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Frequent Contributor
Posts: 357
Registered: ‎11-16-2012
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What to do with these satisfied letters? And which CC?

My fiancée just got her report back, her score was 632, she claimed bankruptcy 3 years in Jan and was able to purchase a car with a massive down payment so she's had a car payment for about year, only credit history she has. She's in a much much better financial situation then she was before. So my question is what can she do now? Which CC would probably accept her?

She also had a few collections that were in her bankruptcy but she just got letters stating the accounts have been satisfied. Who does she send them too? What's the next process for that?


12/28/13 (Garden Start Date)



Epic Contributor
Posts: 21,264
Registered: ‎03-19-2007
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Re: What to do with these satisfied letters? And which CC?

[ Edited ]

For the collections that had the debt discharged in BK, any party having existing reporting on that debt is required to update the debt/collection balance to $0.

Discharge of the debt, either by payment or BK, does not compel deletion of any reported derogs on the account that occured prior to discharge.

 

If the collections arent now reporting $0 balance and closed status, they have the statutory obligation to promptly update their reporting.  Being as the collection is closed, they have little incentive to follow through, so you might need to push.

If informal requests dont result in their voluntary update, you can always file a direct dispute, compelling them to take action within 30'ish days.

Frequent Contributor
Posts: 357
Registered: ‎11-16-2012
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Re: What to do with these satisfied letters? And which CC?

ok then well lets hope they are nice. 

 

also any idea what CC she can apply for that? Or should she go with a store card? 



12/28/13 (Garden Start Date)



Regular Contributor
Posts: 162
Registered: ‎11-13-2012
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Re: What to do with these satisfied letters? And which CC?

Capital one... if she doesnt get approved (most likely will)

 

DO NOT APPLY FOR ANY OTHER CREDIT

 

Instead open up at least 1 secured credit car with maybe local credit union or Wells Fargo... 

 

WF will turn into an unsecured credit card and return the security deposit back after 1 year of on time payments...

 

THats what I would do if i could go back in time..

 

Going out trying to apply for every credit card that accepts bad or rebuilding credit cost me abotu 15 inquiries before i realized secured was the way to go...

 

apply for CAP1 if they dont approve go with secured card



Starting Score: Exp:513 | TU:541 | EQ:517 - 11/13/2012
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Regular Contributor
Posts: 162
Registered: ‎11-13-2012
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Re: What to do with these satisfied letters? And which CC?

card*



Starting Score: Exp:513 | TU:541 | EQ:517 - 11/13/2012
Current Score: Exp:623 | TU FICO:639 | EQ FICO:743 - 01/24/2012
Wallet: Applied Bank $200, OpenSkyCC $300, 1st Tech CU Secured $2k, Discover IT $1.5k, CITI AA $2.8k, USAA AMEX $7.5k
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Frequent Contributor
Posts: 357
Registered: ‎11-16-2012
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Re: What to do with these satisfied letters? And which CC?

how can she find out they are off her CR? Does she need to pull it again? She had an inquiry when we did an online mortgage thing for a new house on Oct 26. She also might have done one of those experian phone ones. So we are waiting to see if that credit report has details of the letters she got. If they don't we will wait a few weeks then look at her report. Will all this hurt her credit?


12/28/13 (Garden Start Date)



Moderator
Posts: 13,897
Registered: ‎04-15-2011
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Re: What to do with these satisfied letters? And which CC?

Have you been to www.annualcreditreport.com ?  This the  federally mandated report that you get once a year at no cost.  It's not like those other ones that claim to be free if you sign up for their service.

Starting Score: 504
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Current scores after adding $81K in CLs and 2 new cars since July 2013
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Frequent Contributor
Posts: 357
Registered: ‎11-16-2012
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Re: What to do with these satisfied letters? And which CC?

No, she has not pulled her report from annualcreditreport. She has only on the experian phone line were it ask for your ssn and then the mortgage lender did in Oct


12/28/13 (Garden Start Date)



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