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Got Bad Credit?? Need It Fixed??


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 10 years ago '06        #226
phoenixstar 
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not to sound dumb but i would send in a settlment letter to the cb's to foreward to the credit agencies bc this is the funny thing i looked on my credit report and there is a name of ic collections not the allied interstate who have it on my credit report and when i tried to do an online dispute it wouldlnt post because they never contacted me (the ic collections ) and they dont have a payment history on it ,or anything on the transunion so how do i get them to remove it for now just send the letters to the cbs?

 07-03-2008, 12:31 PM         #227
yunggucci 
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 Shizz said
Here's a general plan to get you started and comfortable.

I'm a.ssuming you've already pulled each of your 3 credit reports and have them available.

1) Opt-Out. 1-888-5OPTOUT (1-888-567-8688).
This keeps the CRA's (Credit Reporting Agencies) from selling marketing lists which include your information. Helps keep the Popup-collections to a minimum.

2) Prepare a letter to each of the 3 CRA's, TransUnion, Experian, Equifax asking them to delete all addresses/names other than your current one.
(Incorrect, never lived there, etc)
This takes away one method of verification when you dispute, if that negative is tied to that old address or name.

3) Prepare a listing of all negatives on each report, and gather details as best you can. Date it first went delinquent, date of last activity, etc. You will need these dates to figure the reporting period and if appropriate, when the legal SOL expires.

4) At this point, you might consider a "blanket" dispute of your negatives with the CRA's. many people have luck with their initial dispute, the easy stuff gets deleted leaving fewer negatives to deal with later.
Results in 30 days, lol.

>>>>>
This is a good time to do some reading.
Up to this point, the stuff you've done is pretty straightforward. From now on, a good understanding of the laws involved will serve you well.
Read the FCRA (Fair Credit Reporting Act) and the FACTA (Fair and Accurate Credit Transactions Amendment) update.
Read the FDCPA.(Fair Debt Collection Practices Act)
Read your state laws regarding collections- in the "Consumer Protection" forum.
If you have questions regarding the meaning of something, search then ask here.
In order to use the laws, you have to understand them...

Once you have those down, smile! You know more than 99.9% of the collectors and CRA's out there- which will work to your advantage.
>>>>>


5) Now you'll have to start making decisions.
For each negative left, you should consider:

a) Legal SOL.
Can they still sue you? If so, are you prepared to deal with that? Settle? Defend? Countersue?

B) Who is reporting.
If it's a CA,(Collection Agency) you may consider a DV letter, or the 1-2 punch.
If it's OC,(Original Creditor) you have goodwill letters or verification letters at your disposal.

c) age of the negative.
If its nearing the end of the 7-year reporting period, sometimes the best thing to do is nothing at all, other than dispute it with the CRA's as "Obsolete".



As your report clears up, you'll want to start adding positives to your report.

-Initially, being added as an Authorized User is a good way to jump-start a thin report.

-And/Or a secured credit card.
Go with one of the Prime banks, National City, Chase, BankofAmerica, etc.
The nice thing about a secured card is- you keep your money!
Avoid the offers of $300 credit for a $250 fee.
You could put the same $$ into a secured card- and keep it. Why throw cash away? lol....
These subprime card issuers can be (not all of them but some) loaded with "gotchas" which will defeat the purpose. You will outgrow them soon enough anyway.
Particularly avoid Cross Country bank and Aspire. Bad news. Run.

One day soon, you will find yourself in a position to pick your cards and loans...you'll find approvals rolling in..
This can be a danger point for many people.
Avoid the temptation to run up balances on the cards!
It's easy to do, the newfound freedom of having credit available seems to make purchases much easier, lol. Ask me! :)
You've worked hard at this point to repair and improve your credit.
Don't undo your hard work by carrying high utilization, or worse- ending up in a situation where you cannot easily repay the cards.
Not saying you personally will do anything of the sort. Just a forewarning that that day is coming...and it's an easy pitfall to succumb to.


That's pretty much the overview of what to do.
The Devil is in the details of course, so- Once you get things rolling and you come to a crossroads where you're not certain what to do- Ask!
We love to help with letters, etc. Just post what you have, other will certainly jump in with suggestions.
as an employee at one of the three major cra's..I always find it funny when a credit clinic who thinks they know gives advice..im sayin u did give the basics that will help sum of these peeple out..but there are a lot of things that u need to know..but do your thing..because your advice is good for these peeple, in a way

 07-03-2008, 12:44 PM         #228
yunggucci 
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jus puttin my two sense in about sendin letters to credit reportin agencies in regards to providind proof from the creditor of da alleged debt..its gon be a waste of time paper breath..however your requestin it..cuz cra are not provided with proof..they only hold info that is provided to them by the creditor..if u don't believe me waste ya time and ask and im pretty sure u will b receivin a general lettr from them that states what I jus said....good luck

 07-08-2008, 05:58 PM         #229
Natiboy00 
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Thx for the info!!

 10 years ago '06        #230
kat717 5 heat pts
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New link for credit letters if anyone needs them



Last edited by kat717; 02-11-2010 at 09:46 PM..

 10-02-2008, 01:52 AM         #231
BAYSICKCLOTHING 
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^^^good sh*t thanks

 10-03-2008, 02:24 PM         #232
Stickman74 
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YEAAHHH!!! Good lookin out. I knew those credit repair companies were on some snake business.

 10-03-2008, 03:57 PM         #233
RicFlair 
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didnt read through the whole thread but im not in debt anymore but had a couple credit cards years ago and was very late on payments but eventually got them paid off, how would i go about building my credit back up?


im a.ssuming because of that history i cant get any credit card now

 10-04-2008, 09:04 AM         #234
yungb 
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How long ago was it?

> *

I think they still have their 30 day trial. Do that, and see how it affects you.

 10 years ago '06        #235
bassy 23 heat pts23
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I was going to type this huge a.ss story out about how I got my credit score higher but I'll give the cliff notes version instead.
Maybe this can help somebody.

- Summer of 2007 open my 1st checking account & debit card.
I get a check card instead because I have ZERO credit, the bank also turns down my application for a credit card.

- After a few months my check card gets traded in for a debit card because the bank sees that I'm being responsible with my checking account.

- I have a credit score of 550 and can't get a respectable credit card, so I apply for one of those high interest accept everybody credit cards.

- I get a limit of only $70 that goes up every month if I pay it in full.

- For the next year I pay off my entire credit card each month, only once I couldn't make the entire payment and still paid the minimum.

- Now my credit score is 707 (My lowest of the three scores is 702), my credit limit is through the roof & I'm getting all kinds of ridiculous credit offers now.

Edit to add: I did have one $51 debt I didn't know about from 2003 that I also paid off which helped tremendously.


Last edited by bassy; 10-04-2008 at 10:03 PM..

 10-04-2008, 11:40 PM         #236
yungb 
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 bassy said
I was going to type this huge a.ss story out about how I got my credit score higher but I'll give the cliff notes version instead.
Maybe this can help somebody.

- Summer of 2007 open my 1st checking account & debit card.
I get a check card instead because I have ZERO credit, the bank also turns down my application for a credit card.

- After a few months my check card gets traded in for a debit card because the bank sees that I'm being responsible with my checking account.

- I have a credit score of 550 and can't get a respectable credit card, so I apply for one of those high interest accept everybody credit cards.

- I get a limit of only $70 that goes up every month if I pay it in full.

- For the next year I pay off my entire credit card each month, only once I couldn't make the entire payment and still paid the minimum.

- Now my credit score is 707 (My lowest of the three scores is 702), my credit limit is through the roof & I'm getting all kinds of ridiculous credit offers now.

Edit to add: I did have one $51 debt I didn't know about from 2003 that I also paid off which helped tremendously.
I'm in basically the same boat as you. I got my first credit card in the fall of 2007. But my credit score right now is 684. I paid it off last month (about ~300 on it, 0 balance now) and expect my credit to go up 20-25 points at least.

The only thing holding it down now it my short history, and the not having more than one account, which I don't really care about.

 10 years ago '06        #237
bassy 23 heat pts23
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^

Yea the short history has been the one thing they keep saying is a negative.
I guess you just have to be patient and wait that 3 years. lol

 10 years ago '05        #238
youngvito18 8 heat pts
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i need help, my girl has really really bad credit, and im gonna marry her, but once we get married i dont want her credit to mess with mines

is their anyway i can write a letter to her creditors saying she got in an bad accident and was in a comma and she couldnt pay her bills lol

or something

 10 years ago '04        #239
S|M 
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 youngvito18 said
i need help, my girl has really really bad credit, and im gonna marry her, but once we get married i dont want her credit to mess with mines

is their anyway i can write a letter to her creditors saying she got in an bad accident and was in a comma and she couldnt pay her bills lol

or something
false.

you should work on starting to fix her credit before getting hitched.

 10-29-2008, 08:06 PM         #240
sprint 
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if you need to check your credit you can check your Experian score for free at

 10-29-2008, 08:09 PM         #241
yungb 
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 yungb said
I'm in basically the same boat as you. I got my first credit card in the fall of 2007. But my credit score right now is 684. I paid it off last month (about ~300 on it, 0 balance now) and expect my credit to go up 20-25 points at least.

The only thing holding it down now it my short history, and the not having more than one account, which I don't really care about.

Updated Myfico.com scores. :applause:

Just got another Chase card with a respectable credit limit. Remember guys, anyone can do it. I'm 19 since Sep. and only have had a Capital One card for one year, a Paypal credit account for a couple weeks, and my Chase card is coming in the mail. Balance on all three accounts? 0. Although not using them is hurting my score...I'll keep a balance around 7-9%.

EDIT-

The reason my Equifax is not in the 700's is because for some reason, my updated balance STILL didn't get posted.

EDIT- Now it is. Updated screen shot.


Last edited by yungb; 10-30-2008 at 04:24 PM..

 11-20-2008, 09:08 PM         #242
mastakillah21 
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I live in Canada, will any of this information help me out? Im hoping so, I know the US and Canada have similar laws and systems

 10 years ago '04        #243
Mafia 
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man the only way to get your credit really tight is just to start paying that sh*t off every 2 weeks and watch them rates come down by the 6th month.

if not, call whoever you pay every 6 months and let them know.

 12-08-2008, 10:05 AM         #244
bigree61 
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could sumbody upload somemore credit letter templates bc the in hear is not wrking major props..

 10 years ago '05        #245
Gm0ney85 9 heat pts
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I GOT A QUESTION!

for a couple of months i had no money and couldnt really pay anything, But i recently got a job and am looking to fix my bad credit. However my credit report seems so confusing to me. So i need to some help figuring out what i should take care of first.

When an account is "closed" what does that mean?? i know i had something sold off to collection agency...so does that mean disregard the closed account and talk with the collection agency?

ALSO what makes it more confusing is it looks like theres something in collections that has the title of the a closed account in my negative information...what does that mean?

and what should i take care of first...closed accounts? collection accounts? open accounts? revolving accounts? What should i focus on.

my credits not that bad, i just have been missing a lot payments in leui of looking for work....at what point should i worry about a collection agency sueing me?

 12-12-2008, 02:32 PM         #246
yungb 
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 Gm0ney85 said
I GOT A QUESTION!

for a couple of months i had no money and couldnt really pay anything, But i recently got a job and am looking to fix my bad credit. However my credit report seems so confusing to me. So i need to some help figuring out what i should take care of first.

When an account is "closed" what does that mean?? i know i had something sold off to collection agency...so does that mean disregard the closed account and talk with the collection agency?

ALSO what makes it more confusing is it looks like theres something in collections that has the title of the a closed account in my negative information...what does that mean?

and what should i take care of first...closed accounts? collection accounts? open accounts? revolving accounts? What should i focus on.

my credits not that bad, i just have been missing a lot payments in leui of looking for work....at what point should i worry about a collection agency sueing me?
If it's closed and paid off, then it will stay on your report for up to 7 years (in CA I believe). If it's not paid off, then they should be taken care of first. And yes, you won't be dealing with the original company that you had an account with; you'll deal with the collection agency.

Even more importantly, you must remember to balance everything. You want to pay off those collections ASAP, but you also want to continue paying off your revolving and other debts. Your utilization ratio (which, for a good score, should be around 10%) has less of a negative impact than your accounts in collections.

My recommendation is to make minimum payments to your debt, and try your best to get in contact with the agency, and arrange payments with them.

myfico.com

They'll be able to help you more than anyone here can (their forums > this one). I'd go ahead and also get that Score Watcher trial. It also comes a free report.

 10 years ago '07        #247
Bkjj11 3918 heat pts3918
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i have this issue with bank of america. I overdrafted a few times by accident and i lost my card. But this was a while back like 4 or 5 months ago. I then started receiving letters from DC's for like $115. So i called up the bank and they said my account was closed n sh*t and i have to come up to a bank. i used that experian thing to check my joint, and i wanna pay this sh*t off, but im at school, and that DC be sending mail to my crib in NY.

So the report is sayin i cant be reached lol or some sh*t, how do i go about payin this? I want to call a Debt Collector but idk who though cuz i have no numbers.

Im confused...

BTW there are any Bank of americas in montgomery, tuscaloosa or birmingham alabama. So im kinda stuck...

Help?

 01-07-2009, 01:16 PM         #248
bigree61 
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Will somebody please upload sum more credit letter templates please!!! The ones n here are no longer wrking!!! Major Props!!!!!!!!

 10 years ago '04        #249
thefranchise9 
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I came across this fix ur own credit type of book and it has alot of good info.


 10 years ago '06        #250
BlackandGifted 17 heat pts17
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Good looks on thisthread Im getting married in 2 years and want everything clear before hand

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