Confused, trying to improve credit

[home_or_bust]

I am new to trying to improve your credit score, and don't know too much about the process. I have been reading articles online, however it is really confusing. Including, articles on here.

I have been a renter for about 6 years. I want to purchase a home through the USDA Rural loans. However, I was told by a lender who does this type of loan that my credit score needed to be at least 600 for USDA and 620 for FHA. I prefer the USDA loan. Looking online it says there is no official UDSA minimum credit score, but they prefer 620. I will be calling my local USDA loan office to speak with them.

I would like to improve my credit score as soon as possible. My lease on my rental is up in 7 months, and I would like to have it improved in that time or soon after. Is this even possible?

My credit score is 585. According to Quizzle, which appears is not correct? Apparently, not a FICO score?

Looking at my report I have all closed accounts with a total of $11,819 in debt (mostly medical bills). There is 8 accounts. I have a past Cap. One credit card bill that I opened in 2005. However, it is showing N/A for amounts owed. All that shows in creditor contact information is by mail only, and the Cap One disputes mail address.

It is my understanding that paying off your revolving account will help?

I have three other small amounts that are under $300 a piece with the largest one at $288, and the smallest at $55. I am not sure what most of these are for. I thought about paying all of these small amounts off one at a time. Will this actually hurt my credit score?

The large bills are from when I shattered my ankle without insurance. They are $8,617, $1,555, $630, and $555.

The closed accounts are all listed as collections as I haven't made any payments so no late payments. I haven't really cared about my credit until now, and I am ready to start improving it.

I was reading online that if you pay off closed accounts it can hurt your score? So how in the world are you supposed to improve it?

Advice, tips, etc. appreciated. Thank you!

I have a copy minus account numbers from Experian.

AFNI

Address:
PO BOX 3097
BLOOMINGTON, IL 61702
(800) 767-2364

Original Creditor:
CHARTER COMMUNICATIONS
Status:
Collection account. $55 past due as of Sep 2007.

Date Opened: 8/2007

Date of Status: 9/2007

Reported Since: 9/2007

Last Reported Date: 9/2007

Type: Installment

Terms:1 months

Monthly Payment:$0

Responsiblity: Individual

Credit Limit: $55

High Balance:N/A

Recent Balance: $55

Recent Payment: $0



ALLGATE FINANCIAL

Address:
707 SKOKIE BLVD STE 375
NORTHBROOK, IL 60062
(866) 910-3711

Original Creditor:
AT T SBC MIDWEST CONSUMER
Status:
Collection account.

Date Opened: 4/2007

Date of Status: 4/2007

Reported SInce : 4/2007

Last Reported Data : 4/2007

Type: Installment

Terms: 1 month

Monthly Payment : $0

Responsibility: Individual

Credit Limit: $535

High Balance:N/A

Recent balance:$535

Recent payment:$0



Cadillac Accnts Rec Mgmt


Address:
PO BOX 358
CADILLAC, MI 49601
No phone number available

Original Creditor:
BIG RAPIDS ORTHOPAEDICS PC
Status:
Collection account. $1,555 past due as of Sep 2009.

Date Opened: 6/2008

Date of Status: 8/2008

Reported SInce : 8/2008

Last Reported Data : 9/2009

Type: Installment

Terms: 1 month

Monthly Payment : $0

Responsibility: Individual

Credit Limit: $1155

High Balance:N/A

Recent balance:$1155

Recent payment:$0



Capital One
Address:
PO BOX 30281
SALT LAKE CITY, UT 84130
(800) 955-7070
Status:
Transferred,closed. $498 written off.

Date Opened: 7/2005

Date of Status: 6/2008

Reported SInce : 7/2005

Last Reported Data : 6/2008

Type: Revolving

Terms: 1 month

Monthly Payment : $0

Responsibility: Individual

Credit Limit: $200

High Balance:$762

Recent balance:N/A

Recent payment:N/A

Creditor's Statement:
Purchased by another lender.
Account History:
Charge Off as of May 2008, Apr 2008, Mar 2008, Feb 2008, Jan 2008, Nov 2007, Oct 2007, Sep 2007, Aug 2007, Jul 2007, May 2007, Apr 2007, Mar 2007, Feb 2007, Jan 2007, Dec 2006, Nov 2006, Oct 2006, Sep 2006, Aug 2006, Jul 2006, Jun 2006, May 2006
180 days past due as of May 2006
150 days past due as of Apr 2006
120 days past due as of Mar 2006
90 days past due as of Feb 2006
60 days past due as of Jan 2006
30 days past due as of Dec 2005


Central Prof Services

Address:
PO BOX 365
CADILLAC, MI 49601
(231) 775-3458

Original Creditor:
CENTRAL MICHIGAN EMR PHYSICIA
Status:
Collection account. $630 past due as of Jun 2008.

Date Opened: 3/2008

Date of Status: 6/2008

Reported SInce : 6/2008

Last Reported Data : 6/2008

Type: Collection

Terms: 1 month

Monthly Payment : $0

Responsibility: Individual

Credit Limit: $630

High Balance:N/A

Recent balance:$630

Recent payment:$0



CREDIT SERVICES INC

Account History:
Collection as of Jun 2008
Address:
304 QUINCY ST
HANCOCK, MI 49930
(906) 482-4100

Original Creditor:
MECOSTA COUNTY RADIOLOGY LLC
Status:
Collection account. $139 past due as of Oct 2008.

Date Opened: 9/2008

Date of Status: 10/2008

Reported SInce : 10/2008

Last Reported Data : 10/2008

Type:Collection

Terms: 1 month

Monthly Payment : $0

Responsibility: Individual

Credit Limit: $139

High Balance:N/A

Recent balance:$139

Recent payment:$0


MERCHANTS & MEDICAL CREDIT

Account History:
Collection as of Oct 2008
Address:
6324 TAYLOR DR
FLINT, MI 48507
(810) 244-4258

Original Creditor:
MECOSTA COUNTY MEDICAL CENTER
Status:
Collection account. $8,617 past due as of Jul 2008.

Date Opened: 3/2008

Date of Status:6/2008

Reported SInce : 5/2008

Last Reported Data : 7/2008

Type: Collection

Terms: 1 month

Monthly Payment : $0

Responsibility: Individual

Credit Limit: $8617

High Balance:N/A

Recent balance:$8617

Recent payment:$0

Account History:
Collection as of Jul 2008, May 2008


MIDWESTERN AUDIT SERVICE

Address:
5555 GULL RD STE 105
KALAMAZOO, MI 49048
(269) 388-2121

Original Creditor:
CONSUMERS ENERGY
Status:
Collection account. $288 past due as of Aug 2006.

Date Opened: 2/2005

Date of Status: 2/2005

Reported SInce : 2/2005

Last Reported Data : 8/2006

Type: Installment

Terms: 1 month

Monthly Payment : $0

Responsibility: Collection

Credit Limit: $288

High Balance:N/A

Recent balance:$288

Recent payment:$0


The Equifax had a closed account that wasn't on any other CR.

This is it:

RealCheck Collection Svcs

Date reported: 7/2010

Date Assigned: 12/2004

Creditor Classification : Utilities

Creditor Name : Universal Utilities Inc

Account owner : individual account

original amount owned : $197

date of 1st delinquency : 10/2004

balance owned : $197

last payment : n/a

status date : 7/2010

status : d-unpaid


NC SOL is 3 years. Why if this account was from 2004 is it showing status dates of 2010? Is SOL affected by the debt being acrued in a different state than you live now? All of my debts are from MI, and I have lived in NC since 2008.

I have googled the HIPPA process several times, and read a lot of info. I am not any clearer on the subject. Do you have to pay in full? As most of all the medical debts are too great of an amount for me to pay in full.

The Experian cr didn't list any drop-off dates? What on my report is considered to be "baddies"?

[chane]

It's good that you are starting the process months before it's time to buy a home. Many people wait until the last minute and that's a big mistake.

You are correct about your credit score...it's a FAKO and could be way off. Only MyFICO can give you your real FICO scores (or a bank).

Yes, paying down your debt will help. You should keep your balances to at least 30-40% of your credit limits. The lower, the better.

Paying off negative accounts will hurt your scores because it re-ages them. Paying down positive accounts will help.

You should start by disputing all of the negative accounts. Go thru the whole process, step by step here:

Basic Step by Step Beginner's Guide to Credit Repair

You may also want to try the 1-2 punch. You can dispute accounts on your credit reports as many times as you want, but it's important that you wait 30 days between disputes.

SOL has nothing to do with your credit report. It's just the amount of time creditors have to collect on an account. Even if it is past the 3 years, the account can still stay on your credit report for 7 years (unless you can get it deleted, of course). It's not saying you owe it, it's just reporting it for lenders to see how responsible you are.

It's very important that you read everything you can about repairing your credit until you completely understand the system. Otherwise you can damage your credit even further.

If you don't have the time, let one of the professional credit repair companies do it for you. Also, don't stop once you hit 620...keep going! Get them as high as possible to ensure that you always get the best interest rate! It could mean hundreds of thousands of dollars in savings over your lifetime.