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Raising scores how-to?


moonwife
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My score today is 563, my husbands is 587. We both need to get to 620 in order to get a home loan.

In everyones esteemed opinions, what are the most effective ways to do this and realistically what kind of time frame are we looking at in getting it to the minimum of 620?

my report: I have 9 positives, 9 negatives, my positives include my huge student loans ($30k+), my negatives are all small collections.

my husbands: he has 2 positives and 10 negatives, all his negatives are fairly decent sized credit cards, his positives are our car loan (we paid it off last year) and a line of credit from a jewelry store than he never actually bought anything on, it shows a zero balance.

thoughts?

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:lol:

I know THAT! I'm looking for a more specific answer..........right now I'm DV'ing some of our negatives and then the rest we're going to pay off and try to get PFDs. I know, though, that if we just pay them, it's still in the "negative" section. So I guess what I"m asking is in the general sense, how long till you see improvements. Months? Years? Decades?

And, is it more effective to fight them/DV them to death? Just pay them and wait for the negative to slip off? Fight for PFDs? What gets you there the fastest (knowing it's not a terribly fast process)?

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OCs? Pay them. Negotiate a lower amount if you can, but you want the CRs to show "Paid as agreed".

If the negatives are from CAs, don't pay them...pay the OC, under the agreement that they will call off the CA.

If the negatives are from JDBs, don't pay them a cent unless you get in writing that they will delete their entry and NOT sell the balance. Negoiate for as little as possible. (personally, I would never pay a JDB anything unless ordered to by a court).

Rmember...the credit scores you're allowed to see are either FAKO's or the FICO "sucker score". This is not the same score a mortgage underwriter will see. You MAY be able to get a mortgage with low FAKO's / sucker score if the mortgage company sees that all possible liens against the property have been handled.

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In my experience when you pay off your old (negitive debt) your scores will go up. I had 2 collection, wasn't late on anything for 3 yrs, my scores never went higher then 599. I finally talked with the collection people, got a good settlement from both, paid them off, in the settlement letter the CA HAD to remove the collection from my credit report, once that happened, my scores jumped to the high 600's in one month. 6 months later, I'm now in the low 700s. So to get your scores up, pay off the negitive accounts..

My score today is 563, my husbands is 587. We both need to get to 620 in order to get a home loan.

In everyones esteemed opinions, what are the most effective ways to do this and realistically what kind of time frame are we looking at in getting it to the minimum of 620?

my report: I have 9 positives, 9 negatives, my positives include my huge student loans ($30k+), my negatives are all small collections.

my husbands: he has 2 positives and 10 negatives, all his negatives are fairly decent sized credit cards, his positives are our car loan (we paid it off last year) and a line of credit from a jewelry store than he never actually bought anything on, it shows a zero balance.

thoughts?

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  • 3 months later...
CAs don't buy debts. JDBs buy debts. CAs work for OCs and JDBs to hassle you.

The easy way to tell if a debt has been sold is to look at the OCs tradeline on your credit reports. If it says "sold to another lender" and the balance is $0, then its been sold to a JDB.

I have Gemb/Walmart on my Experian showing "Purcased by another lender" I'm assuming that is a JDB correct?

Weird thing is I do not ave anyone else collecting this amount for GEMB/Walmart....

What do I do now?

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  • 2 weeks later...
My score today is 563, my husbands is 587. We both need to get to 620 in order to get a home loan.

In everyones esteemed opinions, what are the most effective ways to do this and realistically what kind of time frame are we looking at in getting it to the minimum of 620?

my report: I have 9 positives, 9 negatives, my positives include my huge student loans ($30k+), my negatives are all small collections.

my husbands: he has 2 positives and 10 negatives, all his negatives are fairly decent sized credit cards, his positives are our car loan (we paid it off last year) and a line of credit from a jewelry store than he never actually bought anything on, it shows a zero balance.

thoughts?

First thing to look at would be active accounts that you can make changes to such as balances, credit limits etc. Do you have any late payments that you could attempt a good will adjustment? I would start there.

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I have Gemb/Walmart on my Experian showing "Purcased by another lender" I'm assuming that is a JDB correct?

Weird thing is I do not ave anyone else collecting this amount for GEMB/Walmart....

What do I do now?

You let sleeping dogs lie and allow the tick tock of the SOL clock ease you to sleep each night.

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