Hello all, I have been reading through the forums for the last several days, and wow, what a wealth of information. I have learned many things, found some things i have done wrong, some I have done right, and raised a few questions. I fell on hard times several years ago, and let a couple of small credit cards go to collections. I wound up settling with the OC on one, and a CA on the other. The first account DOFD was in November of 2007, and shows on Exp as Nov 2007 30 days late, Dec. 60, etc till April where it says KD, and then KD status thru June of 2008, nothing reported after that. The account shows closed (correct), Payment status Legally paid in full for less than the full balance. for EQ, it shows the same dates of reporting for the 30, 60, 90, 120, then shows OK for April 08-Jun 08, nothing after that. Account status closed, Payment status Bad dept and placed in collections, & skip. Under comments, Settlement accepted on this account, Paid account/Zero balance. For TU, no payment history shows up at all, account status is closed, Payment status: Payment after charge off / collection. comments Settled; less than full balance. The above is for a Cap One card. I applied and was accepted for a Cap One card in 2010, initial credit limit of $500, now its up to $1750, clean history, good dept to credit ratio. I applied and was given another Cap One card in May of 11, $500 limit, same history as the first. I sent them a good will letter last week to see if, given my current history with their company, would they remove the prior bad credit info. Anyone have any idea if they will or not? I have another question... I had and account with HSBC that went to collections, I settled with the CA, then not knowing i could pay for delete. HSBC shows up on my credit report with all 3 CRAs, indicating charge off etc...two of them show NO payment history, one shows good payment history for april 08-june 2010..the card was opened in 04, and im pretty sure went into default the same year...how should I deal with getting this erased? how do i find the DOFD for this? The CA that I settled with was portfolio recovery, they reported to 2 or the 3 credit unions, reporting settled, no payment history acccept in May of 2010 a KD for Experian. I did an online dispute that month, I cant remember why, and they put the KD on there..any idea how I can remove that? I appologize for the length of this post. I have another question about two mortgages that had non payment for a year, then settled with a short sale, but will save that for another post. Thanks in advance. quick note.. I started working seriously on my credit in early 2010, started low 500's, got a cosigner for a car loan, and have kept perfect payment history on everything...my score is now 654, but I really want higher..
quick thought: would it be worth it to run a dispute with the CRA's concerning the capital one account, or should I wait to see what Cap one does with the letter I sent them?
On the HSBC, even if it was settled with the CA, it is still a CHARGE-OFF (or PAID CHARGE OFF) with the OC. A PCO is only slightly better than a CO. The question is whether or not the balance is showing $0, and whether or not they SOLD the account to the CA, if they sold the account, then HSBC was paid by the CA a reduced amount for the debt, and they would not know whether or not you paid the CA. If it was opened and defaulted in 2004, it should have fallen off last year, 4+7=11. You could do a dispute with the CRAs that the account's date of delinquency was 2004, and the account should have expired in 2011. Not sure where you would get an exact Date of First Delinquency resulting in Charge-Off if it's not on one of the credit reports.
Welcome to Creditnet! I know you still would like to see your credit scores much higher, but congratulations on the improvements you've made to this point. You're out of the "bad credit" range now, which is a great accomplishment! Regarding the Cap One account, I would at least wait for a response to your letter first. Give them 30-60 days or so. You may get lucky, or you may get nothing at all. It's tough to say, but keep in mind that they really have no incentive whatsoever to go back and change your past history just because you've been a better customer as of late. If you can't find the DOFD for the HSBC account on any of your credit reports, you can request it directly from the CRAs. They're required to keep this information on file. Also, KD stands for "key derogatory", which basically means it's something really bad on your credit reports that's hurting your score. I agree with jam that you should dispute this through the CRAs if the DOFD was really in '04. It should've already fallen off your credit reports. Keep us updated on your progress!
Thank you for the replies. Regarding the KD, it appeared for one reporting period after an online dispute (i forget the original reason), after the account had been settled for some time, again, vague on the exact time period, at least 6 months, probably closer to a year. It kind of burned me up at the time, but I have done nothing to have anything removed in the last two years (when it happened). The only thing I have done since 2010 is maintain good payment history, and obtain a few credit cards. Any recommended action to get the KD removed?
Experian is known for going crazy with the "KDs". The only way I know of to remove them is to get the entire trade line removed.
