Is it possible??

[readytofixit5]

My husband and I had to learn the hard way, as many of us did, about taking care of our credit. It has led to a lot of renting, and settling. He is now settled into a good job, making decent pay with many increases to come and we are focusing on fixing the mistakes we made on our credit. Currently his score is a 547, terrible. He has 6 TL's in collections showing on his credit. I intend to send letters to validate and fight all of these.

 

My question is this,

 

Is it even possible to get his score where it needs to be to qualify for a mortgage in a years time? We have set a time limit of a year to get ourselves in a home of our own. For many reasons this is pretty time sensitive and we need to do it in a year or less. I feel like it's going to be impossible! I am willing to work hard to get everything straightened out but don't want to set myself up for something that just won't happen. Anyone have success stories of fixing such terrible credit scores and landing their own mortgage in a year or less?

[wow]

It really just depends on what the TL's are, what CA's have them, SOL's, etc. It is definitely possible, but without knowing more details it's hard to say whether or not it can be done in a year.

[readytofixit5]

3 of them are medical collections for $300 or less.

1, which is the biggest collection, is for an apartment at around $2500

and 2 of them are for Insight cable company for a total combined of $1300.

 

SOL, do you mean for getting sued or dropping off my credit?

 

There are also three negative accounts,

 

an open acct. through University of Phoenix online for $1000

a revolving cc acct. through First Prem. bank for $440(haven't had this card in years but it's still showing revolving).

and an acct. that is now in the possession of LVNV Funding that was originally through CO bank for $1300.

 

That's the only negative stuff on there. There are student loans but they are up to date.

[Sandscrit]

Try offering a pay for delete but get it in writing; however, LVNV is going to be hard to deal with. Look for any discrepancies on a hard copy of your credit report to use as leverage to help get negative trade lines removed.

[readytofixit5]

I am certain there are many discrepancies with LVNV, which from what I have read is pretty common practice. I intend to deal with them last because I have heard the horror stories. lol I am going to deal with the medical ones first using Whychat's method and then move on to non medical saving LVNV for last. I just hope this works. I thought about PFD with University of Phoenix but have heard on here a few times that they aren't very willing to do that.

[wow]

Look in the medical forum for WhyChat's method to get the medical TL's removed.

 

Yes, the legal SOL will determine just how aggressive you can be with the disputes. The first step is to determine which ones are within the legal SOL for your state. If you cannot pay the ones that are still within SOL, you may want to wait bc you may be faced with a lawsuit.

 

Also, you will want to see if you can somehow remedy the ones the TL's that are still open. Can you get them current and then goodwill the negative marks off of your report, etc...