Straightening Out A 582 FICO

Discussion in 'Credit Talk' started by TomJones, Jun 10, 2002.

  1. TomJones

    TomJones Well-Known Member

    I am a 25-year-old professional with a decent job and good current bill-paying habits. It appears though that my credit is so bad I canâ??t get financed on a loaf of bread, unless I go through my old CU (which is far out of state for me now.) I pulled my FICO score and I have a 582.

    Below I will list current items that have showed up on my report. Iâ??d love feedback from you guys as to what I should do? The only one of these accounts that is still open is the one at the bottom of the post, and I have no derog on that one. I have no relationships with anyone else on here.

    I owe no one except one credit card on which I have never been late, and one medical bill which is not being reported and upon which I am making payments.

    Am I right to assume that good will letters and phone calls only work with people you still have the account with or owe money to?

    If I want to get the Wells Fargo trade line below off of my report, where should I start? Do I want to start by disputing it with the CRA or the OC, progressing to nutcase and estoppel as needed? Do you start with the CRA or the OC first?

    How about my paid collection account? Do I complain to the CA or CRA first? Whatâ??s the traditional order?

    The nasty one:
    Wells Fargo CC / 11-95 till 11-97 / $700 limit / fully paid off today/ 30 days past due 03 times; 60 days past due 03 times; 90 + days past due 01 times

    My only collection account:
    One Collection Account I just paid off for a small medical bill. Iâ??d misplaced it and they stopped attempting to collect it a year before. It read as followed before I paid it: Reported: 05/2002 Amount: 29 Balance: 22 Balance Date: 05/2002 Last Activity:03/2001 Date Assigned: 09/2001 Collection Status: UNPAID Whose Account: INDIVIDUAL ACCOUNT [Like I said above, I just paid this one and expect it to be recorded as paid off on my next report. The CSR promised to update it.]

    Some less bad accounts:
    1. Triangle Bank Car Loan / co-signed with mother / 03-96 till 08-97 / $2098 high balance / 30 days past due 01 times /
    2. Wachovia Line of Credit / 04-96 till 06-2000 / $200 limit / 30 days past due 01 times

    The only totally positive account:

    NC State Employees CU Credit Card / 10/2000-Current , No derog, $5000 line, $3000 balance
     
  2. uniondiva

    uniondiva Well-Known Member

    well first thing is you should not have paid the accounts without an agreement to delete or update to satifactory status. you have lessened your negotiating power by paying the account before negotiating the reporting status.

    i would try disputing the medical account with the cra immediately, they may not bother to verify.

    the other account, I would call back and see how they plan to report it to cra and see if you can get them to adust to positive status. if not dispute!
     
  3. Svanderwil

    Svanderwil Well-Known Member

    I think your high balance on your one credit card is hurting you more then you think. The good people at fico like to see only 20% of your limit.... your at 60%. Pay off a couple of thousand on that and I'll bet you will be in the mid 600's. Then apply and get more credit so your total limits are higher then your 20% will be higher.
    As far as the other things dispute as never late or not mine most will probably come off, if not they won't hurt you too much in the long run. I'd definately fight to get the collection off. $29... give me a break. I can't believe that they would punish you for a little oversight. Look through the past threads and ask questions of experts and youll get that off no prob.
    scott
     
  4. javan

    javan Well-Known Member

    Do a search for "goodwill adjustment". This may work to remove these late pays.
     
  5. TomJones

    TomJones Well-Known Member

    Thanks for responding so quick!

    I'll get a dispute about the medical account with the CRA in immediately and see what happens.

    When you say "the other account" are you talking about the Wells Fargo account? I'm confused as to which account you believe I don't know the reporting status of.

    The doctor I owe $3K to is not reporting to any CRA or sending anything to any CA despite 12 months of tardiness and to my knowledge has no plans to report to any CRA. I'm just paying him monthly, and given that he shows no proclivity to report it so far I'll assume he will never report, so long as he gets monthly payments.

    Thanks UnionDiva!
     
  6. uniondiva

    uniondiva Well-Known Member

    sorry, i got confused. if you search the board here you will find a lot of information about wells fargo, but again I would dispute with the cra first. since it is paid and closed, i doubt that they would verify, and then it will be deleted.
     
  7. TomJones

    TomJones Well-Known Member

    Regarding two accounts like those with just 1 30-day on them, would I be better or worse off if they wound up getting deleted due to a challenge?

    Having a car loan, even a $2100 one, seems to me like it will help if I go for auto financing. Or does the single late pay make it a liability, even in auto financing?
     
  8. javan

    javan Well-Known Member

    To clarify, the goodwill adjustment is asking the OC to remove the late pays. You are right, you do want to keep the trade lines, but you need th e negatives removed.

    Check out this link:
    http://consumers.creditnet.com/stra...87&highlight="goodwill+adjustment"#post181287
     
  9. lbrown59

    lbrown59 Well-Known Member

    I can't believe that they would punish you for a little oversight
    Svanderwil
    ===============================
    Folks we've got to get over the mind set that we're criminals deserving of punishment.
    Wake up we aren't hoods we are victims of legalized robbery.
    They do the crime - - but we do the time.


     

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