What will up my score ? I know its long

[tommypic]

I am wanting to get an equity loan or credit line but all says no , but my house is free and clear of debt its worth about 130,000 . I am just wanting 45,000 to pay off all I owe and have just 1 bill . I know I can pay that off faster with lower interest rate than what the cr comps are charging . I want to know what in this post will up my score ? Wife can borrow some on 401 to pay down cards about 1/2 way if that will help . We have 1 that's late that I need to catch up , whats best on that 1 too .I'm wanting to do it fast as possible.

Thanks


J B BANK OF AMERICA
07/11 10/95
06/11
$4600
REV
$4023
MIN $110
$0 99 0 0 0 AS AGREED
XP/TU

J B CAP ONE
06/11 02/96
06/11
$4500
REV
$3992
MIN $106
$0 99 0 0 0 AS AGREED
XP/TU

A B DISCOVER FIN SVCS LL
06/11 02/97
06/11
$1300
REV
$1269
MIN $39
$0 99 0 0 0 AS AGREED
XP/TU
AUTHORIZED USER

A B GEMB/GE MONEY BANK L
06/11 11/95
06/11
$1490
REV
$1267
MIN $43
$0 99 0 0 0 AS AGREED
XP/TU
AUTHORIZED USER

J B GEMB/JCP
06/11 11/96
06/11
$1800
REV
$601
MIN $53
$0 99 0 0 0 AS AGREED
XP/TU

J B SUNTRUST BANK ATLANT
06/11 09/94
06/11
$500
REV
$519
MIN $12
$0 75 0 0 0 AS AGREED
XP/TU
CHECK CREDIT OR LINE OF CREDIT

B B GEMB/PAYPAL SMART CO
06/11 03/09
06/11
$1200
REV
$268
MIN $20
$0 28 0 0 0 AS AGREED
XP/TU

B B BANK OF AMERICA
06/05 09/95
06/99
$4000
REV
$0
$0
$0 25 0 0 0 PAID
XP
PURCHASED BY ANOTHER LENDER; ACCOUNT CLOSED

B B CHASE-BP
05/10 11/90
09/07
$975
REV
$0
$0
$0 67 0 0 0 PAID
XP/TU

B B CITIFINANCIAL 07/01 06/99 $2041 $0 $0 25 0 0 0 PAID

B B FNANB VISA
09/01 09/95
06/99
$4000
REV
$0
$0
$0 72 0 0 0 INACTIVE
XP

B B GEMB/SAMS
06/11 12/02
05/03
$600
REV
$0
$0
$0 48 0 0 0 PAID
XP/TU
CLOSED

B B HFC
05/03 05/00
05/03
$6791
INST
$0
048 $0
$0 37 0 0 0 PAID
XP/TU
NOTE LOAN

P B J DEERE CRDT
03/03 03/00
02/03
$2500
REV
$0
$0
$0 14 0 0 0 AS AGREED
TU

B B SEARS/CITI
06/11 03/96
07/07
$250
REV
$0
$0
$0 48 0 0 0 PAID
XP/TU

J B SUNTRUST BANKS INC
02/02 12/99
02/02
$2667
INST
$0
024 $0
$0 28 0 0 0 PAID
XP/TU
INSTALLMENT LOAN

DEROGATORY ACCOUNTS
J B THD/CBNA
06/11 03/97
03/11
$3027
REV
$3027
MIN $131
$623 99 2 2 2 DELINQ 120+
XP/TU
Late Dates: 6/11-120, 5/11-90, 4/11-60, 3/11-60, 2/11-30
ACCOUNT CLOSED AT CREDIT GRANTOR'S REQUEST

A B GEMB/BELK
07/11 04/10
06/11
$210
REV
$92
MIN $20
$0 15 1 0 0 CUR WAS 30
TU
Late Dates: 6/10-30
AUTHORIZED USER

B B HFC - USA
06/05 10/03
06/05
$7000
INST
$0
60 $0
$0 09 2 2 2 PD WAS 90
XP/TU
Late Dates: 4/05-90, 3/05-90, 2/05-60, 1/05-30, 12/04-30, 9/04-60
ACCOUNT CLOSED BY CONSUMER

B B HSBC/BSBUY
05/11 12/97
03/09
$900
REV
$0
$0
$0 99 1 0 0 CUR WAS 30
XP/TU
Late Dates: LAST LATE DATE 01/05

P B LITTON LOAN SERVICIN
05/05 04/03
05/05
$75000
MTG
$0
240 $0
$0 4 2 0 0 PD WAS 30
XP/TU
Late Dates: 3/05-30, 2/05-30
CONVENTIONAL REAL ESTATE LOAN, INCLUDING PURCHASE MONEY FIRST

J B SUNTRUST BANKS INC
04/05 11/02
02/05
$9812
INST
$0
036 $0
$0 31 1 0 0 PD WAS 30
XP/TU
Late Dates: 4/05-30
SECURED LOAN; TRANSFERRED TO ANOTHER LENDER

J B SUNTRUST BK
12/05 11/02
12/05
$9812
INST
$0
38 $0
$0 08 2 0 0 PD WAS 30
XP/TU
Late Dates: 5/05-30, 4/05-30
CLOSED; SECURED

[Lian]

I have some general questions about what you are trying to achieve.

Many of the old derogs appear to approaching their normal 7-year CR exclusion at the end of this year/beginning of next year. Is there a pressing need to secure their deletion prior to that time, and if so, are you considering PFDs to get them deleted earlier? They also appear to be past the normal state statute of limitations. Which debts are still within SOL? What is your thinking on paying them off? Paying wont give you any credit score improvement, and if past SOL, your legal obligation to pay may have expired. What is your goal in paying? Earlier CR deletion, or simply fulfilling your moral duty to pay old debts?

The one account that peaks my concern is

J B THD/CBNA
06/11 03/97
03/11
$3027
REV
$3027
MIN $131
$623 99 2 2 2 DELINQ 120+
XP/TU
Late Dates: 6/11-120, 5/11-90, 4/11-60, 3/11-60, 2/11-30
ACCOUNT CLOSED AT CREDIT GRANTOR'S REQUEST

The derogs on that account are recent and major, and thus are having a significant effect on your score. Has it also either been charged-off or referred for collection? It represent current major damage, and possibly the chance of additional damage. That would be my priority concern..... not to let this account wreak further havoc.

As for the account where you are an authorized user and it is reporting a delinquency, you might consider dropping your AU status on that card. Is its CL offsetting the damage of the derog? Do you need its CL to maintain a reasonable overall % util?

[tommypic]

What I am wanting to do is get a Home equity loan or line , but all say score is to low . I can get my hands on 10,000$ form 401 to pay down these if that will help me obtain a loan .

The one in question is still in credit company hands and they will settle for less than owed , but I am not going to stick my neck out and get the 10,000 if I cant get a loan . because I will put the 10,000 back as soon as I get the loan . I want to pay off all I have with the loan . I can payed back alot faster with a lower interest rate . I don't know which are within SOL . I know are still in good standing and I am paying on them , will all but one
CBNA
06/11 03/97
03/11
$3027
REV
$3027
MIN $131
$623 99 2 2 2 DELINQ 120+
XP/TU
Late Dates: 6/11-120, 5/11-90, 4/11-60, 3/11-60, 2/11-30
ACCOUNT CLOSED AT CREDIT GRANTOR'S REQUEST

I owe 18,000 on a equity line from BOA that got froze . Thats all thats owed on my house .I guess because of the no pay on the 1 card they froze it .

I want to get this done asap , but can struggle along if I have too , just don't want score to drop any more . I will call about this one
BELK
07/11 04/10
06/11
$210
REV
$92
MIN $20
$0 15 1 0 0 CUR WAS 30
TU
Late Dates: 6/10-30
AUTHORIZED USER

There has been no charge-offs . I don't understand these ,
Do you need its CL to maintain a reasonable overall % util?
I hope this explains some better

[Lian]

The CBNA account looks like it was just closed in June 2011, with unpaid debt, and already 120-days late.

Those circumstances make it a prime candidate for a charge-off by the creditor. Charge-off basically work like this. Once the debt reaches a level of delinquency that indicates, solely at the discretion of a creditor, that it is unlikely to be paid, the IRS offers the creditor an incentive to "charge-off" the debt. That moves the bad debt over in their accounting ledger from a receivable asset to an uncollectible liability, and thus reduces their tax obligation. It becomes a tax write-off. Once a creditor has taken the internal business measure of charging off the debt, they can report that action to a CRA. It is a serious derog, and has a very harsh effect on your credit score.

You want to prevent a charge-off. And with or without a charge-off the creditor may also decide to place the debt for collection. Taking the charge-off does not reduce in any way your obligation to pay the debt, so a collection can occur on top of a charge-off, causing a double hit to your CR.

Thus, I would be very concerned with the potential further damage that can come from this unpaid debt in the form of a CO and/or a CA. Prevention can be as important as dealing with exising derogs and delinquencies.

My comment regarding loss of credit limit on the AU account referred to the fact that when you are deleted as an AU, you lose both the good and bad that was coming from that account. Your overall % util of revolving credit is calculated by dividing your balance owed by your total credit limit. If the AU account had an individual % util that was lower than your overall % util, then loss of that account from you scoring will remove its CL in your overall calculation, and could result in an increase in your calculated % util. That contributes significantly to your credit score.

[tommypic]

So I need to talk to the CBNA account holder? I'm the type person that was taught to pay their debts. I have talked to them one time and they would settle for less. I don't want a CO. But I know that will hurt me too, so I'm not wanting to do that. I just need to get caught up? I will have to get the money somewhere to do it. What direction should I go when doing it?

This was really their fault. We already had a cc with them, wife couldn't find it so they opened a new acct. I was paying the other one and didn't know this one was a different acct until they called. I then caught it up. I see they just reported it 07/11. Should I try and get this off?

A B GEMB/BELK
604583153112
07/11 04/10
06/11
$210
REV
$92
MIN $20
$0 15 1 0 0 CUR WAS 30
TU
Late Dates: 6/10-30
AUTHORIZED USER

[Lian]

Handling of the CBNA account depends upon how much of a gambler you are.

You can hold out for CR deletion by first offering a PFD, and hope to get it removed from your CR, but that involves the gamble that they wont do a charge-off or refer it to collections.
You have 5 delinquencies on the account, well worth trying to get deleted by way of the incentive of a PFD. However, it is also, being now at almost 180-days late, at the time when most creditors routinely charge-off a bad debt.

I would call them and make sure it has not yet been charged-off, and if not, pay it in full. But that is just me.

As for the AU account, there is really not enough info provided. One 30-day late is not significant. What is the CL on this account? What is its current % util? How old is it (based on date opened)? How well do you know the account holder, meaning how sure are you that it wont go delinquent again? You can delay, and delete it later.

[tommypic]

The AU account CL is 210 amount owed is 92 opened 04/10 . The account holder is my wife , it wont be late cause I pay it .

I will call the about the CBNA account and see what I can do

Thanks

[Credit Repair Master]

1.Remove any negative, outdated and incorrect items that are on your credit report that is within four years. The older the debt is the less effect it will have on your credit score.

You can have these items removed by conducting the credit repair process yourself or hiring a credit repair company to do it for you.

2.Paying down all of your revolving accounts to at least 8-10% of your available balance. Make sure you pay the balance before the bill cycles, so that the credit company will report your new balance.

3.Pay your bills on time and never be late.

4.Keep your credit-card balances low.

If you apply these four techniques, you will se a big increase in your credit score.