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Raising Fico score?

We are hoping to buy our first home very soon. Our FICO scores are in the mid to upper 600's. We have some school loan derogatories wrongfully recorded on all 3 reports. We have contacted the agencies to dispute these and now we're wondering a few things.

How long will it take to hear back from them? Will we receive a new credit report? Is it possible that our scores could raise significantly? Does the change in FICO scores take effect immediately?

We hope our scores go up by 30-40 pnts!

Thanks
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December 08 2007 - US
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Replies (29)

CRAs are supposed to conclude their investigations into a dispute claim within 30 days of receiving it (note: often this just involves a letter to the creditor asking them to verify their records).

The effect on your score pretty much depends on what else is on your credit reports. If you're below 700, I'd hazard a guess that the delinquencies that you are disputing are not the only negative factors. Anyway, getting the disputed delinquencies off your report will have the greatest impact if they are the only late-payments on your report.
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December 08 2007
If the derogs are more than 24 months old, fixing them probably won't help 30 points worth. If they are 90 days old it may. Fixing things more than year after they happened, seems to have little benefit.
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December 08 2007
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Thanks for the help. They are 3 yrs old and don't belong on there. All we can do is try!

Thanks
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December 09 2007
yes.. keep disputing the errors until it is removed.
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December 09 2007
I put this together, this may give you some idea of what to do first

http://getprequalified.com/article_list_credit_repair.php
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December 09 2007
Optasia,

Amerisave is correct...and to add that...this literally may mean writing a letter every month for a year to get it done...hopefully not. If you can get documentation from your bank that the loan payment was made, that will help.
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December 09 2007

 

Optasia,



If you have items on your report that are incorrect, you can get them corrected fairly quickly, say 45 days or less depending on which actions are taken. Although many creditors and the credit repair agencies often ignore the law, there are ways to get them to comply. Writing letters is one way, but that becomes tedious, slow, and sometimes simply does not work. Unfortunately, this is the course many of the credit repair companies take.



I have a credit repair company but I focus on removing incorrect and questionable items as quickly as possible. I would be happy to look at your credit report. Email me, visit my website at www.scoredex.com or call me at the toll free number on my website.

 

Paula

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May 14 2008

Larry ?

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May 14 2008

OPT,

 

Contact the Creditors not the agency...  The agency reports what they get....When they quit getting "wrong" information, they will report it... Resolve, 1 way or the other, with your maker...

"Get them on the phone, online, in a house or up a tree...

I dont' really care...correctly report to all 3...

To fix a mistake, it might seem like a chore..

But if properly corrected, it will raise up your score"

 

Dr. Seuss,  Mortgage Extraordinaire and Author

 

New Book: "Green ARMS and SHAMS"

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May 16 2008

This post is from December!

 

Scoredex is trolling for business and posting on any thread that mentions credit score.

 

Larry and scoredex could be a match made on Zillow!

 

 

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May 16 2008

Does that stuff really even work..??? How do you like my new calling:  Childrens' books for mortgages...  I'm a chameleon of talent... I'm adapting daily.  Here's a plug for your Ficodex company....  "we work so fast it looks like our hair is on fire".

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May 16 2008

Is it scoredex or "Trollodex"  reminds me of the dolls my sis had as a kid...

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May 16 2008

I don't know what exactly they do.

 

But I do use the kroll ---credit expert to figure out what a client can do to improve credit scores.  It works very well.  If you have a client that has some cash and is debating on dowpayment or paying off credit card debt it can be very usefull.  I had a 607 credit score go to 687 based on paying down some credit card balances and re pulling the credit.  If you haven't used it you might want to look into it.

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May 16 2008

AA,

 

Thanks.

 

I have not had the issue yet, but I just reviewed it in the DEMO and that is/was the first time I have seen any type of computerized analysis of it without the claims of disappearing stuff... Thanks.

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May 16 2008

With the pricing hit of .75% for a credit score of 679 Vs. 680....It can save clients real money.  Credit scores are a snap shot.  Credit expert will help you pose for the picture...

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May 16 2008

whats the cost?

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May 16 2008

Optasia, if the derogs are older, the most impact you can have is to pay down revolving credit, not installment loans. The key is to have your revolving balnces at 30% or less. Even if you have a credit card balance of say $800, if the credit limit is only $1,000, then you are at 80% and that will pull your score down. The credit company we use is Credit Plus ( Informative Research ) and they have " What If ". That system costs about $20 for all 3 bureaus and you are able to go in and change the balances to see how it can change the score. You can also delete lates or collections for impact. Of course none of it means anything if you can not pay the cards down to the scenario you input or if the creditor will not give you a letter saying the lates or collection was reprted in error. Just had a client ask to have a collection removed that was 2 years old and to his surprise, they sent a letter asking the bureaus to remove ( that was because he set up a payment plan and paid it, as soon as the collection started so they were happy with him already). He got a 38 point increase. You dont know what they will do unless you ask.    

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May 17 2008

Clay,

 

Optasia last posted in December....I am pretty sure she is no longer following this thread.

 

Matt,

 

It is a per bureau cost about $15 per bureau.  I usually do one bureau and it will change all three.

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May 17 2008

AA, I am still in a cerebral meltdown from watching my kid play baseball late last night so I didnt notice the thread jump from Dec 9 to 2 days ago, Good Eye!

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May 17 2008

Lumpy don't advise someone in a field you know NOTHING about!

CR

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May 23 2008

AA-  I use funding suite for my pulls and they have the same credit analyzer thingy.  It seems to be pretty accurate too.  With theirs you can put in an amount of money you have to play with and they'll give you a scenario or you can play with the balances on your own to pay off.

 

Bottom line too, no one knows how to tweek the scores and their exact outcome.  The score models are secret, but credit companies have enough data in their system to come to a good idea what will happen.  I've had the scores go both ways, lower than the estimate and higher than the estimate..

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May 24 2008

Have the lender currently working on your loan do a Credit Expert analyzer.  Kroll Factual data offers these at like $3-5 and typically your loan officer will run it for free to see what can be done. 

 

They might say pay down your $2k credit card from say $1500 balance to say $700 (roughly a third remaining) or ask your credit card company to raise your $2k available limit to say $4k accomplishing the same but without the out of pocket. 

 

Anyways the credit expert typically is dead on. 

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May 24 2008

Anyone else hate the smell of SPAM!

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August 29 2008
Profile picture for grt8day

I worked hard on improving my credit (4-6 months). I used a website called creditboards. Like this zillow board it is made up of people helping others. Yes, hubby and I had our FICO's go up, after all was said and done. I will tell you, it was hard work. I learned alot.

One of the major rules is --- always communicate through the mail. It is very important to have a paper trail. Also, all my communication was done with CMRR- certified mail return receipt. You need proof they did in fact get your dispute.

Through this credit board they have always advised "Never pay anyone to fix your credit".

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August 29 2008
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Salem-

I guess he didn't notice that this thread hasn't been live for awhile. I flagged him anyways.

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August 29 2008

GRT8day,

 

Thanks for that post and thanks for the website.

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August 29 2008
Profile picture for Clearpoint

Pay someone to fix your credit?  Why not just pay your bills instead?  My grandfather told me the secret to financial success was to live within your means, carry very little debt and pay everyone on time so you can always look them in the eye.

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August 29 2008

It sounds like you already have a good shot at qualifying for an FHA loan, however with a 620+ score you will get the best interest rate.

 

Once you send in the disputes, you should allow the CRAs(Credit Reporting Agencies) 30-45 days to respond.  By law, if they can not verify the account in question within 30 days, it needs to be removed.  You should get a credit report from the CRA showing if the item was deleted or verified.  If you are not able to take off inaccurate info with disputes (happens all the time), you can also try a Pay-for-Delete letter.  This typically involves you paying the full amount and in return the creditor deletes the entire entry (not just update it as paid, as this can hurt your score).  The important thing is that you get something in writing first with the proper verbage, before you pay.  You can typically use the search engine to find a good Pay-for-delete letter.

 

Typically the older the collection account is, the less weight it bears on your score, unless it is reaged by another collection company (which is not legit, but happens all the time)

 

Another important factor is maintaining on time payment history on your tradelines (loans and credit cards).  Keep your balances on your credit cards to 25% or less of your total lines available. 

 

One last thing to consider are reserves.  This is a very important part of any mortgage loan approval process.  The more reserves you have, the better your chances are at getting a firm approval.  Reserves are also really good to have when you own a home, as there are sometimes unexpected costs that come up.

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August 29 2008

Hi there,

 

I'm both a Realtor and Loan Consultant and like these type of things.

You are doing the right thing already.

Here is another thing to try.

Pay down credit cards so that balances of each credit card are 30-40% of your total limit for the card. The % used has an impact on your FICO scores too.

If you can't pay them down, ask the credit card company to raise your limit.

Also, just for the sake of being able to pay down debt in general, ask each credit card company to reduce the interest rate you are paying. Simply tell them you are thinking of doing a balance transfer to another card, but wanted to see if they could lower your interest.

Contact me if you want to discuss further.. No Obligation... I just like to help

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August 31 2008
 
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