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Posted 30 January 2012 - 09:26 PM
Long story short I was young and dumb.. missed various car payments, eventually gave it back to the dealership, also missed payments on my cell phone and that got sent to collections all in 2008.
NOW, I have absolutely everything cleared up on my credit (paid collections mid 2011, car loan settled early 2009), I have a single VISA credit card with a $1000 limit. It is maxed out as of right now. I have had it for about 4 years, it has always been in good standing (I am not interested in closing it). I had a 29% interest car loan with Carfinco that I paid on for 2 years and paid off completely in July 2011.
My FICO score as per Equifax is 552. (as of today)
My boyfriend and I were looking at buying our first home but if my credit score is less then 600 I cant be on the mortgage with him. So we lose my income and therefore cannot afford the place we are looking at. Which is a very bad thing considering the Calgary housing market.
Everything I read here says something about finding errors on your report, well, as far as I can tell everything on there is accurate. Not good, but accurate. The only thing that seems iffy to me is the Rogers collections .. It was sold to one company that I didn't settle with, then sold to the second which I did settle with. The first collections shows that there is still a balance owing (it is the same debt)... is that a problem? How do I got about fixing that? Or is there nothing I can do?
I also heard that If I pay off my credit card, but not close it, I could see a little jump in my credit score?
My mortgage broker says even if I can get close to 600 she should be able to work something out. The problem is that I am in the "poor" rating.
Thank you in advance for any and all replies!!
Posted 30 January 2012 - 10:07 PM
Rogers collections .. It was sold to one company that I didn't settle with, then sold to the second which I did settle with. The first collections shows that there is still a balance owing (it is the same debt)... is that a problem? How do I got about fixing that? Or is there nothing I can do?
Dispute the one you didn't pay as "duplicate."
If you have paid collections on your report, they are bringing your score down. Contrary to what they tell you, paying them doesn't make your credit any better than not paying it. That's one of the ways our system is broken. Yours too. Read psychdoc's seminar - it's a sticky in the main credit forum. It explains the reasoning behind disputing items on your report that you know are yours. It's your legal right, and often it will get those paid collections deleted. Thee is no law that says anything has to be reported. The law limits how long it can be reported. So read up on disputing, and then go through your reports to see which ones to work on first.
Another good thing to do now would be to get someone who has a good card, that they've had for a long time, to put you on it as an authorized user. After it reports, your score will go up. Ideally, your fiance should do this, or another relative.
And yes, paying down the maxed out card will help a lot.
Posted 31 January 2012 - 09:54 AM
Thanks for replying. I'm still absolutely totally lost as to how to go about "disputing" or "validating" everything. I did read psychdoc's seminar but unfortunately that mostly pertains to the USA.. I also looked into getting put on as a AU on my BF's card and apparently that doesn't work the same as Canada. It just lets me spend his money.. but I already do that (LOL!)
So yeah.. needless to say even after reading everything.. I still feel very lost as to how to go about this with them. I don't expect to know it all.. but I don't even know where to begin...
Posted 21 March 2012 - 11:33 PM
I fell apart in 2007, credit card, car loan, cell phone bill. Paid it all off by January '09. TU Score was 611 at the time I think?
I don't have a single negative item, late payment or anything on my credit report in the last 3 years. Available credit has gone from $0, to $500, to $1500 always paid off for over two years. Added a monthly cell phone, lots of bad things have started to fall off the report. My score today....622.
I don't know what to tell you.
Send in a request by mail for paper copies of your CBR and go over it with a magnifying glass. TU has been pretty accurate for me, but EQ is just full of crap. Took me 18 months to get my 'split' credit file unsplit, another year to remove two bad tradelines when I had a release letter from the original creditor from day one.....These guys are striving to achieve incompetence.
If you can find a date that doesn't line up dispute, dispute, dispute.
Maxed out CC is bad bad bad. Standard says to keep balance below 30%. You are scored by credit utilization. So having $1000 available with $100 used is much better than having $10,000 available with $8,000 used. Go find some easy credit, secured cards, cards from credit unions. Capital One has been great to me, local credit unions have secured cards as well. You might too. I put in $300 for a $500 card on Cap1, they unsecured and bumped me to $1500 in a year or so.
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