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Kag6917

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How do I get something deleted if it has already been PIF or settled for lesser amount?
My husband and I are trying to buy our first house. According to the Credit Karma scores he is at 570 and 577. Our lender says we need the lower score to be at least a 580. We have been paying in full, settling amounts, and making payment agreements with our collections accounts. In November we had a 547 as a median score. It has come up but with each Paid In Full or Settled payment it is only coming up 2-3 points. Obviously it needs to come up more, these 2-3 points for each payment are not enough. I wasn't aware of Pay for Delete until reading these forums today. Is there any way to get these scores up another 15-20 points (quickly)?

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No fast answers

Unfortunately, once you have settled your accounts, there is not much to do. However, the good news is that most mortgage companies will not continue the loan process until all unpaid accounts are settled. There is one thing you can try: send off debt validation letters to the companies you paid. It may drop off initially, and may not come back on as they have less motiviation once they have been paid.  The other way of get a 20 point boost is by having all outstanding credit card debt under 10%.  Collection accounts will stay on for 7years, 6 months, from the date of first missed payment. Do an internet search for templates for debt validation letters - the more info asked for, the better. Good luck.

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