Want to buy a home, credit may keep me from doing so

[Help]

long story short

i had a long thread written out explaining myself and asking for help, but by the time i hit submit my login had timed out... Anyways here's a long story short.

I have bad credit.

I wanna buy a house.

I just paid off my car, which unfortunately was bought at a mom and pop dealership who doesnt report to the bureaus. They DO offer a credit reference letter. I am skeptical of the effectiveness of such letters...

I have a credit card with First Premier. I know theyre known for being scammers, but I READ the documents before i agreed to take the card, so i knew what i was getting into and have not had any issues

I have had the card for a year exactly, and my balance is 150 out of 200.

I am not 100% sure as to my current credit status but i dont think it looks good. i last ran a free report on November 2008 and here are a few of the things that showed up:

-a couple of variations on my name, and a few addresses.
inquiries

-AFNI, INC.
Original Creditor: EMBARQ
Status: Collection account. $237 past due as of Dec 2007.
Date Opened:11/2007
Reported Since:12/2007
Date of Status:12/2007
Last Reported:12/2007

-AI INC
Original Creditor: EMBARQ CORPORATION
Status: Collection account. $237 past due as of May 2006.
Date Opened:12/2005
Reported Since:02/2006
Date of Status:02/2006
Last Reported:05/2006

-CM LP
Original Creditor: TIME WARNER
Status: Collection account. $103 past due as of Sep 2008.
Date Opened:06/2008
Reported Since:09/2008
Date of Status:09/2008
Last Reported:09/2008

-NCO (3 items)
Original Creditor: NATIONWIDE INSURANCE
Status: Collection account. $1,862 past due as of Nov 2008.
Date Opened:07/2007
Reported Since:08/2007
Date of Status:09/2007
Last Reported:11/2008

Original Creditor: NATIONWIDE INSURANCE
Status: Collection account. $490 past due as of Nov 2008.
Date Opened:10/2007
Reported Since:11/2007
Date of Status:12/2007
Last Reported:11/2008

Original Creditor: NATIONWIDE INSURANCE
Status: Collection account. $224 past due as of Nov 2008.
Date Opened:02/2008
Reported Since:03/2008
Date of Status:03/2008
Last Reported:11/2008

Theres also a vehicle reposession thats not showing up there for some reason...



I'd like to know the most effective way to increase my credit score. I WOULD just mail everyone some money and call it a day but i heard that's actually counterproductive.

If i need to negotiate with them whats the best way to go about it? My main goal is to get pre-approved for a loan that will cover a 60 thousand dollar home...

I plan to take advantage of the new home buyer incentive. Also I read somewhere that the incentive can be used as a down payment on your home. if that's the case, ill have between 13k and 16k as a down payment


BTW, thanks in advance to anyone who replies here.

[Help]

Any help anyone?

I eventually need to get a current credit report, should I pull my own or let a realtor pull it?

[Scorepro]

Pull your own credit and pay to order it from the credit bureaus--don't get the free copy. The free copy enables the bureaus to have 45 to answer ur disputes. A paid version gives them only 30 days.

[Help]

Thanks,

Any advice for the current negative entries?

[Scorepro]

Is any part of those entries inaccurate? If so, which ones? Have u tried any disputes yet? If so,what were the results?

[Help]

Everything is accurate. I haven't tried disputing anything because I didn't want to go about it the "wrong" way. Also because they are accurate I wouldn't wanna get myself in trouble.

Like I said, I'm willing to pay for my mistakes but, if disputing or another method will have better results I'm definitely willing to take that path as well.

Thanks again

[chane]

Originally Posted by Help

Also because they are accurate I wouldn't wanna get myself in trouble.

Get yourself in trouble with who? The CRAs are for-profit corporations, not government agencies like they would love for you to believe. They collect your information without your consent and then sell it to others....without your consent. They do this to the tune of billions of dollars every year.

Don't think like the defendant. Think like the plaintiff. The CRAs should be worried about getting in trouble with us; the citizens of this country whose civil rights are constantly violated by them.

[Help]

Originally Posted by chane

Get yourself in trouble with who? The CRAs are for-profit corporations, not government agencies like they would love for you to believe. They collect your information without your consent and then sell it to others....without your consent. They do this to the tune of billions of dollars every year.

Don't think like the defendant. Think like the plaintiff. The CRAs should be worried about getting in trouble with us; the citizens of this country whose civil rights are constantly violated by them.

Thanks for the advice. I was all hung up about not wanting to lie etc but the way you put it makes it more like protecting my privacy and information.

So, I bought a 3 in 1 credit report and am in the process of cleaning up all incorrect/outdated information

i have a lot of old addresses and 4 variations of name spellings. I also had an old employer listed and some old phone numbers.

I used the online disputing process to remove the old employer and phone numbers but when i try to remove any of the old addresses i get the message:

The address in question was reported by your creditors or potential creditors or obtained from public records. If incorrect you may want to contact the source of the information directly.

also, an attempt to dispute incorrect name spellings prompt me to call an 800 number.

i called the 800 number and the IVR told me that minor inconsistencies in name spellings will not affect credit reporting and should not be removed or disputed. unfortunately i called after hours and could not speak to a live representative. if i get a live representative will i be able to get them to remove the misspelled names and old addresses?

Also, i have a small personal loan opened in December 09 along with that credit card i opened in January 09 (credit report lists the credit card open since 12/08). These are both new accounts and on the loan most of the available credit is being "used". would it make sense to pay off and close the loan if possible? would it make more sense to pay down the credit card and leave it open or pay it off and close it?

the reason i ask this is because a few articles ive read about credit discourage "new" credit lines.

i was readng about SOL laws and in NC SOL is 3 yrs from date of first delinquency. So, how does the "account" changing hands affect it? for example, from the OC to a CA. the CA reports the account as opened 10/2009 when the date of first delinquency would be some time in 2007...

last but not least, i paid for a 3-in-1 report which i found out later is only available online for 30 days. the step-by-step repair guide mentions rquesting a new report after corrections deletions or changes. wil these come straight from the bureaus and if so, will they be considered "free" reports. if so that would mean CA's would have 45 days to respond correct?

i dont get much time to post so i apologize for putting so much in one post. i really appreciate any and all help and responses...


thanks

[Help]

Originally Posted by Help

Also, i have a small personal loan opened in December 09 along with that credit card i opened in January 09 (credit report lists the credit card open since 12/08). These are both new accounts and on the loan most of the available credit is being "used". would it make sense to pay off and close the loan if possible? would it make more sense to pay down the credit card and leave it open or pay it off and close it?

the reason i ask this is because a few articles ive read about credit discourage "new" credit lines.

from my credit report "score details"

Your overall balances are close to your overall credit limits, which may be lowering your score. Having high credit limits shows lenders that you are responsible with your credit, but when your balances are also high, it can indicate to lenders that you are likely to overextend yourself.

Having low credit limits on your accounts and loans counts negatively against your credit score. Having a high amount of credit is a positive factor because it indicates to lenders that other creditors have trusted you by lending you money in the past. However, since your major credit card limits are generally low, lenders may think you dont have enough experience with high limits.

[Help]

in the case of an auto insurance company, or a cellphone company, or an internet provider if i am not out of SOL is it better to:

- try a debt validation letter
- try a pay for delete
- call the OC and settle.

is it possible to settle with an OC and also have them change everything to "pays as agreed"