Posted by Bruce Lawson on March 08, 2001 at 05:05:05:
Be sure to inspect your credit reports when you receive them. I would not pay on any collection that the identity is not clear. Paying on your collection account is a good move that will help get your score up providing it gets removed from your reports. You have to remain active in the part of dissputing any inaccuracies,the CRA’s will not remove things on their own you have to stay on top of them. One more thing to watch be sure things remain off your report once removed,negatives always seem to find their way back on your report if your not careful. Request your reports once a year to review all the information and its accuracy. If all else fails there are companies that can do the leg work for you and usually get you quicker results,generally 60-120 days for collections and that is because of the courts. Feel free to contact me if you want more information.
My question is regarding credit scores. I’ve been informed(to my horror) that my score has been reduced to 575. This is due to a 60 day past-due at sears($71) which was my fault,(I had made what I thought was 4 months min. payment, and was away for a few months, bottom line It didnt work out that way.)
There are also supposed to be 3 accounts for collection. One, I know about, and was disputing the bill. The other 2 I’m not sure who they are, but will find out when I get the report. They are probably small bills that were lost in my recent move.
Anyway, my question is about how quickly I can build this score back to 620. Sears has been brought current. I would be willing to pay off the collections(I think), as soon as I find out who they are… will this help me in any short period of time, score wise?
I’m trying to refinance a 75,000 property with a 60,000 cash out loan. The first mortgage is 19,000 @ 8.25%, the 2nd mort. is 19,000 @ 12.09%… I can get the 60 grand at 7-ish% if my score is 620.
Incidently, my wife is co-borrower on all my mortgages, and her score is 753. Unfortunately, she has no income.(Strange how she pays her bills with no income !!) Its these few nousance bills in my name that are killing me.
Would appreciate any insight anyone my have. This refi is worth thousands of dollars to me. Thanks…Raymond
!!) Its these few nousance bills in my name that are killing me.