Question on Credit Report pulling strategy: advice, please..

[fotoman]

Hi folks,

I’m a newbie who’s been reading as much as possible, but have not started credit repair yet. I just found your board and think it is extremely useful. I am glad to see there are some really experienced volunteers here and I thank you in advance for any help you may be able to give. I hope I'm posting in the correct Forum. Please advise if I should post this elsewhere as well (Credit Repair?) or is that frowned on?

The first advice I need is on the strategy/timing of the repair process, now that I know I need it.

I want to apply for a HELOC (home equity line of credit), ASAP, to pay off some pressing bills.

A mortgage broker in L.A. has offered to pull my combo report with scores from all 3 CBs, to show me what mortgage lenders see, for $15. Of course, I will have to sign a form saying that I’ve applied to him, (which I really haven’t yet and may not) and that I approve his inquiry. He will also use a “service” he has to send inquiries and/or removal requests, etc. to my ex-creditors to start the repair process. When those are received back, he says they will “automatically” be sent on to the 3 CBs, for their review and adjustments. He’ll give me copies of everything.

However, since I have already pulled 2 out of 3 CRs & scores (Experian & Equifax), I already have a rough idea of my problems. But, I’ve been told I’m probably not seeing what lenders see. To get a fuller picture, I’m tempted to do what the broker says, but I realize that, after studying posts herein, there’s probably some need for the right timing and order in this. Here’s a general view of my CRs:

- 2 open accts: 1 mortgage, 1 Searscard (Sears has no lates, 70% utilized, bal. $2200.

- A chapter 7 BK filed in 9/98 and discharged, I think, in 2/99. It listed about 13 credit cards, with no other type debt.

- 13 closed accounts (all were discharged in the BK), but entered by the OCs separately.

- Of the 13 closed BK accts., several OCs list their accts. as COs with IIBs, some as COs without IIBs, and some have report dates as recent as early 2005 (why, I don’t know, since I have had no business or contact at all with them since 9/98, {an unintended "smiley" here is hiding the year ninety-eight).

- Several of them list late payments of 30 -120 days, all because my lawyer said to stop payments at time of filing. I had an excellent payment history before that. A couple had balances over the CLs.

- 1 inquiry only on each CR: 1 from “Stand Facts, Inc.” (Equifax) and, on the SAME day in 4/03, 1 from “Mortgage Reporter” (Experian), originating, maybe, from a WaMu application for a personal loan.

Scores:

Experian’s “Fak-o” PLUS Score = 637 (labelled “Fair”)

Equifax’s FICO Score = 665 (labelled “Poor”)

I have maintained a very low credit profile since the BK in ‘98, except for that one loan application. I do realize I should have started the repair process back then, but, regrettably, didn’t.

Back to the repair strategy plan:

I realize the mortgage broker’s combo inquiry might/will lower my credit score. Also, I have read here that, since I will be shopping for lenders, I should apply to all within 14 days so that all lenders’ inquiries will be considered as one. But it will obviously take weeks, more likely months, to raise my scores enough to apply successfully to reasonable lenders. The few I've talked to want a "middle" Score of 640 minimum for a small HELOC of $50 - $80K and 670 for one of $80 -$100K. I need the latter.

If I use the first lender’s method of repair, there will be his inquiry on the CRs at this point in time. Then months later, after repair has progressed and I apply with others, there will be those inquiries which will lower the scores again.

So, maybe it’s best not to use the first lender’s method of repair and to do it all myself? But the broker is so much more expert and faster at it than I am, and I am in a hurry for the funds. If I don’t raise the scores fairly soon, I may be forced to go to “hard money” sources.

So, my questions are: Which road to take? Will 1 more inquiry now (to get that broker’s viewpoint) significantly hurt me? Is it worth it to get speed and smoothness and perhaps expert help?

I sure would appreciate all the input you may have. (Obviously, I’ll need more advice later.)

Sorry for the long post. I’ll make future ones shorter. Thanks again.

[miracle]

Hi folks,

Hi!

I’m a newbie who’s been reading as much as possible, but have not started credit repair yet. I just found your board and think it is extremely useful. I am glad to see there are some really experienced volunteers here and I thank you in advance for any help you may be able to give. I hope I'm posting in the correct Forum. Please advise if I should post this elsewhere as well (Credit Repair?) or is that frowned on?

Welcome!!! Good to have you here! Please don't post the same question in multiple forums. It is frustrating. If it is in the wrong forum, the mods will move it

The first advice I need is on the strategy/timing of the repair process, now that I know I need it.

I want to apply for a HELOC (home equity line of credit), ASAP, to pay off some pressing bills.

A mortgage broker in L.A. has offered to pull my combo report with scores from all 3 CBs, to show me what mortgage lenders see, for $15. Of course, I will have to sign a form saying that I’ve applied to him, (which I really haven’t yet and may not) and that I approve his inquiry. He will also use a “service” he has to send inquiries and/or removal requests, etc. to my ex-creditors to start the repair process. When those are received back, he says they will “automatically” be sent on to the 3 CBs, for their review and adjustments. He’ll give me copies of everything.

Of course it is up to you, but I would take charge of my own credit repair process so that you know what is going on. YOu don't need someone else to do it for you, and there is nothing that they can do that you can't do. His "service" is probably something like Lexington law firm... not worth it at all.

But the broker is so much more expert and faster at it than I am, and I am in a hurry for the funds. If I don’t raise the scores fairly soon, I may be forced to go to “hard money” sources.

Again, there is nothing he can do that you can't do. And you can probably do it more effectively than he can. If he is trying to guarentee results within a certain amount of time I would be twice as suspicioius. This process does not happen overnight. It may take a couple of months.. The best thing you could do is jump in now... read read read on the forums and get started as soon as possible. Take charge of your own siuation.. everything you need is here on this forum and site. You will not regret it, I promise.

Good luck! -Jenn