Im cleaning up my reports to get a mortgage loan in one year. I disputed with Belk's (a dept store) they were showing a paid charge off. I wrote them and disputed that it was my account. I received back from them a letter stating that the late history was verified to be correct (no proof) and they sent a copy of an application filled out by me from July of 96. What is my next course of action? Also, i filed bk 7 in October of 2001 and it was discharged one year ago. I have gotten three credit cards since then to rebuild credit, they all three have fees. One a yearly fee and two others a $6 monthly fee. I have used them all three to their max ($3000$350) and will be paying them off in full this month. I really wish to Not pay that $6 fee on those two. Should i ask First Premier to drop the particiapation fee on those two cards or just cancell them all together? How will it effect my scores to cancell now?? Please advise! Thanks Stacey
As for First Premier, you can ask them to waive the fee, but they won't do it. They may drop the annual fee and lower the apr, but that's about it. I wouldn't close it yet. Opening and then closing a fairly new acct will/might hurt your scores. You might wait til they hit at least the 1 year mark, and then close them. If this was me, I'd probably just keep it til the 2 year mark, which is better for your scores, and then at that time, if you can get a better card, canel them. The reason I say to hold on is that you already have them and they are helping you to establish a pay history. The longer you hold them, the more your score will increase. As for Belks, was this acct included in the bk? If it was, it should be reporting as "included in bk" and I believe that is all it should say. How did you dispute this? You didn't send a validation letter? If you haven't tried disputing this directly with the cra's, you might try disputing as not mine.
Thanks so much for your advice LKH!! I also checked our your credit board! Looks like some great info there too!! Stace
Opening and then closing a fairly new acct. will/might hurt your scores. =================================================== How does doing this translate in to a dead beat that don't pay their bills.
It doesn't mean you won't pay your bills. It just means you don't have much history of paying on time. Also, when a creditor sees you open and then close accounts within a short time, it means you won't be a profitable customer.
This is my history with First Premier. I requested a card/opened an account. Before I even got the card, I changed my mind and closed the account and forfeited my app fee ($39 if I remember right). When the card arrived I cut it up and reverified that the account was closed. Yes it was so I forgot about it until I pulled a report in 02. Here's how it showed/still shows on my report: $250 limit, $0 balance, current/closed by consumer with at least a year's history of current payments. For some reason it shows opened in 98 and closed in 00. WOOHOO!! I have no clue why but I am not messing with it. I'll take the free bump any day. Not that I can say it wasn't a fluke and try it. I can't. But perhaps closing the account might not be as bad as you think. I wasn't thinking credit score at the time. I was thinking "Good God!!! What have I done??? I'll max that card in no time!!! How will I pay for it???? AHHH!!!" Not that my blathering post has helped much.... :+) Good luck to you!
Re: Re: I need some help! 1*It doesn't mean you won't pay your bills. 2*It just means you don't have much history of paying on time. 3*Also, when a creditor sees you open and then close accounts within a short time, it means you won't be a profitable customer. _________________ 4*-*The Answer is 42!! Hedwig ====================== 3* Exactly why scoring has nothing to do with credit worthiness. 4*How do you know it is? The END ************************* LB 59
