July 31, 2007

Am I Late To The Credit Repair Party?

Filed under: Collections,Credit Repair

I have enjoyed your site.  What if you have already paid off the collection agencies regarding the various medical bills?  What can you do to get the “updated” information off of the credit report?  I have several which say paid but I wish they didn’t appear at all.

Hopefully, I have not learned too late.

Vickie (more…)

Authorized User Gone Bad

When I was 16 (2000) my father added me as an authorized user on one of his credit cards to help me build credit prior to college.  In July of 2002 he had some financial difficulties and stopped paying on the card, which was eventually charged off with a $7,356 balance still on the card.  When I consulted a lawyer several years ago I was told that I would just have to wait until it was off my credit report, that there was nothing I could do about it. 

Now, five years later, I’ve heard that it might be possible to have it removed because I was never legally responsible for anything that was charged to the account?  Because it’s been five years already, should I just wait until this is off my report or should I contest it with the company / credit report agencies and see if I can have it removed?  I’m worried if I try to contest this that it will renew interest on the account and further damage my credit /  stay on my history longer. 

All of the lines of credit (3 credit cards, 2 federal student loans) I’ve opened for myself since this incident have perfect payment histories, so this authorized user account is the only negative spot on my credit report.  How much will this 5 year old debt (which was never even really mine) affect me if I try to get a private student loan for grad school, rent an apartment, etc?  Thank you so much!

Danielle (more…)

Collector Be Gone; Refinance Me!

I have 3 accounts that have been charged off.  One is now with ACollectionAgency.

We want to refinance our house.  I’d like to settle out these debts to

raise my credit score. 

What is the best strategy to use?  If an account is still being reported as CO,

will settling it make a big difference in our score? 

Has anyone had any success negotiating a hard delete with ACollectionAgency as part of

their settlement agreement?  Of course, they have numerous violations.

Would it make much difference having it deleted? 

Carrie (more…)

July 30, 2007

Your Wish Is Granted

Filed under: Mortgage,Real Estate

I have a question that is actually about government grants.  I have been to numerous sites on grants and have received even more phone calls saying they can gaurentee me a grant if i just send the hundreds of dollars before hand.  Are there really grants for first time home buyers and if so where do i go or what do i do?  Thank you for your help on our credit issues.  We just got our first credit card to start building us credit!

Heidi (more…)

Don’t Close A Credit Card Unless…

I closed 3 credit card accounts about 2-3 months ago due to rediculous annual fees and high rates.  2 Accounts were 10-12 months, no lates.  1 was about 14 months no lates.  I noticed my score seemed to drop quite a bit when I closed these.  Can I re-open them and my score will go back up? 

Dustin (more…)

Foreclosure Facts

Bloomberg.com reports:

U.S. foreclosures rose 58 percent in the first half of 2007 from a year earlier, led by California and Florida, as more homeowners fell behind on their monthly mortgage payments, RealtyTrac Inc. said.

Lenders sent notices of default, scheduled auctions or repossessions to 573,397 properties in the January to June period, the Irvine, California-based seller of foreclosure data said in a report today. California foreclosures surged 170 percent to 104,572, the highest in the nation, and Florida gained 77 percent to 64,250.

Homeowners with adjustable-rate loans who are seeing their payments jump are finding it harder to avoid foreclosure by selling or refinancing their properties as the U.S. housing slump worsens. The inventory of homes for sale, measured in the time it would take to sell them all, was 8.8 months in June, matching the prior month as the highest since 1992, the National Association of Realtors said last week.

BrokenCredit.com reports:

The internets only [to our knowledge] free online avoid foreclosure seminar.

July 29, 2007

Servicemembers Civil Relief Act (SCRA)

Okay in 2000 I co-signed on a car with my ex.  We traded in my car for this car.  A week later we broke up and he had to take the new car because it was too expensive for me.  So I went and got a used cheaper truck and we went our separate ways.  I kept in contact with him to make sure he was paying since my name was still on the account.  Finally I started asking him to refinance it so that I could get my name off the account.  Well, I’m not sure if he ever asked, but he told me that they wouldn’t do it.  Then he moved and switched numbers and I lost contact with him in 2002.  Okay so April 1, 2005 after I thought he had it all paid off and my name was off the account I received my first collections call.  This is the first I had heard about it and the car had been repossessed in November of 2004.  I was never notified about any delinquency or that it was going to be repossessed and I had called the lender and gave them my address whenever I broke up with my ex.  They sold it in an auction and the amount they were trying to collect from me is 4600.  I asked why the weren’t contacting my ex and they said he was under the Patriotic act because he was now in the Marines and they couldn’t call him or collect from him.

Okay there are a couple of things weird with this.

When we bought this car it was on a walk away balloon program.  So at the end of 4 years we could either pay or refinance the left over amount.  We also had the option of trading the car in for a new one or we could just give the car back.  I don’t have copies of the contracts and I can not get ahold of my ex to send them and collections will only send me one page of the contract.  I asked for the notes on the account and they mailed them to me.  My ex tried many times to have it refinanced and they wouldn’t because the car had expired tags (he was in the marines and had the car in storage).  He then said he would give the car back.  The company states in the notes that it was a volunteer surrender, but yet I have repossession on my credit.

Also by the notes in the account the payment amount had changed which means he would of resigned a contract without me present.  Which, I think takes me off the account unless someone forged my name.

What should I do????

Tabatha (more…)

Collection Agency Pay Me!

Cheers or Jeers?

Besides  one successfully rehabing loan my only other fish to fry  cr wise currently is an old cc debt.  A junk debt buyer (jdb) apparently purchased  a 16 year old  $150.00 bad credit card debt (ofcourse the bill they sent is for an amount 7 or 8 times  the amount owed which was150) attributed to me and from my ignorance is bliss college days.  It has long passed the statute of limitations for this to appear on my cr and it doesn’t, which is probably why they are sneakily running soft inquiries on my cr every month…I’m afraid if I pay now through them it will bring the expired debt current and show back up on my report damaging my score for another 7 years potentially.

I hadn’t seen any posts here on whether  or not an opt out  request would remedy the problem of  jdb’s trying to collect expired debt and getting your personal credit info by running soft inquiries periodically, it’s like spare me the pipe dream buddy it aint happening for goodness sake…  How can I block these jdb’s from getting all excited over my quickly improving credit rating  and pulling my personal credit information at their whim?   Is there any way to prevent them from reviewing my credit info without my consent esp since it is apparently not for an allowable purpose? 

Best wishes to all here and many thanks.  What a wonderful consumer resource site, it’s like positive credit energy of all the hard working people it attracts and the sage advise of our credit experts and newbies alike unites for good cause:  good credit… Best wishes to all, and to all:  fix your credit, you deserve good credit too!  Gorem. (more…)

July 28, 2007

Let’s Prevent Foreclosure

If I have a foreclosure on my house how long will that stay on my credit report?

Candice (more…)

Who Has Written The Statute of Limitations

I want to send a “pay for delete” request to a collector.  My concern is if I do this then will the account be re-aged and take longer to come off my report. I mean if the company does not want to delete the item.  I ask because I sent a letter requesting verification on an old medical bill (I had insurance at the time and thought it was a mistake) and it appears to have a new “remove” date on my report.  It was suppose to drop off 09/07 because its been 7 years.  Is it legal to keep an item on longer than 7 years? Thanks for any help.

Deandra (more…)

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