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Equifax Negative Information, how do I decipher this?

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Anonymous
Not applicable

Equifax Negative Information, how do I decipher this?

First of all this is my new post so please go easy on me. 

 

Before I get into it, I would like to mention that my long term goal here is to establish a proper credit score that I could be proud of someday. I never knew how important credit could be, though, my intentions for a higher score may be different from others, but ultimately we are all heading towards the same direction. I look forward to reading more threads here.

 

Here's my current situation:

  • Recently came back to the states from a hectic and speedy departure from Asia which caused me to completely forgot about my one and only credit card.
  • Tried to apply for a Charles Schwab account, was declined due to a deliquency, which lead me to pulling my credit report.
  • Realized that my CC account was over the utilization limit and late a few months.
  • Paid off the one and only debt of 2,800 [2,000 CL] at a local Wells Fargo branch in cash.
  • Started lurking here to see what I can do to improve my credit score which is around 570 I believe :[
  • A non-American friend of my intrigued me by having a miles reward card that I never would have thought about.
  • I then opened two secured accounts one with CitiBank [my primary banker] and Capital One
  • I've set them both on autopay

My hopes are to:

  • Have a high enough credit score in order to apply for some higher end no international fee travel cards such as a Citi Prestige card [ Since I will be leaving abroad primarily]
  • Be able to travel more and utilize the miles I'll be accumulating.

My current road block though are these Negative accounts on my report. 

 

http://i63.tinypic.com/xdf1xx.png

 

What I don't understand is:

  • Why do I have "accounts" that in actuality have been paid in full be represented negatively against me?
  • Next to Acct Status for Navy Federal CU it clearly indicates that it's been "Pays as agreed," could I dispute this and the other blanks associated with the VA ? 
  • Since I paid WF in cash, once again why is it being portrayed negatively and specifically why is it listed as "charged off" shouldn't it be listed as "Paid as agreed?" 
  • I feel like I have proper grounds to dispute, but do I? Am I overlooking something here? 

Sorry for the lengthy reply, if I broke any rules please go ahead and delete my post. Either way, thanks for reading, I look forward to your responses and joining you all on establishing our credit scores.

Message 1 of 2
1 REPLY 1
silkysean
Regular Contributor

Re: Equifax Negative Information, how do I decipher this?


@Anonymous wrote:

First of all this is my new post so please go easy on me. 

 

Before I get into it, I would like to mention that my long term goal here is to establish a proper credit score that I could be proud of someday. I never knew how important credit could be, though, my intentions for a higher score may be different from others, but ultimately we are all heading towards the same direction. I look forward to reading more threads here.

 

Here's my current situation:

  • Recently came back to the states from a hectic and speedy departure from Asia which caused me to completely forgot about my one and only credit card.
  • Tried to apply for a Charles Schwab account, was declined due to a deliquency, which lead me to pulling my credit report.
  • Realized that my CC account was over the utilization limit and late a few months.
  • Paid off the one and only debt of 2,800 [2,000 CL] at a local Wells Fargo branch in cash.
  • Started lurking here to see what I can do to improve my credit score which is around 570 I believe :[
  • A non-American friend of my intrigued me by having a miles reward card that I never would have thought about.
  • I then opened two secured accounts one with CitiBank [my primary banker] and Capital One
  • I've set them both on autopay

My hopes are to:

  • Have a high enough credit score in order to apply for some higher end no international fee travel cards such as a Citi Prestige card [ Since I will be leaving abroad primarily]
  • Be able to travel more and utilize the miles I'll be accumulating.

My current road block though are these Negative accounts on my report. 

 

http://i63.tinypic.com/xdf1xx.png

 

What I don't understand is:

  • Why do I have "accounts" that in actuality have been paid in full be represented negatively against me?
  • Next to Acct Status for Navy Federal CU it clearly indicates that it's been "Pays as agreed," could I dispute this and the other blanks associated with the VA ? 
  • Since I paid WF in cash, once again why is it being portrayed negatively and specifically why is it listed as "charged off" shouldn't it be listed as "Paid as agreed?" 
  • I feel like I have proper grounds to dispute, but do I? Am I overlooking something here? 

Sorry for the lengthy reply, if I broke any rules please go ahead and delete my post. Either way, thanks for reading, I look forward to your responses and joining you all on establishing our credit scores.


Simply put you can't dispute accurate information.You were late making payments.Anytime you are late making payments it still will say" payed as agreed" but will mark the lates in your file.Now however if you were only late onetime you probably could have asked for forbearance/goodwill  but sounds like you were late multiple times and once that happens Creditor will then typically give you a chance then after awhile either close it or send to collections.Sounds like they closed Wells didn't get paid for a couple months and tried to mail you etc.. And decided you were not going to pay and charged off debt.Still I would atleast try to prove and explain your situation to Wells at this point it doesn't hurt.So the multiple  late payments are and will hold your scores down.And paid as agreed is always great but also look next to remarks on your payment history and remember any late payments will hurt you so always pay on time.Now if you kno you paid on time and can provide proof with original creditor than that's grounds for dispute.Also if and when you dispute they will correct mistake if it's one and put paid  charge off /collection but it won't change the history of multiple late payments.You will go positive in 7 years from date it was first late and if only late 2 years after late payments don't have as much of an affect on score but still is on file.Continue your rebuilding journey and stay positive from here on out 

Message 2 of 2
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