Here I go. I think I know what I'm doing...

[TheStruggle]

Hello!

I have been trolling these boards for a month now. So much good information and support!

I decided to dive in and start  my rebuilding journey. I have a bunch of baddies and not very many goodies.

So, I sent out a flurry of GW letters, PFD letters and DV letters in the hopes of stirring things up.

I had a repo last August with Lobel Financial. I wasn't sure if it came up as a repo on my credit report but it did say it was a potentially negative item with absolutely no sign of repo anywhere. It was accompanied by a major reduction in my credit score. 

So, I sent them a GW letter asking for mercy.

I look at my Experian report today and it's only labeled as "Current/closed" and it's no longer labeled as a potentially negative item. Is the repo note gone?

I'm so confused. The payment cycle is current all the way across until Aug 2012 then its 30 days late, Sept 2012 its 60 days late and October , it's current again and closed. I don't know if I should bug Lobel anymore about taking the lates off if they might've already removed the repo! Can they undo the repo removal? lol

Also, if I had a Cap1 card that was never paid and the comments on my credit report show "Transferred to another lender or claim purchased" - how do I find out who it was sold to? I never received anything.

I sent a GW to HSBC (that was apparently bought by Cap1 - see, I told you I've been stalking this board!) but I haven't received a response. My credit report shows a comment that says: "Election of remedy - reported by subscriber" - I have no idea what that means. I settled this account for less than the full balance.

I'm sorry for all of the questions...  I'm just starting this battle. I hope to buy a house in 2015 but I know I need to clean this mess up first.

[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.

It's always possible they can make it worse sometime going forward. FICO focuses on the worst delinquency and the recentness of that delinquency which in this case is the 60. If you think there could be worse lates out there, including the repo comment, then it may be worth it to wait on this one for a bit and pull your reports frequently to look for changes. A 60-day does hurt, but not as bad as what could potentially be added.

For CapOne, I wouldn't be too eager to chase down an unreporting CA. You could call CapOne and ask. Certainly send GWs to CapOne.

The Election of Remedy comment is scored as a negative by FICO, as is a settled comment. I'd definitely GW them to remove lates and comments.