I have been working on my credit for over a year, and saving as much money as possible, too. I would like to buy a house as soon as I can, but I am seeking guidance before I have a mortgage inquiry on my report.
I did a score simulator through USAA, and it showed if I paid off my current revolving accounts, my score would improve from mid 580s to mid 640s. If I got the three charged off accounts to stop reporting 60+days late every month, the score would increase to 720+.
I'll have the current accounts paid off this month, which I think from a score standpoint puts me in FHA territory. My concern is the old charge offs.
I had a Ch7 BK in 2003, discharged in 2004.
In 2008, I lost everything, and there are still 3 accounts I need to deal with.
HSBC charged off in 2008. They sold to Arrow, which got a judgment in 2010 $1500. Arrow sold to LVNV 9/2011, and the balance is now $2300. I have been disputing LVNV, done the one-two punch, to no avail. If I want to pay this off- who gets the check, and how to I get both trade lines cleared up, even if it's just to show paid?
Capital One charged off in 2008 (times two). One acct is $2300, the other $7000. They report every month that it's late, which I'm told they can do, since I haven't been paying on it. DLA is accurate in 2008.
I would appreciate any guidance you can offer. I hope it's not all for naught since I had lates after a BK. I tried sending each of them pay for delete letters last summer, but there were no takers. I have money saved up if I absolutely need to pay these off. I just don't want to move in that direction without asking here first. I'm concerned about the date of last activity resetting from 2008 to present.
Thanks for all your help!
