firsthome Posted July 16, 2003 Report Share Posted July 16, 2003 I just learned of the board. It seems that you all really know your stuff. I have a problem. My middle score is currently 547. I have spoken with two lenders and they both said I need to raise my middle score by fourty points to qualify for a loan. I want to get approved for a home loan to purchase my first home. I have two collections accounts that both are around $1200.00 I have one credit card that is over the limit by $600. In the past I have had slow pays but no public records or bankrupticies (sp). I have about $2,500 available to either pay off more debt or it could be used for a first month rent and security deposit on an apartment. I would need a two bedroom apartment for my son and I which runs $900 and up in my area. I am wonder should I try to pay off some of my debt in hopes that I will increase my score. I would like to be approved for a home loan no later than September. Or should I just wait another year and move into an apartment. In a year's time I am hoping my credit score will really improve. Thoughts, advice. Thanks in advance Link to comment Share on other sites More sharing options...
Niner849 Posted July 16, 2003 Report Share Posted July 16, 2003 First you would need to get a copy of your credit reports to actually see what is on them. Don't order a 3-in-1 report, order your reports seperatly from the big three. www.experian.comwww.equifax.comwww.transunion.comIn the meantime, read the FCRA and FDCPA. Once you get your reports, you can start disputing as "not mine" with the CRAs.I would say wait to pay anyone off until you look at your credit reports. Start the DV process then go from there.Andi Link to comment Share on other sites More sharing options...
techgoddess Posted July 16, 2003 Report Share Posted July 16, 2003 Like Niner said, don't do anything until you get your credit reports and even then, don't pay anyone until you've started some repair work and know where you stand. Read the entire Credit Info Center site. You don't have to buy the "Good Credit is Sexy" book but it's a great investment. Don't worry about your score for now. You can get an FHA loan that doesn't even take scores into consideration. If you're willing to live in an apartment, you might consider (when the time comes) buying a condo to stay under the FHA loan limits if you have to. For an FHA loan, all you need is to have two years of ontime payments and all outstanding bad debts need to be paid off. Link to comment Share on other sites More sharing options...
firsthome Posted July 16, 2003 Author Report Share Posted July 16, 2003 Thank you for responding. I have all three CR from the big three. I have been working on my credit since January of this year. I currently disputing one of the collection items, Gateway which is being handled by a CA. I disputed a collection which was $175 but the CRA said the account was valid. I negotiated with the CA to pay $150 instead of $175. I asked could they change my rating from an R9 to R1. She said all they could do was report the account was paid in full. I am getting this alot from the collections and credit card companies that they can not change an the R or I rating on the credit report. I arranged two $300 payments with a collection agency for my citibank visa account. The cA rep said I also have your gateway account, do you want to pay that too. I told him that I didn't know what he was talking about and he would need to send me the account information in writing. He was a PITA and was insisting that I address the other debt. I told him I have already told you that I am trying to arrange payments for the CitibanK Visa account. He told me he didn't have to listen to me. What a jerk? I now have an arsenal of letters and information thanks to this site. I will start sending letters to my derogartory accounts asking them to remove the informaiton. Fico- 552 Link to comment Share on other sites More sharing options...
Niner849 Posted July 16, 2003 Report Share Posted July 16, 2003 Have you tried sending a DV letter to the CA yet???? If not, I would jjust to make sure that the debt is really yours. It can't hurt. Also, not a good idea to talk to a CA on the phone. If they told you that they would change the status from an R9 to R1, you better make sure that you get it in writting. Never pay them anything without getting it in writting first. Also, see if you can get them to delete the TL off your report all together.Andi Link to comment Share on other sites More sharing options...
firsthome Posted July 16, 2003 Author Report Share Posted July 16, 2003 Have you tried sending a DV letter to the CA yet???? If not, I would jjust to make sure that the debt is really yours. It can't hurt. Also, not a good idea to talk to a CA on the phone. If they told you that they would change the status from an R9 to R1, you better make sure that you get it in writting. Never pay them anything without getting it in writting first. Also, see if you can get them to delete the TL off your report all together.AndiSo do I just ignore the Collection calls and wait for them to send me a letter. What does Trade line mean? Link to comment Share on other sites More sharing options...
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