Starting Out Question????

Discussion in 'Credit Talk' started by msjackson, Oct 25, 2001.

  1. msjackson

    msjackson Well-Known Member

    I have a question that I know is bizarre. I have 4 cards that I was forced to stop paying on 12/00 due to loss of job. I also have a repo. from 05/01 (Ford Credit). 2 of the 4 cards I've had about 2-3 years with good payment history until 12/00. The other 2 were fairly new cards that I had gotten around 07/00. Other than that those should be the only 5 screw-ups on my report(s). Can someone share with me how bad this looks and approximately how long this might take to clear up (I'm in no hurry). Also should I try first myself and then sign up with Junum? One last important question, how should I start off, also, can I or should I use "not mine" (really are though)? HELP HELP HELP!!!

    PS. The good thing about it is that I am in no hurry to get my credit cleaned, I don't care how long it takes I just want it done.

    Thanks to all for any advice.
  2. author_22

    author_22 Well-Known Member

    Try yourself first!

    Dispute no more than 4 items at a time on each bureau.

  3. keltexx

    keltexx Well-Known Member

    As far as "how bad these look"---there is really only one way to find out with respect to what other information is impacting your credit score-get your reports from the 3 CRAs-that is Experian, Equifax, and Transunion. You can write them and request one (usually costs 8.50) or get one at from their websites...Transunion you can get at But that will tell you your score, giving you some idea of where you stand with things.

    What is on one report may not be on another, so its good to go ahead and get all 3 if you are just starting...

    Once you get them, dispute several at a time-that's the best place to start. Start w/ "not mine" and make them prove it. Letters are available all over this site to help.

    Anyone else w/ advice for MsJackson?
  4. Cadillac408

    Cadillac408 Well-Known Member

    Ford Credit will be difficult and require some time. From my past experience, they verify EVERYTHING time and time again. Others may have had better results.

    Who are the 4 credit cards that we are talking? Are they charged off? Are collection agencies bugging you? If so, who? Give more details and amounts owed on each card. I'm sure people can offer you a suggestion based on the facts.
  5. marci

    marci Well-Known Member

    This is if the balances are unpaid:

    1. If you can pay the outstanding balances on the cards, then do so. If you can only pay a portion, then negotiate a settlement (start with 30% of the balance due) in exchange for deletion. This is easier said than done, so do some research on this board before trying. On the bright side, if these accounts are *owned* by collection agencies, you will have better luck at negotiating than if they were still owned by the original creditor.

    2. If you cannot pay the balance or negotiate a settlement, these items will not be easily removed from your credit reports, whether the creditor owns them or a collection agency does. If this is true, then either work out a payment plan with them to get it paid off or - if you simply don't have the money - just leave them there. Are any of these debts at charge off status? If so, and they are above $800 you will get a 1099 IRS to report this as income. Are these judgement prone (i.e. over $2000 on the unpaid balance)? Then you will run the risk of a judgment, so if they start threatening this with you and they mean it - then work out a payment plan. If there's no money or assets, then they can't "squeeze blood from a turnip" and just leave it at that.

    3. Make sure you don't owe anything outstanding on the repo, that you don't know about. That could bite you later.

    4. As far as building credit, it will be very hard with unpaid, past due balances, but here goes:

    Providian classic
    Capital One secured or unsecured
    FCNB secured
    Direct Merchants Bank
    Sterling Bank

    do NOT EVER apply for Cross Country Bank, no matter how good the terms look.


    This is if the balances are paid:

    5. If none of the above applies, and the past due balances are already paid, then you are in better shape and should still apply for the cards listed above (you'll have a better chance of getting them).

    As far as CRA disputes, I don't advocate disputing accurate info, but if ANY of the tradelines are inaccurate - then dispute, dispute, dispute to get them removed!

    For the accurate tradelines, you can also look into asking the original creditor/collection agency to delete paid tradelines using the "give me another chance at credit route".

    Hope this helps,
  6. cjd

    cjd Active Member

    Your question isn't bizarre at all. It's something you hear a lot around here.

    Ok. The truth is you already know how bad it is. It's looks quite bad to new creditors. You will not be getting any offers for prime credit cards until these delinquincies are off your report or much older. Further, they don't give a crap how good your payment history was before you quit paying.

    Also, you need to learn more about how credit reporting works. You didn't mention which credit bureaus reports you got. You didn't mention if the debts are paid, charged-off, being reported by collection agencies or are just late payments.

    Since you say you don't care how long it takes, they will all be gone 7 years after the initial late payments. But I assume you really do care, and just expect it to take a year or so. The way you mentioned disputing as "not mine" makes me think maybe you don't like the idea of lying. You have to decide what's right for you.

    Otherwise, just dispute a few at a time with each of the credit bureaus and when you get back the "remains" letters, do it again. Or you could try talking to the old creditors and trying to make good with them in exchange for deleting the entries.

  7. lbrown59

    lbrown59 Well-Known Member

    If you have a Neg. account on your report that later becomes a judgment is that 2 dings on your report or 1 ?
  8. Cadillac408

    Cadillac408 Well-Known Member

    In my situation it was 2 dings. The negative trade showed and the judgment showed. I got the trade deleted and the judgment now shows as satisfied.
  9. lbrown59

    lbrown59 Well-Known Member

    It should be only 1 should it not? Do you owe one amount or 2?
  10. Cadillac408

    Cadillac408 Well-Known Member

    I owed 1 amount.
  11. lbrown59

    lbrown59 Well-Known Member

    Rite:But they showed you owed it twice because their brain rattles around like a B B in a boxcar!
  12. TCEast

    TCEast Well-Known Member

    If you are still currently unemployed I believe you are entitled to a free credit report. So when calling in or writing to order a copy of your CR, make sure you tell them you are unemployed and there will be no charge. I live in California but I am pretty sure this applies no matter what state you live in.
  13. KHM

    KHM Well-Known Member

    I disputed 3 late pays from Ford on all 3bureaus. EQU removed the file completely, TU verified 1 late, and EXP is IMMPOSSIBLE!
    Good luck!

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