mgrock Posted November 18, 2009 Report Share Posted November 18, 2009 Okay, here's the situation.. I have less than perfect credit thanks to a credit card I got when I was 19 (im 25 now), that of course I got behind on, on payments and it eventually went to collections.. that I eventually paid off. COMPLETELY. unfortunately, this is still on my Credit Report.. (Charge off)Now, be that as it may, my credit score was still high enough to be approved for a home loan (I had already pre-qualified).... Up until I got a call yesterday from my broker (I am currently trying to buy a house) saying that my scores have dropped about 150 points since the last score reports...And that I no longer qualify for the FHA!! PANIC ATTACK.... I can attribute this to my being late on a student loan payment a couple of months ago (which I have since paid)... and instead of it saying I was late on 1 payment (Which I was, bc I have always just made one payment..and up to that one time, my payments have been spotless), 8 mini loans - each individual loan for the semester in college- reported late on my credit report... each one costing me about -20 points on my credit score!! So now, I have no idea what to do... I cant sleep bc im so stressed over this... I had no idea that 8 different loans reported to my score.... it has just killed my chances... And i am at a loss of where to start to try and get this taken care of..... ANY advice would be appreciated... Is there a way to get this reversed so I can get those scores to only report as 1??? Link to comment Share on other sites More sharing options...
2ndTimeAround Posted November 18, 2009 Report Share Posted November 18, 2009 (edited) ... is still on my Credit Report.. (Charge off)... got a call yesterday from my broker ...saying that my scores have dropped about 150 points since the last score reports...And that I no longer qualify for the FHA!!...Mgrock welcome - I understand what your going though, when I was a loan officer saw credit scores drop when the bank pulled a credit report for a 2nd time (what you are describing happens often). I would quickly fix a borrowers credit so their loan could close. What you are describing can take 2 weeks to 6 weeks to fix (once you have a discharge letter).First thing is to get a copy of your credit report faxed/emailed from the broker. You need to see what/who/how is impacting your credit score. On the back of your report, are address and telephone numbers for everybody reporting your credit.Next you are going to get a discharge letter from the old company that you owed the debt. Telling them they are hurting your credit score and you will sue them if they don't give you what you want. This part is going to take the longest. It is important you be firm or they will blow you off. Years ago I personally had a mortgage mistake for WaMu, showing six months late when I was not. It took me nine months calling 4 to 10 times a day. When I got my letter stating they were wrong, to took me two weeks to dispute/fix my credit.Good Luck... Edited November 18, 2009 by 2ndTimeAround Link to comment Share on other sites More sharing options...
mgrock Posted November 18, 2009 Author Report Share Posted November 18, 2009 Thanks for the response...So I can just threaten to sue them if they dont take those charge offs off my report?? Link to comment Share on other sites More sharing options...
mgrock Posted November 18, 2009 Author Report Share Posted November 18, 2009 What about the 8 mini loans reporting on my credit???? Its only 1 account that I make a payment on... 1 single late payment... but 8 loans reported...... WTF can I do!!????? Link to comment Share on other sites More sharing options...
2ndTimeAround Posted November 18, 2009 Report Share Posted November 18, 2009 (edited) What about the 8 mini loans reporting on my credit???? Its only 1 account that I make a payment on... 1 single late payment... but 8 loans reported...... WTF can I do!!?????First need need to contact the bank that held those loans. Speak to a representative and explain you need a letter of satisfaction show those loans are paid and no longer open. Hopefully this has been in the last few years, I have help borrowers showing open accounts that were paid off years before. A problem arises when the bank is closed, or they cannot find their records. The longer you wait, the harder it becomes to clear the debt.:) Edited November 18, 2009 by 2ndTimeAround Link to comment Share on other sites More sharing options...
Recommended Posts