Rebuilding Your Credit

[greenpang]

So I've been working on getting a 2007 C/O with HSBC/BestBuy deleted.

I've had several phone calls with a woman in the Executive Resolutions department, developed a friendly relationship with her, and connect directly to her when I call.

I initially called her and explained the circumstances surrounding this past baddie, and she responded positively, with understanding and sympathy. She looked into my account and informed me that it had been sold to Sherman, so I'd have to speak with them instead.

I talked to the people at Sherman/Resurgent/LVNV, they looked up my account and verified I had settled it in full with them back in 2007/2008. They also informed me that LVNV had deleted the account from my credit reports in May 2011. (I do remember previously seeing a LVNV baddie on there a few years ago that's now gone.) But it's still listed as a derogatory account with HSBC/BestBuy. The people at Sherman/Resurgent/LVNV said I'd have to speak with HSBC about their removal of the credit line, since they are the creditor currently reporting as derogatory.

So I went back to my girl at Executive Resolutions and explained all of this. She put me on hold for a bit and came back with the apologetic news that there is nothing she can do at this time because they are not currently honoring any GW requests. I tried to GW her further at that point (this was an irresponsible mistake from my college days, now I am a responsible adult and have great credit for 4+ years, loyal customer with Capital One, Sherman already deleted this on their end, etc.) but was unsuccessful.

She said she's sorry she doesn't have better news at this time but that this may not always be the case and I am always welcome to try again later, as they may honor GW deletion requests in the future. I asked her whether she had any ideas on when that would be, and she said not to quote her on it, but maybe a month or two.

What's that about? Are there really fluctuating periods of no-GW and yes-GW? Or is this just a mechanism to make it more of a process and test my persistence?

Any recommendations on how to get this situation to budge? It seems very close... I have a positive relationship with this woman in the highest department that makes these decisions, and she speaks to me like she's on my side. Any missing piece to help turn this close GW attempt into a success?

Thanks in advance!

[Jutz]

I think that the biggest issue at play is that Cap1 is working overtime trying to keep their HSBC accounts organized.  They probably have a freeze on any changes to them that aren't event driven, in an effort to keep things straight, and not exert more man hours fixing things that don't need to be fixed.  You may want to "create" an event driven decision, like a BBB complaint, or the like.

[greenpang]

Thanks for the advice. But what kind of complaint to the BBB would work in this situation?

[Jutz]

Heck if I know

I just don't recommend frivolous CRA disputes for the purpose of getting something deleted.  I think BBB at least gives you a gray area to work with that might push the creditor to comply with your request for an easy BBB positive resolution.  It's obviously 100% consumer driven, but an OC has more to lose from a negative BBB listing.  I would use the HSBC confusion and difficulty in talking with someone who is truly informed about YOUR account as my reasoning for escalation.

Full disclosure:  I just filed my first BBB complaint ever this morning with Verizon, so I really don't know how these turn out.

[Shogun]

+1 on stopping the frivolous disputes.  Take a good look at your account and the way you and HSBC/Cap1 have handled it.  Is anything hinky?  Out of the norm, not quite right.  In essence is there anything wrong with the way it's been reported?  If so, then you would have reason to file a complaint with the BBB, FTC, or the state AG.  I've had 2 of my accounts that have fallen into these categories.  

[Jutz]

Agreed, a transfer from one financial giant to another is rarely neat and tidy.