ctrlaltdel808

repair credit help for newbie

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Hi my name is Mike and I would like to apologize in advance if I sound ignorant to a lot of the terminology used on this forum.  

I created an account here because I'd like to get tips/advice on what I need to do to raise my credit score and clean up my credit report. 

I have received all 3 of my credit reports from annualcreditreport.com: Experian, Equifax and Transunion.  I worked for years to pay off all the debt and am currently debt free.  However I did not do pay for deletes when paying them.   I currently have 7 adverse accounts on my credit reports all paid in full.  I am under the impression that if i give it 7 years all of them will drop off.  Should I be writing letters to the 3 credit agencies in hopes of them being dropped from my credit report?  I really want to get the ball rolling here and any advice/tips/suggestions are greatly appreciated.   Current score from Experian is 546.  Help me get this score up! PLEASE! :) Thank yoU!

-Mike

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5 hours ago, ctrlaltdel808 said:

I currently have 7 adverse accounts on my credit reports all paid in full.  I am under the impression that if i give it 7 years all of them will drop off.

Yes, in 7 years they will drop off.  When did you default and when did you pay them?  Also who did you pay the original creditor, a junk debt buyer or a collection agency?

5 hours ago, ctrlaltdel808 said:

Should I be writing letters to the 3 credit agencies in hopes of them being dropped from my credit report?

Depends on who exactly is reporting these debts.  Them being paid is not a criteria for removing them.  As long as they are accurately reporting (and paid collection is accurate) then they can stay there.

5 hours ago, ctrlaltdel808 said:

I worked for years to pay off all the debt and am currently debt free.  

Current score from Experian is 546.  Help me get this score up! PLEASE!

Increasing your credit score is not just about managing your debt, though that is a major part of it.  Now that you have dealt with the bad trade lines you need some good ones reporting so that creditors know you can manage your current finances.  I would try getting a small store card (Lowes, Etc) or a secured credit card from your bank/credit union, another option is Cap1 has several cards for rebuilding credit.  Under NO circumstances should you do Credit One, First Premier or any other fee harvesting card.  

Once you get some positive trade lines reporting and those negative past ones age you should see that score climb.

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