So I'm afraid I've ruined my credit for good (for good being the next 7 years).
I was perfect on my Chase student credit card from January 07 to October 07, and then "forgot" about it while in school. Being 19 and having no one to look over my shoulder and knowing nothing about the importance of credit, I let it go until I got a phone call in February or March of 08. The limit was $900 - I'd only spent about $800, but overdue fees + etc ended up putting me at a $1,338 balance. I was extremely tight on money until recently, so when they proposed a settlement for $500 I jumped at it.
The card was paid off by June and they closed the credit card. I thought it was a good way to solve the problem but now my credit report shows:
JAN-OCT: OK's
NOV: 30
DEC: 60
JAN: 90
FEB: 120
MAR: 90
APR: 60
MAY: 60
JUN: KD
Notes on it say:
Payment Status: Legally paid in full for less than the full balance.
High Balance: $1,338.00
Limit Terms: $900.00
Comments: Election of remedy - reported by subscriber.
What can I do?!? I wouldn't even know how to begin a goodwill letter for this type of deliquency. What can I realistically ask for from them? I did have a major family crisis, which is 'in my favor,' but I don't really want to use it as an excuse.
Any suggestions, advice, or ideas would be SO appreciated. Thanks.
