Rebuilding Your Credit

[ByrdMan]

Someday, take one item at a time (per post) or at least one category at a time (ie. collections, lates, PRs, etc.) You will get really good advice here.

[bott6698]

I know but well worth it. I have been on this site for almost a year now but DID NOT take any real action till this year 2008. I just kept thinking I would pay my bills on time and my score would eventually go up. Problem was I had so many collections reporting that in over 4 years of decent credit history my scores DID NOTHING!  It wasn't until I took an approach on this site and begged for help. I know my score is nothing to jump up and down about but for me this is the highest I have been in like 10 years and I can now see how I can actually have good credit soon.... To think I didn't take advantage of this site back in June 2007 when I registered is something I kick myself about.

GOOD LUCK, ALso to you Hopeless I was hopeless also and I feel myfico members have saved me!

[cristina45000]

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Myhearts wrote:

I just had a collection from 2008 from Comcast deleted and I have not seen an increase in my score and I know that it was hurting my score.

Hearts

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I also paid a collection from Comcast and it was deleted in one of my CRs but there was no increase as well.

The good thing about paying off collection is that when you try to purchase a car, house, etc. they look at your outstanding collection. If you collection that got the balance of ZERO then they will give you the loan a lot easier than they would if you still have balances in them so I was told or was implied to me in the past. Please someone correct me if I am wrong

[Myhearts]

Byrdman,

The craziest thing is, if it is not utilization then what could it be?  I have not had a late in over a year, the one that I did have was from 2006 and it was an oversight because we moved and bill got mixed up in the mail.

DH & I together have about $8k total in mixed debt, one car loan and one van loan.  They are not late and neither are the mixed debt payments.   A lot of IIB accounts have dropped off, so I am wondering if those affected me, but they are 7 yrs old.  I don't know.

Hearts

[ByrdMan]

Possible bucket change? If so, that's great news for you, b/c you will start to see an increase greater than you would have had an opportunity to enjoy with the collection on your reports.

[AllthingsthruHim]

AMEN! 

[rhonda985]

Same frustrating game going on here in the same ballpark numbers.  I close out a line of credit for 2,500 (school tuition bank loan) and my score goes down 25 points.  I open another one at another bank because we changed schools and they finance with the other bank....score doesn't budge.  I open a credit card acct because they advise more credit.  I use it on vacation....they bring me down for using it.  I have paid both of these off and no increase yet.  They sent an acknowledgement that the tuition loan was paid off but didn't increase my score.  I can't wait to see if they increase it because I paid it off.  I have been on time like you with car payments, etc. and it doesn't seem to matter to them.  The middle class forgotten again I guess.  Unfortunately, what haunts me is an 8+year old bankruptcy r/t a divorce.  But who knows....maybe God is waiting to encourage it up there when the right time comes.....like the best house for me.  Good luck to you.  I did read in the news though, that some big changes were coming in the credit score calculation methods by Fair Issac.  Sounds like it will help people like me and you who may have negative items in the past but our recent track records are good.

[AllthingsthruHim]

My two cents worth - Unless the are willing to DELETE and give it to you in WRITING...if they are OLD let the dead dogs lye....the older the account gets the less it hurts your score, paying  them off giving a better score is a falisy, when you pay that account off they can actually report new activity and you are stuck with that now paid collection (which is just as harmful as unpaid) for another 7 years.  It will stay for 7 yrs from date of LAST TRANSACTION.... something to watch out for!

Many Blessings and Good Luck, take it from me this can be a full time job...just getting things reported accurately is full time, and then craziness when trying to repair...

[AllthingsthruHim]

Got one for you, I have NO DEBT!!! and my utilization still shows 94% the credit bureaus are incredibly unbelievable and difficult to deal to get things straightened...just pray is all we can do.

Blessings

[hiitthedeckboys]

Paying off collections will not help your score in most cases but it does place them in another catagory on your file for the  new " creditor" giving you new CREDIT  to decide if they should use the reverse account against you or not...  . OF COURSE it always looks better PAID negative derrogatory even if its in NEGATIVE stats.Some companys such as COMCAST refuse to remove them until that four to seven YEAR date arrives.( Ive dealt with COMCAST myself ) even if they show PAID after collection.AND please EVERYONE check your reports for FRAUD use. This nitemare happened to myself while I was in IRAQ  - SAUDI  & just happened to my son( 21)  who is in the NAVY.The three bureaus are more than willing to HELP you if this happens to you. Dont be afraid to ask for HELP if you see a derrogatory or negative account that is NOT yours... BE ALERT on what is on your report & is it YOURS.