I'm new to rebuilding and understanding how credit works, so I'm ignorant to a lot forgive me. I won't say I was irresponsible with credit, I just didn't understand back then. I went from having over a 700 credit score back in 2008, to below 600 now. I am in the process of rebuilding but I have baddies with all 3 CRA's (collecions and late payments). I have a friend helping me....we wrote DV letters to all three bereau's but haven't heard back yet. I just want to clean my credit because I want a house by February 2016. Yes we wrote the letters but I still want ALL of the baddies removed, they're affecting my credit score badly.
Good news is, I have managed to bring my credit utilization down to 39% from over 70% or higher because I recently got approved for a CAP1 QS card with a $3K CL and I got a $200 CI from my Merrick Bank CC. My overall CL is $4450 with a combined balance of $1546 plus a $520 balance on a closed Discover acct. By February, my utiliztion will be less than 5% (I plan on paying them all off) but I am not sure how much it will help because of the open collection accts and the late payments reported on some closed accounts that are settled and/or paid in full or transfered. I recenly got a car with a 12.99 APR (high but I was stuck between a rock and a hard place, slaes person told me to re-finance after making 3 payments ont ime). Not sure how that would work with me trying to rebuild and raise my score.
Anyway, I am just rambling LOL....the below is one of my baddies from when I was jobless in 2010 and could not make the payments. I used the online dispute form which basically left me without much options as to why I was disputing. Long story on how this card got maxed. So how can it be removed from my CR or even be placed with my good accounts?
Status: Paid in settlement.
Status Details: This account is scheduled to continue on record until May 2016.
This item was updated from our processing of your dispute in Sep 2010.
Date Opened: 02/2008
Reported Since: 02/2008
Date of Status: 06/2010
Last Reported: 06/2010
Type: Credit card
Terms: NA
Monthly Payment: $0
Responsibility: Individual
Credit Limit/Original Amount: $5,500
High Balance: $6,883
Recent Balance: NA
Recent Payment: NA
Your Statement: ASSUMED BY ANOTHER PARTY. NO LONGER MY
ACCOUNT.
Comment: Account paid in full for less than full balance
Account History:
180 days past due as of Mar 2010
150 days past due as of May 2010, Apr 2010, Feb 2010
120 days past due as of Jan 2010
90 days past due as of Dec 2009, Oct 2009
60 days past due as of Nov 2009, Sep 2009
30 days past due as of Aug 2009
Status: Paid in settlement.
I would begin a campaign of GW letters to the reporting entity and continue with them at a rate of at least one every 2 months until you achieve the desired result. I dont see how it could be reported in the good section of your CR but stranger things have been known to happen. BTW its most likely not going to have too much of an impact if its still reporting in 2016 and since its settled it wont stop a mortgage lender. Good luck 
Thanks....not it's NOT in the good section, it's one on my negative accts 
. I was just rambling about the "good" things that has happened in the last several monhs although my credit is not looking good right now. Thanks for your advice on the GW letters. I will start working on them ASAP. I did not know I could do that until today. I have a feeling I will learn a lot from being on this forum. I am so glad I am no longer wasting my time checking FB LOL, this is much more beneficial . I will send GW letters to any creditor who's reporting late payments. THANKS!!!