Newb here and looking for guidance and support! :)

Hi Everyone,

I'm new here, though I have been reading these discussions for the past few weeks. I am SO stoked to have found this site and so many people here who are so knowledgeable on this subject. I would like to let you all know what my situation is and if anyone is able to let me know if I am on the right track at least!

My situation:
From 2001-2006 I was a complete fool. I had a Discover credit card, and maxed it out and was behind on payments. First of all, I was an idiot for even using the credit card like that. And secondly, I was in a very bad time in my life as well and really could not afford it, though I obviously was a fool in using the card knowing damn well I couldn't afford it. I ended up paying it off for less than what was owed. At that time in my life I really had no idea to even negotiate to get this stuff off my report.

In 2005, I got a CitiCard. Again, I was a complete idiot. In 2007 I paid it. On my credit report it is listed as a charge off and states that it was closed by guarantor. HOWEVER, I still have that CitiCard. I still am using that CitiCard. They did in fact close it after I paid less than what was owed. But apparently they just sent me another one and it remained open.

In addition to this, I had a Victoria Secret card from 2003. I always thought it was paid in full. My credit report shows otherwise. I called VS today and they have no record of my information in their system currently. I'm assuming this will be easy to remove off of my credit report.

So, I just wanted to know that I am currently doing the right thing.

My first step will be to send a letter to Experian, Equifax and TransUnion disputing these accounts. (Giving as little information as possible, correct).

How long before I will hear back? I believe it is 30 days, correct? When I hear back, what exactly will I hear about? Will they show me the validation that they obtained from the creditors? Or will they just tell me that it was validated?

At that point, if things have not been removed, what do I do then? Contact each individual creditor requesting items be removed or they provide proof that what they reported is accurate?

A couple other questions:

I also apparently had an AMEX card before. I do not remember this. It shows that it is good, however, it is closed. I am wondering if I should ask the credit bureaus to remove this as well since it is closed. Don't closed accounts look badly on reports?


And my last question:
I have federal student loans. I have just started payments on them...always on time and in full. However, those loans were sold from Chase to US Dept of Education. Does this look bad? It states "transferred or refinanced" on my credit report. If this looks bad, how can I have these removed?


Thanks in advance. Sorry this is such a loooong post! I am such a newb. For the past three years I have paid every account I have on time. However, the four years prior to that did a lot of damage to my report. And now finally I am starting to care about my credit score. I am returning to school for a Masters degree and will need to apply for more loans and am very worried about my credit report.

Any suggestions are appreciated!

Have a great holiday!!!

 

Thanks so much for the insight and support! I will definitely let you all know how this stuff turns out! Much appreciated!