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cave canem
Mississippi St. Fan
land o sand
Member since Oct 2012
7490 posts

re: Help With Credit - At A Loss
quote:

We have been paying $1,500/month for our rent house for over 2 years, both have newer nice vehicles, go on vacations often and have still had plenty of extra money


I would say your credit score is very accurate, it is based on your ability/willingness to repay your debts and you demonstrated very clearly you do not consider your debts to be a priotity.

Not sure why you feel anything should be removed as it paints a pretty good picture of the truth.


Not being a dick but it is what it is.


TDW163
LSU Fan
Haughton
Member since Nov 2017
13 posts

re: Help With Credit - At A Loss
It's really not that hard to understand. I admit that I was terrible with my money nearly 3 years ago. I have been perfect since then. I went through a rough period back then and owed a lot of money. I thought I had everything paid off until this popped up.

This is something from nearly 3 years ago that has been put on my credit now. It's not an accurate representation of my current financial situation. So yes I'm trying to get it removed, common practice BTW.

It would hurt my credit score the same if I paid it all off at once, paid monthly, or didn't pay it at all. I was advised by my lender and credit repair specialists not to pay it without a PFD agreement and they would not do it. I still paid it only because I will be buying a house in the near future.

Not sure why people can't comprehend that being shitty with money 3 years ago does not equal being shitty with it now. Going from a credit score in the 500s to nearly 700 in 2 years is proof of that. This is the responsible me paying for the mistakes of the financially irresponsible me from 3 years ago.


WhiskeyThrottle
Member since Nov 2017
286 posts

re: Help With Credit - At A Loss
My experience with credit is there is no quick fix. That's not an easy pill to swallow. I got in pretty deep at a relatively young age. Think I had about $40k in revolving debt around 20 or 21. Got out of it around 26 or 27 and my credit soared.

Someone else will have to correct me, but creditors don't update their reporting immediately. It generally takes a month, and that's IF they decide to update regularly. I had an account that was reported at the highest balance for what seemed like 3 or 4 months before they updated it again. They'll report bad, but don't always report good seemingly.

Your best bet is to see what you can do to get your wife to qualify on her own. If that means selling the nice car temporarily, and finding a way to pay her debt off, then that's the sacrifice you have to make here.

As for this house, it's easy to get caught up on "this is the perfect house for us". But being honest with yourself, how long did you search for this one, and do you think it's the only deal that will come up within the next 6 months that will fit your lifestyle? My wife and I looked for over a year before we found one we found remotely acceptable for us.


AmeriKop45
LSU Fan
Coach, Wing Tip Seat
Member since Jan 2016
2097 posts

re: Help With Credit - At A Loss
quote:

TDW163


Makes a lot more sense now. You were holding out to negotiate a delete. That's smart. I am surprised they didn't take you up on it.

On the bright side at least you should be able to tell lenders that you have paid off that debt and that should work in your favor.


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cave canem
Mississippi St. Fan
land o sand
Member since Oct 2012
7490 posts

re: Help With Credit - At A Loss
I dont believe a word of you have reformed as you were still willing to stiff someone if they did not do what you wanted , but anyway I would go with some of the below.

Forget the bad and accentuate the good, that is 100% under your control

You say wife has a credit card, if she has had it a while and the balance is in good shape have her add you, the more cards and the longer she has had them the better.

Get your balance under 10% on your own card and add her to it to help her credit.

See where you are at in a few weeks, if not there yet

Go take out a small loan and make a few payments, assuming your AOA is young, another small bump.

In a few months this will get you back to 640, while you may qualify here the interest is not going to be optimal, keep plowing away and refi at your first opportunity.


TDW163
LSU Fan
Haughton
Member since Nov 2017
13 posts

re: Help With Credit - At A Loss
It wasn't necessarily that I was going to stiff them but I had to negotiate. Also, I'd gladly pay Capital One but collection agencies are shady and that's putting it nicely.

We both have credit cards that we pay off completely most of the time and never carry more than 30% balance. I actually just got added to hers yesterday.

I have some plans similar to your advice.

The lender is telling me that they believe with a 640 plus my wife being in the 700s that they can get me a low interest rate.


TDW163
LSU Fan
Haughton
Member since Nov 2017
13 posts

re: Help With Credit - At A Loss
Oh I know that there usually isn't a quick fix. It took me over 2 years to get almost 700. However this collection can possibly be dropped and I should be at 700 or better immediately. I'm still working on a few options. They would not do a pay for delete but after a little research, I've found that they may not respond to a dispute once they are paid off. That would completely remove it from my credit. Thanks for all the advice, even the people that think I made half of this up or that I'm somehow still financially irresponsible. Even though I was playing the collection as close to the book as I know how.


cave canem
Mississippi St. Fan
land o sand
Member since Oct 2012
7490 posts

re: Help With Credit - At A Loss
quote:

never carry more than 30% balance


Get them both under 10%, it will help

quote:

I actually just got added to hers yesterday.


This will help

quote:

The lender is telling me that they believe with a 640 plus my wife being in the 700s that they can get me a low interest rate.



best of luck


JT4UA
Alabama Fan
Atlanta, GA
Member since Jun 2010
124 posts

re: Help With Credit - At A Loss
I know how you feel. Me and my wife were in a similar situation. Her score dipped below 600 due to a high credit utilization on her revolving credit lines and a few collections due to some past medical bills that went into collections. We paid off all of her revolving credit and her score jump more than 60 points. It normally takes the credit bureau about 30 days or so to update.

Best of luck and hope you get the house. Please keep us updated.


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HECM62
New Orleans Saints Fan
NOLA
Member since May 2016
75 posts

re: Help With Credit - At A Loss
Also make sure that your personal information is correct and matches at all 3 bureaus. Make sure that middle names/initials match exactly across the board, also addresses etc. Just this small item can be worth a 10-20 point bump. It has to do with the algorithms used in computing scores.


GFunk
LSU Fan
Denham Springs
Member since Feb 2011
13627 posts

re: Help With Credit - At A Loss
Rapid Rescore works. If your mortgage broker doesn’t have a referral partner to work with you, he shouldn’t be your mortgage broker. I appreciate the other credit score gurus here but this can be improved quickly with the right person and focused effort.


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Jackalope
Houston Astros Fan
Paris. (Austin Native)
Member since Apr 2009
2252 posts

re: Help With Credit - At A Loss
There's a lot that is determined by state laws. What state are you in?


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