Can someone offer advice?

[yoreljm]

According to the evaluation I got with my credit score: "There is no "quick fix" to improve the score if the serious delinquency indicated on your credit bureau report is valid. However, as these items age and fall off the credit bureau report (most late payments stay on your report for no more than seven years), their impact on the score will gradually decrease."

I have a charge-off on my account and my score sucked. I think I was in the 4th percentile, and everytime I applied for credit, I was denied! I could NOT get any credit at all, not even secured ones! But when I asked 3 people to add me to their credit card accounts (a few years after my charge off) my credit score improved. It is now 637 (23rd percentile) with Equifax.

One thing that I think was helping me is the fact that my charge off was sold to another creditor, and the balance was aritificially showing up as $0 on Equifax, and "unkown" on Experian. I dont know how the score is calculated, but I just assumed that if I can make the balances $0 for real, it will be good for my credit score.

Basically, even though chargeoff suck, they are not the end of the world!

Over the past month, I made some changes: I removed myself from 3 of the accounts that I asked to be put on; I opened 3 credit card accounts in my own name; I took out a secured loan; and I paid off the charge-off. I'm just waiting to seem my credit score plunge! But I'm sure it will start to get better as the dust settles.

[Drew]

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yoreljm wrote:

One thing that I think was helping me is the fact that my charge off was sold to another creditor, and the balance was aritificially showing up as $0 on Equifax, and "unkown" on Experian. I dont know how the score is calculated, but I just assumed that if I can make the balances $0 for real, it will be good for my credit score.

Basically, even though chargeoff suck, they are not the end of the world!

Over the past month, I made some changes: I removed myself from 3 of the accounts that I asked to be put on; I opened 3 credit card accounts in my own name; I took out a secured loan; and I paid off the charge-off. I'm just waiting to seem my credit score plunge! But I'm sure it will start to get better as the dust settles.

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I know what you're talking about.  I have an account that says it's in good standing but was really charged off.  I'm not sure if that's exactly what you're talking about, but I'm hoping that is helping my fico score more than hurting it.

All my accounts have been charged off less than 6 months ago and I'm also told that settling them now will look a lot better to creditors.  Is that true at all?

[kjack357]

Drew, see if you can pay for a deletion, i started my credit repair May of 2006 i have had no fewer than 4 CA's settle for that, some say they cant but if you are persistant it is amazing what they can actually do. by the way i have raised my fico score over 100 pts since May of 2006. see this link, its a good site for repairing your credit.

http://www.creditinfocenter.com/

kjack357

[Drew]

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kjack357 wrote:

Drew, see if you can pay for a deletion, i started my credit repair May of 2006 i have had no fewer than 4 CA's settle for that, some say they cant but if you are persistant it is amazing what they can actually do. by the way i have raised my fico score over 100 pts since May of 2006. see this link, its a good site for repairing your credit.

http://www.creditinfocenter.com/

kjack357

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It's very funny that you say that because I was just reading an article on that website.  What would you say the ratio is for agencies who have settled and not settled for deletion?

[kjack357]

you know man thats hard to say, i guess some of the factors are who is the CA

how old the collection is etc.etc., but have you tried the debt validation method ?

[Drew]

kjack357 wrote:

you know man thats hard to say, i guess some of the factors are who is the CA

how old the collection is etc.etc., but have you tried the debt validation method ?

That's a good question, but I'm not sure I want to waste time doing that.  All my accounts have been in collections for less than a year and are originally owned by Chase, Wal-Mart, Bill Me Later, etc.  So, I'm thinking that because of the accounts ages, the collection agencies are probably assigned to collect the debt and not junk buyers.  What are your thoughts?

[kjack357]

i can tell you Chase is pretty meticulous with records, others i have no experience with. Midland Credit Management, LVNV Funding , Regent And Ass. i have sucessfully used PFD. You can dispute easily on line, cost you nothing but time and you may be suprised by your results.

By the way what are your FICO scores ?

[Drew]

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kjack357 wrote:

i can tell you Chase is pretty meticulous with records, others i have no experience with. Midland Credit Management, LVNV Funding , Regent And Ass. i have sucessfully used PFD. You can dispute easily on line, cost you nothing but time and you may be suprised by your results.

By the way what are your FICO scores ?

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You know, I'm really not sure.  I went to www.creditreport.com to get a free report and fico score but learned that it's really a fako score.  Also, I'm thinking Experian is the only CRA it has information on.

Score: 475

Tell me a little bit more about this disputing process, please.

[kjack357]

the best place to get your fico score is right here. i would get all 3 reports, your score comes with it.

go through your report with a fine tooth comb look any and all mistakes like date of last activity, charge off date, account# , balances owed, you get the idea.

then you can take this info to the big 3 cra's you can either do an online dispute or send certified letters, with return reciept...... Drew just go here and they give very detailed info... i am not trying to pimp their site but the info i have learned there has helped me greatly.

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=263069

[Drew]

That site really does offer some good advice.  Also, maybe you can help me keep up to speed on the dialogue there.  What does SOL and TL mean?