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New Contributor
usafjay
Posts: 66
Registered: ‎06-12-2007
0

Get stuff off your report prior to 7 years/Other helpful tips

:smileyhappy:Hey all,
 
I've been into this 'credit thing' now since about August of 2004.  Since then, I've brought my score up from the low 500s to 720/TU, 745/EQ, and 705/EX.  I thought I'd share a few things for those of you trying to bring up your credit score. 
 
If you have accounts that are closed, that were delinquent, and you want them removed, talk to your creditors and explain your situation.  I had an account that was about 4 years old and EXTREMELY late and I called them.  I told them I was attempting to rebuild my credit, being more responsible, etc.  They were more than happy to work with me.  They contacted the 3 credit bureaus and it dropped off my report.  That helped my score quite a bit. 
 
Get a credit card and of course be responsible with it.  I got an Orchard Bank card.  In my opinion, they are the best one for folks with bad/poor credit.  The annual fee is around 40 bucks a year, but the online pay is free and this is a great way to start building your score back up.
 
On that note, I pay all my bills online.  AMEX, Discover, Mastercard, Chase, Car Insurance, etc online.  It's free and less hassle not having to deal with checks, stamps, etc.  You can setup e-mail reminders, automatic payment dates, etc.  This helped me out greatly.
 
Anyway, hopefully this will help some of you out.  Please let me know if I can help in any other way.     
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Get stuff off your report prior to 7 years/Other helpful tips

Welcome.. and congrats on your progress!
New Contributor
usafjay
Posts: 66
Registered: ‎06-12-2007
0

Re: Get stuff off your report prior to 7 years/Other helpful tips

Thanks!  One other thing, if you have some collection accounts, try to pay those off ASAP.  I had one account that had about a $120.00 dollar balance which was hurting my score.  I contacted them, paid it right off, and asked if they would report that to the credit bureaus.  They did and it dropped off my report.  Best of luck to all! 
Moderator Emeritus
masdeocho
Posts: 2,050
Registered: ‎04-17-2007
0

Re: Get stuff off your report prior to 7 years/Other helpful tips

200+ point increase! Huge!
-----------------
Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Get stuff off your report prior to 7 years/Other helpful tips

Good work.
Regular Contributor
Bruiser
Posts: 211
Registered: ‎04-11-2007
0

Re: Get stuff off your report prior to 7 years/Other helpful tips

I'm going to take your advice and try that. Instead of calling them I'll just write letters. It took me about an hour to write the 9 letters but I got them done. Now I'm going to send them off and pray atleast one of them forgives me and removes the old closed account.
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Get stuff off your report prior to 7 years/Other helpful tips

I also pay online. Directly on the OCs website, using my banks billpay, or via http://www.mycheckfree.com
 
I really like mycheckfree, but not every OC participates. Utilities, telcos, CCs and others participate. They do electronic transfers, so the money comes outta my account on Day X, and it gets to the OC on Day X. Like delivering cash in person. You get Email notices in advance and you can schedule payment on a day of your choosing. Like the Ronco rotisserie ovens, "Set it and forget it." Does not cost you one dime and you can make all the payments you want (I think). You can set up all the bank accounts you want and sign up all the OCs you want (I want Bill X paid from Bank A, but Bill Y paid from Bank B), if the OC participates in mycheckfree. I think they do have a minimum payment amount of $5. You have to schedule the payment at least 2 days in advance, so if I want something to go Friday I have to do it today. Within about 1.5 days of the payment, you cannot alter it. It really is intended for set and forget.
 
Some OCs will let you set up automatic payments, via check or CC, to be made on the due date. I strongly advise this and wish all my OCs would do it. You can normally select the minimum due, balance owed, or some other value. I use the minimum due. It's my "brain cramp insurance". If I completely forget about a payment due date, I know the minimum will be made. No late fees and no CRA late reporting. Most have software that is intelligent enough to detect when you have already made a payment and thus no minimum is due. Others might pay the minimum no matter what.
 
Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
0

Re: Get stuff off your report prior to 7 years/Other helpful tips

Thank you :-)
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
New Contributor
usafjay
Posts: 66
Registered: ‎06-12-2007
0

Re: Get stuff off your report prior to 7 years/Other helpful tips

I can't stress enough.... call your creditors!  Showing a genuine interest in wanting to rebuild your credit should hopefully sway some of them.  Obviously this is not a guarantee and if the account is only a few months olds, chances are it's not going to drop.  I explained to my creditor that I had opened the account when I was very young and immature when I opened the account and that I was married now and attempting to rebuild my credit, that I've been paying my bills on time for the past 'x' amount of years, and "would you please be willing to work with me to remove this delinquent account from my credit report".  I stalled for a long time before calling them simply because I felt weird about doing it and the woman I dealt with was extremely helpful and willing to work with me.
 
After I opened a CC with Orchard Bank, I waited a while and then opened a JC Penney and Macy's card.  I didn't get a high CL, but I still have the cards active and use them once in a while for gifts, etc, but since there is no annual fee, the store cards are very easy to maintain and each month they get reported to the Credit Bureaus as on time. 
 
One of the first cards I had when I was 19 (I'm 30 now) was an AMEX.  Of course, I maxed it out and didn't pay it on time, etc.  It showed up as a 'paid settlement' on my credit report, which was affecting my score.  I called them several years ago and they removed it.  Since then, I applied for another AMEX card and it was approved!  I carry the following cards:
 
1 Orchard Bank Master Card - $1800.00 CL ($0.00 balance)
1 Discover Card - $4500.00 CL ($450.00 balance)
1 Chase Platinum Visa - $5000.00 CL ($0.00 balance)
1 AMEX Card - $5000.00 CL ($0.00 balance)
1 STAR Card - $8000.00 CL ($1,550.00 balance)
3 Store Cards (JC Penney, Lord and Taylor, Macys') - $300.00 limit on each ($0.00 balance)
 
I also took out a small personal loan from my bank that I knew I could pay back.  I did this to balance out my credit report.  It was for $2500.00.  It was a 24 month loan but I paid it off in 12 months.
 
I also have an auto loan with a remaing balance of about $27,000.
 
After I pay off my Discover Card, I will charge some minor purchases ($100.00 or so) on my Chase card.  The moment I see it pop up on the web site, I will pay it off immediately.  Then I will rotate between my other major CCs.  Lather, rinse, repeat.   
 
As other posters have said, don't get credit cards then put them in the sock drawer.  Use them once in a while to make small purchases then pay them right off.  The process takes times but it will definitely help you out in the long run.  :smileyhappy:
Contributor
devhip
Posts: 210
Registered: ‎04-28-2007
0

Re: Get stuff off your report prior to 7 years/Other helpful tips

Good work! Good advice, except that I wouldn't really recommend "calling" creditors. When you call, nothing is binding, nor do you have any documentation. Plus, just by virtue of calling the likelihood of speaking with anyone that has the authority to make an actual change to your file is slim. It's better to do it all in writing....whether it be regular mail, certified mail, email or fax. Same concept, same result, just a different approach.

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