Trying to get home loan..lost

[haystack]

I recently applied for a home loan and was denied because I need two scores of at least 620. My scores are: EXP 614, TU 603, EF 617. I got a copy of my credit report and don't know where to begin improving my scores. Here's my report....


D E R O G A T O R Y A C C O U N T S
================================================== =======
CAP ONE DATE REPORTED 02/10 DOLA 10/05 AMT PAST DUE $2122 CHARGE OFF $2122
51*******
$64*
XP/TU/EF
Late Dates: LAST LATE DATE 03/06
ACCOUNT CLOSED AT CREDIT GRANTOR'S REQUEST
__________________________________________________ __________________
EDFIN STD LN 01/10 01/99 $1750 EDU
$1312 CUR WAS AMT PAST DUE $0
94**********
$24
01/10 XP/TU/EF
((((((WAS IN DEFAULT, CURRENT NOW))))))))
__________________________________________________ _
AAA COLLECTION & C 12/07 11/07 $412
COLL
$412 COLLECTION AMT PAST DUE $412
60*************
06/06 EF
ORIGINAL CREDITOR: CITY UTILI, ASSIGNED ON 11/07
__________________________________________________ __________________
ALLIANCEONE 10/04 08/04 $257
COLL
$257 COLLECTION - - - $257
82*****
TU
PLACED FOR COLLECTION; ORIGINAL CREDITOR: 05 OMEGA FINANCIAL INC
__________________________________________________ __________________
RMB, INC 07/06 04/06 $50
COLL
$50 COLLECTION AMT PAST DUE $50
42********
11/05 XP/TU/EF
ORIGINAL CREDITOR: MEDICAL PAYMENT DATA
(((((PAID IN FULL,DISPUTED WITH CRA))))))))
__________________________________________________ _________________
CHASE 06/06 06/05 $1000
REV
$0 CHARGE OFF AMT PAST DUE $0
41**********
05/06 XP/TU/EF
Late Dates: 3/06-150+, 2/06-120, 1/06-90, 12/05-60, 11/05-30
TRANSFERRED TO ANOTHER LENDER; PURCHASED BY ANOTHER LENDER; ACCOUNT CLOSED; SOLD TO COLLECT AMERICA
__________________________________________________ __________________
EDSOUTH W/JP MORGA 01/07 08/99 $1086 EDU
$0 GOV CLAIM AMT PAST DUE $0
94*************
$0
01/06 XP/TU/EF
STUDENT LOAN ASSIGNED TO GOVERNMENT
((((((WAS IN DEFAULT, CURRENT NOW))))))))
__________________________________________________ __________________
EDSOUTH W/JP MORGA 01/07 01/99 $1750 EDU
$0 GOV CLAIM AMT PAST DUE $0
94****************
01/06 XP/EF
STUDENT LOAN ASSIGNED TO GOVERNMENT
((((((WAS IN DEFAULT, CURRENT NOW))))))))_____________________________________________ _______________________
EDSOUTH W/JP MORGA 01/07 08/99 $664 EDU
$0 GOV CLAIM AMT PAST DUE $0
94***************
01/06 XP/TU/EF
STUDENT LOAN ASSIGNED TO GOVERNMENT
((((((WAS IN DEFAULT, CURRENT NOW))))))))
================================================== ==========
A C C O U N T W I T H B A L A N C E
================================================== ==========
US DEPT OF EDUCATI 01/10 01/00 $26559
EDU
$24715 AS AGREED AMT PAST DUE $0
41**********
$154
01/10 XP/TU/EF
__________________________________________________ _________________
EDSOUTH W/JP MORGA 01/10 08/99 $1086
EDU
$814 AS AGREED AMT PAST DUE $0
94**********
$15
01/10 XP/TU/EF
__________________________________________________ __________________
EDSOUTH W/JP MORGA 01/10 08/99 $677
EDU
B $507 AS AGREED AMT PAST DUE $0
94*************
$9
01/10 XP/TU/EF
++++++++++++++++++++++++++++++++++
Sorry so lengthy, just wanted to give all info.
I only need a few points to get to 620, but would like to improve my scores to even better than that. Any advice on where I should start, who to send letters to, what to pay off now, etc. would be greatly appreciated. Thanks in advance

[Trish]

I would start by disputing collection accts (you may get lucky and have them fall off), you can even do a 1 2 punch which may help. If any come back verified see if you can make arrangements for a PFD.

On the ones that were in default but are now current... you could try disputing them and then you can also call and write letters... beg and plead for them to remove derogatory comments (any late notations, charge off notations, etc). You may get a sympathetic ear that is willing to work with you since you are trying to do right by paying them and staying current.

Also (just a thought) if you are that close to a 620 score....if you know of a family member or close friend with good credit, you may want to see about getting on one of their ccs as an authorized user. As long as it has a long, good standing history.... it can give you a quick boost. It will NOT affect the primary cardholders credit and you never actually have to have the card (to put them at ease).

That is what I would do to start.. you may be able to get your score up by just getting one or two of those accts off...

Good luck and let us know if you have any more questions.

[haystack]

Thanks Trish, I'll get started with the disputes and try the 1 2 punch. I read somewhere you said that with utility bills I should try to pay them directly and go around the CA. Think that would work for me? im in TN.

I've called a couple times to try to get the defaulted student loans removed, its been three yrs and haven't been late since rehabbed, but they just say they can't do that. Maybe with more persistence

I am an authorized user on one of my parents cards, but for some reason it only shows on TU, which is my lowest score. They have great credit, 800+

Also, if I were to pay the charge offs, whether in full or settled, does that reset the 7 yr clock? I can't seem to find a straight answer on that. I understand that paying doesn't help to improve your score right away, but does it help at some point down the road?

Thanks again

[Trish]

I would try going directly to the utility company first. See if they will take payment from you. If they say yes, then send them a modified PFD letter (basically a contract letter) and have them sign that they will not transfer payment to the CA. There is a sample PFD letter in the beginner's section.

Making a payment AFTER a debt has been charged off will not reset the SOL.
If an acct is reporting negatively, it will make no difference whether it's paid or unpaid. Either way your score will get slightly better over time just because the acct is aging. The only time it helps to have a CO or CA paid is when a lender is looking at your CRs manually....