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Disputing items on credit report

I recently disputed several collection items that I paid in full. All but one was deleted from my Experian credit report. I still haven't received the results from Transunion and Equifax. We are planning to buy a home in the next six months. I had an AT&T cell phone bill removed that was a couple of months old. Will this help my score at all? I have one car loan, 2 credit cards and a small personal loan that are in good standing with no late payments. My Transunion score is 576. I don't know the other two. I know I need a 640 to be approved. Any suggestions to help raise my score will be greatly appreciated.
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December 21 2011 - Charleston
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I agree with Cindy. I just met with a young couple the other day in a similar situation. The got on the internet and are actually meeting with a loan officer tomorrow to take care of specific items. Best of Luck to You !!!
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January 07 2012
Melanie and Cindy- You may wish to check this website's information: http://www.scoreinfo.org/. Good luck.

Happy holidays, Rudi 
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December 22 2011
Melanie, Cindy is correct; however, it sounds to me that you have already done a bunch of your homework.  The credit bureaus have 30 days to make corrections, so you should be able to monitor the corrections quite easily.  It may take an additional 30 days for the corrections to "hit" your scores.  I (and any mortgage professional) would not know if there was anything else we could suggest to improved your score without pulling your credit.  I would not recommend doing that until after you have heard from the other two bureau's.

When I pull a RMCR (Residential Mortgage Credit Report) from a credit reporting company, they will have scores from all three bureau's.  Lender's use the middle score, btw.  Middle of the lowest, if multiple borrowers.  

There is an indication of the report that tells me the possible increase on the score IF we (you and I) reduced the credit card balances, paid something off, etc.  This is called "Rapid Rescore".  The challenges are many.  First:  Cost.  To order a Rapid Rescore on EACH tradeline, the cost is $40 PER bureau.  This can get very costly, very quickly.  Second:  The RMCR does not provide a mortgage professional with a road map of "what to fix and what not to", so if your MLO (mortgage loan officer) leads you astray, you will spend a lot of money with very little to show for it.  Lastly, many of the low down payment loans for lower credit scores will simply not allow Rapid Rescoring for qualification purposes.

Next, and this is very important:  Anything you get from a creditor that "fixes" your credit issues make sure you 1).  keep EVERY piece of documentation associated with the fix.  2).  Get the name, position, direct phone number and date/time of any conversation you have with the employee of the creditor.  All too often, the "fix" becomes unfixed because a collection was resold to a new debt collector.  If the consumer does not maintain meticulous records, he/she will just have go through the same process again.

Once you get the notifications from the bureau's, start interviewing mortgage professionals.  Don't have your credit pulled until you are comfortable with who you want to work with (NO ONE can give you a Good Faith Estimate on your potential purchase in six months...anyone who does is just blowing smoke and mirrors.  The only thing I could give you for certainty is what my lender fees are...everything else is blowing in the wind until you enter into a purchase contract).  It is correct that you can have multiple credit inquiries when you are shopping for a mortgage and no change will affect your score, IF the inquiries are all within a 30 day period.  Since you are not buying within the 90 day window that a lender will accept for a valid credit report; you will run the risk of qualifying at application and being declined when the new report in pulled a few months later.

Beat of luck to you.  I hope this information helps you understand some of the resolutions possible for credit concerns.
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December 21 2011
I'm begining to feel as though I preach this; however, if I were you I would go to www.myfico.com and visit the community forums there and ask for advice.

I'm sure there are folks here who can help, but the best advice I got here on credit was to visit myfico.
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December 21 2011
 
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