Need to raise credit score 20 points quickly

[iamcanadian]

We have been pre-approved for a mortgage (this is our 4th home), but the expiry date is approaching on the pre-approval and we will need to extend it because our house is not ready yet (we're building). We just discovered that my husband has a 30 day Past due on his credit report (since been paid) and lowered his score by 50 points! Now he is not able to qualify for a mortgage! My score is over 700, but he makes 3x what I make, so we need him on the mortgage application. Will his score go up once the past due amount has been reported paid?

 

This was a No interest for x month plan that expired at the end of October. We thought the first bill would be sent in Nov after the expiry date, with payment due in early Dec. Turns out they billed us for interest in Oct (to be paid in Nov). My husband is military & was out of the country for that month and we did not catch onto it until it was too late. We did pay it as soon as we realized we had missed it. Is it worth it to try and have the creditor remove the 30 day late?

 

Also, we pulled his Equifax credit report and we noticed that he has 22 hard inquiries, 5 of them dating back 4-11 years ago. Should he have these removed or do they not have any effect on his report? We are also planning on paying his credit cards down to under 30% utilization over the next couple of weeks. Any other suggestions to help raise his score 20 points over the next month or 2? We have already sold our current house and will literally be homeless if we don't make this happen. I have been sick over this whole mess!

[CB Owners]

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[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

[hegemony]

welcome to CB!

 

was he on active duty when the late occurred?

 

You could try a "goodwill" letter explaining the situation to the creditor and asking for a one-time forgiveness.

[iamcanadian]

My husband phoned them and explained the situation and they absolutely refused. He is gone to pay the balance off...

[BDK]

We have been pre-approved for a mortgage (this is our 4th home), but the expiry date is approaching on the pre-approval and we will need to extend it because our house is not ready yet (we're building). We just discovered that my husband has a 30 day Past due on his credit report (since been paid) and lowered his score by 50 points! Now he is not able to qualify for a mortgage! My score is over 700, but he makes 3x what I make, so we need him on the mortgage application. Will his score go up once the past due amount has been reported paid? No, it may go down even more because of recent activity on a negative. Try for a complete removal of the negative.

This was a No interest for x month plan that expired at the end of October. We thought the first bill would be sent in Nov after the expiry date, with payment due in early Dec. Turns out they billed us for interest in Oct (to be paid in Nov). My husband is military & was out of the country for that month and we did not catch onto it until it was too late. We did pay it as soon as we realized we had missed it. Is it worth it to try and have the creditor remove the 30 day late? Yes.

Also, we pulled his Equifax credit report and we noticed that he has 22 hard inquiries, 5 of them dating back 4-11 years ago. Should he have these removed or do they not have any effect on his report? We are also planning on paying his credit cards down to under 30% utilization over the next couple of weeks. Any other suggestions to help raise his score 20 points over the next month or 2? We have already sold our current house and will literally be homeless if we don't make this happen. I have been sick over this whole mess! Call EQ and ask them to remove any inqs older than 2 years as they shouldn't be on the report. It won't make a difference on the score, though.

[gretta1]

I just had the same thing happen with interest hitting after I paid it off with PSECU. I wrote them a letter and they took it off.

 

Dear PSECU:

I am a customer with good credit who had a mishap when paying off a large amount to my credit card. Apparently a small finance charge hit after I paid it off. Your website showed a $0 in the balance column and a small amount in the payment column (in red) that I mistakenly thought was an overpayment on my part. I’m hoping you can see this was an honest mistake, and not at all indicative of my level of financial responsibility. This is the only derogatory account on my reports.

This has actually tumbled my credit score quite a bit and I am hoping to refinance soon. I am enclosing a copy of the entry for all three credit bureaus showing my good payment history and that this is my only derogatory account.

Please, please consider removing this late payment entry from all three of the credit bureaus.

 

Sincerely,

 

It worked for me...good luck!

[syncracirca]

Servicemembers Civil Relief Act.

 

 

Look this up!

 

Also we have a military credit subforum that will probably be able to help you out drafting a letter that references the SCRA.

 

Edit: your username indicates that you are Canadian. The SCRA is for the states :|

Edited December 27, 2012 by syncracirca

[iamcanadian]

Thanks syncracirca, you are correct, we are in Canada. It does not look like they are going to budge on removing the late from the report. Any other suggestions to increase the score quickly?

[Guest w_a_y_n_e]

1356635691[/url]' post='4784612']

Thanks syncracirca, you are correct, we are in Canada. It does not look like they are going to budge on removing the late from the report. Any other suggestions to increase the score quickly?

 

If they're unwilling to remove the derogatory indicator, there's really not much you can do but wait until the late ages, and the impact is less. Also pay down those CC balances, that should bring the score up as well.For future reference, you may want to try asking credit related questions in the Canadian Credit section here, or in another Canadian based forum. Otherwise you will end up with incorrect information. Our credit guidelines here in Canada differ greatly from the U.S

[kayvebear]

Goodwill letter / phone call should easily clear this up.

 

A rapid recheck from your mortgage lender can update his score in 3-5 business days if the creditor agrees to goodwill.

 

I would fire off 5 phones calls asking for late to be removed, get it in writing if they agree.

 

I would also send a letter to 16 different depts. of the company asking for the same.

 

Search on how to write a goodwill letter

[MarvBear]

If the original poster desires, I can move this thread to our Canadian forum.

[iamcanadian]

That would be fine - thanks!

[MarvBear]

That would be fine - thanks!

 

 

here we go, and a bump for you.