Reply
New Member
Posts: 1
Registered: ‎10-13-2010
0

Credit Repair Question

[ Edited ]

OK.  I'm looking for help and I figured I'd try here.  I'm 28 and I have a few issues with credit.  According to my Experian report, I have 3 negative items.  2 of them are from the same object, one was a silly mistake.  I need some advice:

 

Negative Items:

 

- Secured Credit Card - I paid 5/3rd bank 300 dollars for a 300 dollar credit limit card.  I ended up spending near 300 and kind of left it alone (Stupid).  They added fees, said I had a high balance of 527.00 lowered it to 336 and sold it to Asset Acceptance.  I didn't get my 300 deposit back.  - Credit Report Date Opened - 6/1/2005

 

- Asset Acceptance - This is from the original 5/3rd bank card, they say I owe them 527.00 and have sent me various offers to settle, but from what I have read, I have no real incentive to pay them back, it won't really help my score. - Credit Report Date Opened 12/1/2007

 

- School Loan - I left to work overseas for 6 months in late 2009/early 2010 and set up consolidation for my school loan, I found out later one hadn't been consolidated, it eventually was 120 days past due, I did consolidate it and now it's current.

 

Positive Items:

 

- My dad has a credit card which was in my name listed on my report, it gets paid on time and has a 16k balance.

- I have my own credit card with a 5k balance which I've had for over 2 years and never been late on.

- I have 30k in school loans which I pay on time except for the single instance mentioned above (3 separate accounts)

 

Bottom line is my score is around a 640, but with the negative items listed, I can't really get any kind of decent financing, my credit card has high interest.  I understand I messed up, but honestly, the 2 items from 5/3rd bank don't make me feel too guilty.  I gave them 300, I spent around 300, they just tacked on fees because I was silly.  I was recommended to try a pay for delete letter, but the negative items drop off in 2012 and 2014 respectively, and I'm scared of starting the clock over on the debts.  Any tips?

 

Update:  

 

- Why is the dropoff date different for the 5/3rd debt and the collections debt that ensues, shouldn't it be all the same?

- The original debt was in Kentucky, I live in Texas, the Collector is in Michigan, 5/3rd is in Ohio, which statute of limitations is the correct one?

Epic Contributor
Posts: 20,269
Registered: ‎03-19-2007
0

Re: Credit Repair Question

My positive is that the creditors were correct in their actio\ns. 

My comments to your are that I will

 "kind of left it alone"

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.