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1st attempt, FAILURE!


1dayatatime
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OK, I am trying not to get discouraged

My boyfriend has pretty low scores, high fives, low 6's, and we have to refinance out of an ARM in October to keep our house-so needless to say I am DESPERATE to up his scores. He has about 10 negatives on each report, all of them late pays except for one which was a charge off. I disputed one TL online with Equifax(or Experian, man, can't remember which) for a credit card that was showing late pays-it was Wells Fargo. It came back as "remains". Does that mean they verified it? What do I do next? He doesn't even remember ever seeing these cards or accounts before, and his ex was shady with the finances, so she may have forged his signature or just hid them from him. Do I dispute with the OC next, and ask them to verify that it is his? Do they need to show that he signed for a credit application? I will be doing the rest by certified letter-but when or how should I tackle this one again! Thanks, guys, this site is a lifesaver!

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Did you dispute the CO? Or just the lates? Or just the one late with Wells Fargo. I'm confused. Is he interested in getting all these accounts removed or just the lates? Are the lates excessive or are the TL in the positive with a few lates? It would help if you could tell us a little more specifically what you have already done and what you feel needs to be done. We might be able to give you a better course of action. Cool?

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He has about 10 negatives on each report, all of them late pays except for one which was a charge off.

Take care of anything recent first. Write goodwill letters if you have to, but get those lates off. Don't be late on anything if you can help it. DV the CO and pay close attention to any accounts which might have been opened when he was married. He could be still liable for those, and if the ex misses the payments they will go on his CR...something you definitely will need to stay on top of.

________

HOW TO ROLL A JOINT

Edited by kevin3344
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In answer to your questions, madinKS-

I just disputed the one account, the Wells Fargo, online with the CRA to see what would happen. getting my feet wet, so to speak!

The basic scenario is this:

He has more bad TL's than good, with a few of the good ones dropping off this year or the next. All the bad TL's have a few lates on each, except for one, which is a charge off to Sears. We just found out about that one when we pulled his credit reports,and I know it is very important we get that taken care of. All of the lates are over 2 years old, so should i be trying to get them deleted? I am confused, because I read where you shouldn't get older negatives removed, because it helps your history. But he has SO MANY!! :)

When Experian said it "remains", can i dispute it again? try to have them prove the lates? I pulled his FAKOs today, and they have went down, from 614, 625, 579 to 618,607,565-I don't want to be doing more harm than good. I would appreciate any help you could give me. I feel so discouraged!!

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When Experian said it "remains", can i dispute it again? try to have them prove the lates?

You can ask them for the MOV but it won't get you anywhere. I would start writing letters...goodwill letters to be exact.

He has more bad TL's than good, with a few of the good ones dropping off this year or the next.

You'll need to start building a good history if some TLs are due to fall off. Start with revolving credit accounts...you'll need at least one of those in good standing with low utilization. Get a secured credit card if you have to and use it wisely.

I feel so discouraged!!

One dispute and you're discouraged? Try YEARS. I have a 3-ring binder of deletes and validation requests. Not to mention many victories :). Credit repair is a marathon not a sprint, just keep that in mind.

________

Hotfeature cam

Edited by kevin3344
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Be careful in removing accounts prior to a mortgage loan.

No information (History) = unknown risk, lower score

Re-building credit involves placing POSITIVE, on-going, data as much as removing derogatories. But refinancing by 10/07 doesn't leave you a lot of time for seasoning new accounts. Your best bet is to piggyback on someone else by becoming an AU.

Then, research here and selectively work on the derogs...JMO

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All the bad TL's have a few lates on each, except for one, which is a charge off to Sears.

I would dispute this and make every effort to get it deleted.

He has more bad TL's than good

When you say bad TL's than good, do you mean these TL's are paid in full w/an overall positive payment history and just a few lates? If so, I would take kevin3344's advice. Write a really nice letter to the OC's (I have just sent out a couple and I'm waiting for the outcome now) and have it explain the ex-wife was keeping the account from him, didn't find out about it until pulled CR, etc.

Even if you get 2-3 OC's to delete lates, the outcome is only positive to his FICO.

All of the lates are over 2 years old, so should i be trying to get them deleted?

If the overall payment history shows more positive payment than negative and it's paid in full, I would leave it alone. If you dispute the TL and they don't have the info anymore for some reason, it might be deleted. That would take some positive credit history away and might throw him in a different FICO category, possibly lower his scores. I don't think the lates are affecting the score model as much as a recent late would. I am no expert on that, but w/it being over a couple years old, they can be easily explained away to a loan officer too. Tragic story about nasty divorce or whatever led to the lates. As long as it's paid and has otherwise positive history. Everyone has rough times and a loan officer is no different.

When Experian said it "remains", can i dispute it again?

According to the FCRA, you have the right to dispute the TL w/the OC. They have to treat it just like a dispute from the CRA and respond within 30 days. Keep in mind though, the response could be as much as we investigated and it remains. Just like EX. It wouldn't hurt though. Might be back in the possible delete problem too.

I pulled his FAKOs today, and they have went down, from 614, 625, 579 to 618,607,565-I don't want to be doing more harm than good.

I wouldn't worry about his FAKOs. The only one you need to worry about is the FICO. Have you had his CRs pulled by the mortgage company yet? Have you signed up for myFico.com and pulled the scores there? The reason I say this is because, to give you one example, my EX FAKO is 558, my EX FICO is 696. A huge disparity. So don't get discouraged yet. It's too early for that. Just comes down to how you want to approach them. Do you want to play on the OC's heartstrings or do you want to go for the OC's throat?

BTW, have you already applied for a mortgage or are you just getting prepped to? The reason I ask is because I just did a refi in Jan and my middle FICO was 615. I had a good payment history w/my mortgage company and the only stipulation to getting the loan was it had to be a 15yr. It was what I wanted to do anyway, so it worked out. I have a judgment and a few CO's and still got 6.5% APR. It all depends on the company and sometimes the FICO's don't matter. BTW, the CO's were upaid and I told them that's the reason for the refi. If your mortgage co. won't work w/you, go to another lender. There are alot of lenders that work w/people like us.

Wanted to add an example of a goodwill letter I wrote to Honda. May give you ideas for yours. Good luck.

Dear Sir or Madam,

I recently pulled all three of my credit reports and it appears American Honda Finance may have mistakenly

reported a couple of 30 day lates to the 3 major credit reporting agencies. If you take a look at the rest of the

account history, and the consistency at which the payments were made on time, I’m quite sure you can see why I’m

concerned. Not only do I not recall making any late payments, but the dates on the 3 different reports are not

consistent, making it impossible to recall the lates in question. As I did from the onset of the loan, I used your

website to post payments to my account and always posted them well before the due date. Could it be possible that

this is due to a computer generated problem? In an effort to get this matter resolved I disputed the account with the

credit bureaus and I don’t know why my disputes went unresolved. Maybe they closed the dispute without conducting

a thorough investigation or didn’t even bother to investigate at all. I would hate to think that the reason, but I’m just not

sure. In any event, I am asking you to please correctly report this account to the three major credit reporting agencies

and put this behind us. Believe me, I’m well aware that mistakes are more likely to happen when there are computers

involved so please take the necessary steps to get this matter resolved and my credit reports corrected. Thank you.

On a lighter note, I would like to tell you that my wife and I have thoroughly enjoyed our 2001 Honda Civic and have

been very pleased with your company and top rate automobiles. In the almost 6 years we’ve owned it, we haven’t had

to do any repairs, other than scheduled maintenance. It has over 125k miles and still runs like a champ. So, when

it comes time to look at buying another car, you can bet Honda will be at the top of the list. With products like that, it must

be easy being Honda. Thank you so much for your time and consideration in this matter.

Best Regards,

Just wanted to add this from myFico.com. I got a score alert that my EQ score went up 19 points. So, it is possible just stay focused.

* Negative information on your credit report is not harming your FICO score as much as before because it is now older. The FICO score tends to improve over time if past negative credit behavior, like missing payments or defaulting on loans, are offset by more recent history of credit responsibility.

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