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I'm new to all this...

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Ambular1304
Contributor

I'm new to all this...

Hi, everyone!

Long Story Sorry in advance

I have been lurking around here for a couple of days now and decided to pull the trigger so to speak. My first experience with credit and how to handle it was pretty awful. I got a credit card or two and decided I wasn't going to pay the bill (dumb I know!!) Any who I was able to get some student loans (no more than 6,000) I dropped out of school, worked crappy botton of the bottom jobs, got knocked up had some major medical bills, etc etc etc. Awhile back I had come to terms that I just would never have good credit again. I was only going to spend with what I had in the bank or on hand. Done End of story.

But I wanted to go back to school and make my life straight and finally grow up to be a responsible adult so my own children wouldn't do things the way I did things. First I just started with my federal student loans and slowly and painfully just stuck with the pay back plan.  Well now I actually have an awesome career and make close to 50,000 a year and have health insurane and what not.  I recently had some dental work done and my dentist told me about the smile generation financing (I'm thinking, right I wont get approved for nothing!) Well boy was I wrong!! I was approved for 2,000! Sweet Ill take it. I then got around to researching smile generation and my credit score and OMG my score had gone from 500 to over 620!! I guess it pays to pay back!  So I noticed that VS credit card was the same company and thought what the heck...well I was approved for 250.00 woot woot!! Man this is just getting better! So I decided to really test my luck and apply for a cap 1 card and bam approved for 300.00 (by the way cap 1 was my very first card yikes) Then I found this site and now Im kind of confused....I thought have too many credit cards was a bad thing, how do so many users have so many cards and high limits? What type of monthly payment would one have to set up to make sure you are following the rules of low balances and uti?? How long until things start showing up on my credit report?? Can I pay someone to read my credit report and help me find the right course of action to remove things or pay off old collections?? I am completely new to al of this and Im kinda obessed!! Thanks for reading my story...I want to have a kick ass credit score and want to do things right this time!! 

 

Sorry for any typos...I'm at work

Message 1 of 9
8 REPLIES 8
eric19k
Established Contributor

Re: I'm new to all this...

Welcome and hello. You will find a lot of useful information here but you need to be willing to learn things. You also have to work hard yourself to get perfect credit profile.
First thing to do is to pull 3 credit reports. It is free www.annualcreditreport.com
Locate negatives such as lates, collections etc
Search information on how to remove negatives for particular tradeline.

Remember that it takes time and effort to get nice credit profile.
TU Scores:
May 2014- 466
July 2014- 537
September 2014- 602
Goal Scores- 720 by March 2014
Message 2 of 9
Anonymous
Not applicable

Re: I'm new to all this...

Welcome!

Just remember that things are going to get better from here on out

Message 3 of 9
Ambular1304
Contributor

Re: I'm new to all this...

Thanks, I just took a look at everything and I was able to get my scores so TransUnion is 626 / Experian is 566 / Equifax is 673

I do have negative accounts I just don't know how to go about fixing them, they say they are closed. And I have some accounts in collections and one I'm going to pay right away (is that the right thing to do?) Do I pay them? Do I just "ignore" wait for them to drop off? Im confused, excited, and a little scared!

Message 4 of 9
eric19k
Established Contributor

Re: I'm new to all this...

1. Get information on SOL in your state
2. Choose collection and post information in new topic. Post CA name, date of first deliquency, what collection is for
3. Search forum for successful deletion stories
By the way your scores are not too bad for start.
TU Scores:
May 2014- 466
July 2014- 537
September 2014- 602
Goal Scores- 720 by March 2014
Message 5 of 9
BluePoodle
Valued Contributor

Re: I'm new to all this...


@Ambular1304 wrote:

Thanks, I just took a look at everything and I was able to get my scores so TransUnion is 626 / Experian is 566 / Equifax is 673

I do have negative accounts I just don't know how to go about fixing them, they say they are closed. And I have some accounts in collections and one I'm going to pay right away (is that the right thing to do?) Do I pay them? Do I just "ignore" wait for them to drop off? Im confused, excited, and a little scared!


Welcome to the Forum!  Before you do anything, I would suggest you organize. Make a list of all the negative things of all 3 reports and then figure out if that item is reported on just 1, 2 or all 3 reports.

 

You have options:  

For items that you still owe on, you can request a PFD. Pay for Deletion. That means you get a signed letter stating that if you pay, they delete. Sometimes you can negotiate a percentage of what you owe, but obviously 100% is more effective.

 

You also need to look at the Date of Delequency for every item. Most items will be deleted from your report within 7 years, regardless of if they are paid or not.

 

Next, what items are paid but shown as negative. This could be 30, 60, 90 days or longer late pays. It could be paid collestions, paid state or federal tax liens.  Depending on what they are, you could try sending a GW (GoodWill) letter. There are many examples here on the forum. You basically send a letter to the EO (Executive Officer) explaing that you have paid the account and asking for their goodwill of deleting it from your cr.  Sometimes people will explain that they are sorry, or buying a house or whatever. But either way, it may take make letters before you finally get someone who will agree to delete.

 

This is just a starting point for you. Learn to search the forum to seek out similar companies that you have on your report. Post questions and learn from others who have had similar experiences as you. 

 

Good Luck, it sounds like you are on your way....

Oh, btw. You have gotten some good starting card. I would not apply for anything else for a while until you let those accounts mature, you need to show good history of paying on time, not maxing out your cards, etc.

CapOne $7500 | Discover $8500 | Amex ED $25K | Barclay SM $5700 | Chase Disney $500 | Chase Slate $5K | Target $3K | Hilton Amex $2K
Gardening Since 4/3/2017
Message 6 of 9
Ambular1304
Contributor

Re: I'm new to all this...

Wow! Thanks for the help!! I cant wait to get all of this going!!!

Message 7 of 9
elim
Senior Contributor

Re: I'm new to all this...

IMPORTANT*  when you pull each report from anualcreditreport.com.. you have to save them as .pdf or print them while they are open. once you close the window on some of them they are gone until you purchase them or wait another year. i think the best way is "view printer version" then "save as .pdf" then you can print them anytime and also have them on your electronic device. i really cant remember so look around there and figure it out, i did. my gf pulled hers and had 0 reports the next day. but she isn't the greatest at these things.

 

don't stress over what you find on your reports. do your rebuild without negative emotion. just keep truckin' happily along Smiley Happy

welcome and good luck

Message 8 of 9
eric19k
Established Contributor

Re: I'm new to all this...

+1!
TU Scores:
May 2014- 466
July 2014- 537
September 2014- 602
Goal Scores- 720 by March 2014
Message 9 of 9
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