Brand new here, quick question.

[Anonymous]

I have just pulled my credit report and knew I would have a bad score. The only positive thing I have is 12 credit history, my score is 570.

I have a couple of collections on my account, that I am not sure how to figure out what they are, as they do not list any known names to me. I am sure this is all from when I was right out of high school.

I also have a account that was closed by the creditor that still lists I am late every month since then. Even though it is WELL over 7 years old.

My fico report suggested paying down my balances within the next 2 years to raise my score. I have a credit card with $600 limit and a car loan $6,000.

Anyone have any suggestion on how to help me.

P.S. = dont be too hard on me, this has been a huge step for me just to attempt to clear this all up.

TIA

[SmartCookie]

hi jenknee and welcome!

Please start here http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654  and read it a few times!  Don't try to clean up anything till you understand all of your options and have a gameplan.  Make sure you pull all 3 reports when you are ready to dispute, and not the free ones... the paid ones. 

Some old things you might be able to have deleted.  Pay nothing that you acknowledge without  a PFD (you will read about that).  Do NOT deal with CAs unless absolutely necessary, and then only in writing.

I am out the door... will check up on this thread later.  Hope you are reading other people's posts... very very helpful.

Welcome again!

[Anonymous]

thank you so much for your kind welcome and warm reply!

I really appreciate it!

[Anonymous]

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jenknee wrote:

I have just pulled my credit report and knew I would have a bad score. The only positive thing I have is 12 credit history, my score is 570.

I have a couple of collections on my account, that I am not sure how to figure out what they are, as they do not list any known names to me. I am sure this is all from when I was right out of high school.

I also have a account that was closed by the creditor that still lists I am late every month since then. Even though it is WELL over 7 years old.

My fico report suggested paying down my balances within the next 2 years to raise my score. I have a credit card with $600 limit and a car loan $6,000.

Anyone have any suggestion on how to help me.

P.S. = dont be too hard on me, this has been a huge step for me just to attempt to clear this all up.

TIA

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welcome jenkee, don't be enbarrassed remember we are all her for the same reason.

this thread will give you the abbrevs that we use along with freq.requested thread.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=38534

Before you start doing anything you need to know the difference between CRTP and SOL

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=17466

SOL is important as it is the time limit that any creditor can sue you. If not past SOL even a dispute can trigger a lawsuit.

If past SOL you have more leverage.

What is your state SOL?

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

collections need to be deleted IF anyway possible

The 7yr old account that shows you late every month.....are you still making payments on it?

The other collections,im guessing that they are with a CA.  what is their name?  How old would they be?  do you have any idea who the OC was?