Advise on how to handle a few bad items

[lnapier02]

Been working to improve my wife's credit score. Currently she is listed as the co signer on her 2010 BMW X3 with a balance of $19,500 and as the AU on two of her mothers accounts. A Sams club card that dates to 2002 with an avail. Limit of $7500, PIF every month and a Target card that dates to 1996 with an avail. of $6500 PIF every month. She just got her first CC in name in the last 2 years, had older ones but they went bad several years ago more on this later, from Cap One for $2500 that we will be using for every day items and paying down every month to show a 1%-5% balance only. 

Now I just pulled her credit score from all 3 CRA's and want to know how to handle a few items that are showing.

1. Cap One - In 2009 she had a balance of $1750 that was 180 days late and went to collections. The account was paid to the collection company in 2011 and the collection was removed completely from her report. Cap One though showed a balance being late up to 10/2012 and that is showing on her CR still. Do we send them a GW and the paperwork showing it was paid to the CA?

2. Victoria's Secret -  This is the odd one.It is showing a charged off 180 late amount of $985,it has also been listed by Assist Acceptance has a collection for the same amount. When we closed on our house on12/2011 she was not included on the mortgage but Wells Fargo went through her CR and needed a few items cleared up. This account came up only listed by the OC and we and the Underwriter at the time called and the OC said they had no record of the account at all but now it shows up. Should we do a PFD to the CA?

3. Wells Fargo Education loan -  This loan is for $4700 and goes back to 2008, it lists being transferred , as all of them have been to Nelnet, and in deferment but is listing a 180 late  on the report. No other education loan is listed late ever, she is still in deferment has she finished her masters 4 months ago. Would we send them a GW to remove the lates?

4. She has 2 small collections we had no idea about. 1. Is listed as a deposit on an apartment in 2008 for $107, and 2. Is from intuit for a business credit processing for a business we closed in 2010 for $150. Should we just do a PFD for these 2 small items?

As you can see she doesn't have any recent bad accounts but these 5 items are keeping her scores low, and I would like to raise them as fast as we can. She has also just been added as an AU to my mothers Chase Slate card that is 10 Years old and has a limit of $18500 and is PIF every month to help her out as well.

[DaBears]

---

@lnapier02 wrote:

Been working to improve my wife's credit score. Currently she is listed as the co signer on her 2010 BMW X3 with a balance of $19,500 and as the AU on two of her mothers accounts. A Sams club card that dates to 2002 with an avail. Limit of $7500, PIF every month and a Target card that dates to 1996 with an avail. of $6500 PIF every month. She just got her first CC in name in the last 2 years, had older ones but they went bad several years ago more on this later, from Cap One for $2500 that we will be using for every day items and paying down every month to show a 1%-5% balance only. 

Now I just pulled her credit score from all 3 CRA's and want to know how to handle a few items that are showing.

1. Cap One - In 2009 she had a balance of $1750 that was 180 days late and went to collections. The account was paid to the collection company in 2011 and the collection was removed completely from her report. Cap One though showed a balance being late up to 10/2012 and that is showing on her CR still. Do we send them a GW and the paperwork showing it was paid to the CA? I would send a direct dispute letter to Cap One along with any supporting docs you have. 

2. Victoria's Secret -  This is the odd one.It is showing a charged off 180 late amount of $985,it has also been listed by Assist Acceptance has a collection for the same amount. When we closed on our house on12/2011 she was not included on the mortgage but Wells Fargo went through her CR and needed a few items cleared up. This account came up only listed by the OC and we and the Underwriter at the time called and the OC said they had no record of the account at all but now it shows up. Should we do a PFD to the CA? What is your states SOL? 

3. Wells Fargo Education loan -  This loan is for $4700 and goes back to 2008, it lists being transferred , as all of them have been to Nelnet, and in deferment but is listing a 180 late  on the report. No other education loan is listed late ever, she is still in deferment has she finished her masters 4 months ago. Would we send them a GW to remove the lates? Send  GW 

4. She has 2 small collections we had no idea about. 1. Is listed as a deposit on an apartment in 2008 for $107, and 2. Is from intuit for a business credit processing for a business we closed in 2010 for $150. Should we just do a PFD for these 2 small items? If its past the SOL in your state you could offer a PFD if declinded than PIF then GW letters for removal

As you can see she doesn't have any recent bad accounts but these 5 items are keeping her scores low, and I would like to raise them as fast as we can. She has also just been added as an AU to my mothers Chase Slate card that is 10 Years old and has a limit of $18500 and is PIF every month to help her out as well.

---

Never keep cards all at a $0 bal. Keep all at $0 but one between 1-9% util the you can rotate the cards every month. Fico like to see Util on cards.

Community Leader, 

DaBears

[guiness56]

---

@lnapier02 wrote:

Been working to improve my wife's credit score. Currently she is listed as the co signer on her 2010 BMW X3 with a balance of $19,500 and as the AU on two of her mothers accounts. A Sams club card that dates to 2002 with an avail. Limit of $7500, PIF every month and a Target card that dates to 1996 with an avail. of $6500 PIF every month. She just got her first CC in name in the last 2 years, had older ones but they went bad several years ago more on this later, from Cap One for $2500 that we will be using for every day items and paying down every month to show a 1%-5% balance only. 

Now I just pulled her credit score from all 3 CRA's and want to know how to handle a few items that are showing.

1. Cap One - In 2009 she had a balance of $1750 that was 180 days late and went to collections. The account was paid to the collection company in 2011 and the collection was removed completely from her report. Cap One though showed a balance being late up to 10/2012 and that is showing on her CR still. Do we send them a GW and the paperwork showing it was paid to the CA?  You can so it will show a 0 balance.  If it hasn't updated since 10/2012 her score will probably drop when it is updated.  It will show a new current date and make it look like a new paid collections.

2. Victoria's Secret -  This is the odd one.It is showing a charged off 180 late amount of $985,it has also been listed by Assist Acceptance has a collection for the same amount. When we closed on our house on12/2011 she was not included on the mortgage but Wells Fargo went through her CR and needed a few items cleared up. This account came up only listed by the OC and we and the Underwriter at the time called and the OC said they had no record of the account at all but now it shows up. Should we do a PFD to the CA?  Yes, send the PFD.

3. Wells Fargo Education loan -  This loan is for $4700 and goes back to 2008, it lists being transferred , as all of them have been to Nelnet, and in deferment but is listing a 180 late  on the report. No other education loan is listed late ever, she is still in deferment has she finished her masters 4 months ago. Would we send them a GW to remove the lates? If she was in deferment they cannot list lates.  I would call and talk to them or the ombudsman to have it corrected.

4. She has 2 small collections we had no idea about. 1. Is listed as a deposit on an apartment in 2008 for $107, and 2. Is from intuit for a business credit processing for a business we closed in 2010 for $150. Should we just do a PFD for these 2 small items? Yes, PFDs.

As you can see she doesn't have any recent bad accounts but these 5 items are keeping her scores low, and I would like to raise them as fast as we can. She has also just been added as an AU to my mothers Chase Slate card that is 10 Years old and has a limit of $18500 and is PIF every month to help her out as well.

---

[lnapier02]

Thanks for the advise...

I know its not good to show all cards at a $0 so her new Cap One card will report a 1%-9% balance every month, also I noticed that I forgot to list that the VS account goes back to 2008 but the CA showed in 2012.

I live in AZ and I'm not sure on the SOL, I looked at the link listed here but is it a written contract so 6 years or open contract Credit Card inc. so 3 years?

[guiness56]

CC debt would be 3 years.

The VS collection only shows 2012 because that is when the CA acquired the debt.  The same DoFD still applies.

[lnapier02]

So since its past its SOL I can go ahead with a PFD first and as a last resort a PIF and a GW?

[guiness56]

Yes.

[lnapier02]

Thank you for the advise