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is 621 bad?


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i have a 620 and only have two items in collection according to equifax (little do they know...)

but my stupid a** boyfriend owes like 15,000 in charge off accounts, a repo and some other stuff and his score is like 570. Weird.

Also, i have a debt reported to experian for like 2,300 that is not on equifax and experian score is 599. weird. any insight?

also, i have two dr bills (one thats 138 and one thats 216) should i pay them or wait the 3 years? i want to buy a car, but will payment to a collection agency even bring up that equifax score of 620 at all? i mean it seems like a paid collection is better than an unpaid. I keep getting different ideas of what people think around here. some say "don't pay" others say "pay" so i want to post my own question and see what i get. I am sooo new and i reading my rights but this is a little more opinion based i think. thanks

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An unpaid collection is a deal breaker.

A $30 unpaid collection almost kept me from getting a car. My credit union relented but then gave me the chorizo by charging me 11 percent while everybody was getting a lot lower interest rate. 11 percent was still better than the rip off places that inflate the value of the vehicle and toss in plenty of finance charges.

There are a huge number of tips and techniques laced across this board on how to remove a paid and an unpaid judgement.

Yes, you can get a car with bad credit but why would you want to end up paying double or triple the amount in interest if you don’t have to?

Merely having the ability to buy a car (or a house) is absurd if you have to pay through the nose for it. You wouldn’t do that in buying groceries, so why pay through the nose for a car?

This board has a lot of success stories on how to get a paid collection and an unpaid collection removed. It just may take a few hours to surf through all the posts and gather up the ideas and opinions.

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Go to myfico.com you can get an idea what the number means. Credit is evaluated/determined/underwritten differently, depending on type of credit you want to get HOUSE/CAR/CREDIT CARD/FURNITURE(COMPUTER(S) EQUIPMENT)/GENERAL MERCHANDISE (CELL PHONES,CLOTHING, ETC)

Step #1 read about FICO, I believe they have some info on how

/what rate you can expect to get with 620

Step #2 go to bank (not dealership) see what you qualify for

go to 2 more bank and a credit union with credit report

you got from 1st bank ask same question, DO NOT run anymore reports, make sure 1st bank gives you copy of report

Step #3 add thirty point to score, ask each banker what you quilify for(actually, intermixed with step 2).

Step #4 if you want to take 30-60 days to get those extra 30 pts(not guarnteed, read myfico and read around board)come here you can learn how do the 30-60 day basic dispute process, if you want to get more into it, you can do that too(you learn about Stage one validation and Stage 2 validation, Stage 3 taking these Guys to Court, things get tricky after stage 1,you have to do a lot of reading and writing letters, but you learn great LIFE skill on how to get keep clean credit, most people don't know how to keep good credit they give up). You learn a lot about credit (all your friends want you to clean their credit, become a valuable asset)

... Is that helpfull?

[Edit by ADSOFT on Wednesday, May 14, 2003 @ 06:39 PM]

::editted for clarity seems people interested

[Edit by ADSOFT on Thursday, May 15, 2003 @ 10:24 AM]

::editted for clarity see above

[Edit by ADSOFT on Thursday, May 15, 2003 @ 10:27 AM]

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Many banks (and mortgagers) will not process a loan if you have an unpaid collection. For many financial institutions, that is a deal killer.

Like, you want to borrow money but you are unwilling to pay off somebody that you owe.

You have a decent score with an unpaid collection, however a number of banks are going to want to screw you because of an unpaid collection. Why do you want to pay so much in interest when you can do a bit of research and get your bad marks removed?

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Is 620-631 bad?

Well it doesn't make you a bad person or anything....

You need at least a 680 to qualify as a prime borrower and get good deals on financing, but bear in mind that while the score is important they do look at other factors too-most are the negatives.

Once you get past the 720's your number looks more impressive but it will not have any effect on the kind of deals you are offered.

-Gadgetguy

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<blockquote>Originally posted by Ravenous Wolf

Many banks (and mortgagers) will not process a loan if you have an unpaid collection. For many financial institutions, that is a deal killer.

Like, you want to borrow money but you are unwilling to pay off somebody that you owe.

You have a decent score with an unpaid collection, however a number of banks are going to want to screw you because of an unpaid collection. Why do you want to pay so much in interest when you can do a bit of research and get your bad marks removed?

</blockquote>

Didn't read you're response sorry,

I sell software to used car dealers, we see people buying cars all day long with 21%apr, they can't get any better, they need a

car, and lot don't care as long as they have a car!

Some people don't know they can clean there credit, so they get what they can too, I see a lot of that.

But, you right, some lenders will not deal with you if an outstanding debt:

Hell, this one LOCAL BANK,actually a Credit Union would not let me get A SECURED CARD because I had a charge off. I was pissed, they ran my credit too. These were my CHEXSYSTEMS days, I was real pissed had a HARD INQUIRY and not even a secured credit card: I was ready to put $2700 into a secured card!!!

... By the way since you are a "HARD INQUIRY,REMOVAL EXPERT" , once you get all comfortable in your new house you are going to have to help me remove the HARD INQUIRY,

.... talk about getting the big .... LOL

Hey I have to get the EDDIE MURPHAY MOVIE, have to perfect the "It Wasn't Me" technique.

.... sorry for the over write,

[Edit by ADSOFT on Thursday, May 15, 2003 @ 10:19 AM]

[Edit by ADSOFT on Thursday, May 15, 2003 @ 10:21 AM]

[Edit by ADSOFT on Thursday, May 15, 2003 @ 10:38 AM]

[Edit by ADSOFT on Sunday, May 25, 2003 @ 06:10 PM]

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Thank you for all of your great input. I want to pay the stupid bills, but i don't think i can get them removed. i especially feel stupid because everyone says "start disputing with the cra" and when you go to fill out a report you have to read something that says you promise that whatever you say is the truth and all that... so i get all guilty disputing something that isn't mine as "not mine"... i want to pay it, i just wish there was an easier way to get it removed. do you think that ca's will have more pity on someone w/ med bill collections rather than credit card bills?

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Hi Sillygirl,

I'm in the same neighborhood as you (620eq and 637tu). I stopped by Washington Mutual yesterday, and they seem to think that I will qualify (along with my wife who has perfect credit) for a conforming loan. So...you're not too far off. I'm going to try and get a pre-approval next week. I'll let you know what happens.

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Once you give up integrity, everything else is a piece of cake… J.R. Ewing of Dallas

The first few times may be a little difficult, but afterwards, telling a white and telling a whopper will be a snap. This weekend, go to Blockbuster’s and rent out the Eddie Murphy’s movie titled RAW. There is a lengthy section in the movie where Eddie Murphy postulates his “it wasn’t me…” philosophy. Watch that and then you will definitely be able to say to any CRA, OC, and CA, “it wasn’t me”.

But you need to get those unpaid and paid collections removed immediately.

People getting jacked like ADSOFT getting turned down for a secured card with a hard inquiry happens all the time. Or if you do get approved, you are going to pay outrageous interest. 21 percent for a secured asset, that is outrageous. Hell, I paid 88 percent interest for a $300 loan.

You don’t want to do that because you are surrendering most of your money to loan sharks. It may take a lot of work but you can get all your negative information removed.

ADSOFT, you really got the chorizo off of that one and they didn’t even put any manteca on the chorizo. Right now I am working on a total of 22 hard inquiries to be removed from all three CRAs (my mortgager jacked me). I had like 15 removed from all three CRAs already.

And if I can get the one hard inquiry from the bank that still has my loan application in their files, then I will be the king of hard inquiry removals. I am trying out a new strategy on that one.

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My credit sucked big green donkey [EXPLETIVE DELETED]. I had defaulted student loans, charged off credit cards, judgements and collections.

I did a lot of stuff on my own to get negative items removed but I never understood the nuances and intricacies of credit (even though I have a degree in Accounting and have worked at a huge mortgage bank and a commercial bank). I thought I knew a lot about credit repair but this board helped me remove the pesky and stubborn items that I had no idea how to get rid of. I also learned lots of tips and techniques on how to improve credit and I learned how to fight back if somebody screwed me.

I now got a paid collection removed and a couple of other pesky things deleted. My score soared almost 80 points since this past September and it is still going up. I am very close to stepping into the 700 club and my score will continue to rise.

Instead of having loan shark finance companies (which I paid off only last September) charging me 50 and 88 percent interest, I now have low interest signature loans and low interest credit cards from reputable banks and credit unions.

I also moved into a house at 5.85 percent interest.

I am experiencing more financial freedom in these past six months than I have experienced in the past ten years.

However, credit is a huge intricate field. It takes a lot of time to learn the nuances especially since the overwhelming majority of the secrets are locked up in a vault that no one can look at. However, being able to walk into any bank and getting a low interest loan of a high amount for anything I want has become the most liberating experience in my life.

Yes, this stuff does work but you have to be willing to read hours of posts and articles (perhaps buy the book listed on here, Good Credit is Sexy) and be willing to submit over a hundred letters to CRAs, collection agencies, and creditors. And then be prepared to talk to a lot of unsavory people. But it is worth it and I am sure that there plenty of people here that can attest to that.

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Joe Schmoe, your credit is not bad. It is [EXPLETIVE DELETED] up. Your credit sounds like the time when CitiBank, Chase Manhattan, Sallie Mae, the Department of Education, IRS, and an assortment of others were looking for me.

But you have stepped into the right place to get all that taken care of.

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<blockquote>Originally posted by sillygirl

I want to pay the stupid bills, but i don't think i can get them removed.

</blockquote>

That'll be your first mistake. In the end after it's been removed you can still pay it off if you feel you want to but paying charge offs and collections does little for your score and lots for losing your leverage.

<blockquote>Originally posted by sillygirl

i especially feel stupid because everyone says "start disputing with the cra" and when you go to fill out a report you have to read something that says you promise that whatever you say is the truth and all that... so i get all guilty disputing something that isn't mine as "not mine"...

</blockquote>

You don't fill out those forms, those forms are created by the CRA's for the convenience of the CRA's- NEVER USE THOSE FORMS. Use the letters on the site or dispute online or on the phone but not the forms.

<blockquote>Originally posted by sillygirl

i want to pay it, i just wish there was an easier way to get it removed

</blockquote>

It is pretty easy, just use the techniques we discuss here.

<blockquote>Originally posted by sillygirl

do you think that ca's will have more pity on someone w/ med bill collections rather than credit card bills?

</blockquote>

Nope- pitty is not in their vocabulary.

<blockquote>Originally posted by sillygirl

everyone talks all this smack about getting s*** removed from their CR, but I must have dumbass written all over me, because it seems like an impossible task. can anyone say if a paid collection has made their score rise???

</blockquote>

First off, it’s not talking smack, it works but you need to be willing to take time to read up on the statutes, case law and the posts here to get anywhere. Second, it’s not impossible, paying off a collections is the last thing you need to be doing right now,

A COLLECTION ON YOUR REPORT, WHETHER PAID, UNPAID OR SETTLED WILL ALWAYS BE DEROGATORY.

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<blockquote>Originally posted by sillygirl

why are the dispute forms bad? uh oh.

</blockquote>

Why......? Check my post above......

<blockquote>Originally posted by sillygirl

i especially feel stupid because everyone says "start disputing with the cra" and when you go to fill out a report you have to read something that says you promise that whatever you say is the truth and all that... so i get all guilty disputing something that isn't mine as "not mine"...

</blockquote>

You don't fill out those forms, those forms are created by the CRA's for the convenience of the CRA's.

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<blockquote>Originally posted by cookiemnster

They're not going to come kill your puppy, if that's what you mean.

</blockquote>

Don't be so sure of that, you heard what TU did to Mark's turle..................

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<blockquote>Originally posted by cookiemnster

LOL yeah and that thread was a takeoff on them killing Latwanna's puppy ;-)

</blockquote>

LOL, too funny.

No silly, they're not going to do anything "horrible" to you.

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<blockquote>Originally posted by sillygirl

Thank you for all of your great input. I want to pay the stupid bills, but i don't think i can get them removed. i especially feel stupid because everyone says "start disputing with the cra" and when you go to fill out a report you have to read something that says you promise that whatever you say is the truth and all that... so i get all guilty disputing something that isn't mine as "not mine"... i want to pay it, i just wish there was an easier way to get it removed. do you think that ca's will have more pity on someone w/ med bill collections rather than credit card bills?

</blockquote>

Sillygirl,

Get the movie: "it will open up a whole new world", you'll have a lot more fun and good credit too. Just say "It wasn't me" 10 times a day, in week you be an expert. Look at RAV. WOLF, he has NEW HOUSE, you have to love that!!!(lol).

In 6months, he is going to able to get credit all around town without an Inquiry: That's the power of the "It Wasn't Me" technique.

You sound like a good girl, were going to loosen you up, hang around and read:

But, do your homework: "It wasn't me" 10 times a day.

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