Settled but CRAS showing balance

[IrishDMBF]

I am trying to get my CR to 620 to get a mortgage. I have paid all my debts apart from some JDBs which I am in the process of disputing with the CRAs and complaints with attorney generals in both states.

I owed AMEX 4800. I settled for 3300. I was told my CRs would show paid/settled but I am showing after an update that there is still a 1500 balance. I have it in writing from Amex

Is this common? Will it eventually show settled or will I have to fight more to get the 1500 off?

On another note my average FICO is 540. Since the only outstanding debt I have is 2 car loans that I have paid on time for over a year, how quickly do you think (I know its a long process and a confusing one) it will take to get over the magical 620.

I am so frustrated right now and patience is not one of my virtues

Thanks for the input

[jetscarbie]

Nobody knows for sure how long it will take to reach a certain number....for some, it's pretty quick, for others it takes a long time. Depends on what is listed on your CR.

Settling can lower your score.

Try disputing with the CRA's the American Express trade line. IF that doesn't do it, try sending the American Express letter to the CRA's.

Some companies do that though. They tell you that they will settle....Example: say your bill is $1000 and you settle for $400. They can still come after you for the $600.

If your FICO is 540...how many old "paid" debts listed do you have on your credit report? Even having a paid collection on your report brings your score down.

Besides the car loans....you need a little variety on your CR. Maybe start with a secured credit card or a Crown Jewelers account.

[IrishDMBF]

Nobody knows for sure how long it will take to reach a certain number....for some, it's pretty quick, for others it takes a long time. Depends on what is listed on your CR.

Settling can lower your score.

Try disputing with the CRA's the American Express trade line. IF that doesn't do it, try sending the American Express letter to the CRA's.

Some companies do that though. They tell you that they will settle....Example: say your bill is $1000 and you settle for $400. They can still come after you for the $600.

If your FICO is 540...how many old "paid" debts listed do you have on your credit report? Even having a paid collection on your report brings your score down.

Besides the car loans....you need a little variety on your CR. Maybe start with a secured credit card or a Crown Jewelers account.

I only paid off all my debts in the last 2 weeks so I know I am impatient. I also know I need to diversify and I am going to get a secured account in the next couple of weeks but all my spare money was used up paying off debts. Its next on my agenda.

the stuff I paid wasn't that old. Amex and Cap One were still reporting so its not old at all. I paid off one large collection but it was less than 2 years old. I know that paying that off actually increased my EX score 15 points (they only reported to EX) not decreased it.

I have disputes in with the CRAs currently disputing all accounts.

For 2 collections on my report I have submitted FTC fraud affidavits with proof the account isn't mine so I am hoping they will come off. After that there will be no more collections

The JDB I am fighting with is LVNV (surprise, surprise). They have sent me multiple dunning letters and I have DVed within 30 days for each and never got a response. I have disputed with the CRAs (verified multiple times), sent a 623 letter, as well as submitted a complaint with my home states attorney general, South Carolina's dept of Consumer affairs as well as the BBB saying that I want something to show that I should pay LVNV or else delete it from my report.

Anyone ever had success with attorney general complaints?