I had open credit cards since 2001, then consolidated all my debts into one easy payment plan.. Unfortunately lost my job in 2003 and decided to go back to school so I was not able to pay my debts;
Just two months ago finished paying everything off, but they had been charged off and have one Civil Judgment which I also Paid in full. I went to one of those Credit repair people and was told that because my debts were now updated with the payments it would be difficult to repair my credit. I was told the older the debts the better because they can not proof they are mine, but I wanted to pay them off, to me it was stealing trying not to pay something I know I used.
Since all my charge off and the Civil Judgments are now updated with 2009 dates what can i do to fix my credit? I am trying to buy a house by the end of this year.
I was told they can not be deleted because they have current dates, please help..
Thanks for your answer
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Sat, May 15, 2010
collection agencies, Credit Card Debts, Featured, Fix My Credit, Improve Credit Score, pay off debts, Questions
May 15th, 2010 at 10:36 pm
Sorry to say that even though you paid your debts, the rules concerning credit reports dictate how long the debts will remain on your credit report.
Under Running of Reporting Period – Section 605 [15 U.S.C. § 1681c]
As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:).
The only difference being is that they will show a balance of $0 and if charged off, will show the amount that was charged off. But they will drop off 7 1/2 yrs from when you last missed a payment, not 7 1/2 yrs from the newer update (2009)
As to that judgment, it will be removed if paid, if it were not paid, it would remain on your report for seven years or until the governing statute of limitations has expired, whichever is longer.
You should get your current credit reports as they will show when the debt is scheduled to drop from your report.
As to buying a house, as long as you have paid the debts and your income and the amount of down payment are sufficient, you should be able to get a mortgage. Try and make sure you buy what you can afford, best bet is to keep the mortgage payment (PITI) at or under 1/3 of your net monthly income.
Hope this helps answer your question
May 15th, 2010 at 10:36 pm
You should of just left them. They were past SOL from what I can tell. They would of had no legal right to come after you.
May 15th, 2010 at 10:36 pm
Go to a bank…if you can prove that everything on your credit is "paid off" then the bank will give you a loan for a home no matter what your credit is. the fannie mae program they have still gives loans to peopole "for homes" as long as credit has nothing owed on it. as far as improving your score you can go get a cd from a bank and get a loan using the cd as collateral and just use that money you borrowed to pay the loan back. yes you might pay intrest but your paying to up your credit score. When paid off just keep getting a loan for more and paying it off. your score will jump. Just dont go crazy with credit cards….
May 15th, 2010 at 10:36 pm
You paid off all the bad stuff so the mortgage folks wont make you try to pay them to get a house. The credit repair/dispute folks have told you they cannot help. I recommend an authorized user tradeline program which can get your score up 100 points inside of 60 days.
May 15th, 2010 at 10:36 pm
If you want to buy a house this year you need to contact these people you paid off and first ask if they will remove it (which they can if they say they cant they can) and if that doesn’t work ask for a proof of payoff letter that way when these things come into question you will have a letter showing it is paid off you can go to this site and they have a free ebook you can download and should help you and if the ebook doesn’t help leave your info and they will call back they are good people and they can help you and tell you exactly what you need to do. http://www.vitaledgefinancial.com/JB8307
May 15th, 2010 at 10:36 pm
Ask lenders for agreement to delete this items from your credit report when paying them. I recommend to get such agreement thru credit repair agency, for example this one – freecreditreport.deep-ice.com
May 15th, 2010 at 10:36 pm
go to experian.com , get a credit report , and see what they have on your record . If their info is wrong , you can get it corrected