Advise needed please

[Anonymous]

This is my first post, and this is a wonderful site full of information. I would like to ask one question though. I am 24 years of age just now have started to look at my credit information seriously. I received my free credit report, and have several accounts in good standing (student loans), but there were some problem areas.

In the fall of 2001, I was attending college at the University of Oklahoma. My mother and now ex-stepfather were getting divroced. During the fall semester, my ex-step father had overdrawn my bank account and not paid (a was a minor when it was opened), got a captial one credit card and I was sued by OU for not paying part of tuition. I paid the settlement then, but I had no idea of the credit card and couldnt pay the overdrafted bank account. Now on my credit report I have these items on my credit report obviously. (1) The bank acct (2) The lawsuit for tution which I paid then (3) captial one card.

All of these items are shown to be "charged off" on my report.

My question is this. I am looking to buy a home with my fiance within the next several months, but while researching my credit found those three items. What would you best suggest for opinions I have of either removing those items because of the time pasted (6 years) or making my credit look as best as possible. My fiance has good credit, but Im worried about mine now. I havent financed anything, because Ive always paid cash for things. I have no credit cards, auto loans, etc. Any suggestions? Sorry for the long post.

Curtis

[Anonymous]

Curtis,

I think its always best to try and get the negitive items resolved. Try PFD and GW letters. Read the 101 thread at the top of the page. They will most likely use the lowest of the middle two scores to qualify you for your home loan. If you don't need both incomes to qualify, you may want to have you fiance' purchase the home and add you to the title at the close. Good luck!

[Vu]

Since the lawsuit is paid, maybe try goodwill letter with it.  If they don't reply by 30 days, then just try debt validation, chances are they don't bother to verify since it is paid, then it will be remove from your credit report.

Regard the bank account and capital one, I would try to contact them and see if you can request a pay for deletion option.

There are some recent success with CapitalOne goodwill letter regards remove negative paid TL, if pay for deletion not work, you might have to pay in full, then try goodwill letter.

Follow this link made by Tuscani and Noah_Bodie:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=6834

[Anonymous]

Definitely PFD and GW the charge-offs.

If all you have on your CR are these items then you're going to need to get some good TLs on your report to help you and that's where CCs come in.

What do your scores look like?

[Anonymous]

If these weren't your actual debts and your stepfather did them in your name as a minor, it might be worth a shot of disputing them as not mine.   I would think they would have to have some kind of proof that you were the one that incurred them rather than your stepfather.

[Anonymous]

Thanks for all the help. It is very much appriciated.I just signed up for the scorewatch service trial and got an initial report.

My EQ score is 656. The only score I could find as of now.

It gave me the following details: Payment History - Good, Amt of Debt - Not Good, Length of Credit - Not Good, and new credit great.

It appears the lawsuit has been removed as I did not find it on my report? However, the capital one account shows an bad debt/collect balance of $445 and the bank shows a charge off of $335. I have had an account with the same bank that shows the charge off ever since that time. So going on 6 years now I have never had a bounced check etc,. Do you think this will be a good case of GW or what do you suggest. If I remember right, the report also stated that I am way to heavy on the revolving debt I believe, which I am assuming is being caused by the student loans.

So with the new information, are there any new suggestions.

Thank you guys so much for the help also.

Curtis

[Anonymous]

Students Loans are considered installment debt, not revolving debt, given that you pay a fixed amount every month.  So check it again to see if it says revolving or installment.

And I'd be very surprised if it did say that you have too much in SLs as they tend to help you (as long as they are current) rather than hurt you.

You'll need to check all 3 reports just to make sure the suit has been removed on all 3 reports.  What's on one, isn't always on the other. Sucks but its true.

Now are you saying you have 2 charge offs?  if so were they paid?  If paid you want to try GW if unpaid, PFD.

If I read correctly you don't have any CCs, now even though they're saying new credit - very good, it does not mean you should not get some CCs, as I said before, if all your TL have some sort of derog. then you need to establish TLs with perfect history and the quickest easiet way to do that is with a couple CCs. 

With scores in the 650 range you could try for the Amex Delta and Hilton Hons.  Since they're both with Amex it'll only require one pull.  As least that's what is being reported on this forum.  Read some ot the Amex threads for more info.  That'll give you 2 good TLs right there that you can just use to pay your phone bill, or cable bill every month and pay off.  That'll help you in no time.