Rebuilding Your Credit topics

How long does a paid (but showing derog) account stay on record?

LordAthens — Fri, 24 May 2013 04:19:27 GMT

I've learned a lot over the past few months, but the one thing I'm still confused on is how long a closed/paid account account stays on record for. Same with charge offs. I know collections go away in 7-7.5 years and good accounts typically report for 10.

My fiance had an account through 1st Financial. I've sent GW's, but nothing has come of that yet. Status is Paid/Closed, $0 balance. Opened 06/2004. First went 30 days delinquent in 11/2006. Got caught up, paid OK for a few months, got late again, caught up, late. 04/2008 it went 180 days late. 05/2008 reported closed, 06-09/2008 show good, last report was 10/2008.

Do closed/paid accounts with negative stats follow the 7 year or the 10 year deletion? If 7 year and it's timed from DoFD, that would mean it goes away 11/2013, correct?

What about charge offs? Capital One opened 11/2006, paid as agreed for 5 months, 04/2007 was DoFD. It rose to 150 days late in 08/2007, reported as C/O from 09/2007 to 12/2009.

How to pay collection company

BeBlessed — Fri, 24 May 2013 03:07:03 GMT

Is it safe to deposit money in collection company bank account to settle a debt?

CA contact after 12 years....

ruger33 — Fri, 24 May 2013 03:06:44 GMT

As of a month or so ago I finally pulled my head out of the sand and started cleaning up my CR. I had a handful of C/Os and have had good success with DVs and PFDs. All thanks to the info on these forums!

Fast forward to today, I get a call from Allied Interstate trying to collect on an car repo from 2001. The woman was mean! Is it wrong that I enjoy messing with these people? The SOL expired in 2005 and for goodness sake it's 2013! She tried to control the conversation and started with the "its gonna be on your credit" lines etc... I simply refused to talk to her over the phone about it and instructed her to send me a letter. At first she was reluctant and tried to pressure me into paying over the phone, but I wasn't having that.

Anyhow, it's amazing what a little activity on a credit report will start/renew interest.

The OC's TL is still on my report but the bad stuff related to it has dropped off. All is shows is a closed installment loan. Do you all think I have anything to worry about with these people other than arguing and phone calls until I DV them? I've read that they are a rough JDB to deal with and thier BBB info is a fun read.

impact on score if I......

peepers — Fri, 24 May 2013 02:58:34 GMT

hello all. so my husband and I were planning on beginning the VA loan process next year. Unfortunately, we have fallen in love with a house and have been toying with maybe doing it earlier. both of out scores are around 670 across the board.

in 2006 everyhting fell apart for me at once......defaulted on all my cards, etc. I have repaid in full, or settlement on all but one. everything negative is falling off my reports between now and january.

there is one though, for $5000 fpr HSBC that I havent repaid/settled. keep in mind over the last 7 years I have been paying around $400-500/mo to repay old debts. This HSBC acct was sold to Midland, but they never came after me or threatened judgement. The HSBC falls off next month, Midland in Jan. I know it will come back to haunt me as part of the underwriting process.

What I am thinking is, since SOL is done, sending a letter stating I am not acknowledging the debt, however will offer $1,000 or so to settle it. If I do that this late in the game, what will it do to my score, and how quickly could I rebound?

I have had 3 unsecured CCs for 2.5 yrs with perfect pay records, and tomorrow am giving AMEX $600 PIF for an Optima card. I also have numerous perfect car loans, etc.

*sigh* any advice? Am I correct in thinking that I am better of to just settle it an be done? Or what am I risking by doing so? Thanks!!

App spree after closing?

terminalhockey11 — Fri, 24 May 2013 02:48:13 GMT

We are closing next Friday, FHA loan with 640 range at the moment.

1 Charge-off and show a tax lien (on a payment plan).

Debating on if I should try to open up a couple of lines or try and hold out. Right now all my cards are sub-prime. I have an First Premier, Credit One and a Capital One. I thought the Capital One was unsecured because it was opened shortly before the wedding. According to the EO it is secured.

I was thining of trying for a Cash Rewards card because I could probably recon if declined. Also looking at a Lowe's Card for some incidentals and the shopping card trick had me approved for J Crew.

After this the goal is to get a couple of items off the report and not apply for anything until I'm over 700 and at least 1st Quarter of 2014. That should give the inquiries a chance to fall off and continue to build the AAoA and possibly some CLI's along the way.

Thoughts on the strategy? Any other recommendations?/ Thanks for the help

DIY or with the help of a non-profit DMP?

minzos — Fri, 24 May 2013 02:36:19 GMT

I've read that you can do everything a credit counseling service does on your own, but my financial situation gives me so much anxiety that I'm scared I'll chicken out or otherwise not be strong enought to see this through to the end. So I've done some research and found a few non-profit counseling services in my area that are HUD approved and accredited by the BBB. I've read through endless websites but I'm still not sure about a few things, can anyone here help?

I have very old, very bad debts on my credit report, all of them closed or charged off, to the tune of about $7,000 - not including my student loans that are in default. My questions are:

-when one enrolls in a DMP, are those debts paid in full? or do they negotiate to pay only a part of what you owe?

-most of my negative accounts say they will fall off my report in 2016. I would've liked to buy a house around that time and thats why I'm now doing my best to fix my credit. so, would it be smarter to bite the bullet and use what I had saved for a down payment (around $7,000 incidentally) to pay off these charged off accounts, or should I pay only those that won't fall off my report until after 2016, and wait out the rest?

-can these same counselor's help me get my student loans back on track that any of ya'll know of?

I would really appreciate any insight. I've searched the forum, but all the discussion I found about DMP were warning about fly-by-night, shady credit consolidators. The counseling services I'm looking into are recommended by my city government, and are the same folks that do FHA pre-purchasing classes. I just thought I'd see if anyone here has had some experience before I call these folks up.

Thanks so much. I'm doing my best to be brave but to be totally honest I feel really nervous and even ashamed about all this.

Advantages/disdavantages for letting credit card agency about your situation

improvent363 — Fri, 24 May 2013 00:55:43 GMT

Suppose you are unemployed and you recieve a threating letter by credit card agency that they might take legal action against me and get an attorney to obtain a judgement against me for not paying my credit card debt.

And you tell them the reason is because you are unemployed for almost a year and cannot make any payment. And didn't even pay your electricity/internet bill for this month and don't even have money to pay this month house rental or the next month. What do you think the advantages and disdavantages to let credit card agency know about this?

Do you think they will still sue me for letting them know about my bad situation?

Retroactively fixing a collection

artvandalay — Mon, 25 Mar 2013 04:45:23 GMT

Two years ago I settled an HSBC account for less than what was due. Had I known it'd cause the trouble it has caused, I'd paid that b*tch in full and not thought twice about it. Now two years later, I get asked about that settlement more than ever. It hasn't impeded me from accomplishing any goals I've set out for, but it is an issue I'd like resolved by something other than time.

One of the few ideas I have is simply contacting the creditor and proposing that, in exchange for paying the difference of the settlement amount versus what was alleged to be due, would they be willing to update/remove the disclosure from my credit report. Has anyone had experience interacting with a creditor on a matter like this? I know Cap1 recently purchased HSBC's portfolio but I really want this fixed if possible without having to wait nearly a decade :/

What items on your CR are guaranteed not to get you anymore credit?

danny4l — Fri, 24 May 2013 00:47:26 GMT

Just wanted to know if there were certain items that can guarantee that you will never get anymore credit extended to you until they are resolved?

I don't have a bankruptcy or anything but I have recent medical collections, 180 day student loan lates, and I'm in a DMP program and I even got rejected by BOA for their secured card.

Just want to know your thoughts.

Yet another "what do I do" from a newb

senor_tomas — Fri, 24 May 2013 00:33:00 GMT

Getting ready to buy a house (I hope). I've raised my credit score from 700 to 748 in the last year. I have the one negative account listed below, plus one pull three months ago to get my limit raised to $8000 on my only card. I figure I can pay off the last $1500 or so on my card to help; but my question is this.

Is is worthwhile and feasible to get Chase to agree to a good will removal for the following negative items?

A note - I did pay off the account with Chase, in full, in April of 2010, and closed it at that time.

Credit AccountChase

Status as ofDate opened [?]Date of last activity [?]Largest past balance [?]Account Type [?]Account holder [?]Industry

Nov, 2010

Jun, 2002

Jul, 2010

$10,635

Open Account

Individual

National Credit Card Cos.

Descriptions

Closed or paid account / zero balance
Account closed by credit grantor

No contact information provided by Equifax

Balance Current Status

$0	Pays account as agreed

Seven year payment history 30 days late60 days late90+ days late

2 times (Oct 2008, Jan 2008)

1 time (Nov 2008)

0 times

Recent payment history 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 102008 2009 2010

Legend:	Currently paid as agreed
	60 days late

Worst Delinquency

60 days past due

The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score.

Questions about CHARGE OFFs

los_west — Fri, 24 May 2013 00:13:04 GMT

Can you guys clarify "CHARGE OFFs" for me? I googled it and came up with tons of different and contradicting information.

I have 3 charge offs listed on my credit reports. They are all listed as "$0, Charged Off--Purchased/sold to another lender."

I recently had 3 Collection Agency accounts closed out and deleted off of my reports, as they were paid/settled/disputed. They were LVNV, Portfolio Recovery Associates, and Jefferson Capital....It is my understanding that these correspond to my charge-offs.

#1. So if I paid/settled with the collection agency, and they agree to delete the tradeline, the original creditor's tradeline doesn't change, right?

#2. What would happen when I go apply for a mortgage? Will they make me prove I paid/settled with the CA and not the OC? I don't have much statements or paperwork, as 2 of the accounts were paid through a debt management/consolidation program in 2009.

#3. Is there any good way of getting charge offs off the credit reports? Besides letting time take its course?

Thanks in advance for your help.

Progress!!

jmc912 — Thu, 23 May 2013 23:57:13 GMT

I'm so excited over here...

NFCU finally updated our credit limit (now 20k) and is reporting a balance (I never carried a balance on it before). My husband is now officially a joint user also. Between that and having a collection from Service Credit Union deleted... his TU went up 94 points in one day!!!

Jumping up and down... I'm so excited!

His TU started at 605 on 4/18 and a 35 days later it is now 736!!!!!

Starting to feel good about this! TU is his "cleanest" report, with only 1 more collection that will fall off in December

I really owe it to everyone here who has been so helpful and gracious with their time, so thank you all so much!

Help/advice about pay for deletion

BeBlessed — Thu, 23 May 2013 23:47:08 GMT

Hello, I'm new to this... I have been negotiating a debt I have with ACCB collection company. It was two years ago apartment complex early lease termination fees of 7600. They offered me a settlement of 6000. And a deletion. I tried to counter offer 5000 and the deletion but they said no way..,, should I take this offer and is it a good deal? Please help! I've never done this before.... They want the money by 2:00 tomorrow

Removal of Bad Account from Experian

tray — Thu, 23 May 2013 23:13:20 GMT

Hi everyone, wondering if there is anyone out there waiting like me waiting for a removal of a baddie from Experian that is due to fall off this month, the anticipation is killing me!!!!!!

Justice Federal Credit Union....are they still good for rebuilding?

Daisy10 — Thu, 23 May 2013 22:12:37 GMT

Hi. I was just wondering if anyone has any recent information on JFCU. Most of the information on the threads is old, like from 2008. I was thinking about applying for membership due to all the good things I have heard about them on this forum, however, I don't see any recent talk of them. Thanks

Good Secured CC for Rebuilding

kaymom — Thu, 23 May 2013 22:02:06 GMT

Hello Forum,

What are some good secured credit cards for rebuilding? I already have two store cards, JCP and Belk and one visa card with my local credit union.

NCO Financial contacts

cookiebird — Thu, 23 May 2013 21:03:13 GMT

Does anyone have any NCO financial contact information. I am really looking for an email address just to speed this up a little.

If I pay Midland, will the others disapper?

sharriel — Thu, 23 May 2013 20:26:55 GMT

I have an unpaid collection for Fingerhut. It is on my credit report multiple times. It is negative under Metabank, Webbank, and Midland. It looks like the debt has been sold twice and Midland is the most current owner. Do I just go ahead and pay Midland? And if I PIF, do I then GW all 3 companies?

Will my score go up?

sharriel — Thu, 23 May 2013 19:56:12 GMT

If I pay a collection from 2011 and it is marked paid, will my score go up any? I do have a few charge-offs but this is my only collection.

Unknown Medical Bills

Bsong — Thu, 23 May 2013 16:38:03 GMT

Hey Guys.

I was reading about a bill that was possibly being passed regarding medical bills under $2500. Is anyone familiar with this?

I may possibly have 2 unpaid medical bills that should have been covered by my insurance. Im just wondering if they can send it to collections if not paid?

The last time I was contaced by both was sometime last year but have not heard anything since. I told them that it was covered by my medical insurance and they should contact them.

The total bill is probabaly $300 ($150 for each place. 1 dermo and 1 eye doctor).

Any info would be appreaciated.