Credit question

If your score is 591, then the collections that are within 6 months of falling off have very little to do with your score.. With credit, time heals all wounds.. So the older the account is, or the date of the last activity, the less impact it has on your score. If you call these creditors that own these collections and try to negotiate settlement terms, you will destroy your credit.. The creditor will change the date of your last activity to current.. And BAM!! There goes your score.. Further in the tank.. so anyone who advises you differently is not very familiar with how credit works.. The real question is WHY...why is your credit score 591... if there are judgments, tax liens, foreclosure, repossession, voluntary surrender etc.. All have major impact to your credit score.. But it's the most recent negative items that will drive your score down.. So any currently delinquent accounts will drop your score significantly. Another big factor has to do with available revolving credit as a percentage against your maximum allowable.. ($1000 credit limit, you owe $850.. BAD.. if you owe $250... GOOD)...The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

ask for a compromise... see if they will take 2500, and state that it was paid satisfactory, and then get a letter, and i can send into the credit bureau for you linda

Your scores will increase when the items come off your credit report. I know a credit specialist that is great at getting those items removed from your credit. Tell him I sent you, Michelle Dema and he will give you a free consultation. His name is Josh Buchter 215-821-1109. All the best!

William said all that needs to be said on the matter - he is spot on with his analysis. The report needs to be pulled and analyzed for recent delinquencies and those factors which are contributing most to your credit scores current position. My business partner and I are local mortgage bankers with offices in Little Rock and Hot Springs. If you would like to review this in more detail, please email me at bfrench@topflitefinancial.com. Thanks,Brian

Collection will stay on your report for a minimum of 7 years, and after 2 years have NO impact on your score. So the real question is what is hammering your score to keep it below 600? Contact a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. Not only do they have access to loan products of many lenders, but they are trained to take a look at the various different aspects of an individual's credit qualifications, including credit report analysis. They should be able to guide you through the steps necessary to improve your credit score and eligibility. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

I agree with Bert's comments above - collections will stay on your report for a minimum of 7 years, and after 2 years have NO impact on your score. However when the title company does an unpaid bill or open collections search. This type of debts left unpaid can be taken to court and a lien placed on the title. In my experience, your going to want to contact the debtors you owe money to and ask for a settlement. In debt negotiation 30% of what is owed is the norm for settlements. (1) say you have an appointment to speak with an attorney about filing a chapter 7 bankruptcy. If you do a chapter 7 they can lose their claim to collect the money. Under-no-way am I telling you to file, you are just saying that to scare them. (2) Say a relative is going to give you the money. If you say you have the funds for a settlement, they are going to went to say pay stubs, tax returns, and checking account statements to determine how much they can gfet out of you. Mention a relative helping you, they cannot ask for their financial information.Paul mentioned a good website above - the "Credit Info Center", this is a good website to learn more about clearing up your credit problems. Good Luck