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supplychain.dan
Joined: 21 Oct 2009
supplychaindan's page
Posts: 4
72 Magic Points
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Subject: GEMB Legitment Resons to Delete Charge off from Credit Repor
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Wed Oct 21, 2009 9:49 pm
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Hello All,
I made a huge mistake a year before graduating college. I charged about $3,500 to help with school bills. I wasn't able to pay it off until last week. It went deep into collections. I read around and decided it'd be best to pay it off in full. Lucky for me, I did get a job in the tough economy back in June. Since then I save every penny to pay off that debt. I understand that my debt will show as "paid-in-full." It was also a Charge Off.
I've also read around about people requesting that their negs. be removed from their credit history. I did not request this before paying off the debt. My question is, when I write my letter to GEMB in El Paso, TX what are "good reasons" to have them delete it from my credit history?
What is the reason they reject such a request anyway? Is it time consuming, costly or just a moral issue or are they just lazy?
I believe my FICO score is around a 600. What can I do to improve it? What is the test of time that it will increase back in to the 700s? Is a year to soon?
By the way, I am only 22! I'm trying to start out my life now. Within 1 year, I'd like to buy a car and within 2 I'd like to buy a house. Should I really be worried? |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 421
7253 Magic Points
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Wed Oct 21, 2009 10:56 pm
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| Usually you send a pay for delete letter before you even make a payment. So since you paid in full and they already have their money not sure what they will do. I would just call the creditor and tell them your story and ask if they would be willing to remove it. It's no guarantee they would have removed it if you would have sent the letter first. Now as far as improving your score a 100 points in a year it's hard to tell but you can go and get an secured credit card and make your payments on time and only use 35% of the limit. Then you should see your score improve over time with a good payment history. It just takes time. Hang in there |
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supplychain.dan
Joined: 21 Oct 2009
supplychaindan's page
Posts: 4
72 Magic Points
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Wed Oct 21, 2009 11:03 pm
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| Thanks! I already called. They said you have to send in a letter. Any good reasons that you can think of? |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 421
7253 Magic Points
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Thu Oct 22, 2009 12:28 am
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| I would just tell them the truth that you were fresh out of college and in this bad economy was having trouble finding a job and as soon as you did you got the money you owed them and paid it in full. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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supplychain.dan
Joined: 21 Oct 2009
supplychaindan's page
Posts: 4
72 Magic Points
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Thu Oct 22, 2009 9:03 pm
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| Ok thanks! Does anyone know what exactly are the different types of credit cards? |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 421
7253 Magic Points
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Fri Oct 23, 2009 4:03 pm
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| To name a few there are secured credit cards that's where you deposit money into an account. Then there are unsecured credit cards,department store credit cards,and gas credit cards. Hope this helps. |
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