I am very new here, so I apoligize if this has been asked a hundred times, or you have heard the story a thusand more, but I tried finding a topic that was similar to mine and couldn't.
So I will start with my current situation. I am 25 years old and have a decent paying full time job for over 4 years with the same company, but have terrible credit from when I was younger. I travel a lot for work and my car is now up to 269,xxx miles. Well everything is going wrong in it now and since I got the car from my dad, he was going to get a new car and let me buy the one he has now, which would be great for traveling and he is giving me a killer deal of 4,000 off what it's worth. So I went to the bank to get a small loan and was denied due to outstanding debts with collections. I didn't even know about 2/3 the one I swore I paid back in 2010 and remember paying it, but there it is still. The other is an electric bill from when I moved, but I didn't know it had an outstanding balance and was never sent anything. Nothing I can do about it now anyways.
Anyways, the bank told me to pay off all 3 accounts and get a co signer(my dad said he might) and they would look back into it. The problem I am having is if I spend the $1,700 and pay off all these accounts they are still going to be on my account for another 7 years after today. They are all over 5 years old and in two years will be gone. I know you can send letters and try and get them to take it off, but that takes months. I have until the middle January to get the loan.
I just do not know what to do. Paying the $1,700 is no problem to me, I can do that in a few weeks. I just do not want to screw myself even more. If I had known about these two other accounts each are like $250 I would have just paid the dang things off, but I never had any phone calls, letters... anything. Which maybe is my fault since I moved 4x that year and had to switch my number due to personal issues. The 3rd account is from an ex who opened a checking account with a different bank and racked it up in over drafts to over $1,000. This account has been closed and they wrote it off. I tried to pay it off many times in the past, but they told me it was too late, yet my bank now is saying it needs to be paid off to even be considered again.
Any advice would be great. I am sorry if this doesn't even make sense. I am still trying to process it all myself 
@Anonymous wrote:I am very new here, so I apoligize if this has been asked a hundred times, or you have heard the story a thusand more, but I tried finding a topic that was similar to mine and couldn't.
So I will start with my current situation. I am 25 years old and have a decent paying full time job for over 4 years with the same company, but have terrible credit from when I was younger. I travel a lot for work and my car is now up to 269,xxx miles. Well everything is going wrong in it now and since I got the car from my dad, he was going to get a new car and let me buy the one he has now, which would be great for traveling and he is giving me a killer deal of 4,000 off what it's worth. So I went to the bank to get a small loan and was denied due to outstanding debts with collections. I didn't even know about 2/3 the one I swore I paid back in 2010 and remember paying it, but there it is still. The other is an electric bill from when I moved, but I didn't know it had an outstanding balance and was never sent anything. Nothing I can do about it now anyways.
Anyways, the bank told me to pay off all 3 accounts and get a co signer(my dad said he might) and they would look back into it. The problem I am having is if I spend the $1,700 and pay off all these accounts they are still going to be on my account for another 7 years after today. They are all over 5 years old and in two years will be gone. I know you can send letters and try and get them to take it off, but that takes months. I have until the middle January to get the loan.
I just do not know what to do. Paying the $1,700 is no problem to me, I can do that in a few weeks. I just do not want to screw myself even more. If I had known about these two other accounts each are like $250 I would have just paid the dang things off, but I never had any phone calls, letters... anything. Which maybe is my fault since I moved 4x that year and had to switch my number due to personal issues. The 3rd account is from an ex who opened a checking account with a different bank and racked it up in over drafts to over $1,000. This account has been closed and they wrote it off. I tried to pay it off many times in the past, but they told me it was too late, yet my bank now is saying it needs to be paid off to even be considered again.
Any advice would be great. I am sorry if this doesn't even make sense. I am still trying to process it all myself
They will be gone in two years even if you pay them. Paying them does not reset anything. You also have the option to ask for them to be deleted if you pay them - the creditor may or may not agree to do that.
I would consider claiming ID Theft for the bank account. That sounds like what happened. If she opened the account without your knowledge or consent then thats ID Theft. Look up FCRA 605B and read it to see what you can do there.
^^^Sorry I do not know how to quote someone on here.
I had no idea that if I paid it, it wouldn't start over. That is amazing news! Someone told me just to ignore it because I wasn't planning on buying a house, had a new car, wasn't planning on any big purchases to worry about my credit and it would fall off. Well when I became 23 and traveling all over I realized a credit card would be handy and then was told if I paid on that stuff it would be another 7 years(which I would need a car at this point). So I decided to just wait, dang my car for not lasting longer
I tried to file a police report and everything over that account. Sadly he had access to my social secuirity card, drivers license and proof of address as we lived together. I gave up on that years ago and just want to pay the thing and get it behind me, just it isn't easy even just trying to pay it. 
@Anonymous wrote:^^^Sorry I do not know how to quote someone on here.
I had no idea that if I paid it, it wouldn't start over. That is amazing news! Someone told me just to ignore it because I wasn't planning on buying a house, had a new car, wasn't planning on any big purchases to worry about my credit and it would fall off. Well when I became 23 and traveling all over I realized a credit card would be handy and then was told if I paid on that stuff it would be another 7 years(which I would need a car at this point). So I decided to just wait, dang my car for not lasting longer
I tried to file a police report and everything over that account. Sadly he had access to my social secuirity card, drivers license and proof of address as we lived together. I gave up on that years ago and just want to pay the thing and get it behind me, just it isn't easy even just trying to pay it.
Doesn't matter if he had access to that stuff - he did NOT have the authority to use that information or the permission. All you need is a report asserting ID Theft. There does not need to be any prosecution or even a viable suspect - just the report of the occurrence.
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:^^^Sorry I do not know how to quote someone on here.
I had no idea that if I paid it, it wouldn't start over. That is amazing news! Someone told me just to ignore it because I wasn't planning on buying a house, had a new car, wasn't planning on any big purchases to worry about my credit and it would fall off. Well when I became 23 and traveling all over I realized a credit card would be handy and then was told if I paid on that stuff it would be another 7 years(which I would need a car at this point). So I decided to just wait, dang my car for not lasting longer
I tried to file a police report and everything over that account. Sadly he had access to my social secuirity card, drivers license and proof of address as we lived together. I gave up on that years ago and just want to pay the thing and get it behind me, just it isn't easy even just trying to pay it.
Doesn't matter if he had access to that stuff - he did NOT have the authority to use that information or the permission. All you need is a report asserting ID Theft. There does not need to be any prosecution or even a viable suspect - just the report of the occurrence.
Doesn't matter if he had access to that stuff - he did NOT have the authority to use that information or the permission. All you need is a report asserting ID Theft. There does not need to be any prosecution or even a viable suspect - just the report of the occurrence.
I will have to do that then. Any advice with dealing with the other two? What are the odds of them removing it from my reports after 5.5 years if I pay in full? One is a medical ambulance bill and the other is with ERC for an electric bill.
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:^^^Sorry I do not know how to quote someone on here.
I had no idea that if I paid it, it wouldn't start over. That is amazing news! Someone told me just to ignore it because I wasn't planning on buying a house, had a new car, wasn't planning on any big purchases to worry about my credit and it would fall off. Well when I became 23 and traveling all over I realized a credit card would be handy and then was told if I paid on that stuff it would be another 7 years(which I would need a car at this point). So I decided to just wait, dang my car for not lasting longer
I tried to file a police report and everything over that account. Sadly he had access to my social secuirity card, drivers license and proof of address as we lived together. I gave up on that years ago and just want to pay the thing and get it behind me, just it isn't easy even just trying to pay it.
Doesn't matter if he had access to that stuff - he did NOT have the authority to use that information or the permission. All you need is a report asserting ID Theft. There does not need to be any prosecution or even a viable suspect - just the report of the occurrence.
Doesn't matter if he had access to that stuff - he did NOT have the authority to use that information or the permission. All you need is a report asserting ID Theft. There does not need to be any prosecution or even a viable suspect - just the report of the occurrence.
I will have to do that then. Any advice with dealing with the other two? What are the odds of them removing it from my reports after 5.5 years if I pay in full? One is a medical ambulance bill and the other is with ERC for an electric bill.
I've heard ERC is fairly easy to work with (at least recently), medical bills sometimes are easy, sometimes not, just depends on the collector. Its the most recent item that is likely hurting scores the most. The ones 5+ years old are not doing a lot of damage.
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:^^^Sorry I do not know how to quote someone on here.
I had no idea that if I paid it, it wouldn't start over. That is amazing news! Someone told me just to ignore it because I wasn't planning on buying a house, had a new car, wasn't planning on any big purchases to worry about my credit and it would fall off. Well when I became 23 and traveling all over I realized a credit card would be handy and then was told if I paid on that stuff it would be another 7 years(which I would need a car at this point). So I decided to just wait, dang my car for not lasting longer
I tried to file a police report and everything over that account. Sadly he had access to my social secuirity card, drivers license and proof of address as we lived together. I gave up on that years ago and just want to pay the thing and get it behind me, just it isn't easy even just trying to pay it.
Doesn't matter if he had access to that stuff - he did NOT have the authority to use that information or the permission. All you need is a report asserting ID Theft. There does not need to be any prosecution or even a viable suspect - just the report of the occurrence.
Doesn't matter if he had access to that stuff - he did NOT have the authority to use that information or the permission. All you need is a report asserting ID Theft. There does not need to be any prosecution or even a viable suspect - just the report of the occurrence.
I will have to do that then. Any advice with dealing with the other two? What are the odds of them removing it from my reports after 5.5 years if I pay in full? One is a medical ambulance bill and the other is with ERC for an electric bill.
I've heard ERC is fairly easy to work with (at least recently), medical bills sometimes are easy, sometimes not, just depends on the collector. Its the most recent item that is likely hurting scores the most. The ones 5+ years old are not doing a lot of damage.
Ugh they were h*ll when I called and had to be transfered and transfered and on hold for 15-20 minutes at a time. Thankfully I was able to reverse the payment just now as my electric company told me they could make the payment without going to ERC to pay for it.
My medical bill was also disputed as I had paid it 4 years ago, it just never got reported back to transunion. So hopefully once both of these come off it will help. I do not however have any recent debt. All of it was from when I was young and dumb 5 years ago. Then just gave up on credit and never delt with any of this before.