Negative Closed Accounts

[Anonymous]

Hello all,

I am new to the forum and I am in need of some advice. I have made some very poor decisions as it relates to my credit. However, I know better now and would like to improve my scores. As of today, my FICO scores are Exp/531 TU/585 and EQ/570. I have also pulled my credit report and scores from CreditCheckTotal.com. According to my reports, I have 4 potentially negative accounts which are closed and they are as follows:

Capital One- Bal.(2,412.00)/Charged Off; The limit on this card was $1,800

Capital One Quicksilver- Bal.(2,649.00)/Charged Off; The limit on this card was $2,000

CreditOne-Bal.(0)/Charged Off; This account limit was $1,000 with a balance of $1,422

Jared Jeweler- Bal.(2,413.00)/Charged Off; The limit on this card was $4,663

NOTE: I have been sued for all of these accounts. I hired an attorney to represent me and 2 of them were settled in court for only the amount of court cost (Jared and Credit One).

In addition to those negative accounts, I am an authorized user on a Capital One Card that is maxed out. I also have an auto loan of $7000 of which I owe $6,536. I am current on this loan and pay on time monthly. I just opened an OpenSky Secured CC as of this month.

I would like to know what it is that I can do to improve my scores. I would like to know if removing myself from the maxed out Capital One card will help. Also, do I need to apply for more Secured CCs? Is there anything that I can do about the negative reporting accounts? Help please anyone!!!!

Thank you in advance

[RootDet]

Welcome to the Forums!

My advice would be to dump that Opensky. It is loaded with fees that robs everyone of there money. Have you used this account yet at all?

Next, get off that AU account. Having that show up there as maxed out does you no good at all. 

The next peice of advice I have is to talk to a credit union. Use your money to establish a secure credit card with them. You will find these to have almost no fees except member an annual fee, and have an APR that is reaosnble. 

Since you have already been sued, I would suggest doing a goodwill letter to Jared and Credit One to get the account removed. 

For the remaining ones, can you offer them enough money to Pay In Full now in return for the account being deleted from your reports?

[Ardecko]

That's the first time I've seen someone disparage opensky for other than having an annual fee (which is not unreasonable), and not graduating. Would you care to point out some of these fees?

[Gramz]

Welcome to the forum, The AU on your report is not benefiting you at this point so I would get rid of it.  The next this is to try and get PFD on the rest of the account that you still have a balance for.  Try the good will letter for the other tow to see if they can delete it off your account. Keep on paying your auto loan on time and get like 2 more secure credit cards. THat's if you have the money to do so, if not just save and work with what you have now. When did the charge-off report on your accounts. Month Day Year so you could see when it will fall off.  But if they are suing you then i guess it's pretty recent.  Get RID OF THE AU off your credit.