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Starting to get frusterated.....


RaiseThatScore
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with this credit repair process cuz it seems like its stalling...here's a rundown on what i have done so far....any suggestions or help would be greatly appreciated...thanks!!!

Bank of America - 2 negative accounts with late payments...disputed and MOV...both came back verified

Cap1 - 2 negative accounts....1 with late payments...disputed and MOV...both came back verified....the other is a chargeoff....disputed, MOV, 623 letter...all came back verified

Chase - 2 negative accounts with late payments...disputed and MOV...both came back verified

Citibank - 1 negative account with late payments...disputed and MOV...both came back verified

GEMB - 1 negative account with late payments...disputed and MOV...both came back verified

Harris Bank - 2 foreclosure accounts...disputed and MOV...both came back verified....sending out a 623 letter to them with tracking

PRA - Cap1 chargoff....disputed, MOV, 623 letter...all came back verified

Northwest Collectors - medical bill....disputed and MOV...both came back verified....sending out a 623 letter to them with tracking

Medical Business Bureau - medical bill....disputed and MOV...both came back verified....sending out a 623 letter to them with tracking

I was successful in getting negative accounts with Discover and HSBC to get deleted since they had late payments...

Reason why I fell behind on my payments was cuz I lost my job....If anyone has had success with GW letters to the above credit card companies....i would appreciate any info thru a PM on contact info with those companies to send the GW letter to...thanks! seems like the last thing to do!!!

I finally was able to pay off ALL my debt last year so I have 0 debt except for my student loan....all the accounts are closed and the lates are from 2008-2009.

any other suggestions....would help tremendously...thanks!!

Edited by RaiseThatScore
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with your lates being so recent...I think you'll strike out on the 623 since it hasn't been very long at all.

My advice? Continue your good habits. Keep all your payments on time, and as your accounts age the impact of the lates will be less and less.

one poster here had a saying "many people think there is a magic letter to make all this go away. there isn't". That's true. And in your case, the main thing that will help is to continue your good debt habits and time.

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I think you've tried to do too much without having a definite purpose or objective and without the full understanding of what you were undertaking. Sending out a few form letters and crossing your fingers won't get it done.

Something else to think about: credit rebuilding is far more important than credit repair. This is because of time. Time lessens the effect of your negative history and enhances the effect of your open and positive history. If you haven't been establishing new accounts throughout the repair process, then you've been wasting at least some time.

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Hey "RaiseThatScore".

I know how you feel buddy. Here's my situation, similar to yours. So I have some school loans (one of which defaulted back in '05 due to being out of a job and my just being stupid...learned my lesson now). Anyhow, I was able to reconsolidate those under the Fed Direct Loan program (even the defaults...which turned them into good standing loans again).

So then I 'had' a car payment but you see, I paid it off, finally. However, because I was 30-days late ONE TIME back in '06, again because of a layoff, but never late any other of the 60 payments, it still shows up as a negative account on my credit report.

Add to this a BOA credit card I got 4 years ago as a secured card. Kept up the payments on it with a $500 limit, got my deposit back a couple years later and have never been late (charge some, then pay off in full every time). Guess what. They won't raise my credit line at all...after 4 years and positive history! WTF?

I have another store card that's under $1000 line, but I keep it paid off too, so it's building some history.

So I have been frustrated for a while myself. But I did do two things that have helped me out greatly over the past 6-12 months. Not sure how this will work for you, but it's worth trying if you can. Back about two years ago, my score was in the tank with all I just talked about...literally around a 553. Average, at best, but not helpful.

About a year ago, as I was continually looking for a way to boost my score, I read that you need to have some positive history, good credit availability, and low percentage of use. In other words, I needed to extend my credit lines but keep them under around 25% charged (and pay on time regularly). I lucked up first by going to a Credit Union. Let me tell ya, they gave me a $3000 credit card because this one only looks at the past 4 years (instead of 7 years typical). So that helped a bit.

Then I found out about a place online called Enchanted Attire. I applied with them about 7-8 months ago and got a $5000 credit line right off the bat. And here's the thing...sure it takes a little bit of effort money wise to secure it, but hey, I have a huge line with them for a little more than what it took to get that stupid little BOA card, and have 10 times the availability.

And you know what? After the reconsolidation of the school loans, the addition of the CU card, and the Enchanted Attire line in good standing, I'm up to a 652 and rising. A little ways more and I'll be able to re-fi my mortgage and save a little hopefully that way too.

The bottom line...extend your lines if you can, maintain them, and get some good history to offset all the negatives. Find a credit union or local bank as they may be flexible to help instead of BOA or one of those jerks...then google Enchanted Attire and check into it. Do I go wild on it, no. Do I buy some clothes here and there and keep it paid, yes. Just be smart and make it work for you.

TM

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with your lates being so recent...I think you'll strike out on the 623 since it hasn't been very long at all.

that's what it looks like...but what's so frusterating as well is that Discover and HSBC were able to delete negative TLs with simple disputes while others won't budge...does anyone have contact info for any of the CC companies that have had successful GW letters sent to them??? thanks...

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I think you've tried to do too much without having a definite purpose or objective and without the full understanding of what you were undertaking. Sending out a few form letters and crossing your fingers won't get it done.

well...you might be right....i thought the purpose was to get negative items deleted from your credit report to raise your score...am i right or wrong??

Something else to think about: credit rebuilding is far more important than credit repair. This is because of time. Time lessens the effect of your negative history and enhances the effect of your open and positive history. If you haven't been establishing new accounts throughout the repair process, then you've been wasting at least some time.

well this is something that i have neglected entirely....my thing was I am afraid that if i apply for credit at this time i would get rejected based on my past credit history and i didnt want the inquiries added to my credit reports at this time since i am trying to raised my score....any suggestions here??? i have become a member to 3 different credit unions so i will look into trying to get a credit card with one of them....any other suggestions are greatly appreciated....thanks!!!

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  • 2 weeks later...
well...you might be right....i thought the purpose was to get negative items deleted from your credit report to raise your score...am i right or wrong??

First, the credit reporting system is a good thing... No, a great thing! We have metrics in place that when properly utilized work 90% of the time to give qualified individuals access to fast and easy credit! Sending out a few form letters to the CRA on recently charged-off accounts [that are obviously yours, by the way] just isn't going to work.

You need to be more specific in your plan of attack. Each account should be handled differently. From a common sense perspective, if you dispute each of the accounts with the CRA as "not mine", then you've lost all credibility right off the bat as they record and track your disputes. It won't be long until your disputes are deemed "frivolous" and rightly so! Act accordingly. Otherwise, you will have shot your wad without accomplishing any great climax. There are ways to get things removed. some strategies work better than others. JDB are easier to deal with than CA are easier to deal with than OC. There is no silver bullet.

Read more.

Start with the FCRA. Next, you should understand the ACDV dispute process. I recommend "Automated Injustice"

Also realize that the creditors you stiffed [bofA, Capital One, Chase, Citi] are about the toughest to deal with when it comes to removing accurate information. This is especially true since the information is only 2 years old. It is a well popularized myth that creditors don't keep good records. I suppose some don't, but many do keep excellent records. [and it's a damn good thing they do, otherwise good credit scores wouldn't mean anything and anyone who wrote a few form letters would be a "prime" borrower.]

well this is something that i have neglected entirely....my thing was I am afraid that if i apply for credit at this time i would get rejected based on my past credit history and i didnt want the inquiries added to my credit reports at this time since i am trying to raised my score....any suggestions here??? i have become a member to 3 different credit unions so i will look into trying to get a credit card with one of them....any other suggestions are greatly appreciated....thanks!!

If your credit union will give you an unsecured line, that's great! If not, I would probably go with a healthy mix of deposit secured installment loans and unsecured lines.

If I were you, I would get $2,000.

Take that $2,000 into a bank and open a savings account. Tell the personal banker you are interested in a 24 month secured, "credit helper" installment loan. The bank will then "lend" you $2,000 (The balance in your savings will now be $4,000). The bank will place a $2,000 lien on your savings account, which will be released once the loan is paid. Now you make 24 monthly payments of roughly $95.00 to the bank. Total cost of the loan approximately $2300.00.

You can now use the other $2,000 (from the loan proceeds) to open 2 secured credit cards. USe the cards regularly and PIF when the statement arrives.

Therefore, two years from now, you can have at the very least:

1 Installment never late and paid off and closed

Original balance $2,000

2 revolving credit cards with a limit of $1000 each and never late paid as agreed.

All of your other negative collections will be two years older, and you will have two years of credit history. Your scores will rise (I'm guessing relatively quickly) and you can apply for unsecured lines as they do.

Ideally, you do the credit rebuilding at the same time as the credit repair. If you don't, you're not taking advantage of time.

Edited by Bigwoodystyl
clarity
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first off....i didnt stiff anyone...i fell behind on payments due to lack of job/income....i had 25000+ in cc debt and paid all of it back within the year of getting a job/income....i dont understand why some negative TLs get removed while others dont???

also...i tried to apply for a secured cc with bofa and they rejected me?!?!? which i dont understand at all since I have funds to sufficiently put down on the card....bofa is my bank also...

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From the bank's perspective, you did. It's usually going to be an instant denial if you defaulted on a card or loan or anything with a bank and try and get another card with that same bank. Regardless if you have them as your bank or not.

Go for a card with a local credit union - you'll likely get better service there anyhow.

bigWoodystyl above has good advice - worth following.

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If you have no outstanding debt and no open collections, then in 2 years, the only thing that is going to make a big impact is your recent 2 year history. If you don't find a way to get some revolving history now, then you will not be where you want to be in 2 years regardless of how many of these negative TL's you can get removed.

You're asking the wrong questions and you're showing a fundamental lack of understanding by doing so.

If you think you can get this all restored in less than 2 years, good luck to you.

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