Issue with 1st Financial Bank

[OCIL]

I'm ready a lot of good information here on the forums although I'm still confused as to where to start with my journey on repairing my credit. To start, I just set up myFico in the last couple weeks and have recently opened a new credit card with Capital One. I'm running into issues with my utilization with credit cards and I have an account with 1st Financial Bank that is really hurting me.

Account was opened: Dec 2006

Status Date: May 2015 on all 3

Condition: Open

Last Activity: Oct 2011-EQ, Mar 2015-TU, NA-EX

Balance: $1,026

Account shows 2 lates on 30 and 60 day on EQ and EX and 26 lates for 90 days on EX, 27 lates for 90 days on EQ.

Worst Delinquency: 120+ days pays due-EQ, none reported-TU, Collection-EX

Remarks: Charged off account-EQ, unpaid balance charged off-Tu, and nothing on EX

-Also to add to it- Experian is reporting as a revolving account, and Equifax shows a scheduled payment of $21.

I haven't had this account since sometime in 2011 and this is hurting my utilization since it reports a balance and is open. A lot of the information seems to be different on each of the bureaus. What would you suggest I do with this account? I do have a creditor trying to collect on this account (Gurstel Chargo) but it does not show on my reports.

I would greatly appreciate any and all help

[Anonymous]

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@OCIL wrote:

I'm ready a lot of good information here on the forums although I'm still confused as to where to start with my journey on repairing my credit. To start, I just set up myFico in the last couple weeks and have recently opened a new credit card with Capital One. I'm running into issues with my utilization with credit cards and I have an account with 1st Financial Bank that is really hurting me.

Account was opened: Dec 2006

Status Date: May 2015 on all 3

Condition: Open

Last Activity: Oct 2011-EQ, Mar 2015-TU, NA-EX

Balance: $1,026

Account shows 2 lates on 30 and 60 day on EQ and EX and 26 lates for 90 days on EX, 27 lates for 90 days on EQ.

Worst Delinquency: 120+ days pays due-EQ, none reported-TU, Collection-EX

Remarks: Charged off account-EQ, unpaid balance charged off-Tu, and nothing on EX

-Also to add to it- Experian is reporting as a revolving account, and Equifax shows a scheduled payment of $21.

I haven't had this account since sometime in 2011 and this is hurting my utilization since it reports a balance and is open. A lot of the information seems to be different on each of the bureaus. What would you suggest I do with this account? I do have a creditor trying to collect on this account (Gurstel Chargo) but it does not show on my reports.

I would greatly appreciate any and all help

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Youi have two options - offer them (the OC) full payment in exchange for deleting the account, or offer the collection agent a smaller amount to settle it. Either way you need to get it settled and reporting $0 or your UTI% is never going to be good.

[OCIL]

To add to it, this is also my oldest account. I was good with them for the first couple years but ran into trouble in 2010 when the account was ultimately closed. I'm confused why this is still reporting open when I haven't had the card in 5 years.

[Pway]

Even though you does not have the credit card any longer they can still update the informaiton to the cb's.  The account is still not paid and they are updating and it is affecting your utilization.  Like Norman said he has given you the two options to get this debt paid so it can stop updating and affecting your utilization.

[OCIL]

Being my oldest account would it be best to pif and maybe gw, or just try for pfd

[RobertEG]

You do not have to request deletion of the account as your deletion request.

You can simply request deletion of reported derogs, thus retaining the account and its age.

However, they could elect to thereafter delete the entire account at any time, so you dont have control over account removal.

[Anonymous]

I would offer PFD first, but I would not quibble for long, as the CA could decide to start reporting any time, then you have an additional collection.