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Things you wish you had known


coolcreditchick
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Old timer? :?

:roflmao:

I started in 2002 after being denied credit for an auto loan. I obtained my reports and found it was riddled with errors. My scores ranged from the mid to high 500's.

I stumbled across this board (back when it was that great yellow color :D) and it blew me away. There was actually something I could do, but it would take time, and a lot of learning on my part.

I asked questions and absorbed the answers. I took the suggestions and applied them to my issues, and off I went.

I made some mistakes, mostly in the form of not communicating with the appropriate departments, or not getting my complaints to the proper agencies. I also learned to streamline my questions / complaints and not write like I speak - there's nothing worse than making a valid point, only to be lost in unnecessary jibberish (ie: "filler comments" like, "how can you do this to people?" and "I told all my friends not to do business with you because you're a naughty company").

From there, I learned not to back down when my issues were blown off by the individuals who recieved my letters. I also learned that it makes life a little easier when you take the upper hand back - especially when you find an error.

My issues were specific and varied (as is the case with each member here) and through continued diligence, soon found my scores in the 700's. Well, not soon... I had some issues that took longer, but for the most part I was not only out of the rut, but educated not to allow it to happen again. It took me (with my specific issues) about a year and a half to resolve, which isn't bad considering I didn't even know you could dispute inaccurate information when I started. My poor credit picture wasn't painted overnight, so I didn't expect it to be corrected overnight.

The best thing I learned is this is not a "one time deal". Your finances are an important part of your economic well-being, and deserves your continued attention even after your credit is up to par. The credit industry is constantly changing, so it's in your best interest to stay on top of those changes.

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1. Don't just close out old credit accounts. If they have a zero balance, keep 'em open. The credit history 60 months+ is important.

2. Don't file bankruptcy, unless absolutely necessary. What's absolutely necessary?

a) Someone is sued you for $250,000 and won.

B) You are $100,000 in credit card debt and the credit card companies think you have something worth suing over.

3. Don't just pay off accounts, settle them.

4. Don't pay collection agencies without exhausting the entire debt validation procedure.

5. Don't just dispute OC with the credit reports, if after a credit bureau dispute is verified, ask the OC to verify it.

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I also learned to streamline my questions / complaints and not write like I speak - there's nothing worse than making a valid point, only to be lost in unnecessary jibberish (ie: "filler comments" like, "how can you do this to people?" and "I told all my friends not to do business with you because you're a naughty company").

Funny....I got a similar letter from you recently. But I digress.

One thing I wish I'd known when I first started was to read a lot more and understand things a lot more before I started sending out letters. My first step in repair was to send a letter to CAs telling them I was going to file BK and wanted to negotiate. :oops: That made my DVing a little bit harder later. LOL :roll:

Another thing I wish I would have known was how to get violation timing down...for instance...keeping the letters flowing instead of letting months pass in between steps, etc. And, of course, knowing the steps. That all just comes with time though, I think...just getting used to the process.

I'm pretty good at this (I'm anal about it), but most people have problems getting and staying organized. That's a MUST if you have all this stuff going on at once. It's easy to get lost and forget what you said to who...and when. You HAVE TO get organized and be ready to tell someone exactly what Asset said to you on March 13th at 1:12pm if they ask....or know exactly what you disptued with Experian, when, and what the reason was. Or whatever.

Another thing you HAVE TO do...take breaks from all of this sometimes. I'm *still* having a hard time with this one. You have to step back for a little bit if you've been spending every day and every night online researching credit stuff. I've had a couple of spurts where I just didn't care anymore about any of it....and you can't do that. You can't give up once you know. Don't let 'em win. Don't let the stress of this (and it can be stressful!) plow you under and make you give up. One step at a time.

One big thing I've learned (more recently, actually) is that suing is FUN and you'll want to do it over and over once you start. :shock::lol: With that comes responsibility though...you have to do about twice as much research with that as you do with credit repair...and you have to have more patience than god. But, I tell ya, it's worth it. :D

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