Offering some encouragement...

[Anonymous]

Hello all!  I'm a newbie to this, and I have been in the process of improving my credit for the past year and a half.  Let me start out by saying I think the Fico Forums are awesome and I've gotten some great advice on "credit gardening"

I bought my first home in March of 2008, and I was able to do so with scores well under 600 (FHA fixed rate 6.5%).  Since then, with one full year of on-time payments on my mortage and no missed payments on any other credit, I have seen my scores slowly but surely climb.  Since joining myfico.com, I've been able to successfully PFD a collection account with Asset Acceptance Corp., and I am in the process of having 3 judgments removed and DV'ing two other collection accounts.  I have a also bought my credit card utilization down to under 50% (a big deal for me because I was previously maxed out!).  As of today, I have offically joined the 600 club!  (yay for me!) Equifax 611 TransUnion 593 on 5/7/2009 (almost there).  These scores are up from 575 Equifax and 589 TransUnion  on 4/29/09 ( a 36 point jump for Equifax might I add!).  There is something to be said about having a low utilization!!!!!!!!!!

For those of you who are in the same boat as I, I urge you to keep pushing and stay on top of credit management.  I made some bad credit decisions in college and had no idea how important credit was until I got older, and by then it was too late.  I am about $1500.00 from paying off a sub-prime auto loan with Cap 1 (15%  interest on a $16,000 loan ...ouch!).  And am in the market for a new car.  I'm trying to get my scores to the mid to upper 600's before applying with my CU.  Thanks to all the wonderful folks who contribute to the forums.  I'm getting better everyday! 

[hopeful5]

Two requests for PFD to Asset and no luck yet, can you share how you had success with them.  Thanks

[Anonymous]

Well let me star out by saying it wasn't easy.  I had to talk to 4 different "reps" before getting a supervisor who would even entertain my request.  The other 3 were very rude and belligerent.  The 4th rep took about 2 days to get back to me about my request.  I had received a letter in the mail offering a settlement on the account of about 60%.  I was prepared to accept the settlement until I began to read the forums.  Long story short, I offered to pay the account in full if they would agree to delete the CA off of all 3 credit bureaus.  The supervisor said he did not have the authority to make that decision, but that he would speak with his manager.  Two days later I got a call back saying that the manager had agreed to the deal.  I requested the rep send me a letter via fax and via mail agreeing to the terms for full payment in exchange for having their record removed from all 3 major credit reporting agencies.  The letter I received reads as follows:

Re: New York & Company/World Financial Network National Bank

Client Acct#: xxxxxxxxx

Dear MissMovingForward:

Per our phone conversation on April 29, 2009, we came upon an agreement of $886.20 to close the above mentioned account.  Payment must be received by 4/29/09 and upon clearance of the agreed funds: and your written or verbal request, Asset Acceptance LLC will send you a paid account letter and send a request to all three major credit reporting agencies to remove our entry.  If the said funds are not received by 4/29/09, this offer will be null and void.

If you have any further questions, please call me at 866-266-7500.

This is an attempt to collect a debt and any information obtained will be used for that purpose.

I had to make the payment via check by phone that same day, and he told me there will be a waiting period of 21 days before I receive the paid account letter and the request to be sent to the credit bureau's.  So I wait with baited breath and ready to send this letter along with the paid account letter to the CRA's if they do not comply with the terms we agreed upon.

Good luck with them and be persistent!!!!!

[Anonymous]

Generally it is not a good idea to try to get a verbal agreement.  Just send the written offer.  In a month, send it again.  In a month, send it again.  Rinse and repeat.  At some point you may hit pay dirt.  A verbal agreement is worthless and even if they verbally agree, they may not follow through once the written agreement or offer comes in.

When at all possible, only communicate in writing with the CA.  It saves time, sanity and is the only thing that has any binding effect anyway.  Send them CMRRR and keep good records of all communication in any form.  If you do speak on the phone, make a phone log entry of the Date, Time, length of call, name of person speaking, notes of conversation, any extension.  Logs are admissable.  "Recollection" of a call is not.

[Anonymous]

Sounds like you are saying they may not comply with our agreement even though I have received a letter via fax and mail from them....insight please!

[Anonymous]

BTW...I do have phone logs.

[Anonymous]

AND....I did not make the payment until I had received the signed, faxed letter from the manager agreeing to PFD...

[Anonymous]

If you have the agreement in writing (by fax or mail) then you should be okay if it spells out the terms and agreement to delete.  The problem arises if they ONLY make a verbal agreement seeking a payment.  You can count on verbal agreements like a rattle snake. 

You should be fine with a fax and mail copy.

[Anonymous]

Thanks.  I'm pretty confident that it will go as planned, and if not I am prepared to take action!  I think as long as you get the agreement in writing, regardless if you communicated with them via snail mail or over the phone, as long as the end result produces a written agreement to the terms, then you definitely have some leverage if they do not comply with what was discussed.