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Have a couple questions about removing items and old debt. Please Help!

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destinylove
Member

Have a couple questions about removing items and old debt. Please Help!

Hello, I am new to trying to rebuild and learn about credit. I have printed my husband and my credit reports and went through them with some first hand knowledge I have learned from the forums. I have a few questions that I hope someone will be able to answer. I appreciate anyone's help with answering my questions.

 

1. How do you go about removing items that have reached the 7 year mark? Are there sample letters to use to remove items? What information should be included?

 

2. I am looking for a secured credit card to help rebuild my credit. I did a search on myfico and came up with three secured credit cards. Does anyone have any suggestions for what they believe is a good secured card that reports to the bureaus and allows credit increases at least to $2500.00? I would like to be able to be on the same card with my husband also.

 

3. Has anyone done business wtih First Premier Bank, Salute Visa, or Webbank and the collection agencies Jeffersncp or Genesis? How are they with accepting PFD's? I have really late accounts with them but want to pay them off and get them deleted. Can I get a PFD for a collection?

 

4. I have seen a 50 point increse in Equifax and about 20 for TransUnion within four months without doing anyting. If I have medical bills that are four and five years old, should I just wait for them to drop off in two years? I want to buy a home in five years and I am trying to work on my credit now.

 

Any help will be greatly appreciated.

Message 1 of 3
2 REPLIES 2
newstart2010
Blogger

Re: Have a couple questions about removing items and old debt. Please Help!


@destinylove wrote:

Hello, I am new to trying to rebuild and learn about credit. I have printed my husband and my credit reports and went through them with some first hand knowledge I have learned from the forums. I have a few questions that I hope someone will be able to answer. I appreciate anyone's help with answering my questions.

 

1. How do you go about removing items that have reached the 7 year mark? Are there sample letters to use to remove items? What information should be included?  Write into the CRAs and file that the debt is past the 7 year mark and wish to have it removed.  But keep in mind, its actually 7.5 years, and its only for bad stuff.  You want to keep anything good on there.  Do this in wiriting, not over the internet or phone.  You will have better luck with it most likely.

 

2. I am looking for a secured credit card to help rebuild my credit. I did a search on myfico and came up with three secured credit cards. Does anyone have any suggestions for what they believe is a good secured card that reports to the bureaus and allows credit increases at least to $2500.00? I would like to be able to be on the same card with my husband also.  Check with some credit unions in your area.  Do you have the ability to join NFCU, USAA, or PENFED?  If so, those are fantastic organizations.  Also, GTE Credit Union.  Other than that, BofA has a secured card, but I have heard (and personally had) nothing but nightmares with that company.

 

3. Has anyone done business wtih First Premier Bank, Salute Visa, or Webbank and the collection agencies Jeffersncp or Genesis? How are they with accepting PFD's? I have really late accounts with them but want to pay them off and get them deleted. Can I get a PFD for a collection?  I just sent a PFD to First Premier and their response was to delete the account completely.  I am about to send off a GW letter to Jeffsys for an old account, I sure hope they listen.  Genesis I am not sure off.  I know of a Genesis, but they were a small firm in washington and they were lawbreakers.

 

4. I have seen a 50 point increse in Equifax and about 20 for TransUnion within four months without doing anyting. If I have medical bills that are four and five years old, should I just wait for them to drop off in two years? I want to buy a home in five years and I am trying to work on my credit now.  As you wait your old stuff will drop off and the new stuff will count more.  Your focus should always be on the most recent items, and working your way back.  Obviously we cannot tell you to not pay your bills, but an unpaid collection looks the same as a paid collection.

 

Any help will be greatly appreciated.


If you are looking to buy in the next 5 years, I would say you need to get a secured card or two.  Youdo not need a high limit right now.  Its not the limit size, its the usage and how often you pay it off.  So get a limit amount you can manage to pay off each month and leave it to that for a while.  While that history is building you need to work on each bad tradeline, doing whatever you need to to it to make it come off the report.

I live my life like I type, fast and with a lot of mistakes.
Spacebar broken. Watch for finger.

02/04/2015 || TU 08: 728 EX 08: 709 EQ 08: 748

Message 2 of 3
MarineVietVet
Moderator Emeritus

Re: Have a couple questions about removing items and old debt. Please Help!

Here is how and when derogs drop from you CR, and are thus no longer included in FICO scoring.

Monthly delinquencies under an OC account drop at 7 years from their individual date of delinquency. FCRA 605(a)(5). The date of first delinquency (DOFD) has nothing to do with these drop-off dates. They drop from their own individual dates. So look at each prior OC reported monthly derog date, and simply add 7 years.

If the OC subsequently reports their account as a charge off, that is a totally different and additional post to your CR. Their post as a charge-off will remain in your CR for 7 1/2 years from the DOFD on the OC account, which is the first 30-day delinquency you had on the account, and disregards any later 60/90+ delinquencies that followed. That is one single date-certain, and cannot be reset. FCRA 605(c).

If the OC then refers the account for collection, and a CA posts to your CR, the drop-off date of their collection reporting is the same as that of a CO. It is 7 1/2 years from the same DOFD on the OC account, and the CA cannot reset this date. Again, FCRA 605(c).

 

So it depends on what type of negative entries you have that determine whether they disappear at 7 or 7.5 years.

 

 

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work


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