**HELP**Need advice on how best to improve current status!

[Anonymous]

Hey all, I am seeking some direction from some individuals that have alot more experience in increasing/improving credit score than I currently have. Seeing as though I just turned 28, I could definitely use some advice from some older people that have been through what I am currently going through. A quick rundown of where I currently am in my credit scores:

Equifax: 556

Transunion:580

Experian:605

As far as negative accounts are concerned I have the following:

1. Sallie Mae- two pmts 30 days late

2. Another Student Loan- 60 days late

3. 3 ACS Student Loans- 60 days late

4.US Dept of Education: 90 day late pmt

5.Amarillo National Bank car loan- 30 day late pmt

6. Capital One CC- 60 day late pmt. Paid off and closed account.

I also have one item titled "Collection" on my report from Sprint. I settled for less than what I owed them. It states that it is set to fall off my record January 2017.

I recently got a free credit report and disputed all of the above negative accounts concerning late payments due to the fact that these payments were supposed to be auto-drafted from my bank account and were not. I disputed them only with Experian through their online dispute form.

Also, I have two credit cards. An Orchard Bank CC as well as a CreditOne CC. The Orchard Bank has a limit of $300 and my current balance on it is 0.00. I have had this card for almost a year. The CreditOne CC is about a month old with $400 CL and I keep a zero balance on it as well.

My question is this: What steps can I take to get my credit back on track? I have already set up all of my SL pmts to be auto-drafted from my bank account each month. Should I get another one or two credit cards? Also, is there anything I can do i.e. GW letter to the SL's to take the late pmt's off of my credit report? I also want to add that I greatly appreciate any and all advice and answers concerning my current situation. Thank you in advance for your help!

[llecs]

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

Unless your scores came from the same source and that source is a lender, then the scores you have aren't FICO scores. As of 3 years ago, EX blocked access to your EX FICO. You cannot buy it from anywhere, though there are lenders and a couple CUs out there who will provide it for you.I mention this because your FICO scores could be higher.

For #s 1-6, send GW letters. Do not send a GW if the lates are about to drop (7 yrs they stay). Also, don't bother with a GW for #1 or #5 if that 30 day was later than 2 years ago.

Send a GW for the CA.

Avoid disputing. It makes it harder to get them removed if verified.

[Anonymous]

Awesome!! I appreciate your response!! Do you recommend sending the disputes online or via certified mail?

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@llecs wrote:

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

Unless your scores came from the same source and that source is a lender, then the scores you have aren't FICO scores. As of 3 years ago, EX blocked access to your EX FICO. You cannot buy it from anywhere, though there are lenders and a couple CUs out there who will provide it for you.I mention this because your FICO scores could be higher.

For #s 1-6, send GW letters. Do not send a GW if the lates are about to drop (7 yrs they stay). Also, don't bother with a GW for #1 or #5 if that 30 day was later than 2 years ago.

Send a GW for the CA.

Avoid disputing. It makes it harder to get them removed if verified.

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[llecs]

Neither. I don't recommend ever disputing, even if reporting inaccurately. There are other steps you can take to get it safely and quickly removed.

Bad things can happen and it'll make it harder to get removed if verified in a dispute. OCs/CAs are certainly not receptive to a GW or PFD request if disputed.

[Anonymous]

So am I screwed since I have already disputed the late payments? And seeing as though I have disputed them what are my steps going forward? I have already noted the contact information for the student loan companies and am prepared to draft some GW letters if that will help at all.

[Anonymous]

All due respect to the MOD, I disagree.  If someone randomly asks for money why agree just because their word is that they will delete it from your CR.  I think a prudent person would invoke their rights and make requests to validate and confirm they have the right to collect the debts along with proper documentation.  I do however agree, that once disputed it makes it more difficult to obtain GW, but I have had success after dipsute with PFD and GW.  I disputed first so have no way to form an opinion about how much easier it would have been if I'd tried before dipsute, but you are far from screwed!!  Just research and read, there are tons of great opinions in the forums.

[Anonymous]

Great I appreciate the insight! However, PFD for my student loans is highly unlikely considering they are hovering at around 100k! So following your remarks and the Mod's remarks, should I go ahead and send GW letters since I have as stated disputed?? I am literally waiting for an answer! I have typed up GW letters for all the above listed companies and am ready to send. I'm going to wait a bit until I can gather more opinions/points of view on what I should do!!

[thankfulheart]

IME, you can GW SLs all you like, but they aren't going to do anything about it unless you have proof of error on their part. It's government and hard and fast rules. Have you looked into the new consolidation program?  That might help you centralize everything; making a single payment is easier to keep track of. Also, if they are older 30s and 60s, they probably aren't dinging your score all that much.

[llecs]

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@Anonymous wrote:

All due respect to the MOD, I disagree.  If someone randomly asks for money why agree just because their word is that they will delete it from your CR.  I think a prudent person would invoke their rights and make requests to validate and confirm they have the right to collect the debts along with proper documentation.  I do however agree, that once disputed it makes it more difficult to obtain GW, but I have had success after dipsute with PFD and GW.  I disputed first so have no way to form an opinion about how much easier it would have been if I'd tried before dipsute, but you are far from screwed!!  Just research and read, there are tons of great opinions in the forums.

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I'm not saying accept it. If I felt there is an incorrect payment history, like in the SLs mentioned above, I'd fight it. But I wouldn't fight it via a dispute. If OP's $$$$ wasn't withdrawn for whatever reason, then the SL is laying the claim that it wasn't paid on time. It's the SL that is saying it wasn't paid as opposed to the CRA. The CRA only reports what is reported to them. Disputing a late will not get it removed if that late is firmly entrenched in the SL's computers. The CRA needs to be removed from the process.

The best route to go is to communicate with the OC as opposed to the CRA. You can do so via a direct dispute. I'd personally would send a GW first. In my GW I would include a mention arguing my case and ask for a favor from them in removing the late. I'd show proof via bank statement copies that they never bothered to withdraw $$$ and therefore a late shouldn't be reported. If after a couple attempts, then I'd pursue the direct dispute process with the OC directly. 

[Anonymous]

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@thankfulheart wrote:

IME, you can GW SLs all you like, but they aren't going to do anything about it unless you have proof of error on their part. It's government and hard and fast rules. Have you looked into the new consolidation program?  That might help you centralize everything; making a single payment is easier to keep track of. Also, if they are older 30s and 60s, they probably aren't dinging your score all that much.

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I actually have consolidated all of my federal loans as of about 8 months ago. However, I do have a couple of private loans with Sallie Mae that were not able to be consolidated as a result of the Federal restriction of not consolidating private loans alongside nonprivate loans. Also, I am assuming that this is the program you are referring to correct?