This year I learned a hard lesson. Do not co-sign for anything.. even for family. Im 23 years old and have.. well had, excellent credit 770. About a year ago my sisters stopped paying a sprint account I had under my name. Now here I am, my sister agreed to pay half of a settlment of $606 owned by GC services (debt collectors essentialy) and I would cover the rest for now. Only after the fact did I realize I should of handled the situation differently but once she paid half the debt I was stuck not being able to negiotate my credit being taken hostage by GC services. So, last night, I check my discover account and learn my credit has been struck down over 100 points just because I settled this debt. Everyone has been telling me "650 aint bad" it'll go back to 700 but when I've worked so hard to drive up my credit for years and the penalty may last 7 years over a mear $600 mistake which resulted in a "Derogatory Remark" on my credit score its stings bad. Escpecially when I was postioning myself to purchase another property as an investment late next year.
So, now here I am. Anyone who has made it this far, thank you for listening to my whining.
Long story short how can I fix this quicker than 7 years waiting for the credit bureaus to purge their filing systems. I've heard of
"Pay-for-delete" requests and also "GoodWill" letters. Im just not sure if this is a waste of time, and who to talk to first, GC or Sprint?
I would appreciate anyone information and help I can get. Im for the first time truly lost and cant find good help on this matter.
Welcome to the board
You would want to begin the GW letter campaign to the one who is reporting the negative info on your CR.
Thank you for your reply. Im just not sure who it is. Guess im gonna have to call both and play dumb. Still dont even know how I should word the letter.. to sob at my foolish mistake or just be straight forward...