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Credit Repair Question

New Member

Credit Repair Question

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?

Message 1 of 2
1 REPLY
Community Leader
Epic Contributor

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"

Message 2 of 2