Hello,
I need help!!II had check all 3 credit reports and score and I'm piss II had some old debt and I settle with some and some collection help buy putting on a credit card and I pay the old debt off and I still use the card pay it like a regular card.(they report every month) Yes,it work .However, the old credit card that I had still on my report.Balance 0.Is their a way I can deleted it off?Ihave my credit score like a yo yo....was 509 Exqiufax,now 570 THEN 550 Trans590, Experian560 NOW541!II have my student loans on pay on time never late and car payment always on time and 2 credit card good standing.Trying to get my scores up by next year.Goal660
WHY BOTHER PAYING THESE OLD DEBTS IF I DOESN'T HELP YOUR SCORE........................................................
Because you owed them.
You can try sending good will letters.
Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
I know, jjett--it's frustrating. Write a debt validation letter (DV) and mail it certified mail, return receipt requested (CMRRR), to the collection agency (CA). DO NOT CALL THEM. Never contact them by phone or answer their calls.
Search "DV letter" int e Forum for more details. Good luck. I am having similar problems and it is infuriating, especially when you *do* pay old debts. Sometimes paying them in part or a certain way can put you at risk for future predatory tactics. Read the forums here and try to learn as much as you can about your particular situation. Welcome!
Starting Score: 550HELLO,
Thank you replying fast.I did dv and sent it to all three credit company's.I have one pending and they say the samething .So, i'm hoping that a new secure card will help.However , i was on this Experian score watch ,saying my negitive was my credit amount was low.So, i guess i;m going to start with secure card$600.00 .You, think that will help.Thanks
As long as you never, ever go above $300 and pay on time, yes. It can help.
Just remember that the credit limit isn't really how much you're allowed to spend. I've spent many years trying to break myself of the habit of thinking, "I have a $500 limit on this card, so I can charge up to $500 on it!" I'm a lot better about it now, but I can do even better.
The weird thing about "credit" is that it's not really a measure of whether you're "good for" the amount you charged. It's a bet on what the card issuer thinks your chances of missing one on-time payment are. All this talk about "It takes time to buid up a credit score" means that the longer you pay on time, the better the odds are in your favor. The less time that's passed since you messed up, the better the odds are in the bank's favor.
Say you have $600 on the poker table. You may be a really great poker player, but sometimes you won't be as lucky as the guy sitting next to you. If you always bet all your winnings, the one time your luck runs out means you lose all your money. With a credit card, if you're always charging it up to the limit, the one time something goes wrong (say you miss a payment by one day, or forget to pay, or pay too little, or lose your job), you're out of the game--meaning that you can't use that card until you pay the bill.
With a secured card, you're betting on yourself. With an unsecured card, you're playing with the house's money.
Does that make sense?