Hey guys & girls, I've been here for a couple of weeks reading things, and I would like your help in devising a plan which I could carry out around Thanksgiving to get the best impact on my credit reports. I would like to avoid going to court, if possible, because I'm not really sure whether I'd be able to present myself favorably. I've never been that good at presenting a winning argument anyway and the thought of going to court is bit emotionally draining. Anyways, my goal is make credit report look stellar, so that I would well position to qualify for good interest rate on a mortgage in about 2 years. My credit scores are 539, 553, 568 right now. They were in the low 400's last year, but they have gotten better because I've kept 2 accounts current (never charged off) and just last month managed to finally qualify for an unsecured credit card (though only a measly credit limit). Code: Charged off accounts: Company Initial Delinqency Reported Last Reported Balance NFB Financial Oct '04 May '06 $800 Capital One Aug '04 Jul '06 $5500 M&I Bank Jul '04 Aug '06 $5500 NCO (MBNA sold) Jul '04 Jul '06 $3800 AMEX Jul '04 Mar '06 $500 Current accounts (closed by OC, never went to CA): Chase Nov '04 Jul '06 $120 Discover Aug '04 Jul '06 $2200 Hard Inquiries TU EX EQ FIA MBNA 2 3 ENCORE RECEI 1 DISCOVER 1 ACCT SOL GRP 2 CREDITR INTRCHG 2 M&I BANK 2 PLAZZA ASSOC 2 NCO GRP 3 UNIV MANSI 1 NTNWD#872 1 BAC-CNSMR LNDG 1 I believe all these hard inquiries were unauthorized. Here's what I'm planning to do: 1. I already got CRA to remove information about my employer from the CRs. I'm planning on sending them disputes about my previous addresses and different variations of my name via US mail since they don't do that online. I moved a lot from dorm to dorm when I was in college about 3 years ago, so I have lot previous addresses listed on my credit reports. I guess getting rid of them would be the first step. 2. I've been paying like $20 month to Chase to keep it current and have reduced it to $120 from $600 over time. I will send them a letter stating that if they guarantee that the account would reported as paid in full to all 3 credit bureaus, I will send in the total amount due. 3. Discover is the oldest item on my credit report. So even though it carries high balance I intend to pay it off. I can't afford to pay it off in one lump sum but Discover was very helpful while I going through a hard time and put me on a financial hardship program and froze all the interest rates and over limit and late fees from accumulating. That's why I would like to pay if off. But that program's 1 year time has run out since then and finance charges are now accumulating. And they've been calling me. I generally don't pick up unless I know the caller id. What do you think I should do with it? Send them a letter of intent to pay off the balance in full over the next 2 years and ask them to stop the finance charged from accumulating. I guess I can pay them like $100/month? Do you think they'll agree? 4. I just got a letter from AMEX saying if I pay the balance in full they would approve me for AMEX Optima credit card. If they are sincere about it, I would do this gladly, since I could really use another credit card to build up my credit (I don't carry a balance anymore in the one card I have). Or could this be some sort of a trap? 5. What should do about the account MBNA sold off to NCO? I haven't heard from them for about a month. Cease/Desist, Validate, and Dispute with CRA? My reports show the original account with MBNA which says it was sold off and then lists this as well. Should I dispute both or just the NCO one? 6. Other accounts are with CAs but still owned by OCs. And I'm nowhere near the end of SOL. What's the best approach with this? Offer to settle? If that's case, it'll be a slow process as I can't fork up that much cash. I'm not in a hurry, but I would like to know the best process. I would also like to avoid actual litigation, if I could. I'm so glad to have found this place. It's so good to be able to talk about this with people who are truly there to help because I guess most of you have been there before. It's not something I could freely discuss with my friends. Thanks a lot. Tim
I know this ain't the answer you're lookin for - but I can tell you what might help... Sit down and write down all what's wrong on yer report - or mark it off, and once you get that list, come here and read the old posts, and plow through what's wrong on your report one by one. I've recently been reading some old posts here, and there is some primo stuff here in the archives about how to handle almost any situation. The 2 people I personally know that's really really good with credit now, got their stuff from/beginning at this board. About Amex - READ IT CAREFULLY - and make sure they're guaranteeing(spelled right?) a card to ya, and that you're actually approved. They say Amex's approvals are true - but make sure the writing in small print is what they're gonna do. If ya pay the old one off - make sure they report it right. And - make sure ya get EVERYTHING in writing!! I can't stress that enough Good luck timishere (so many rhymes, not enough time....haha).
I agree with reading old post first. Here is what I learned: You need to attack with a validation, send it certified return reciept. They cant respond to CRA during validation period, so you have to dispute as not mine with CRA's at the same time. The problem I am encountering is with Experian. They arent verifying and are saying they did, then they wont re-dispute , or send proof of dispute process. No one has gave me a good answer how to deal with Experian violating the FCRA. The FTC told me to file a civil case against them.
Thanks a bunch, Armondo and owe2much. You guys are wonderful. I've been reading up on old posts, FAQs and all since I got here, but I didn't think of searching for specific issues related to mine. Thanks for the tip. I plan to get everything in writing. I would never trust them, specially after what I read about NCO Grp at wikipedia. For god's sake, they hire criminals and drug addicts. I'd like to hear your opinion on this AMEX deal. They say they will send me an application for Optima card after I make the full payment. They say I will be approved as long as, 1. I haven't filed bankruptcy 2. I don't have an existing credit or charge relationship with AMEX Ok, so I haven't filed bankruptcy, but what the hell does #2 mean? Isn't this account with them qualify as one, looks to me like they're trying lure me into a trap. On the other hand, the letter did began as gesture of goodwill and they like to resolve this issue and keep me as a customer. I'm thinking of sending them a letter myself in response to this, saying I have not file bankruptcy and if you guarantee approval of the new card in writing, I will send in full payment. Ofcourse, I'll include all the usual disclaimers so I won't renew or validate the debt. Do you think this'll do? This sent me this letter about 5 months ago as well, I didn't respond. At that time they asked me to call the CA if I wanted to take advantage of it, but now the number they're giving me seems to be a direct number to AMEX (I think anyway). Like to hear your suggestions. Thanks. Tim
If it was me: Trust no one. Proceed as if the offer never arrived. What would be my first course of action if there was no benefits? You may want this offer so youll have to decide if its worth it to trust them.
