Need Help w/ First Premier and BofA Cards

[jayclem04]

Recently, I was denied some much needed student loans by the US Dept of Education because of my adverse credit history. In the past I hit hard times (like everyone else in my situation), and now this has really put me in a bad situation, as I am taking a break from school until I can obtain loans again. I am new to understanding credit, as I don't know where I should start. My goal is to fix my credit so that I can be back in school within one year.

Here is a summary of my Equifax credit report:

Adverse Accounts- (All are Closed)

Capital One (Balance- $603, Limit- $500) 3-  30 day Late Payments 3 -60 day late payments 4- 90 day late payments (Pay Status- 30 days past due)

Bank of America (Balance- $3,436, Limit- $3,000) 1-  30 day Late Payment 2 -60 day late payments 15- 90 day late payments (Pay Status 30 days past due)

First Premier Bank (Balance- $404, Limit- $300) (Charged off as bad debt 9/2009)

First Premier Bank (Balance- $453, Limit- $300) (Charged off as bad debt 9/2009)

G.E. Money Bank (balance- $937, Limit- $500) 3- 30 day Late Payments 4 -60 day late payments 0- 90 day late payments

Besides about $40K in student loans (all in good standing with no late payments) this is all of my credit history. I would greatly appreciate any help on what I should do in order to improve the information on my report. I would also like to note that I have sent pay for delete letters to first premier about a month ago without any response so far.

*My credit score is also 508 as of 8/11/2010

Thank You Greatly

[jayclem04]

*Any help would be greatly appreciated. I know some of you have made it out of the situation where I'm currently in

[laz98]

i haven't been in your situation, but i would recommend sending PFD letters to all of your creditors.  every month.  all they can do is say no.

[guiness56]

For the ones with late payments, send good will letters and see if they will remove the lates.

The ones that are CO'd, I would start by asking the company if it is possible for you to rehab your account and once they are, change the status to pays as agreed and remove the negative annotations.  If they will not do that, paying them will help your score.  CO accounts that still show a balance with the OC are counted in your utilization.  Getting them paid off will lower your utilization and raise your score.

You really need to get the balances on your CC down.  Utilization is 30% of your score and you are maxed out.  Getting this down will help tremendously.

[jayclem04]

Thanks a lot for the advice, now I know where I should get started with this mess

[jayclem04]

Does anybody know the addresses to send PFD letters to First Premier or to Bank of America?

Thanks