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Credit Help

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Anonymous
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Credit Help

New to the forum here and need some help on improving my score with EXP.  Here is what I see that needs to be fixed.
 
1---EXP shows a COL-settled--acct pif for less than the full balance. date opened 12/98. date reported 04/05A (not sure what the A means), last activity 04/05C 1X (not sure what the C or 1X means), current status I9B.  (this was taken directly from cb).
 
2--EXP shows a COL-settled-acct pif for less than the full balance, date opened 03/99, date reported 04/05A, last activity 04/05C 1X, current status I9B.
 
These are two separate accounts.  Right now I am sitting at 650 with EXP and from what I understand that if I am able to get these two accts off, then I should be sitting pretty good here.
 
TU has me at 713 and EQX has me at 700. I am need to get my score up to purchase a home by the end of of the year.  Mom is added me as AU to a couple of her long time excellent standing cc's to help with the score.
 
Also AMEX Blue Cash does not show my credit limit----it is reporting my balance as my credit limit so now looks like I am at 100% maxed out, which is not the case.  Another cc is doing that as well.
 
Please help here......
Message 1 of 15
14 REPLIES 14
Anonymous
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Re: Credit Help

For the colelctions find out the last date of delinquency or date of service for hospital bills if it is at or past the 7 year mark, dispute it to have it removed.
 
Interesting, I didn't know Blue Cash didn't report a limit.  I would check with them on that. Is it showing as a revolving line or open line.  If it shows open, it shouldn't hurt you to much as FICO is likely to disregard that in your utilization calculation.  If revolving, that's a differnt story.  I know Cap1 is promising to report limits by end of year.
 
That being said, the quick fix would be to write a BT check to yourself for your limit minus about ten dollars and drop it in your bank.  As soon as the transaction hits the card pay it online that way yuo will have maxed it out and paid it off in the same statement period so it doesn't hit the bureaus looking as if you actually are maxed out.  Usually, unless otherwise specified, BT checks come with a minimum fee so it all depends on what its worth to you.
Message 2 of 15
Anonymous
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Re: Credit Help

Since the collections were settled for less than the full amount, you may have a bit of leverage with those creditors. It might be enough you can negotiate a PFD (Pay For Delete). Who are the creditors?
Message 3 of 15
Anonymous
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Re: Credit Help

Brammy----the creditors are 1---Citibank---2--Mervyns--both went to Arrow Financial Services as the collection agency.
The two creditors (named above) was not on cb in 2003 but then I received the collection letter in late 2003 from Arrow Financial, I asked how can you collect on something that is not on my cb--Arrow stated that since the account was sold they can go and collect again.  The only way I knew about Arrow was that they did an inquiry to my cb (I check my cb ever 6 months for activity) and notice Arrow. Blue is showing as a credit card and revolving on my cb. What is a BT?  Sorry--not up to par on the lingo here.  How would I go about finding out the date of last delinquency on these two accounts? Do I contact Arrow or straight to the creditors themselves?  I don't have any account numbers for them. Thanks for all the help here...
Message 4 of 15
Anonymous
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Re: Credit Help

Noah-----see the message to Brammy, it list the orginal creditors.  How do I go about the PFD?  These accounts have been settled already. I need them off my cb...Thanks
Message 5 of 15
Anonymous
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Re: Credit Help

OK, something isn't adding up.
 
What's the DOFD (Date Of First Delinquency)? Usually it's when the account when 120+ days late. 7-1/2 years from then, it has to drop from your report. If you don't know, or don't have any records on it, what's your best guess?
 
Because the reporting dates are from 2005, Arrow might have re-aged the account--which is a violation. That's actually a good thing. Leverage you can use to your advantage.
 
Did you ever send Arrow a DV (debt validation) letter? Under FDCPA (federal law), you only have 30 days in which to request validation, after initial contact from the collector. What state are you in? I ask because several states have additional consumer protections, and Texas statutes require collectors to validate even after the 30 day window.
 
If you never DVed Arrow, I'd give it a shot anyway.
Message 6 of 15
Anonymous
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Re: Credit Help

I have a lot of collections on my credit report that have been sold to others and I have paid them off for less than the amount.  What exactly is a PFD(pay for deletion) and how do you go about it.
Message 7 of 15
Anonymous
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Re: Credit Help

For a PFD, first, nothing over the phone. Only in writing. Offer to settle the account with a lump sum payment in exchange for a deletion of all credit bureau reporting. Get in writing from them, signed, before you send payment. Some creditors and collectors make such offers, and there's at least a fair chance they insert a weasel clause to continue adverse reporting. Feel free to PM me if you want more info.
 
Message 8 of 15
Anonymous
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Re: Credit Help

I work for a collection agency. We get customers asking for a deletion of the negative remark all the time in lieu for payment/settlement in full. I'v never heard of it happening. You may get some fancy worded letter making it appear as though the account will be deleted but it will just indicate the reporting of the account will be 'updated' to show paid/settled in full for less than balance owed. Don't get suckerpunched into making a "deal" with a collector that you pay and they remove the negative remark. It won't happen.
 
If you disagree with any item in your credit file and would like it investigated then do so. It's your legal right. Any item you are not aware as belonging to you or any tradeline that's not being reported correctly can and should be investigated by the credit reporting agency. If the original creditor does not comply within the 30 day timeframe alloted by law, the item will be deleted permanently from the credit file. It's that simple. Send me a msg for further info.....
Message 9 of 15
Anonymous
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Re: Credit Help

Lots of folks on creditinfocenter report success with PFD, but the majority of attempts don't succeed. Tends to work more readily with OCs than with CAs, but some have gotten PFDs outta CAs.
Message 10 of 15
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