Need Your Advice on Fixing Cre

Discussion in 'Credit Talk' started by Elizabeth, Oct 7, 2000.

  1. Elizabeth

    Elizabeth Guest

    I just recently found this board and am so glad! Here's the situation and I would appreciate any input from those of you that have already fixed your credit.

    Please note that I can now pay in full the 3 cards that list as derogs (Capital One, Sterling and Providian) for a total of $4,320 but am looking into having HoffmanBrinker.com handle the settlement (hopefully for around $2,600 total or 60%).

    I now make $60K per year and I am looking to reestablish my credit. I will also be needing a new car loan in the next 6 months and a new apartment in 6-8 months.

    I recently pulled a credit report with Qspace (Equifax listing) and have the following listed:

    Credit Summary:

    Total Accounts: 5
    Satisfactory Accounts: 4
    Total Account Balance: $4,795
    Total Past Due: $3,620.00
    Oldest Account Open: Feb 1, 1996
    Previous Deliquent 1
    Only Shows 1 inquires in the past 2 years.

    Revolving Credit Limit: $1,831
    Revolving Balance: $4795

    Number of Times Deliquent Past 7 Years:
    30 Days: 1
    60 Days: 2
    90 Days: 8


    Current Accounts

    1st National Bank of Marin:
    Date Opened: Feb 1999
    Credit Limit $600
    Balance: $289 ( I pay this off each month)
    No Deliquent or Derogs
    I recently asked for a credit limit increase (they normally give $100 every 6 months but I wanted more). They are putting in a request now for a limit of $1,000. They said it will take about 2 weeks before we know anything, so we'll see. I've paid this card on time and in full for the last 1 1/2 years.

    Household Bank:
    Date Opened: Feb 2000
    Credit Limit: $300
    Balance: $186 (I pay this off each month)
    No Deliquent or Derogs
    I called them this week and wanted to find out about getting the limit increased. They told me I would have to pay $25 to get this increased another $100. I also spoke to a supervisor who was rude and not of any assistance. I have paid this card on time and generally in full for the last 6 months!

    Providian:
    Date Opened: Oct 1996
    Account Closed: Note it does not say charged off although I thought it would be.
    Balance: $2,713.00
    7 Year Payment History: 90 Days Deliq 3 Times

    Sterling Bank and Trust:
    Date Opened: Feb 1, 1996
    Account Reads as Still Open but the Balance Date Reads Oct 1, 1997. I also thought this would read Charged off.
    Balance: $700
    Credit Limit: $700
    Past Due: 0
    7 Year Payment History: 30 days 1 time
    60 Days 1 Time
    90 Days 1 Time

    Capital One:
    Date Opened: Sept 1997
    Another account that I thought would read Charged off and reads Account Open.
    Balance: $907
    Credit Limit: $231
    Past Due: $907
    7 Year Payment: 60 Days 1 time
    90 Days: 4 Times
    They sent me a letter last year saying that they would send me a new card and add my past due to the balance. When it was paid they would mark my credit report "Paid" (don't remember if they said "Paid" or "Paid Charge off" or what).

    Has anyone dealt with Capital One in paying the debt and keeping the card since it still reads as open? What should be my general course of action from here??

    Thanks in advance!
     
  2. scott

    scott Guest

    RE: Need Your Advice on Fixing

    8 payments past 90 days on one account are a killer. A closed account with a balance still looks bad even though it may not say charge off. You didn't want that one anyhow! I've read allot off negative stuff about providian in this forum. You can overcome this credit though. One suggestion would be to have at least two open accounts that have good payment history for at least 6 months. If you only show one open account, it looks like you can't get credit, and thus no one will be willing to give you any more. I had a credit problem a couple of years ago and only had one credit card with a $600.00 credit limit (knocked down from $2500 the previous year). I was in a position to purchase reimbursable purchases for my company. I would purchase 100 to 200 dollars a month, and the company would reimburse me the next month. After 5 months I called the credit card company up and asked them for a credit limit increase. They did. A few months later they did it again without me having to call. A few months after that they did it again (without me having to call). Within a 12 month period from the time I asked for the first increase, I went from a $600 limit to $1800 limit. While I think I was in an advantageous situation to help accelerate my credit repair, you can do the same but on a smaller scale. Make purchases of goods and services that you are going to purchase anyhow, and pay them off as soon as you can. Hopefully the next month. Don't be afraid to ask for a credit increase. Don't be late on payments. The second the bill comes in, make a check out and send it off.

    As far as the capital one card, I cant help you. I am interested in them myself. Over the past couple of years they keep sending me offers for $300 to $1000 credit cards with a clause that the amount will depend on credit history. I keep throwing them away. I just received an offer from them for a card with a $2000 limit that didn't have any kind of clause for credit history, no interest till may, and 19.2 after that. They only ask for my social and signature, and no other info to fill out.

    Hope this helps
     
  3. molly

    molly Well-Known Member

    RE: Need Your Advice on Fixing

    Sterling will remove the account as a whole in case you're wondering. I had an account that was charged off in 1996 (not paid), I wrote them a letter saying that I wanted to take care of this debt in exchange for them to remove/delete the account from my reports permanently. Well, I also had them outline exactly how it would be removed and they did it in writing. I am sending my check Tuesday. What they'll do is remove it from their tape and then when I dispute as not mine it won't be verified. I'll let you know how it turns out.
     
  4. Elizabeth

    Elizabeth Guest

    Capital One Settlement Questio

    Thanks for the heads up on Sterling Molly. Interesting to hear that you did the negotiation yourself. This would be great for me to be able to eliminate it completely. How long after you pay them do they have to remove it from their tape?

    I think I read a post about someone paying off their Capital One and them re-issuing the same card (thus keeping the account open).
     

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