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Refi-2009

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  1. I’m helping my buddy with a GE/Mervyn’s charge-off account opened in Aug-2008 and paid in full Jan 2012. His liv-in girlfriend opened the account in his name never told him about it and it charged off to Paragon Way collections. He paid it in full with Paragon Way collections Jan 2012. It was small, $50, and it looks like there may have been some payments made on the account. There have been no disputes with the CRA’s and no demands send to GE and this will be the first OC strikes on this. It looks like I can’t DV since it’s paid and I’m not sure about a 623. I'm mostly interested in the OC GE here. What should I do? Thanks for your time and consideration!
  2. You sound like you are in a fairly easy situation. With a mortgage you get to deduct the interest off your tax return and you might be able to own for less than you are paying in rent. The issue is going to be all credit score so you should research credit scoring. It seems you might know that 30% is weighted on revolving credit and if you have less than 15% you stand a very strong chance of maximizing your score in that category. Think about converting your revolving debt to a new fixed installment loan but first make sure you will qualify for the loan. You should know your credit report and your credit scores before you apply for loans. Myfico.com and TrueCredit are good tools to monitor your credit reports with. While True Credit fake fico scores can vary widely from real fico scores, you get to pull unlimited credit reports. A simple payment never late with Capital one might work on a dispute especially if it's old. I disputed a recent 30 day late with Capitol one and it was like hell and high water to get it off, but eventually it came off. In my experience a recent 30 day late is worth 50 points and I think a collection agency is worth 100. In time the point reduction reduces. If you want a super low rate you really need to be in the 750's. My FICO will give you specific tips in the Score Power report on improving it and if you follow those recommendations it should improve. You can always find coupon codes on google to save and I'm paying $7.50 a month right now. If you cancel your membership every three months and start a new one you get another score power report. Walmart online has the best deal for true credit. It sounds like for $150 bucks and some time and research on credit scoring in these forums and you save thousands on your mortgage interest. As a note I think rates are going to come down slightly and March - June will be great times to finance and now would be a very smart time to prepare. Kevin
  3. I need to refinance an existing mortgage for my Mother. Current FICO scores are 735, 753 and 802. Current principle is 225,000, $1400 payment and the value is 750,000+. Current Interest rate is 6.625% and the loan is serviced by Citibank. Self Employed Income is $2,000. I’m looking to obtain a 4.375% to 4.5% 30 year fixed rate and clearly the income is the problem. I spoke with a mortgage spokesman from Quicken Loans and they said they don’t have the program for this type of situation. Any Advice? Thanks Kevin As a note, all those engaging in credit repair: You can do it. I took my Mother’s FICO Scores from 570’s to those above in 6 months and never paid a cent, but it was a full time job for that period of time. Study, develop confidence, know your game and send everything certified return receipt requested ($5 per letter)! Don’t ever be late on a payment, but if you are, call the CC company immediately and tell them you did not get your statement (safe play for a removal), you then can file a missing mail with the USPS (With persistence you will win this case everytime). The other thing, catch the collection agency red handed in a legal violation (you need to learn the law and bait them into it) and tell them they owe you X amount of money for that violation. Collection Agencies do not like it when you start demanding money from them, and they usually dump the account and “poof” it’s gone (until some other collection agency gets it). Find the person who has the authority to do what you want, and then be nice. You would be really surprised what someone will do for you if they like you. If you want a debt off your credit report, your first Bureau Dispute is “Not My Account,” if they show it’s your account, the dispute becomes “payment never late,” and them it becomes specific payments not being reported correctly, and then it becomes a battle with the Credit Bureaus if they refuse to reinvestigate (I had both TransUnion and Experian in the Court Room). Generally don’t talk to collections until you start really knowing what you are doing because all they do is document your account. Collection Agents hate it when you tell them you are recording their calls especially if you are demanding an explanation on why they broke credit reporting laws (if you want to sneak record the call you can say "Is this call being recorded"). Sometimes you can yank a collection account by dealing with the original creditor ie: medical bill (ie I was in an accident and bill is not my responsibility or I will pay you only if you recall the account from the collection agency because their representatives broke X law when trying to collect (make it a no no to the original creditor)). Collection Agencies hate it when you stipulate credit removal as a requirement of settlement, but you would always demand that before you ever pay anything and if they won’t, you research the law in your state on conditional endorsements and legally set yourself up to win a lawsuit if they don’t delete it on payment. I sent out so many Intent to Sue Letters: If a collection agent broke a law, I would sent the collection agency a demand for payment in an intent to sue letter! Always pay attention to the Statute of Limitations as that always had a lot to do with how bold I was with Collection Agencies; SOL really is SOL! I had one guy tell me that he does not have to endure this sort of abuse from me on one account that was out of SOL, I had another notation in a collection that is was “Out Lawed.” Know extortion and don't do it (but you can come close)! Credit Scores are an algorithm 3-5 derogs, 6-10, 11 or more (that type of thing), so sometimes it doesn’t seem like much is happening on individual deletes and boom it goes up 75 points. The other thing is you can always open up secured loans (ie 3 $500 secured installment loans), where again it’s an algorithm so 1, 2, 3-5 ….. paid closed accounts etc. Build Credit: Get a screaming deal on a used car, finance it and sell it in 6 months for what you have into it, then get another and another: get 11+ paid closed accounts in a variety of lending categories. Everything of real value I learned was in these discussion boards.
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