Posted on: 27th Mar, 2010 08:28 pm
Hi, I'm a newbie so I hope this doesn't echo something already asked!
My husband and I are trying to clean up our respective credit reports in order to qualify for a mortgage. Before beginning this journey our scores started at 530 (his) and 524 (mine) earlier this month mine jumped 4 points for no reason that I can see and it motivated me to really start to work on it.
I am currently paying $30/month to have access to both of our Experian reports and scores. I have also pulled both of his other reports and one of my other ones (it wouldn't let me pull my Equifax since I had just pulled his...oddly).
Anyway...my Experian report looks like this:
*2 school loans from FLS showing activity since Nov 2009...three on time payments and Feb 60 days late (hmm...it's not even 60 days past Feb...)--I called on these Thursday and found out it was a mistake and enrollment information hadn’t been properly applied and these should be in deferment status. I have two other loans through them showing up also and they are correct. I was told this would be fixed ASAP and requested they fax me a letter for my records so that I can show proof that it is not correct while I wait for the credit bureaus to update.
*A collection agency account for $81.00 opened in 11/2006 account status closed, payment status seriously past due date/assigned to attorney, collection agency, or credit grantor’s internal collection department; it shows reporting for all of 2007 and 2008 and it is mostly “key derogatory (KD)†with a few “no data†thrown in—I called on this also and was told this agency no longer had the account as of 03/2009…is there anything I can do with this? They told me the original creditor is a local dr’s office. Should I go to the original creditor and pay them directly? Is there any way to get this entry removed from my report…I can’t exactly offer a pay for delete if they don’t have the account!
*A credit card opened 7/2008, charged off…4 okay payments , then 30, 60, 90, 120 days late…and then KD for Mar-Dec 2009 and no reporting since. – I’m assuming the best route here is to call and attempt to settle in turn for them deleting? It still appears to be held by the original creditor.
*2 collections accounts from the same agency for the same amount…one reporting KD for the month of 06/2008 and one KD for 05/2008...nothing else—I called and was told they actually hold 4 accounts for me, not just 2 and the numbers were significantly larger. These are also medical bills. One for $20, two for each about $125 (the ones showing on my report) and one for $835! I made payment arrangements to pay $25 this month and $50 monthly for the time being. I plan to pay it off in a large chunk as soon as I can save up the money and I have that same ladies information to call her back as she said she could make me a deal to lessen the interest being charged. Is there anything else I can do to help this along? Even since I’ve made a payment arrangement can those other two accounts appear and make my score worse? How much do medical collections affect you when you apply for mortgages or credit cards?
*2 more accounts through yet another collection agency for less than $60 each—I called and paid these over the phone and they agreed to delete them from my reports. I have reference numbers and am sending for copies of the deletion letters to have on hand while waiting for bureaus to update. I don’t think there is anything further I can do with this to the process. How much will these coming off increase my score?
*Another credit card showing account closed and payment status “account transferred to another office.†Is that better than being showed as a charge-off? The payment history shows KD for 08/2007 to 02/2008. – Is it worth stirring the pot by disputing or offering a pay or delete since it’s over 2 years since they’ve reported and no one has tried to collect? I would like to eventually pay this off but for the purposes of trying to rebuild credit and get a mortgage is it better to let sleeping dogs lie?
*3 education loans showing 5-8 months each of OK payment history (and in deferment status) but each closed and transferred to another office. – Do these have any sort of effect on my credit score or ability to qualify for a credit card or mortgage?
*Aside from the 2 loans I mentioned earlier that are in good standing, I have 3 more school loans (less than $6000 total) all in deferment status. –Will these affect my ability to get a credit card or loan?
*An auto loan opened in 8/2006 account status closed payment status paid, was past due 60 days, comments: credit line closed-consumer request-reported by subscriber…the payment history shows OK, OK, 30, OK, 30, 60, OK (08/2006-02/2007).—This loan was paid off by my grandmother who was my co-signer on the loan. How does this affect me? Is it hurting or helping? Is there anything I can do with it…should I if I can?
I’m sorry…I know this is a lot of information but I need all of the advice I can get! My credit is a lot easier to try to fix than my husband’s (though underneath it all he had really good credit while I had nothing) so we’re doing it first and then going back and doing his. What can I do to help this along…am I on the right track? I know I do not have any open lines or anything open for a significant period of time. I work for a bank and have applied for our credit card. My boss put it in for a low credit limit and thinks they will be able to talk the credit department into approving me since I’m an employee and trying to build my credit. Anything else I should be doing? Thanks in advance!
My husband and I are trying to clean up our respective credit reports in order to qualify for a mortgage. Before beginning this journey our scores started at 530 (his) and 524 (mine) earlier this month mine jumped 4 points for no reason that I can see and it motivated me to really start to work on it.
I am currently paying $30/month to have access to both of our Experian reports and scores. I have also pulled both of his other reports and one of my other ones (it wouldn't let me pull my Equifax since I had just pulled his...oddly).
Anyway...my Experian report looks like this:
*2 school loans from FLS showing activity since Nov 2009...three on time payments and Feb 60 days late (hmm...it's not even 60 days past Feb...)--I called on these Thursday and found out it was a mistake and enrollment information hadn’t been properly applied and these should be in deferment status. I have two other loans through them showing up also and they are correct. I was told this would be fixed ASAP and requested they fax me a letter for my records so that I can show proof that it is not correct while I wait for the credit bureaus to update.
*A collection agency account for $81.00 opened in 11/2006 account status closed, payment status seriously past due date/assigned to attorney, collection agency, or credit grantor’s internal collection department; it shows reporting for all of 2007 and 2008 and it is mostly “key derogatory (KD)†with a few “no data†thrown in—I called on this also and was told this agency no longer had the account as of 03/2009…is there anything I can do with this? They told me the original creditor is a local dr’s office. Should I go to the original creditor and pay them directly? Is there any way to get this entry removed from my report…I can’t exactly offer a pay for delete if they don’t have the account!
*A credit card opened 7/2008, charged off…4 okay payments , then 30, 60, 90, 120 days late…and then KD for Mar-Dec 2009 and no reporting since. – I’m assuming the best route here is to call and attempt to settle in turn for them deleting? It still appears to be held by the original creditor.
*2 collections accounts from the same agency for the same amount…one reporting KD for the month of 06/2008 and one KD for 05/2008...nothing else—I called and was told they actually hold 4 accounts for me, not just 2 and the numbers were significantly larger. These are also medical bills. One for $20, two for each about $125 (the ones showing on my report) and one for $835! I made payment arrangements to pay $25 this month and $50 monthly for the time being. I plan to pay it off in a large chunk as soon as I can save up the money and I have that same ladies information to call her back as she said she could make me a deal to lessen the interest being charged. Is there anything else I can do to help this along? Even since I’ve made a payment arrangement can those other two accounts appear and make my score worse? How much do medical collections affect you when you apply for mortgages or credit cards?
*2 more accounts through yet another collection agency for less than $60 each—I called and paid these over the phone and they agreed to delete them from my reports. I have reference numbers and am sending for copies of the deletion letters to have on hand while waiting for bureaus to update. I don’t think there is anything further I can do with this to the process. How much will these coming off increase my score?
*Another credit card showing account closed and payment status “account transferred to another office.†Is that better than being showed as a charge-off? The payment history shows KD for 08/2007 to 02/2008. – Is it worth stirring the pot by disputing or offering a pay or delete since it’s over 2 years since they’ve reported and no one has tried to collect? I would like to eventually pay this off but for the purposes of trying to rebuild credit and get a mortgage is it better to let sleeping dogs lie?
*3 education loans showing 5-8 months each of OK payment history (and in deferment status) but each closed and transferred to another office. – Do these have any sort of effect on my credit score or ability to qualify for a credit card or mortgage?
*Aside from the 2 loans I mentioned earlier that are in good standing, I have 3 more school loans (less than $6000 total) all in deferment status. –Will these affect my ability to get a credit card or loan?
*An auto loan opened in 8/2006 account status closed payment status paid, was past due 60 days, comments: credit line closed-consumer request-reported by subscriber…the payment history shows OK, OK, 30, OK, 30, 60, OK (08/2006-02/2007).—This loan was paid off by my grandmother who was my co-signer on the loan. How does this affect me? Is it hurting or helping? Is there anything I can do with it…should I if I can?
I’m sorry…I know this is a lot of information but I need all of the advice I can get! My credit is a lot easier to try to fix than my husband’s (though underneath it all he had really good credit while I had nothing) so we’re doing it first and then going back and doing his. What can I do to help this along…am I on the right track? I know I do not have any open lines or anything open for a significant period of time. I work for a bank and have applied for our credit card. My boss put it in for a low credit limit and thinks they will be able to talk the credit department into approving me since I’m an employee and trying to build my credit. Anything else I should be doing? Thanks in advance!
Hi DanielleSchnakenberg,
"A collection agency account for $81.00 opened in 11/2006 account status closed, payment status seriously past due date/assigned to attorney, collection agency, or credit grantor's internal collection department; it shows reporting for all of 2007 and 2008 and it is mostly "key derogatory (KD)" with a few "no data" thrown in..." You can contact the original creditor and check out if they have bought back your account from the collection agency. If they have brought back the account, then you can negotiate and pay off the debts to your original creditor and then ask them to update your credit report.
"A credit card opened 7/2008, charged off…4 okay payments , then 30, 60, 90, 120 days late…and then KD for Mar-Dec 2009 and no reporting since. – I'm assuming the best route here is to call and attempt to settle in turn for them deleting? It still appears to be held by the original creditor." Are you sure that the original creditor holds the account? You've mentioned that it has been charged off. If your credit card company has charged off the loan, then he will not be ready to negotiate with you as he does not own your account any further. You need to contact the collection agency and negotiate with them and settle the dues.
"2 collections accounts from the same agency for the same amount…one reporting KD for the month of 06/2008 and one KD for 05/2008...nothing else—I called and was told they actually hold 4 accounts for me, not just 2 and the numbers were significantly larger. These are also medical bills. One for $20, two for each about $125 (the ones showing on my report) and one for $835! I made payment arrangements... " It is good that you have started paying off your collection account. I don't think this would negatively affect your credit report. Rather, it will have a positive affect on your score and once you pay off the account in full, your scores would definitely improve. Any negative item on your credit score would lessen your chances of getting a mortgage. So, it's always better to have a clean report while you apply for a home loan.
"2 more accounts through yet another collection agency for less than $60 each—I called and paid these over the phone and they agreed to delete them from my reports. I have reference numbers and..." Your scores would definitely get improved once the collection accounts are removed from your credit report. However, it's difficult to say how much your score would increase as it will depend upon various other factors and items mentioned in your report.
"Another credit card showing account closed and payment status "account transferred to another office." Is that better than being showed as a charge-off? The payment history shows KD for 08/2007 to 02/2008... " I think "account transferred to another office" is better than the "charged off" status. A charged off status will have a severe negative affect on your credit report. If the account is delinquent, then it's always better to pay it off.
If the payment history on your education loans is OK, then you do not have to worry about those accounts. If the loans have been paid off on the right time, you won't face any issues in getting a credit card or mortgage. If the other 3 student loans have not been paid off, then they will affect your credit score in a negative way. You will face issues in getting a credit card or a home loan.
If the auto loan has been successfully paid off, then it will have a positive affect on your score. It will in turn help you in getting a loan. As far as I can understand, you do not need to do anything with this account.
Thanks
"A collection agency account for $81.00 opened in 11/2006 account status closed, payment status seriously past due date/assigned to attorney, collection agency, or credit grantor's internal collection department; it shows reporting for all of 2007 and 2008 and it is mostly "key derogatory (KD)" with a few "no data" thrown in..." You can contact the original creditor and check out if they have bought back your account from the collection agency. If they have brought back the account, then you can negotiate and pay off the debts to your original creditor and then ask them to update your credit report.
"A credit card opened 7/2008, charged off…4 okay payments , then 30, 60, 90, 120 days late…and then KD for Mar-Dec 2009 and no reporting since. – I'm assuming the best route here is to call and attempt to settle in turn for them deleting? It still appears to be held by the original creditor." Are you sure that the original creditor holds the account? You've mentioned that it has been charged off. If your credit card company has charged off the loan, then he will not be ready to negotiate with you as he does not own your account any further. You need to contact the collection agency and negotiate with them and settle the dues.
"2 collections accounts from the same agency for the same amount…one reporting KD for the month of 06/2008 and one KD for 05/2008...nothing else—I called and was told they actually hold 4 accounts for me, not just 2 and the numbers were significantly larger. These are also medical bills. One for $20, two for each about $125 (the ones showing on my report) and one for $835! I made payment arrangements... " It is good that you have started paying off your collection account. I don't think this would negatively affect your credit report. Rather, it will have a positive affect on your score and once you pay off the account in full, your scores would definitely improve. Any negative item on your credit score would lessen your chances of getting a mortgage. So, it's always better to have a clean report while you apply for a home loan.
"2 more accounts through yet another collection agency for less than $60 each—I called and paid these over the phone and they agreed to delete them from my reports. I have reference numbers and..." Your scores would definitely get improved once the collection accounts are removed from your credit report. However, it's difficult to say how much your score would increase as it will depend upon various other factors and items mentioned in your report.
"Another credit card showing account closed and payment status "account transferred to another office." Is that better than being showed as a charge-off? The payment history shows KD for 08/2007 to 02/2008... " I think "account transferred to another office" is better than the "charged off" status. A charged off status will have a severe negative affect on your credit report. If the account is delinquent, then it's always better to pay it off.
If the payment history on your education loans is OK, then you do not have to worry about those accounts. If the loans have been paid off on the right time, you won't face any issues in getting a credit card or mortgage. If the other 3 student loans have not been paid off, then they will affect your credit score in a negative way. You will face issues in getting a credit card or a home loan.
If the auto loan has been successfully paid off, then it will have a positive affect on your score. It will in turn help you in getting a loan. As far as I can understand, you do not need to do anything with this account.
Thanks