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Scubasteve2365 wrote:
Hello all,
I won't get into the details of the how, because it's probably the same common story. Young + Irresponsible + Stupid = Bad credit.
Now, I'm a little older [26 years old], and I'm trying to get my life in order. I finished engineering school and have a good job in which I make about $50-60,000 a year [varies due to out-of-town work and bonuses]. This year, I'll pull about 70,000 due to a 5 month out of town project. Anyway, I just bought an Equifax and TransUnion credit report and "scorewatch" from myfico.com
Equifax score = 628
TransUnion score = 611
---------------------- Equifax Bad Standings -------------------------------
Bad Credit Standings - Open
Midland – Date of last payment 05/2001 – $2,437
Midland – Date of last payment 10/2000 - $1,810
AAC – Date of last payment 10/2002 – $190
Bad Credit Standings – Closed
Discover – Date of last payment 04/2002 – Account Settled for lower amount!!
My equifax report doesn't show any DOFDs for the bad accounts [How convenient]
--------------------------------------------------------------------------------
----------------TransUnion [Located under “Collections” tab of report]----------
Midland – Date assigned 11/2004 – Date of last report 04/2007 – $2,437
Midland – Date assigned 05/2005 – Date of last report 04/2007 - $1,810
AAC – Date assigned 08/2005 – Date of last report 03/2007 - $190
Crd Prt Asso [For Hollywood video] – Date assigned 04/2004 – Date of last report 06/2004 - $70
Blmngtn Acct – Date assigned 06/2003 – Date of last report 07/2003 - $200 **
** Have no clue what this is, will definitely dispute!!
---------------------------------------------------------------
Now my questions. What should I do? I haven't taken a single step of action in along time.I'm mostly concerned about the two Midland accounts, as they are collection agencies for two credit cards I had while 18. According to the Equifax report it's been quite awhile since I paid on them, should I just ignore them? Will it go away after 7 years? The Indiana SOL said 6 years. Someone once told me that I should always dispute all "bad claims" on my credit report even if they are legit.
For some of the smaller accounts, do people usually take a letter of agreement from them to "delete once paid". I do not mind to pay things, but I won't bother if it won't make them disappear.
I also have a public record due to a medical lawsuit, do those go away after 7 years as well?
I also recently was approved for a CC. Only a small LOC, and crappy set-up fees, but it's a new account in good standing. How should I use it? Use it regularly and pay off balance every month? Rarely use it and carry a balance? Little bit of both?
Message Edited by Scubasteve2365 on 05-10-2007 09:14 AM