topic Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!! in Rebuilding Your Credit

OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

Anonymous — Tue, 17 Mar 2009 21:23:08 GMT

I have just recently grown up and started to pay bills and things and thought it would be a good idea to take a look at my CAR because I knew there were something on there. On my Equifax, which is the one I hear is used most, I have one open account which is a credit card that only has only been open since Jan 2009 with a limit of $700 which at the moment has a zero balance (I pay my bill in full every month). There is also 3 Closed accounts one with Chase Bank which I have already settled with and this will be closed as of April. ( Does Settling instead of paying in full hurt me BTW?) One with Best BUY HSBC that has a zero balance (does this hurt me since it has a zero balance and then a medical Collection in the amount of $985. I have a ton of inquiries because am young and dumb and went around trying to get a loan for a car for about a year now. I recently purchased a car but the lender only reports to trans union which is a whole other beast in its self when it comes to my report. Can anyone put me on the right track to fixing this score and at least getting it to where I may be able to buy a house with 2 years or so?????Thanks in advance

Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

Anonymous — Tue, 17 Mar 2009 21:37:42 GMT

hey welcome to the boards.

i am fairly new myself to rebuilding my credit so i cant offer to much advice. However your medical bill maybe to be taken care of through the HIPPA Process.. if you are able to pay in full. There are links all over the board to tell you more details about it.

as far as your cards with zero balance. from what i gathered low UTLs is a good thing but you may want to go out and buy like a candy bar or two just to keep your cards active.

I want to offer you encouragement. At least at 20 you are taking the steps to improve your credit life. I am 26 and feel like i am behind. Just keep reading the boards and asking questions ...the people are nice and will help in anyway possible.

Oh and one more thing if you are asking about a specific account. Please post it exactly how it show on your credit report (leaving out the account number) all this info can help the experts better help you

Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

Anonymous — Tue, 17 Mar 2009 21:40:46 GMT

Thanks for the encouragment!!!! ANd what is this process you are talking about? I see it everywhere on here but nothing about what it is.

Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

Anonymous — Tue, 17 Mar 2009 21:47:15 GMT

the HIPPA process involves medical collections only. It allows you..if you have paid in full or is able to pay in full to maybe get your collections deleted off your credit report. But you have to follow it exactly. the following is a link to the thread that tells you exactly what it is and the steps you need to take in order for it to work.

Most of my collections are medical and i have just started the process of using HIPPA...however it is still somewhat hard for me to explain fully..

but it basiclly because of the privacy laws for medical information that once a bill is paid collection agencies can no longer report the debt because their business for having your information is done. (at least that is what i think can one of the experts correct me if i am wrong)

http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&thread.id=27537

Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

Anonymous — Tue, 17 Mar 2009 21:51:30 GMT

Thanks for all the info. I do however have another question. My account with Chase Bank like I said will be paid off in April. I settled this account for about half and ask for a deletion but the CA told me that they could not do this and that the OC would have to grant this when it is all final. Is this true? If so does anyone thing a GW letter to Chase will have anychance of getting this removed?

Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

Anonymous — Tue, 17 Mar 2009 21:53:33 GMT

you can try GW Chase....be prepared to send a GW letter every couple of weeks. I have read that some companies won't give into gw's until you annoy them to death. i don't know about the CA

Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

Anonymous — Tue, 17 Mar 2009 21:59:09 GMT

Thanks for your help and anyone elses input about my OP would be appreciated!!

Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

Anonymous — Wed, 18 Mar 2009 02:37:17 GMT

sorry, new to the credit lingo..

GW letter means what?

Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

llecs — Wed, 18 Mar 2009 02:45:53 GMT

skimpstah wrote:
sorry, new to the credit lingo..
GW letter means what?

Common Abbreviations

Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

Anonymous — Wed, 18 Mar 2009 03:37:01 GMT

joeh05 wrote:
Thanks for all the info. I do however have another question. My account with Chase Bank like I said will be paid off in April. I settled this account for about half and ask for a deletion but the CA told me that they could not do this and that the OC would have to grant this when it is all final. Is this true? If so does anyone thing a GW letter to Chase will have anychance of getting this removed?

Is Chase the only one reporting this account or is the CA as well?

What is the current status of the account with Chase?

Are they reporting a balance? Late payments? A charge off notation? The account is closed/open?

Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

blondie_keen — Wed, 18 Mar 2009 07:17:54 GMT

ok not to nitpick but it's called the HIPAA process not HIPPA. i've been asking lots of questions on it recently b/c i have one medical bill i need to get rid of and people are VERY friendly and helpful. but if you do your own research here on the search boards you can get a LOT of your questions already answered!!

also, i had a credit card with chase that i settled on (didn't know that was a bad thing at the time) from back in 2004. it is listed on all of my reports (TU, EX, EQ) and will continue to stay on record until 2011, so be prepared to be stuck with that "baddie" for awhile : (

i was told not to touch that negative on my reports with a GW letter....but your situation might be different. i'm just letting you know what happened to me with chase. also, since then i haven't gotten any offers from them.

hope some of this helps!

ps. when i was 21 i had a score of around 450 and now that i have educated myself i have scores in the mid 600's so keep at it and don't despair!!! you are def on the right track : )

Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

Anonymous — Wed, 18 Mar 2009 07:52:23 GMT

i stand corrected i will make sure not to make the mistake again..

i meant to say HIPAA

Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

Anonymous — Wed, 18 Mar 2009 13:08:25 GMT

Is Chase the only one reporting this account or is the CA as well?

What is the current status of the account with Chase?

Are they reporting a balance? Late payments? A charge off notation? The account is closed/open?

Chase is the only one reporting at the moment....... Current status charged off....... They are reporting a balance of $905...... All sorts of late payments......... The account is closed.

Re: OMG!!!!! 473 is my score and I am Only 20!!! Help Please!!

Anonymous — Wed, 18 Mar 2009 13:10:02 GMT

@blondie_keen wrote:
ok not to nitpick but it's called the HIPAA process not HIPPA. i've been asking lots of questions on it recently b/c i have one medical bill i need to get rid of and people are VERY friendly and helpful. but if you do your own research here on the search boards you can get a LOT of your questions already answered!!

also, i had a credit card with chase that i settled on (didn't know that was a bad thing at the time) from back in 2004. it is listed on all of my reports (TU, EX, EQ) and will continue to stay on record until 2011, so be prepared to be stuck with that "baddie" for awhile : (

i was told not to touch that negative on my reports with a GW letter....but your situation might be different. i'm just letting you know what happened to me with chase. also, since then i haven't gotten any offers from them.

hope some of this helps!

ps. when i was 21 i had a score of around 450 and now that i have educated myself i have scores in the mid 600's so keep at it and don't despair!!! you are def on the right track : )

So me settling with them was a bad thing???