quote] I want to clean our reports up so that we can get another house in a year.[/quote]Then you had probably better use something much faster and much more reliable than disputing with the credit bureaus. Long experiences of many folks pretty well tell us that the disputing process can easily take a couple of years or more. Most of the professional credit repair companies will tell you real quick that it will probably take at least 18 months to a couple of years or more. Many people here will probably jump in and try to tell you how fast they did it. Many have successfully completed the task in less than a year but you can count on the fact that they are knowledgeable people who had the will and the determination to get the job done at the earliest possible time and at all costs and they made whatever time it took to get the job done. That is why they were successful when others were not so successful as they.[/quote] TIA! Also, our scores are barely 500 now. If we pay things off and keep current in the next year, how much can we anticipate our scores going up?[/quote]Did you just make a typo there when you used the word "UP"???? I tend to think you may have unwittingly done just that. How far down will they go? Probably not a lot if at all. But they sure aren't likely to go up by all that much either. And mortgage lenders don't just pull a FICO or other score and go from that. They examine your reports and go over them with a fine tooth comb and when they see a bunch of "Paid chargeoffs" they will love you and probably give you your mortgage provided you don't have any lates within the last year or so but while they might love you I'm confident you won't love the interest rate they offer you.
