New to GOOD credit - Rebuilding

[Anonymous]

Hello everyone!

I am cleaning up my credit and wanted to seek out some advice from those of you with experience in doing this. I made some dumb decisions in my youth and had a pretty cruddy credit report. My gf and I are starting to get serious and cleaning up credit was something I need to do if we want to get married/buy a house in the near future.

I pulled my credit report and it was as follows

My questions are about the 3 accounts that are closed/xferred whatever. None of the people are reporting to the CRAs if they bought the debt. I have paid all of the others off. Leland Scott told me to dispute the charge and they won't reply which will strike it from my record. I want to make good on the 3 accounts that are charge-offs, but I have been having a hard time tracking down the debt owner. The one that is on my record until 2013 has no contact info and nobody is actively trying to collect it. The one that is on until 07/11 may not be worth pursuing since it will be off in 14 months anyway.

My active accounts are high interest(especially the Credit Acceptance, but I needed a car and they were willing to do it). I want to be able to purchase a new car within the next two years and get a decent rate and hopefully eventually buy a house. I make good income now(about $80k a year) so it sucks not having good credit to accompany my decent income.

Please have a look at what I have put together below and let me know what YOU would do

Thank you for your time.

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TransUnion

Adverse Accounts

Chase Bank NA, Status: Charged Off, Balance: $0, High Balance: $1459, Credit Limit: $500, Scheduled to stay on account until July 2011.

Credit Collection Service, Status: >Collection<, Balance: $123. PAID May 28, 2009

Leland Scott & Assoc, Status: >Collection<, Balance: $688. PAID May 28, 2009 

Midland Credit Mgmt, Status: >Collection<, Balance: $201. PAID May 28, 2009

Satisfactory Accounts

Chase #121215125125, Status: Unrated, Balance: $0, Remark: Purchased by another lender (other lender is not on my CR)

Conn Credit Co - Balance: $1,734, Pay Status: Paid or Paying as Agreed

Credit Acceptance Corp -Balance: $9,272, Pay Status: Paid or Paying as Agreed

TX Attorney General- Balance: $0, Pay Status: Paid or Paying as Agreed

Equifax (1 Negative, 1 Collections)

Open Accounts

Conn Credit Co - Balance: $1,734, Pay Status: Pays as Agreed

Credit Acceptance Corp -Balance: $9,272, Pay Status: Pays as Agreed

TX Attorney General- Balance: $0, Pay Status: Paid or Pays as Agreed 

Closed Accounts

(Negative) Midland Credit Mgmt, Status: , Balance: $201. PAID May 28, 2009

(Collections) Leland Scott & Assoc, Status: >Collection<, Balance: $688. PAID May 28, 2009 

Experian

Credit Items

Chase - Status: Transferred, closed. $1,459 Written off (Purchased by another lender) Other lender not on CR.

FEB/FRY'S - Status Paid, Closed. $231 Written off - Address available, but no phone number. Opened 05/2002 Charged off as of May 2003. 60 days delinquent as of 09/2002

Leland Scott & Assoc, Status: >Collection<, Balance: $688. PAID May 28, 2009  

Midland Credit Mgmt, Status: , Balance: $201. PAID May 28, 2009 

Accounts in Good Standing

Chase Bank NA - Status: Transferred, closed, Date Opened: 11/2000, High Balance: $851, Status Details: This account is scheduled to continue on record until May 2013.

[Anonymous]

Hmmm, nobody? I put it in pretty good detail here

[Anonymous]

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JuanSchwartz wrote:

 I want to make good on the 3 accounts that are charge-offs, but I have been having a hard time tracking down the debt owner.

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I'm not seeing 3 CO.

I see a Chase CO reporting on each report and a FEB/FRY CO.

What is the DOFD/removal date on these accounts?

Have you pulled your free annual reports or have reports directly from each CRA?

[Anonymous]

There are two Chase accounts(what were they thinking?).

One is for $1,459 opened 04/2003 and closed 11/2004. Says Paid: 08/2004. It was a $500 credit line.

The other is for $851 opened 11/2000 and closed 05/2003. Updated 05/2003.

For the $1,459 one I contacted a few CAs that each had sold it and I stopped at the third to get advice since it falls of in 07/2011 (I thought it was 2010 so it's actually 2 years out). The other is 05/2013, 4 years out to fall off.

The Fry's one doesn't have a falloff date or even a number to contact them. I know it's very old though. Opened 05/2002.

I just want to be able to do something in regards to getting a good rate on a car in the near future and I think COs would be bad paid or unpaid. I wouldn't think the OC would take them off either, but that's where I'm hoping those with experience may be able to help me.

Message Edited by JuanSchwartz on 05-28-2009 02:57 PM

[Anonymous]

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JuanSchwartz wrote:

There are two Chase accounts(what were they thinking?).

One is for $1,459 opened 04/2003 and closed 11/2004. Says Paid: 08/2004. It was a $500 credit line.

The other is for $851 opened 11/2000 and closed 05/2003. Updated 05/2003.

This showing up as a satisfactory, postive account on the reports though, right? Are you sure it is unpaid?

For the $1,459 one I contacted a few CAs that each had sold it and I stopped at the third to get advice since it falls of in 07/2011 (I thought it was 2010 so it's actually 2 years out). The other is 05/2013, 4 years out to fall off.

The Fry's one doesn't have a falloff date or even a number to contact them. I know it's very old though. Opened 05/2002.

I just want to be able to do something in regards to getting a good rate on a car in the near future and I think COs would be bad paid or unpaid. I wouldn't think the OC would take them off either, but that's where I'm hoping those with experience may be able to help me.

Message Edited by JuanSchwartz on 05-28-2009 02:57 PM

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Do you have your free annual reports or reports directly from the CRA?

Where did you get the CR you are getting this information from?

[Anonymous]

[quote=sidewinder]Do you have your free annual reports or reports directly from the CRA? [/quote]

I retrieved them 05/07/2009 from annualcreditreport.com and went to work paying the available ones off after verifying their origins.

[quote=sidewinder]Where did you get the CR you are getting this information from?[/quote]

annualcreditreport.com

And yes, the one($851) is showing satisfactory and I'm pretty sure I didn't pay it. Should I not bark up that tree?

[Anonymous]

The OC should be able to tell you who they sold the accounts to.

[Anonymous]

I have contacted the OC and am following the trail of CAs that have purchased the accounts. My question is that since the accounts are so old and not being reported by the CAs that have them, should I make contact and possibly have the CAs on my CR?

The only reason I would consider this is if the OC would take the marks off my report which I don't see why they would have any incentive to do so. Although, I do have my checking/savings accounts with CHASE.

Also, since I have cleared all but those last three COs from my account, how terribly do they harm my FICO and is there any means to get them off other than "waiting them out"? And the $851 one that only shows on one CRA as satisfactory, should I just leave that one alone?

Message Edited by JuanSchwartz on 05-28-2009 03:15 PM

Message Edited by JuanSchwartz on 05-28-2009 03:16 PM

[BungalowMo]

First, leave that $851 puppy alone!

I saw above, on the Experian report...for that Feb Fry acct:  

FEB/FRY'S - Status Paid, Closed. $231 Written off - Address available, but no phone number. Opened 05/2002 Charged off as of May 2003. 60 days delinquent as of 09/2002 

This caught my eye!   If you were 60 days deq in 09/02, then your DOFD would be 07/02 for this.  It should drop off this July.  Let that puppy sleep too!

[Anonymous]

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JuanSchwartz wrote:

I have contacted the OC and am following the trail of CAs that have purchased the accounts. My question is that since the accounts are so old and not being reported by the CAs that have them, should I make contact and possibly have the CAs on my CR?

That would be a personal decision.

The only reason I would consider this is if the OC would take the marks off my report which I don't see why they would have any incentive to do so. Although, I do have my checking/savings accounts with CHASE.

When an OC sells an account, they will likely never know whether it was ever paid or not. Once they sell of it, they are washed of it. Doesn't concern them any longer.

Also, since I have cleared all but those last three COs from my account, how terribly do they harm my FICO and is there any means to get them off other than "waiting them out"?

Accounts reported by the OC still have positive aspects to them, even when they are a negative. They count in age, AAoA, etc. I had a 5 year old CO removed and lost around 30 points. I strongly believe that at some point, a regular account reported by the OC that is negative, begins to affect more positively than negatively on your score. This is just my opinion and of course, whether you have other negatives or not comes into play there. If you have no other negatives(lates, collections, etc) then this may not be the case.

Message Edited by JuanSchwartz on 05-28-2009 03:15 PM

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