Triage complete - a few questions on what to focus on

[ghostwriter]

Just getting started here. Read PsychDoc's intro, other intro docs, FCRA/FDCPA, and browsed through a few handfuls of topics. I was hoping for a few pointers on where to start. My goal is to get some baddies dropped.

 

1) Good legacy credit from parents

A number of years back my parents added me as a card holder under two of their accounts. One of these accounts is still open. They have a meticulous credit history, so I'm guessing leaving these items (and addresses) on my file isn't going to hurt me, although I haven't used/possessed one of their cards in years. Currently there is a Chase card open -- I need to ask them what their utilization ratio is on that card. If it's bad (don't think its > 20-30%), then maybe I correct and remove it. But short-term may not hurt to keep it on my report.

 

2) Key historic issues of focus:

CITI CC Charge-off. I paid it in full, through a CA (no CA's shows on my listings). Dates: 2003-2005. It has a bunch of 120's and KD. Only reports on EX. Approach: FCRA to OC, NUTCASE.

 

BofA/MBNA Credit-Line. Closed account, but I still have $705 balance which I've been paying down monthly. I'm going to pay this off in full this month. Late 120 days on EX. EQ/TU are OK. Dates: 2008-2010. Approach: FCRA to OC, NUTCASE.

 

NELNET Student Loan accounts ( x 2). All OK 2008-2010, but EX has 120 days late for both tradelines that was from some time before 2008. Approach: FCRA NUTCASE.

 

US DEPT of ED Student Loan. Closed and paid (refin to NELNET). 2003-2005. Shows only on TU/EQ. It has 60/90/120 marks on it from one period. Approach: FCRA NUTCASE.

 

3) Minor issues

HSBC CC. Closed All paid in full. 2006-2008. 2 x 30 days late. 1 x 60 days late. EX/EQ/TU all report. Approach: Goodwill.

 

CAP ONE Auto. Closed, paid in full. 2007-Aug2009. 4 x 30 days late. EX/EQ/TU. Approach: Goodwill.

 

-------

I've got a few other closed tradelines, but all OK for the most part. Currently have one CC open (CAP ONE $500 limit). Need to get some other cards and manage my utilization. Any best next steps for a card that has a decent limit - the credit pulls results seem a bit mixed for scores in my range.

 

Further, I need to apartment hunt in three months, my scores suck. They bounced up when I paid my car loan off a few moths back, thankfully. Looking forward to this process and participating on the forums!

 

2/5/2010: EX 629/ EQ 610 / TU 629

 

Thanks. Also, I pulled my report from Experian (I was one of those triple advantage suckers). Should I pull from somewhere else in the future?

[Stryker]

ttt.

[ghostwriter]

TTT? Not sure I follow..

As a side note, I was able to add an HSBC card last night. Not sure what they pulled, but hopefully building up a few additional lines will help.

[Stryker]

"to the top"

 

A friendly bump.

[sonicanatidae]

I would suggest working on the Student Loans last.

They stick like glue, the laws are riddled with exceptions for

them. I'm honestly surprised the laws dont allow SL lenders

to tattoo "DEADBEAT" on your forehead in perm ink.

 

I also see lots of posters mentioning that Cap1 maintains

VERY good records and will verify until the day the account

falls off, so if you dont have a genuine violation to hammer them

on, this might be one of your tougher fights.

 

Sorry I dont have better advice than "do these last", but hopefully

it'll allow you to focus on the easier ones and make some progress.

 

 

Good Luck!

 

Edit:

Something I forgot to suggest. Consider a Secured card from a local Credit Union.

Secured cards allow you to demonstrate the ability to manage higher limits and

should help you bypass toy limit hell (a handfull of $500 limit cards).

Crank that secured up to $2000 at least before unsecuring, if possible.

Edited February 9, 2010 by sonicanatidae

[equallydivided]

I would suggest working on the Student Loans last.

They stick like glue, the laws are riddled with exceptions for

them. I'm honestly surprised the laws dont allow SL lenders

to tattoo "DEADBEAT" on your forehead in perm ink.

 

I also see lots of posters mentioning that Cap1 maintains

VERY good records and will verify until the day the account

falls off, so if you dont have a genuine violation to hammer them

on, this might be one of your tougher fights.

 

Sorry I dont have better advice than "do these last", but hopefully

it'll allow you to focus on the easier ones and make some progress.

 

 

Good Luck!

 

I agree, this will start your momentum.

 

I realize that some people do not agree with this, but opening Kay's/Jared's/Sterlings accounts was a great trifecta for me - it bumped my scores up enough to open legitimate credit accounts with starter cards (HSBC, Orchard, Best Buy, Chase).

[GEORGE]

TTT? Not sure I follow..

As a side note, I was able to add an HSBC card last night. Not sure what they pulled, but hopefully building up a few additional lines will help.

TO

 

THE

 

TOP

 

Because BUMP was broken again

 

[ghostwriter]

Interesting. I'll look into a secured line. I'm thinking about moving to PenFed CU anyway, I'm sure they'll offer that as an option.

 

As for the parents cards, I'll likely leave them for now.

 

TTT. I appreciate the BUMP! Will document and share my learnings as the come.

[CTSoxFan]

Don't forget about the other half of credit repair. Add some positive tradelines of your own. As others have suggested, you may want to start a relationship with a good CU (either local or one of the national ones we talk about here). If you have the funds, the secured 1-2 punch would be a great option for you (putting money towards a secured installment loan, then using the proceeds of the loan to open a secured CC...2 CLs for 1 deposit).

[Stryker]

Don't forget about the other half of credit repair. Add some positive tradelines of your own. As others have suggested, you may want to start a relationship with a good CU (either local or one of the national ones we talk about here). If you have the funds, the secured 1-2 punch would be a great option for you (putting money towards a secured installment loan, then using the proceeds of the loan to open a secured CC...2 CLs for 1 deposit).

 

 

Good point.

[vintagespeed]

before you go all nutcase on these TLs, i would try some GW. explain that you've paid (or will be paying) these accounts and that you are cleaning up your credit for some purpose. many here have had great success with GW letters, do some sirch.

 

if that fails, then pursue the nutcase approach, hit them with everything again and again and again and a.g.a.....

 

you need to make them WANT you to go away... at the same time dispute them with the CRAs as obsolete or paid or jack attack them.

 

eventually you will prevail, but it's a long road and the first thing they will do is say "no". get used to that response.

 

as for the SLs, try GW to a high level exec tell them you're buying a home and you would like them to review your file status, etc. these will be your most difficult removals and stray from asking for "deletions" or "remove lates" as this is a big red flag for them and an almost guaranteed denial.

 

good luck.

[jtoast]

1) You should be able to see the limits/balances on your reports so shouldn't have to ask about it.

 

2)

Citi:

Try a goodwill to CITI before you go nutcase. If that doesn't work, give the "jack attack" method a shot. There is almost always an FCRA violation or 2 you can find.

 

BOA:

Jack attack before nutcase.

 

Student loans:

Different animal entirely. They are required by law to report all lates as a condition of the guarantee so these are not going to go away very easy. I doubt you will get far with a nutcase letter since they almost always have the documentation to back up any lates.

 

 

 

 

 

 

3)