Hello All! This is a great forum. I've been reading everything I can get my hands on concerning improving my credit scores and cleaning up my files. (this is long - sorry!) I have found a lot of my answers on this and other boards but there are a few things from time to time I'm not sure about. I've sent out several goodwill letters to try to delete late pays and 3 paid charge offs that are several years old. Don't know the results of that yet. I have managed to get one deletion (an item that was an unpaid charge off that I didn't owe and finally got them to agree on). So, I'm off to a fair start but still have lots to do. My question today is that I have a Sears account and also a Discover account. I've had them almost 10 years each. In 96 or 97 I managed to max them out due to financial difficulties and then had trouble even paying the minimum. The accounts have both been showing closed a long time but I'm wondering how much damage they're doing me (not that I'm sure I can do much about them right now). The problem is the contant accumulation of late fees combined with interest (sound familiar?) that causes me to go deeper in debt without using the cards for several years. I know lots of folks who are having this happen. I'm not in a situation now to negotiate a settlement with either of them but may be in the next 6 mos to a year. The bad part they're reflecting now is not late pays but the fact that the account is closed with a limit of $1500 (Disc.) showing a balance of $3100 and the Sears showing I owe about $1800 and the limit was originally $1200 I think. TU shows the CL for Discover but I don't find a CL listed on any other reports for them or Sears (Just N/A or 0). Also had a Lowes card that was right at the limit ($1000) and recently got a little slow on it but as soon as we got it caught back up and under limit we got a letter stating they chose to close our account. I don't remember the wording but something to the effect of our available credit vs. our credit use?? Anyway, was the only credit card we ever used and now it's history. The CRA's all show Lowe's as paid on time, never late etc. That's encouraging, isn't it?!? Anyway, any suggestions, comments etc. concering these two obnoxious accounts would be welcomed. I'd love to be able to send them each a settlement for about 1/3 to 1/2 and negotiate a deletion but don't know how soon I can do that. Do they take payment plans for settlements or does it have to be a lump sum? Sorry this is so long but thought I'd intro myself and get in on the action. There seems to be plenty of it here! By the way, I'm in the great state of Arkansas - Go Razorbacks, LOL.
How long ago did you send the goodwill letters? As far as the Sears and Discover accounts, have they been turned over to a collection agency? Have you disputed them with the CRA?
No, never disputed them. I know they're mine and they seem to be reporting correctly. I now realize that doesn't necessarily mean I shouldn't dispute them, LOL. I've always dealt with the OC on both of these accounts and neither has ever gone to a collection status. As a matter of fact, they're both reporting as on time payments now. Neither of them shows a late pay for this calendar year at all. I'm just worried about the balance vs. the limit and the fact they've been sitting there in that status for so long. I'd SO love to settle with them both but can't just yet. My other goodwill letters (2 for late pays on mortgage that I've had over 10 years and 2 for paid charge offs that are more than 2 y/o) have all gone out within the past 1 1/2 weeks.
