I am looking to purchase a home soon. I have many past due collections some 6 years old some 1 year old. First I was going to offer the collection companies a settlement of 50% and ask them to remove the item and work from there. But will paying them make a new 7 year time limits for the credit bureau? How does that work? Do you have any opinions where to start? Also I have a friend who has perfect credit in like AAA and she is willing to place me as an authorized user on several accounts that she has had for many, many years. I beleive I beleive that her credit history will then be placed on my file when I am added. Is that correct? Does anyone know how that works?
Jean When you make your offer to the CA, make sure that you get the agreement in writing signed by someone who has the authority to sign the agreement to delete/remove the item. This means that you will have to negotiate/speak with a supervisor or manager NOT!!!!! a CS rep who answers the phone when you call. Make sure that you get this supervisor's name and extension number and before you send any money call the number and extension to verify that it is real. If you do that and the CA keeps it's word then you won't have to worry about reaging of the account as it will be removed from your file...BTW make sure they agree to remove from all 3 bureaus. If they will not agree, then refuse to agree to send them any money and the account's DOLA will not change. Jean what type of positive credit do you have now? A nonconforming lender most likely won't even look at any collections that are 6 years old and you may be able to get a mortgage sooner. Good luck fla-tan
There is no fast fix for raising your score. If your friends credit accounts are older than yours, then you get 15-25 points from being added. But if her balances are high, it could lower your score. I have not found a creditor yet than will do a total deletion for 50%, or even 100%. The strategy varies according to what you have attempted so far.
With all due respect to creditman, I don't think most people on this board would agree with him about creditors refusing to delete for payment. Do some research on this board and you will find countless accounts of people getting a deletion when they settle for 50% or less.
Thanks you guys. I beleive shes adding me to Target and BOFA how long will it take to show the history on mine? And wow I could us the 15-25 point. The accounts are well over 6 years old all with perfect paymets. What should I do next? I need credit quickly for the loan. Or will this be enough?
Am I misled here or does being an authorized user not do anything for your credit, negative or positive. I always thought a person would have to be a joint-cardholder in order to affect their credit. Just curious...
I was added as an authorized user on my now husband's Sears - it reports on my credit report as if it were mine and lists as "authorized".
| 1 posts since Jun 2001 208.180.174.131 | 06.14.2002 @ 23:03 I have not found a creditor yet than will do a total deletion for 50%, or even 100%. The strategy varies according to what you have attempted so far. creditman ====================== Well then you you need to find one before you pay one!
