topic Re: Need help with these please in Rebuilding Your Credit

Need help with these please

gdtobefree — Wed, 11 Jun 2008 01:41:16 GMT

I figured EQ was the least confusing so I would start with that one and maybe just maybe the other CRA's will follow when the OC reports the changes.

This is what I have left

Applied Bank Opened 6/01 Balance 1543.00 CO CL 700.00 date reported 2/08

Arrow Financial Opened N/A Balance 1197.00 CA reported 5/08

Cap 1 opened 11/00 Balance 1749.00 CO CL 200.00 reported 5/08

Cap 1 Opened 1/02 Balance 2737.00 CO CL 500.00 reported 5/08

Sears opened 5/01 balance 0.00 pays as agreed Cl 410.00 reported 12/07

1st Premier opened 3/02 balance 0.00 CO CL 300.00 reported 3/08

HSBC opened 6/01 balance 0.00 CO reported 3/08

HSBC opened 11/01 balance 0.00 Co reported 2/08

GMAC opened 3/03 Balance 11753.00 past due 0.00 CO reported 2/08

Message Edited by gdtobefree on 06-10-2008 06:38 PM

Sorry my brain is going 100 miles an hour, I have 2 accts in good standing that were opened in 06 and were never late. if those up there get removed will that hurt my score more

Message Edited by gdtobefree on 06-10-2008 06:41 PM

Re: Need help with these please

llecs — Wed, 11 Jun 2008 02:26:35 GMT

gdtobefree wrote:
I figured EQ was the least confusing so I would start with that one and maybe just maybe the other CRA's will follow when the OC reports the changes.

This is what I have left

Applied Bank   Opened 6/01 Balance 1543.00   CO   CL 700.00   date reported 2/08
Arrow Financial   Opened N/A   Balance 1197.00   CA    reported 5/08
Cap 1   opened 11/00     Balance 1749.00 CO   CL 200.00     reported 5/08
Cap 1   Opened 1/02      Balance 2737.00 CO   CL 500.00   reported 5/08
Sears   opened 5/01       balance 0.00 pays as agreed Cl 410.00 reported 12/07
1st Premier opened 3/02 balance 0.00 CO CL 300.00 reported 3/08
HSBC   opened 6/01 balance 0.00 CO reported 3/08
HSBC opened 11/01 balance 0.00 Co reported 2/08
GMAC opened 3/03 Balance 11753.00  past due 0.00 CO reported 2/08

Message Edited by gdtobefree on 06-10-2008 06:38 PM
Sorry my brain is going 100 miles an hour, I have 2 accts in good standing that were opened in 06 and were never late. if those up there get removed will that hurt my score more

Message Edited by gdtobefree on 06-10-2008 06:41 PM

Removing the CA will only help (Arrow).

As per the COs, proceed cautiously. I guess I would focus on the ones with a balance. Not only are they killing utilization, but they are also hard to remove and very difficult to deal with, not to mention the sue-happy CapOne.

Don't touch Sears.

I would GW the $0 balance COs. Ask them to change to "paid as agreed" and/or remove any lates.

I would also PFD the rest of the accounts, once I had the cash in hand to do so. Assuming you don't do it all at once, I would PFD the newest first. Doing this will prevent a judgment and you will also be able to see any impoact due to age. Basically, deleting all of this will reduce your avg. age from an approx. 5 yrs down to 2 and that would harm your score. I remember I had 4 yrs drop to 2 and I lost around 20 points (not too bad I guess).

This goes against the grain of what everyone says here, but if the CapOne is within SOL by more than a few months, I would pay them without a PFD if my PFD didn't work after trying for 2-3 months. CapOne will sue very quickly and they usually like to wait towards the end of SOL. You can always GW after payment. However, CapOne tends not to accept PFDs or GWs anyway.

Re: Need help with these please

Anonymous — Wed, 11 Jun 2008 03:03:31 GMT

You need to worry about the DOFD on these accounts...what are they????...who is Arrow collecting for???...if the COs are not about to fall off...pay as soon as you can...they are KILLING YOU...you UTL should be through the roof...

Re: Need help with these please

gdtobefree — Wed, 11 Jun 2008 04:19:37 GMT

Cap 1 was past sol in 2005 I haven't touched Cap 1 yet,

Funny thing about sears is, EQ is the only CR that it shows pays as agreed, the others still show CO and still has lates back in 2003 (not worried about those).

I have DV'd Arrow twice and nothing so far, next stop is complaints to the AG's and BBB

Re: Need help with these please

gdtobefree — Wed, 11 Jun 2008 04:27:26 GMT

Applied Bank Opened 6/01 Balance 1543.00 CO CL 700.00 date reported 2/08 DOFD 4/03

Arrow Financial Opened N/A Balance 1197.00 CA reported 5/08 DOFD 6/03 1st Premier

Cap 1 opened 11/00 Balance 1749.00 CO CL 200.00 reported 5/08 DOFD 9/02

Cap 1 Opened 1/02 Balance 2737.00 CO CL 500.00 reported 5/08 DOFD 9/02

Sears opened 5/01 balance 0.00 pays as agreed Cl 410.00 reported 12/07 DOLA 7/03

1st Premier opened 3/02 balance 0.00 CO CL 300.00 reported 3/08 DOFD 7/03

HSBC opened 6/01 balance 0.00 CO reported 3/08 DOFD 8/03

HSBC opened 11/01 balance 0.00 Co reported 2/08 DOFD 8/03

GMAC opened 3/03 Balance 11753.00 past due 0.00 CO reported 2/08 DOFD 5/06

Re: Need help with these please

Anonymous — Wed, 11 Jun 2008 15:25:41 GMT

What exactly is going against the grain...of the info you have heard/read...???

Re: Need help with these please

llecs — Wed, 11 Jun 2008 15:56:06 GMT

slyhouse08 wrote:
What exactly is going against the grain...of the info you have heard/read...???

I bet if you were to poll every reader of this forum and ask them if it would ever be OK to pay a CO without a PFD, more than 62% would say that it is not OK.

"Oh, people can come up with statistics to prove anything. 14% of people know that"

--- Homer Simpson