Credit Score Help.....

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Replied by Joeyman on topic Re: Credit Score Help.....

Do NOT take Joey's advice and pay this off.

Write a letter to the original creditor (never call) asking IF you pay the past due amount, will they agree to remove the account entirely from your credit report, and if so, to please send you a letter in writing detailing those terms - PRIOR to you ever paying anything or even agreeing to pay anything. Just get it in writing.

Mail your letter certified/return receipt, and cross your fingers.

If they don't agree, you'll just have to be patient... Also, it is illegal for the same account to be listed more than one time with a credit bureau. Not only are the collection companies/original creditors violating the law, but the credit bureau is also violating the law. Print a copy of your proof (copy of duplicate account on credit report) and mail to bureau and the companies reporting the account. Save a copy of everything for your records. Someone has to correct the error, and if it's not done within 30 days from the date on your post office receipt, the account(s) have to be deleted from your credit report altogether.

Be persistent, save copies of everything and make sure you have all of your facts & proof in order... If they don't comply, file a complaint with the FTC ( www.FTC.gov ). The FTC has no tolerance for this kind of consumer credit abuse, especially these days...

Keep us posted!!

-PS



If I remember correct, I think my intensions were to advise him on the rest of his debt more than his collections. Keeping in mind this member posted this question in December last year, he's probably resolved this dispute and moved on (let's hope anyway).
8 years 1 month ago #1

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Replied by PhynanciallySavvy on topic Re: Credit Score Help.....

Do NOT take Joey's advice and pay this off.

Write a letter to the original creditor (never call) asking IF you pay the past due amount, will they agree to remove the account entirely from your credit report, and if so, to please send you a letter in writing detailing those terms - PRIOR to you ever paying anything or even agreeing to pay anything. Just get it in writing.

Mail your letter certified/return receipt, and cross your fingers.

If they don't agree, you'll just have to be patient... Also, it is illegal for the same account to be listed more than one time with a credit bureau. Not only are the collection companies/original creditors violating the law, but the credit bureau is also violating the law. Print a copy of your proof (copy of duplicate account on credit report) and mail to bureau and the companies reporting the account. Save a copy of everything for your records. Someone has to correct the error, and if it's not done within 30 days from the date on your post office receipt, the account(s) have to be deleted from your credit report altogether.

Be persistent, save copies of everything and make sure you have all of your facts & proof in order... If they don't comply, file a complaint with the FTC ( www.FTC.gov ). The FTC has no tolerance for this kind of consumer credit abuse, especially these days...

Keep us posted!!

-PS
8 years 1 month ago #2

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Replied by Joeyman on topic Re: Credit Score Help.....

When have you tried to obtain department store or bank credit cards? You could go to a credit union or try secured to get reporting going. Every situation is different but, generally removing "negatives" from your report is better than baddies (negatives can remain for seven years). Since you have a baddie how is that showing a positive trade line (as a creditor, a baddie would show me you couldn't handle credit)? I must not get it?! If the negative credit reporter would remove the baddie you at least would look like a new person and could go from there...? I found removing my negatives helped me to obtain credit.



I say you go to a credit union! In fact, I'd bank there 100% (I do). Open your checking & savings account, while ask to use the same credit inquiry for a credit card (if they don't allow that, go somewhere else). Make sure you explain your situation, they're willing to work with you at Credit Unions. Also make sure the credit union is apart of the shared branching network.
8 years 9 months ago #3

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Replied by Wanderer on topic Re: Credit Score Help.....

The Account has been sold to 3 different agencies since 2006, I then asked why they (FIRST PREMIERE) were they still reporting it, the rep could not give me an answer, she also could not tell me who the current agency that holds the account is. She stated that she could mail me a form to have the account deleted. Eventhough its a collection account Im afraid to delete it because it has age......It the only account in my file, along with an Inq, from 2008


When have you tried to obtain department store or bank credit cards? You could go to a credit union or try secured to get reporting going. Every situation is different but, generally removing "negatives" from your report is better than baddies (negatives can remain for seven years). Since you have a baddie how is that showing a positive trade line (as a creditor, a baddie would show me you couldn't handle credit)? I must not get it?! If the negative credit reporter would remove the baddie you at least would look like a new person and could go from there...? I found removing my negatives helped me to obtain credit. :white-flag:I sure don't get your logic! After idea... would the negative creditor show it as paid satisfactory if you paid it off... then you could use it as a positive trade line that likely would remain for ten years?!
8 years 9 months ago #4

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Replied by izach26 on topic Re: Credit Score Help.....

Did you end up inquiring? Any results?


The Account has been sold to 3 different agencies since 2006, I then asked why they (FIRST PREMIERE) were they still reporting it, the rep could not give me an answer, she also could not tell me who the current agency that holds the account is. She stated that she could mail me a form to have the account deleted. Eventhough its a collection account Im afraid to delete it because it has age......It the only account in my file, along with an Inq, from 2008
8 years 9 months ago #5

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Replied by Joeyman on topic Re: Credit Score Help.....

Great if it wasn't 9


Did you end up inquiring? Any results?
8 years 9 months ago #6

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Replied by hjm331 on topic Re: Credit Score Help.....

Nothing is impossible but it will take time. As long as you are patient, you will see results.
8 years 9 months ago #7

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Replied by izach26 on topic Re: Credit Score Help.....

The best way to deal with CA's is to offer them a PFD (Pay For Delete). They get their money and you get a clean credit report, everybody wins.



Thanks HJM I wasn't aware that option was available.....Great if it wasn't 9:15PM Est I would call them NOW!

What's your input of reaching my Score goal you think it can happen??
8 years 9 months ago #8

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Replied by hjm331 on topic Re: Credit Score Help.....

The best way to deal with CA's is to offer them a PFD (Pay For Delete). They get their money and you get a clean credit report, everybody wins.
8 years 9 months ago #9

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Replied by izach26 on topic Re: Credit Score Help.....

You actually have a great chance of rebuilding your credit report!


First, pay off the collections. Second, lower your utilization to under 10%; the credit bureaus have scoring systems based off 10%, 15%, 20%, 25%, and 50% — depending on each specific bureau (e.g once your utilization is under that percentage your score goes up). I suggest paying down the smaller balances first and continue paying just the minimum payment on the largest balance, once all the little balances are paid off then focus on paying the largest off — this can sometimes be known as snowballing (I think). Once you have utilization under 10% then pick your favorite credit card. Buy everything with that card that you would normally debit or pay cash with. Open a special savings account and name it after that credit card, for every transaction you make with that favorite credit card, you transfer money into that savings account. At the end of the month pay the account in full (with the money from the savings account). Because you will be spending so much money on one account, the bank will be more enticed to provide credit limit increases (which will increase your scores). Always remember, credit cards are not for long term purchases, think of them as a safety net towards identity theft. When people use credit cards for "long term purchases" they get in trouble. Only buy something if you can afford it.

They are solely for preventing identity theft, building credit for home purchases, and personal & auto loans. When I say preventing identity theft, it's because you have more coverage vs. debit in a crises.




Great advise, except your first line, everyone I have asked in the past states that paying off that balance ($355) from 2006 on a closed collection will not help my score, sink that cash into a secured card. When I called the bank they stated the acount had ben sold to (XYZ Bank) who apprently is not reporting it. The Originating bank asked if I wanted to have them delete the account, I wasnt sure what to say because im afraid if I delete the account my score will drop, granted it is a collection account, the account has age, and is the only trade line.
8 years 10 months ago #10

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Replied by Joeyman on topic Re: Credit Score Help.....

You actually have a great chance of rebuilding your credit report!


First, pay off the collections. Second, lower your utilization to under 10%; the credit bureaus have scoring systems based off 10%, 15%, 20%, 25%, and 50% — depending on each specific bureau (e.g once your utilization is under that percentage your score goes up). I suggest paying down the smaller balances first and continue paying just the minimum payment on the largest balance, once all the little balances are paid off then focus on paying the largest off — this can sometimes be known as snowballing (I think). Once you have utilization under 10% then pick your favorite credit card. Buy everything with that card that you would normally debit or pay cash with. Open a special savings account and name it after that credit card, for every transaction you make with that favorite credit card, you transfer money into that savings account. At the end of the month pay the account in full (with the money from the savings account). Because you will be spending so much money on one account, the bank will be more enticed to provide credit limit increases (which will increase your scores). Always remember, credit cards are not for long term purchases, think of them as a safety net towards identity theft. When people use credit cards for "long term purchases" they get in trouble. Only buy something if you can afford it.

They are solely for preventing identity theft, building credit for home purchases, and personal & auto loans. When I say preventing identity theft, it's because you have more coverage vs. debit in a crises.
8 years 10 months ago #11

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I have a score of 597 with Equifax. I have one account Listed as a Collections account and no Inquiries in the last 2 years. My goal is a 765 By 2012. My plan is to open

Well Fargo Secured Card $1000
Citi Bank Secured Card $1000
Capitol One Secured Card $1000
One Store Card and One gas Card if I can get approved....

Keep all of the usage under 25% but carry a balance and be sure to make all of the payment on time as agreed

Is my goal Attainable?

Also what do you think my best plan of action to reach my goal?

Account Number:XXXXXXXXXXXX Current Status:COLLECTION ACCOUNT Account Owner:Individual Account. High Credit: $355 Type of Account :RevolvingCredit Limit: $200 Term Duration: Terms Frequency: Date Opened:09/2006 Balance: $355 Date Reported:10/2010 Amount Past Due: $355 Date of Last Payment:04/2007 Actual Payment Amount: Scheduled Payment Amount: Date of Last Activity:N/A Date Major Delinquency First Reported:10/2010 Months Reviewed:N/A Creditor Classification: Activity Description:N/A Charge Off Amount: Deferred Payment Start Date: Balloon Payment Amount: Balloon Payment Date: Date Closed: Type of Loan:Credit Card Date of First Delinquency:05/2007 Comments:Collection account
8 years 10 months ago #12

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