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Hey there,
Im 25 years old and never really thought twice about my credit. As of late though Ive realized how important it is and the damage ive done in neglecting it. Ive had two cards. I had one Apple credit card and one Washington mutual credit card. Both went to collections. I have settled the Apple card with Barclays bank, it was about 1000 dollar debt that I payed 400 as an agreed full settlement. The washington mutual account became a chase account in 2008 and was sold to midland collection agency. Its about a 1500 dollar debt. I also have about 10,000 in student loans that I have been making on time payments on. My TU score is 645.
Here are some questions I have.
1) The barclays account is still appearing negatively on my credit report as a charge off. What can I do to have this removed from my credit report now that it has already been paid. I wish I had found this forum before I negotiated with them.
2)Chase reported account open dates of april 2008 which is when I believe Washington mutual was bought out. Also shows date last action in late 2008. However, I am fairly certain I opened this account with WaMu in late 2006 and went delinquent in 2007 which puts the account closer to SOL (4 years in my state i believe). Is there anything I can do about this? Also any advice in general about reaching an agreement with Midland would be appreciated.
3) I want to start rebuilding my credit ASAP So I want to get a credit card. I am starting a graduate business program in a couple weeks. Ideally what I want is a student card with $1000 and a 0% introductory rate for a year and decent overall APR. Is this unrealistic given my credit history? Should I wait untill the delinquent accounts are settled? Or should I find a secured card to use for rebuilding.
I am tryin to buy a house with some friends and I would love for my name to be on the mortgage but not if its going to hurt our chances of getting a good home loan. So I am eager to do everything possible to start rebuilding my credit score. Any and all advice would be greatly appreciated.
yeah a paid for deletion is what you need for that barclays card. I would also try to settle for a paid for deletion for that wamu card as well so you can start rebuilding. Capital one has a card my girlfriend just got she has bad credit, it was 590 when she pulled her fico last december but its slowly rebuilding she got a preapproved capital one card offer with 0% interest for 9 months but only a $300 limit and no annual fee you might want to start with capital one and she got a car loan she's been paying on time for the past 8 months.
@Anonymous wrote:Hey there,
Im 25 years old and never really thought twice about my credit. As of late though Ive realized how important it is and the damage ive done in neglecting it. Ive had two cards. I had one Apple credit card and one Washington mutual credit card. Both went to collections. I have settled the Apple card with Barclays bank, it was about 1000 dollar debt that I payed 400 as an agreed full settlement. The washington mutual account became a chase account in 2008 and was sold to midland collection agency. Its about a 1500 dollar debt. I also have about 10,000 in student loans that I have been making on time payments on. My TU score is 645.
Here are some questions I have.
1) The barclays account is still appearing negatively on my credit report as a charge off. What can I do to have this removed from my credit report now that it has already been paid. I wish I had found this forum before I negotiated with them.
2)Chase reported account open dates of april 2008 which is when I believe Washington mutual was bought out. Also shows date last action in late 2008. However, I am fairly certain I opened this account with WaMu in late 2006 and went delinquent in 2007 which puts the account closer to SOL (4 years in my state i believe). Is there anything I can do about this? Also any advice in general about reaching an agreement with Midland would be appreciated.
3) I want to start rebuilding my credit ASAP So I want to get a credit card. I am starting a graduate business program in a couple weeks. Ideally what I want is a student card with $1000 and a 0% introductory rate for a year and decent overall APR. Is this unrealistic given my credit history? Should I wait untill the delinquent accounts are settled? Or should I find a secured card to use for rebuilding.
I am tryin to buy a house with some friends and I would love for my name to be on the mortgage but not if its going to hurt our chances of getting a good home loan. So I am eager to do everything possible to start rebuilding my credit score. Any and all advice would be greatly appreciated.
Barclays will probably require payment in full before they even consider pay for delete or Good Will requests, It will probably just have to age away and you are probably blacklisted from them so I would advise against trying for a card from them.
Chase account will stay on your report for 7 years since date of first missed payment SOL usually has no impact on Credit Reports they just can't sue you. PDF or GW are your only chance for its removal. Look forward to blacklisting as well.
CapOne or First premie or other subprime cards may be wiling to help, but may require secured cards or at least high anual fees.
I would also advise against buying a house with friends, if one of them gets into financial problems and can't make there part of the payment, what happens? You all go down to bad credit land again. If the loan becomes underwater is everyone going to keep paying on it? Sounds like a big headache. If you can pay the whole payment better to just do it your self. Your score is at the bottom of possible approval now but loan officer may demand you pay off some or all of the accounts you owe on and your friends may have other problems.
Soo, I should try to send PDF and GW to barclays and midland even though barclays probably wont consider it without full payment? Its worth a shot right?
As for the SOL, I figured midland would be more likely to negotiate with me if I could find a way to have those dates changed and the debt was closer to SOL. I am aware of the difference between SOL and CRL.
We are considering buying the house through an s-corporation. None of us will be personally liable. If people cant pay, they lose their shares.
As far as the credit card, does the fact that I am an enrolled student give me more options? Or does my credit history still hold me back. Im trying to decide if I should bite the bullet and find a secured card.
thanks for the replies.
Also midland hasnt actually reported anything yet. I have a charge-off reported from Chase. How does this work in terms of PDF and GW.
the chase chargeoff will probably stay there then if the debt was sold off to midland already and if they dont update. also buying a house on an s corp, one of the officers must personally qualify for a mortgage with the credit criteria and assets available and that person will be held liable if the others do not pay. lenders do not loan money directly to the s corp so one of your buddies is gonna have to be fully responsible
you can try contacting barclays retention department for a pfd negotiation but they probably wont budge without the remaining balance owed and same with midland credit my girlfriend had a tmobile cell bill she didnt pay and i asked them if they would settle for less and delete it off the credit report but they told me no they would only put paid in less than full amount. She would not budge for my option I wanted to do so I hung up
Its a corporation were starting to invest in real estate and it will not be a shell corporation. A budy is willing to put his name and credit on the line for the mortgage. And that is all I really want to say about that. I regret even bringing it up and hope that we can move on. This is really not what I came here to ask advice about.
Thank you for all the replies, youve all been very helpful.
And as far as getting a credit card, any specific suggestions for a student card I might qualify for?