Credit in General

wayne6372 · ‎04-19-2009

I hear that someting must remain on your credit report for 7 years. This is all myth and non fact. Theres no law stating so. The Bureas want us as consumers to believe this crap. This way we give up easy in repairing our credit.Think about this as well. If you do pay a old debt as i am and send letters out to the creditors and credit agencies after it is paid. What point do they really have in keeping verifiing it and wasting time and money ? I ve seen no score increase my equifax report and have had a judement deleted, 2 collections and 20 24 inquiries remove and my score is still only a 609. I do have high credit card balances. Does anyone know if my score will increase soon from these results? I am also in the process of getting to report my child support correctly. It shows me being being late 120 day late even when i was working and paying every month. Anyone have any suggestions on this matter as well? Also for anyone seeking info on,lexington law. I have had some sucess since i signed up on Feb 18, 2009 . Judgement deleted from 2 agencies, 1 collection deleted from the 3 agencies. 1 collection deleted from 2 agencies.

llecs · ‎04-19-2009

Time limits are set by the FCRA, Sect. 605. Most baddies (except for some super high debts and tax/BK issues) must go away by 7 yrs, or in an OC's case, revert to a good account if possible to report for 3 more.

You don't get X points per baddie. Most gains will happen when your second to last or last baddie goes away. YMMV based on severity, what's reporting, etc. Inquiries are overrated. Unless your scores are high (700+), you won't see any gains with inquiry removals.

Lexington Law is a waste of time and money and is a ripoff, IMHO. Anything they can do and you pay money for, you can do for free yourself. Others posted in here of damage to their scores, increased collection activity including lawsuits, added baddies like lates that weren't reporting before, and fraud alerts after using a credit repair service.

Anonymous · ‎04-19-2009

Wayne -

You are correct that FCRA does not mandate anything to remain on your report. It only mandates the maximum time period that it is allowed to remain.

The FCRA is a consumer protection law related to the practices of creditors and CRA's in the reporting and disclosure of consumer credit profiles.

Here is a link to a thread which will provide you a FICO Simulator / Estimator in which you can judge the effects of certain conditions with your CR.

http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&thread.id=60929

medicgrrl · ‎04-19-2009

I agree with you about doing it yourself. Since March 9th I have had a BK removed from TU, Chase Auto acct removed from Exp., 3 collections removed with another set to be removed at the end of this month. I have brought my EQ score from 491 to 597 since March 23rd. This forum is awesome!! I told my sister and my friend about it. It just takes some work on our part.

EQ 778 EXP 782 TU 729

wayne6372 · ‎04-19-2009

How can I raise my scores? My scores and in the low 600's. I know one way is get my card balances down. What else may help me raise them. age? I am new to this and my oldest revolving account is 14 months. What score will

i need to get a higher balance card? My credit limits are only 375.00 , 300.00, and 250. 00. Who will give me a chance and how? When i reach the 2 year mark will that help my score?

wayne6372 · ‎04-19-2009

How fast will i see my score increase with deletions? no luck yet.

Anonymous · ‎04-19-2009

Wayne -

Go to this link:

http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&thread.id=60929

Use the FICO Simulator / Estimator to determine best outcomes for your particular CR. You can input your current CR contents, then add/delete items to see the outcome....very helpful to see what results you might expect and you can have more confidence than us on the forum taking guesses, which is all we can really do.

Anonymous · ‎04-19-2009

wayne6372 wrote:
How can I raise my scores? My scores and in the low 600's. I know one way is get my card balances down. What else may help me raise them. age? I am new to this and my oldest revolving account is 14 months. What score will
i need to get a higher balance card? My credit limits are only 375.00 , 300.00, and 250. 00. Who will give me a chance and how? When i reach the 2 year mark will that help my score?

Your CL do not affect your score. What affects your score is your utilization. If you have only 3 CC, let only 1 report a balance and keep that balance at less than 9%, but not 0%.

What negatives do you have remaining?

Anonymous · ‎04-19-2009

wayne6372 wrote:
How fast will i see my score increase with deletions? no luck yet.

If you have other negatives remaining, having some deleted may not increase your score at all.

Where are you getting your scores? Here on this website?

wayne6372 · ‎04-20-2009

i have 2 medical bills remaining on my transunion report. 1 judgement and 1 medical on my experian. On my Equifax I have 1 medical bill and 2 child support cases . my child support reports a 120 days late the whole time i was working and paying, which this is proabably hurting my score bad. i am trying to at least get taht reported correctly.