New here need some advice....

Discussion in 'Credit Talk' started by wmarge, Sep 12, 2003.

  1. wmarge

    wmarge Member

    I have gotten a wealth of info just reading through the posts! this is a wonderful site with tons of information!
    anyways to my delima, I am trying to straighten out my credit and have several problems,
    I am applying for a home equity loan and discovered the following problems on my credit reports that are killing our credit,
    1) Back in 1998 lived in a different state had a bank account moved to NV, forgot about the account (my fault) it had a balance of about $300 in it. I had my mail forwarded to new address in NV and was never sent a statement, time went on last year when purchasing our house this bank shows up on our credit report as in collections for like $90, I called the bank, they said that the account was inactive, and charged a monthly fee when that was exauhed we started oweing! OK so I just wanted it off the credit report I paid the $90 with the promise from them (I didnt get it in writing, but because of that I now get EVERYTHING in writing!) that they would remove it from the credit reports... welll its still there says collection/paid and causes great hardships when applying for credit. have a few other things on too negitive, but this one needs to come off!

    The strange thing is the my husband and I just purchased a 1/2 acre of land and took a construction loan out and rolled the construction loan into a 15 yr mortgage at 5.25%, my mortgage was bought by WF bank about 1 month after we moved in, so I thought that WF bank would be ideal to get the home equity through right? wrong, they referred us to a "broker" who is saying that we can get an "secured line of credit" at 15.9% rate, are they insane? So this is the reason that I have really started cleaning up the credit reports!! I just dont understand how we could have gotten the construction loan and the home loan with no problems?? I dont want to slam ya's with too many questions so I'll start with this for now
    Thanks in advance!
    any help would be appreicated!
  2. lbrown59

    lbrown59 Well-Known Member

  3. RichGuy

    RichGuy Well-Known Member

    It sounds like the bank collection isn't on all 3 reports. That's why you got the earlier loan with better terms.
  4. wmarge

    wmarge Member

    After I recieved the new about the high interest rate I pulled mine and hubbys credit reports for all 3 CB's and am starting to fix things(thanks to finding this board Thanks!!) and it is on all 3 reports along with some interesting things I believed were taken care of...
    If you dispute somthing how long do they have to put up or shut up? From what I am reading 30 days and the can extend it another 15 days so a max of 45 days right? I disputed somthing around May 2003, and on the reports it reads:
    XPN- account submitted by:AFS assignee of Nicor gas, account in dispute, resolution pending, TUC account submitted to collection, TUC account info disputed by consumer, meet FCRA requirem.... this was in May, does anyone know what that means? So is my next step to send one of the famous letters that I have read (but which one I didnt see one for removing disputed accounts?)to request they remove it in 15 days? Forgive the ignorance, but shouldnt they have removed it after the 45 days? or is it my responsibilitie to follow up?

    Thanks guys......
  5. wmarge

    wmarge Member

    a little suttle bump......

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