My Credit Repair Story

[jceezyfosheezy]

I am currently in the low to middle 500s with all three CRA. My short term goal is to hit 620 (I want to buy a home) and a long term goal of 750. I have several baddies including the following:

 

38 negative accounts on EXP

34 negative accounts on TU

32 negative accounts on EQ

 

A majority of the accounts are student loans with late pays and/or default status. In addition, there are several medical bills under $250 which I hope will be resolved quickly. There is a state tax lien and a car payment (paid off) that has late payments.

 

To date I have completed the following:

 

1. Opted out

2. Removed "addresses that were not mine" (still waiting on EXP)

3. Sent out PFD letters to all baddies under $250

4. Dispute 6 baddies with TU And EQ

5. Sent goodwill letter to Baddy with late payment

 

(Note recently found out my wife has been sending payments to CA directly from our checking account)

 

I am looking to get my score up as quickly as possible. It appears the best way to do this would be getting my payment history corrected. Does anyone have suggestions? Any advice would be GREATLY appreciated!

 

Sent from my iPad using Tapatalk HD

[CB Owners]

Welcome to CreditBoards! We hope that you find what you're looking for here.

 

Some helpful tips:

 

• Your post may not get a reply right away. Don't be discouraged, this is a very busy board. If it falls off of the first page, feel free
  to reply to your post yourself, with the word *bump* in the text. This will *bump* your post back up to the top of the board.
  
• If you haven't yet, take a peek at out Newbies Section.
  Everything that you need to know is in that forum, for the most part! It's a lot of reading, we know, but this credit stuff can have a steep learning curve. In no time, you'll be posting like the pros!
  
• If you find that someone is discourteous to you, use the REPORT button at the bottom of every post - that will ensure that a moderator or admin looks at the post and decides if it is against the TOS.
  
• Off -topic posts should go in the General Forum.
  

 

Again, welcome to the CreditBoards family!

 

CB Admin: LKH, Pam, radi8, breeze

CB Mods: CargoJon, Chris in OK, cotterpin, CramItCCCAs, Fallon, MarvBear, CtSoxFan, pryan67, psp, Stryker, TrevorHere

Forum Leads: brazen, Brian B The Loan Professor, cedski, DallasLoanGuy, hoapres, ICANHASMUNY?, Lighthouse84, Linx04, TeeSharice

[jmf8756]

Did you request validation on anything before offering a PFD? It's possible you will be paying somebody that doesn't even own the rights to the debt. You should request validation from any CA if you haven't done that already.

 

 

A goodwill request is the best place to start with trying to get late payments removed. Though they may turn you down the first time, you need to keep trying until you find someone that will help.

[jceezyfosheezy]

Thanks for the response. Should I continue to send goodwill letters to have the late payments reviewed? In addition, does it make sense to consolidate my SL? Some of them (approximately 12) are in default status.

 

 

Sent from my iPad using Tapatalk HD

[jmf8756]

I'm trying to get some late payments removed from DH's credit report on a credit card that has since been brought current. I will continue to send goodwill letters until they decide to remove the late payments.

 

I don't have any experience with defaulted student loans, but I just brought mine out of deferment to consolidate them in order to lower my DTI ratio and it was an easy process. You might try contacting your lender to see what advice they can give.

[jceezyfosheezy]

Thanks will do.

 

 

Sent from from a guy who just wants to repair his stinking credit scores!

[jceezyfosheezy]

Just got back TU disputes for DW. Two baddies deleted and three accounts verified! In addition, I am trying to figure out the best course of action for my student loans. I currently have eight in default status and seven going into consolidation.

 

Does anyone know the difference between the 3 month and 9 month programs?

 

 

Sent from from a guy who just wants to repair his stinking credit scores!

[johnny5]

Just got back TU disputes for DW. Two baddies deleted and three accounts verified! In addition, I am trying to figure out the best course of action for my student loans. I currently have eight in default status and seven going into consolidation.

 

Does anyone know the difference between the 3 month and 9 month programs?

 

 

Sent from from a guy who just wants to repair his stinking credit scores!

 

 

 

If they are all Federal you should look into the Department of Ed Direction Consolidation Loan (NOT The special one just regular). https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp

 

If Your loans qualify, as soon as the consolidation is funded the loans are out of default pretty much instantly because they are paid of and rolled into a new single loan. I remember seeing when I did it they say several times Defaulted Student Loans qualify as long as they are the right types of loans. Granted You should run the income based or income contingent repayment calculations and make absolutely sure you will be able to keep this new loan current, because the only way out of default after that is X months of on-time payments. (I think 12 but I don't remember for sure.)

 

http://www.nslds.ed.gov

 

Check that site out, pretty much any loan that appears there qualifies from what I've gathered, except ones that have "Plus" in their name.

 

 

[jceezyfosheezy]

Thanks for the advice. I choose to consolidate the loans that weren't defaulted and rehab the others.

 

I am on second round of disputes with TU, they deleted three baddies for me and two for DW. Recd EQ for DW and everything came back verified.

 

I anticipate my consolidation of student LANs will help. Is it too early to pull my fico again?

 

 

Sent from from a guy who just wants to repair his stinking credit scores!

[Andain]

You should be aware that if you consolidate your student loans with the Federal program, your interest rate could jump significantly; I think it's around 8% or so. Also, the guarantor of your loans could include huge collection fees to the account when it's consolidated. The 9 month program is rehab. Anything shorter is a special payment plan that generally involves paying interest only until a lender picks up your loan for rehab or you can make "satisfactory payments," usually those that would qualify for a rehab program. If I were you, I would work something out with the lender, or if they have reached the guarantor, then them. It may take a little legwork on your part, but you'll save a lot of money in the end.

[hegemony]

don't forget the other half of credit repair. without it, your scores may remain low.

[johnny5]

You should be aware that if you consolidate your student loans with the Federal program, your interest rate could jump significantly; I think it's around 8% or so.

 

Not necessarily, they calculate your interest rate based on an average of the loans being consolidated. They also break up the loan types and average their interest rates separately. Like in my case the subsidized loans interest rate got averaged together and the unsubsidized interest rate got averaged together. When they actually sent the details of the consolidation loan it showed that on portion (sub) was one interest rate and the second portion (unsub) was a different interest rate.

 

Typically Subsidized are lower interest rate as the subsidization is the interest rate.

 

You can do all the calculators on the consolidation website to figure out what your interest rate will be and show you how much you'll pay in interest assuming you pay on schedule and not overpayment.

[Credit Mama]

I would find a different method of paying the CA that has your checking account info.. You need to ask your bank to change the account number.

Does your S/O read the forums ? Maybe she should.