Hey everyone. New to the board, and I found you Googling "sample credit letters".
Hubs and I are working on building up low credit scores, because we want to buy a house.
Couple of questions, if I may.
On my credit reports, there are lots of old credit card collections from collection agencies. I had good credit about 10 years ago, and then I had to move because of a family emergency. It took about 3 months for me to find work, so all my credit card payments got later and later, and I ended up losing all my credit cards and my car got repossessed. I tried to get a consolidation loan for my credit cards, etc, so I wouldn't lose my credit, but no one would give me one because at that point, I was already late.
The repo is clear. I don't know if it fell off in 2009 (7 years after repo) but either way, it is showing as paid in full, with nothing negative against me. The credit cards, though, a few of them, are showing up, and the collection agency is showing up also. They are all over 7 years old (the original deliquency date) but the collection agencies are showing current dates. I disputed them with the EX, EQ and TU as being older than 7 years. The 7 years is based on the original date of delinquency, correct? Not when the collection agency just decides to report it?
Also, what about medical bills? I have a few on there, but it gets confusing - some say that medical bills don't matter. Others do.
And with debt collection statutes of limitation, what would a car fall under? I voluntary turned in a used car that I purchased from a dealer that we found out had been wrecked. We should have done a carfax, but didn't, and after our brand new tires wore out in a matter of a couple of months, we took it to our mechanic who told us the car had been badly wrecked, with a bent frame. We had previously purchased a car from this dealer (a "we finance" type dealer) and he never reported our on time payments - only where we turned in the crappy car.
Also, something else that I found very confusing. I have a credit score of 600. I have a car payment and a credit card payment that I make on-time, monthly payments to. I was told, however, that the only way I can raise my credit score is to continue making on-time payments, and that by removing old accounts, it won't raise my score. Is that true?
Sorry to ask so many questions in my first post. If it'd be better to split them up into different posts, I'll be glad to do that.
Thanks so much in advance.
Hello, I wanted to comment on the repo..if it says paid in full then I would believe they sold the vehicle at auction and got the full value that you owed. It would not have showed at all if it was past the reporting time period.
Now as for the credit card debt. It should be date of first delinquency but some say it is six months after that period. Look for the original creditors mark on your credit. It should give the time limit that the debt has to fall off. Most will say something along the lines of "reported until July 2010". If you do not see the original creditor then chances are it is past the reporting time period.
Thanks fireyone. I signed up with Transunion, and it doesn't show the "fall off" time, like some other places show.
I wondered if that was what was going on with the car. I got it at a phenomenal price - it listed for around 20K and I got it, tax and all for around 13K, so it's entirely possible that they got more for it than was owed.
did you sign up for TU online? get hard copies of your reports
Go to https://www.annualcreditreport.com/cra/index.jsp and get hard copies of all your reports. it is important to get hard copies of all your reports so you have an accurate picture. You have the right to get at least one free copy of all three reports each year.
yeah, I signed up online, and got copies of all 3. Is there a better, more accurate site than TransUnion?
I went ahead and signed up with TU because it gave me the scores, too.
to start out (telling you from personal experience..) is to look at your CR's and scores. See what's on there. If you have debts that should have 'fallen off', but, still remain, you can 'dispute' them with the CB's. I did that and it sure works!! I had 3 debts 'removes' that way!! Also..whatever debts you still have (car loans, etc) and they are still in 'good standing', keep paying on them. Everytime you make a payment, your Credit score actually does go up a few points. Remember....every payment you make, you are that LESS in debt (did I explain that corrctly?). I know it seems like a long process, but,.......I've learned I can 'fix' my credit and keep raising my score at the same time......thanks to this forum!!
Thanks, Chargers. :) Yeah, this place is great. It's a process, that's for sure. I just want to make sure that I am going in the right direction, and not "standing in the wrong line at the DMV", if you know what I mean.
rBpf4c I think this is a real great blog article.Much thanks again. Fantastic.