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I have 4 different credit card accounts (Cap1, Credit First, and 2 HSBC cards) that are reporting as CO, $0 balance. The CA isn't reporting for any of them. I can't GW because I didn't pay, and I don't want to stir things up and suddenly have 4 new CA's on my report. Any suggestions for getting them off or making them look a little better?
There really isn't much you can do at this point without possibly opening a can of worms.
As you stated, a GW won't work because they aren't paid and you may end up with CAs on your report you don't want.
How old are these accounts?
I was afraid of that.
The Cap1 will drop off 12/2013, but the other 3 are there until 2016 (2 HSBC in March and the Credit First in July)
I agree with guinness. The best thing you can do to make them look a little better is to build some good credit history. I know with a PR on your report (such as a bankruptcy) your FICO score can still be in the mid-700's; so I think you can get your score up even with these CO's still reporting - especially as they continue to age.
When you pull your FICO score from this site, what shows up as the "Things Helping your FICO Score" and the "Things Hurting Your FICO Score"? That often is the most helpful when trying to determine how to improve your score, even with baddies on the report.
That's an excellent idea, thanks! I just tried to order my score from this site earlier this morning, but I seem to be having some tech difficulties. I sent a message to customer service, so hopefully I'll hear back tomorrow. I'm very eager to look it over now. I do use USAA credit monitering, would their advice be similar? Here is what my Experian says:
Factors raising your score
@pizzadude wrote:
When OCs sell debt to a CA they no longer have the debt on their books, so like others have said, you can't pay the OC. You can however GW the OC requesting that they remove the TL. Cap1 and HSBC are generally not GW friendly, but perhaps the other account would Accept GW. If you contacted the CA it might stir things up in a bad way, but the OC might respond to your GW, since they have no incentive to collect from you anymore. Just my 2¢.
Will that make them inclined to contact the CA to see if I've paid? I'm afraid collections will just start raining down on me if I don't leave well enough alone, but if they won't contact them, I definitely want to try.
@Anonymous wrote:I have 4 different credit card accounts (Cap1, Credit First, and 2 HSBC cards) that are reporting as CO, $0 balance. The CA isn't reporting for any of them. I can't GW because I didn't pay, and I don't want to stir things up and suddenly have 4 new CA's on my report. Any suggestions for getting them off or making them look a little better?
Why not pay them off then GW?
@Anonymous wrote:That's an excellent idea, thanks! I just tried to order my score from this site earlier this morning, but I seem to be having some tech difficulties. I sent a message to customer service, so hopefully I'll hear back tomorrow. I'm very eager to look it over now. I do use USAA credit monitering, would their advice be similar?
USAA credit monitoring is helpful as far as seeing upates on your reports, but it offers a fako score and fako advice. Best advice is to always ignore fakos scores and the advice that comes along with them. See this thread on Credit Monitoring Services.
As far as helping my score however, Equafax and TransUnion are a different story. I asked my aunt to add me as an AU on 2 of her cards, both with $10k limits and less than $1000 balance at all times (but always in use). They show on EX, but not on EQ and TU, so all I have there is no PR. I applied a few days ago for a secured card, so I'm hoping that will help pull up those scores over time. Adding AU cards can help or hurt your FICO score, depending. FICO looks at AAofA, utilization of each card, overall utilization, and number of accounts reporting a balance. The best way to determine whether an account will help you is to look at how it will impact each of those issues on your credit report. And sometimes EQ and TU are slower in reporting - if you tell folks what cards they are, they'll be pretty good at chiming in with how those cards historically report with all 3 CRA's.
Looks like you're working hard - keep up the great work - and keep us posted! You'll find lots of great supporters here on the forums.