questions about credit.....

[rivergoer]

ok here it goes....well when i turned 18 i decided to buy a cell phone on my own got behind on the bill being young dumb and full of well you know..so i didnt pay off the bill till about two years ago when i pulled my head out of my ass..it is the only tick on my report that has to do with delinquint charges..i paid all of the $850 that was due...ya i know what a dumb ass..well that was like 2 years ago and know the collections are still after me on it..i have the statement saying i paid in full and it was dealt with. tere are a few thing from when i was going to pull a loan for my little boxer puppy because she was like 1300....but decided to pay cash for her..and i guess because i was aproved for the loan but never recieved it or signed papers for it that it is on my credit report..so any way how do i fix all this and get my shit all straightened out..i pay my bills now on time and all that jazz..credit cards..cell phones etc...but my credit still sucks...so what do i do..just a young married guy trying to fix his shit. so anyone with some advice..for me i would appreciate it..thanks..

[HighRoller]

As far as the cell phone thing, you stated you had documentation that will prove the debt is paid in full. It's very important that it does actually say "paid in full" or "settled in full" or show a zero balance because if it just shows that you paid them some money they can argue that you still owe them fees or penalties. Now, assuming you actually have a paid in full letter, here's what you do:
1.Send the cell phone company/collector a letter and a copy of your paid in full letter. Do this via certified mail/return receipt requested so you have proof they got it. Inform them that according to the fair credit reporting act they have 30 days to remove the negative information from your credit report(s). Tell them failure to do so will result in immediate legal action.
2.Send a letter to all three of the credit reporting agencies, again with a copy of the paid in full letter attached, disputing the information from said collector. The collector will then have to respond to them within 30 days and prove that the debt or negative info is valid. If they fail to do so, the info falls off your report.
As for the dog loan, what is on your credit report? Is it an inquiry from the loan company or an actual open account? If it is the latter, and you never signed loan documents, handle it in the same way as the above problem. Demand the loan company provide you with copies of loan documents with your signature on them. If they cannot, inform them that opening an account without your consent is FRAUD. Give them 30 days to close the account and wipe it from your credit report. Also send dispute letters to the credit agencies.
It seems like a lot of work, but you're dealing with idiots(collectors) and bureaucrats(credit agencies) so have patience. As far as getting your shit straight, the easiest way to do it is to simplify. Keep your garbage debt like credit cards to a minimum. Avoid opening too many new credit accounts that you'll lose track of or not be able to afford. Remember, places like Circuit City, Sears, home Depot and Victoria's secret still take cash. Just because they approved you for a charge card doesn't mean you can afford one :jawdrop: :D

[pjones]

Well said. I might add that it is a good idea to get a
copy of your credit report once a year so you will know
exactly whats going on w/ your credit.
Pjones
loan officer
Progressive National Bank

[Coleitis22]

ok here it goes....well when i turned 18 i decided to buy a cell phone on my own got behind on the bill being young dumb and full of well you know..so i didnt pay off the bill till about two years ago when i pulled my head out of my ass..it is the only tick on my report that has to do with delinquint charges..i paid all of the $850 that was due...ya i know what a dumb ass..well that was like 2 years ago and know the collections are still after me on it..i have the statement saying i paid in full and it was dealt with. tere are a few thing from when i was going to pull a loan for my little boxer puppy because she was like 1300....but decided to pay cash for her..and i guess because i was aproved for the loan but never recieved it or signed papers for it that it is on my credit report..so any way how do i fix all this and get my shit all straightened out..i pay my bills now on time and all that jazz..credit cards..cell phones etc...but my credit still sucks...so what do i do..just a young married guy trying to fix his shit. so anyone with some advice..for me i would appreciate it..thanks..
young dumb and full of well you know..
$1300.00 for a dog??? Some things never change!! :frown:

[BadKachina]

I can't believe the price the pet stores in the mall charge for animals. Usually the same dog will be 1/4 of the price in the classifieds. I guess they suck people in with thier credit plan. If you have to finance a dog you shouldn't own one.

[Wmc]

On another note: Never let your credit cards go over 50% of the entire balance, that will bring your score down as well. i.e. $5000 limit, do not let it go over $2499. If you do have that type of stituation focus on one card at a time make as much payment as you can on one, minimum payment on the others and once paid go to the next. Good Luck!!! Credit is very important for buying a new home and unfortunately they didn't teach us in school how important it really is.
Here is a sample letter you can use to send your information to the credit agencies:
DAte:
Your Name
Your address
Your Phone #
Your S/S #
Your DOB
EQUIFAX
P.O. BOX 740241
ATLANTA, GA 30374
EXPERIAN
P.O. BOX 2002
ALLEN, TX 75013
TRANSUNION
P.O. BOX 1000
CHESTER, PA 19022
Re: Inaccurate Information Reporting on my credit report
Dear Customer Relations Representative:
Enclosed please find a copy of my credit report. I have circled the items that I believe are incorrect and request immediate investigation into this matter.
List each account that you are disputing, along with the account number and any attachments you may have.
These entries on my credit report are extremely detrimental and inaccurately reflects my credit.
When you have completed your investigation please notify me in writing reflecting the results of your investigation.
Sincerely,

[C-2]

If you are still being harassed for the paid bill - then the account was most likely sold to a junk debt buyer. They can be tough to deal with and trying to collect twice and dinging your score along the way. Illegal yes, but in the real world, not much you can do about it, other than contacting them and providing proof payment has been made. It's really tough to change paid accounts, especially since the info might not be inaccurate - only the reporting is in inaccuarte.
Check your PM, I'll turn you onto a site that will answer every credit question you will ever havem and it will also tell you how to improve/maximize your score. A lot of research on your part, but the info is invaluable.

[HighRoller]

As far as "advice" you get on credit, keep in mind that most resources for advice also sell credit products. Banks will tell you not to keep a zero balance on your credit cards because it hurts your credit. BUT, they sell credit cards and make money off the interest from revolving balances. To a bank or lender, someone who pays off a CC balance in full each month is called a "DEADBEAT"!
:jawdrop:

[lurid]

I use to work for Chase as a credit card investigator. Don't just pay the minimum amount due, pay aleast $5 more. The computer program (for payments) does not recognize $5 or $500 more it just knows that you are not making the bare minimum. your will increase your score