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need c redit score to be 620 in six months

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jimblack



Joined: 05 Aug 2010
jimblack's page
Posts: 1



27 Magic Points

Subject: need c redit score to be 620 in six months
 
Posted on Thu Aug 05, 2010 10:27 pm  

We just applied for a HUD loan and have a credit score of 614. The agent sent us to a debt consumer counseling service to boost our score. I am very hesistant on agreeing to pay off these old debts. I can get a 2300 dollar judgmant to show as paid, since i have the receipt of paying it two years ago. Another debt will automatically drop off in 3 months. That leaves only six negatives left and four of those are charged off. Do I really need to agree to pay of these debts, I actually already live off a tight budget with no room for errors. I mean she is only talking about 6 more points after all. The only other thing is a truck that got repossed in 2005. It shows i owe 13,000 on it. My total debt is 18,000.
I hired lexington law firm a year ago and it cost 70$ a month. My credit score went from 460 to 614 in the last year. Unfortunately my rent has gone from 500 to 750 and I am stuck in a lease. Any ideas or advice is greatly wanted.
James
Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: improve credit score
 
Posted on Fri Aug 06, 2010 7:19 am  

Hi jimblack,

It is better to pay off the debts. Even if your score increases, but you don't pay off the debts you can fail to qualify for a loan. However, before you start making payments to any off the debt, find out if the Statute of Limitations on these debts has expired. You can then try to dispute those items off your credit report.

Quote:
I can get a 2300 dollar judgmant to show as paid, since i have the receipt of paying it two years ago.
Yes, you should do this immediately.

You can also get the charge-offs removed if you pay off the debt with the original creditor or lender. For that you will have to request the original creditor to pull back the account from the collection agency. However, not all creditors agree to this and this will also depend on the account sell off.

You can try repairing your credit on your own, rather than joining any credit repair s4ervice. You can rather forward the money that you will pay toward the credit repair service, to unpaid accounts. Before making the payments also request the creditors, and colelction agencies accordingly to agree to "Pay for delete" (PFD) agreement. With PFD the negative items get deleted from your credit report.

You can also get added as an authorized user to a relative's account who has a good credit score. This will increase your score in short time.

Thanks,

Aaron
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