How big of a difference do the little things: 30, 60 days late; make when applying for credit. I have a repo and an unpaid chargeoff on my report, along with 3 unpaid collections. If I were to get the lates removed, would it make that big of a difference? Also, what is the easiest way to deal with a collection agency to take the baddie off my report, after I pay them in full. Are their any example letters. I called and the lady said that she could only make it "paid collection". I want it all the way off. Thanks for the help!! : ) Dust
RE: Big things Unfortunately, my experience has been that 30-60 day lates are huge deals to potential creditors. The charge off and collections will eventually lose their damaging effect on your report, but the 30-60's are a bad sign. The person you spoke to is right, generally a creditor wont delete a collection account, they update it to show as paid,a t least not without your asking for it. You have to strike a deal with them, in order to get the deletion. I would say if you pay it, get something in writing saying they will delete. (be persistent, this works much, though not all of the time.) Try to work something out with the late days accounts. If its not a chronic problem, and you approach it the right way, the creditor may delete if upon your request. This isnt a given, you have to really approach it the right way, or dispute them altogether. Good luck, but whatever you do, try to get those 30-60 day lates off somehow.
RE: Big things Thanks for the reply. I am writing a letter to my credit union (who has treated me VERY well), and asked (very nicely) if the lates could be removed, since I did pay it off, and they are fairly old. Dust
RE: Big things I tend to disagree about the statement of the charge off's. I think they are horribly detremental if they are 2-3 just as they are if they are 6 years old.
RE: Big things Dustin, that is good thinking..I have found that sometimes, if you ask nicely, certain things can be deleted when you ask (On this board, have read that Sears and JC Penney have done this.) Also, I think that credit unions are great, I would stick with them too. Sam, I agree that charge offs are bad no matter what the situation. I just meant that in my experience, 30-60 day lates kill your chances for prime credit, and I got the impression from Dustin's post that the charge offs are older than the late pays. (COuld be wrong, of course.) I know that in my situation, I've been told flat out from creditors that the 30 day lates on my report are what is drawing the negative attention I am getting...
RE: Big things Yes, my lates are more recent. My chargeoff come off in 2 years. The others have been deleted (thank God!). Other than those, I have 4 collections (3 creditors), 1 chageoff, 1 repo, and a few good accounts (2 student loans, cap 1, auto loan) My other good stuff is from before the repo/chargeoff/collections. : ( Is there any way to get above 650 within a year? Will I acheive it with a repo on my report, but everything else Ok? dustin Thanks for your help!
RE: Big things What is your current score if you're trying to determine how soon to get to 650? Supposedly, the older the negative items the less impact on your score. However, that doesn't mean they don't still affect your score. I'd say a 60 day late reported last month has a bigger effect than a charge-off from 6 years ago. A charge-off is worse than a late, but if it is that old and everything else is current and positive it won't effect you that much. The same for a 60 day late if it is old. Removing the baddies from your report will help along with time but I've learned that your score improves faster if you also have several good accounts with a long history. I've heard you should have 3 or 4 open credit card accounts and keep the balances owed very low to improve your score.
RE: Big things I have a 559 Beacon score. : ( I have 1 CC (Cap1) open, 2 student loans (citibank), and an auto loan (Finance Co). Should I apply for a Providian, or would I be denied and laughed at by them?! Thanks! Dust
RE: providian will take you! www.aria.com ya know? click on the banner ads from this site, so the site owner gets like $40 for each card you accept thru his links. Its hard work running a web site don't be suprised if you get the persona ($49 app fee, $49/$89 annual fee, $250 limit). But yes, my score was lower and i was accepted online, instant approval at providian/aria.
Dustin, how did you get your B Im curious as to what mine is...Also, having those open current accounts is helping you more than you think., I have been advised that my open accounts are helping me, also, something you can do now, is dont let your balances on any card accumulate to more than 50% of your limit. I didnt know until recently that that takes away from your score....(in other words, dont come close to maxing out on any card.) Also, you might want to look into becoming an authorized user. I dont know a whole lot about that, but I am an authorized user on my husbands accounts, and they appear on my credit reports. They seem to be counted as open tradelines too. Good luck, you can do this...
RE: Dustin, how did you get yo Most people approach a mortgage broker who will agree to pull your credit and give you all three scores. I think it costs about $30 or so. And you take the inquiry hits along with it. -Alwilda Smith
RE: Big things I would try for Providian. There are some other easy-to-get cards with low limits as well, but of course the annual fees are high. I'm in a similar situation to yours with a year old cap 1, a car loan, and 2 student loans and a few derogs. I just got a First Premier card with a $400 limit and a First National CC with a $250 limit. I've been pretty happy with both so far - but I've only had them a few weeks. I found out directly from Amex today that if your credit is questionable, to qualify for a card from them you have to have at least 2 open positive cc accounts (one that's a year and another at least 6 months old). Most prime cards just require a score of 680 (but the above advice helps you get there). I've been told that for every derogatory item on your report you should have 4 positive items. It's definitely good to have at least 3-4 open cc accounts, as long as you don't have large balances (should be <40% of your limit). If I were you I'd just open one more for now, then wait a few months to get another. Another good way to boost your score is to go to your bank and try to get a "secured" loan. To do this you should have a savings account with at least $1000 in it. Then apply for a $1000 loan and have the bank use your savings account to secure the loan. (Meaning they may freeze the account til the loan is paid off - but on the other hand you now have the money from the loan.) Pay on time every month for the length of the loan (probably a year). It's best not to just pay the loan off sooner because then you'll only end up with a few month's payment history instead of the year. This is a great way that many people use to help their score. But even if you decide to go this route you still need another revolving credit account (a credit card). Good luck!
RE: Dustin, how did you get yo How I got my beacon: I got a new auto loan last weekend, and I looked at the sheet that the dealer got. I disputed a few things about 3 weeks ago, and they had my updated report. It is getting better. : ) Dustin
RE: Dustin, how did you get yo Yea, it was my Equifax, which is pretty much my best report, unfortunatly. : ( The others have been much more difficult to get things removed. Dustin
RE: Big things Mary wrote: ------------------------------- You have to strike a deal with them, in order to get the deletion. I would say if you pay it, get something in writing saying they will delete. (be persistent, this works much, though not all of the time.) If they refuse to deleate = then where is the incentive for me to pay up? If I have to keep the Neg. I'll keep the money too:
