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Help - Crap 1!!


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I know you guys know them well...Ok, I have somewhat of a long story so bare with me....I basically am about to go to medical school in the fall and got a military scholarship for school...you would think yay!! (b/c that is what i was thinking at first) but they are going to run my credit...which is a bit scary...so here's the deal:

I had a credit card in college from Crap 1 that I've been having difficulty paying...I haven't made a payment on it in now years...the balance on the account is about $2100 (it says on my credit report that i guess at the time of charge off it was at $1500). Of course I have many late fees and such added to the balance. Basically, I haven't recieved any calls or anything like that from a CO or Crap 1 in about 2 years or so and I really want to settle this before the Army runs my credit (which gives me about 4 months). I am pretty short of cash because I just got out of school, and don't have a job at all and I have about $600 that I can give to these people at the moment. Funny thing is for the past few weeks I've been getting these letters from Crap 1 essentially trying to get me to sign up for a credit card saying that "they are sad that they somehow lost me as a customer".....how should I go about this situation...i'm currently looking for a job so that I can pay this bad debt off, but what should i do?

Also, I also had a bad debt with Citibank that I payed off...(there was a judgement that I got taken off my credit report because when I payed off the debt, they removed the judgement (the CO/lawyer) but is there anyway to get that account or the part about the account being charged off deleted?

Thanks for all the valuable advice you provide....these forums are great!

Note: aside from these two accounts I only have student loans on there which are fine. My credit score from TU = 548 or something like that which is pretty bad....how can i get my score up? I doubt I can get a credit card now...

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Hi there,

Well-first of all, I wouldn't worry too much. If nothing else, the military will just want you to arrange to pay that debt and they may ask that you do that with whatever bonus you get or whatever...if there is one involved.

Secondly, focus on getting yourself lined up with a job.

Third, research Cap one and how to work with them, contact them, how to go about it...

Fourth, make an offer. The worst they can say is, "no." At this stage in the game, my personal guess is that they'll want the whole amount. How exactly is THIS debt reporting on your credit files? Does it say -0- balance, charged off? What?

Finally, as you do your settlement process you will want to rebuild so that your FICO can increase. Go on over to the "obtaining credit' forum when you get a chance to find out which companies may grant you credit based on your current FICO. Just remember, some of them require employment. So, research this carefully, to. Don't apply for ANYTHING until you know what ALL three credit bureau's are saying about you--than discover what credit companies pull whichever credit files.


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