iscrewedupbig Posted April 15, 2007 Report Share Posted April 15, 2007 OK, so on my CR I've got about $15K in student loans, two CA that have been paid (one in 9/06, the other 11/06...didn't even know I had them until I received the letters that were forwarded to my new address...unfortunately by the time that happened it was January of 07), and then there's my Capital One account that I opened in 2004 that I never made a payment on (I'm currently 20 now...I had just turned 18, opened the card w/a $200 pre-approved credit line...it's been in collections since August of 2004...not set to come off my record until August 2011...current balance is about $750 after all is said and done). I also have now received a notice for another bill (AOL) that I was pretty sure I cancelled (not racist, but I guess whomever I spoke with on their 1-800 # didn't get it right...never received anything e-mail or phone wise...just another letter that came in January 2007) for $103 from a CA.So...here's my question...I know my FICO score is about a 520 via EQ. The Cap 1 card is still shown as revolving, although charged off (I'm told this is standard). I'll be 21 soon and will be getting some cash from that, with which I'm hoping to pay off the Cap 1 charge-off (I kick myself every time I have to deal with credit for it). My question is is it worth it to pay off the Cap 1 card? I've been told a paid in full charge-off is always better than a not paid in full charge off (on EQ it shows the balance of $750 or so, not a balance of $0). Also, the other two charge-offs I am disputing for never being paid late (I paid them the second I found out that anything had happened as I had a bad family situation that forced me to move out and I completely forgot about the accounts -- I know I am still responsible for these).Any advice/suggestions would be great. I have attried to apply for a student CC through my bank/credit union, but I was declined due to the past delinquency of my Cap 1 card. I am still trying to figure out if there are any cards out there that I can actually get approved for with my said FICO score of about 520 with the CO and CA on my CR. I've got 6 inquiries (2 set to fall off come May...)Thanks! Link to comment Share on other sites More sharing options...
kevin3344 Posted April 15, 2007 Report Share Posted April 15, 2007 (edited) The Cap1 card is relatively recent, so I would pay it off. However, you're still going to need a revolving charge account so I would get a secured credit card. Eventually you will qualify for other cards but start there. Don't worry about the paid charge offs, their effect will lessen with time. Keep your student loan current and you'll be fine.________Sunset Boulevard Residence 2 Edited September 9, 2011 by kevin3344 Link to comment Share on other sites More sharing options...
iscrewedupbig Posted April 16, 2007 Author Report Share Posted April 16, 2007 Giving an update, I found the following after running a myfico.com score report via Equifax (previous 521 score was from Experian):Equifax shows that my FICO score is 576, which surprises me based on the fact that Experian shows the 521.Also, here are some differences in my Cap1 card charge-off...Experian:Account Name: CAP ONE BK Account Number: 48623624XXXX Acct Type: Credit Card - Revolving Terms Acct Status: Closed Monthly Payment: Date Open: 9/1/2004 Balance: $729.00 Terms: Revolving High Balance: $729.00 Limit: Past Due: $729.00 Payment Status: Charge-off Comments: Credit line closed-grantor request-reported by subscriberEquifax:CAP 1 BANK (Individual)Credit Grantor Contact InformationNot on record Account Number Not on record Account Type Revolving Credit Limit (High Credit) $534 Minimum Monthly Payment (Terms) $0Date Opened September, 2004 Date of Last Activity October, 2004 Description Charged off accountAccount closed by credit grantorLast Report on May, 2006Balance Current status Past Due Amount $651 Bad debt/collection $651 Equifax cuts it off at May of 2006, but on EX, it shows now a KD from Jun 06 to present day.Is there anything I can do about this? I am working on saving up enough to pay off the balance of the charge-off (hope to have it paid off by June 07).Also, EX shows 6 inquiries while EQ shows 2...The "score simulator" also says that if I pay off the charge-off (via EQ anyway), that my FICO score could be inbetween 686-726...should I believe any of that, especially seeing as it looks like EX is being the one pulled every time?Also, just noticed something wacky about my two paid collections...I paid them at the same time, yet they show up as different status dates/times/what have you:Collection #1 Collection Agency 496YC05491 Original Creditor BANK OF AMERICA Account Number 682XXXX Whose Account Individual Date Assigned November, 2006 Date Reported March, 2007 Amount $256 Balance $0 Balance Date March, 2007 Date of Last Activity October, 2005 Collection Status Paid Status Date March, 2007 Collection #2 Collection Agency 496YC05491 Original Creditor BANK OF AMERICA Account Number 644XXXX Whose Account Individual Date Assigned September, 2006 Date Reported January, 2007 Amount $463 Balance $0 Balance Date January, 2007 Date of Last Activity August, 2005 Collection Status Paid Status Date January, 2007 Just seems strange...Any advice on cards that only pull EQ/something I am more likely to get approved for?Thanks again! Link to comment Share on other sites More sharing options...
kevin3344 Posted April 16, 2007 Report Share Posted April 16, 2007 Keep in mind the simulator is taking age into effect as well...so paying your bills on time as well as paying off Cap1 will improve your score over time. Link to comment Share on other sites More sharing options...
UNCForest Posted April 16, 2007 Report Share Posted April 16, 2007 I dont have much to offer in advice on this one, but i do want to comment on your "im not a racist" comment.Don't EVER feel like a "racist" when dealing with these foreigners regarding your personal information. If you cant understand the rep, ask for someone else and/or complain to the company HQ. This has nothing to do with being a "racist" or not. It's your personal credit you're dealing with...important stuff, and you simply desire to speak to someone who you can understand. If someone thinks you're a racist for that, then that's sad and pathetic.</rant> Link to comment Share on other sites More sharing options...
iscrewedupbig Posted April 17, 2007 Author Report Share Posted April 17, 2007 Well, the AOL thing has yet to hit any of my CRs...(at least EX or EQ...TU is being dumb and saying I have an account, but when I go to verify my info, it says it can't find my information in their system and I have to call the 800 #...).Anyone else's two cents on what to possibly do or any sort of line of unsecured/store credit that I could apply for?Again, the FAKO score I have through EQ is 521 and my FICO score through EX is 576... Link to comment Share on other sites More sharing options...
MadinKS Posted April 17, 2007 Report Share Posted April 17, 2007 I am still trying to figure out if there are any cards out there that I can actually get approved for with my said FICO score of about 520 with the CO and CA on my CR.Have you tried Applied Card? They dish out a $500 unsecured like candy. http://www.appliedcardbank.com/home.doThey pulled from my TU and was approved for $500 unsecured w/a 604 FICO. I don't know what their lowest FICO allowed is though. Worth a shot. Link to comment Share on other sites More sharing options...
iscrewedupbig Posted April 18, 2007 Author Report Share Posted April 18, 2007 Had not tried them, but checked out their site and found that with them you have to be sent a pre-approval. Thanks, though! Link to comment Share on other sites More sharing options...
MadinKS Posted April 18, 2007 Report Share Posted April 18, 2007 Hey, I tried. Sorry. Link to comment Share on other sites More sharing options...
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