I HAVE QUITE A FEW DELIQUENT ACCOUNTS ON MY CREDITREPORT. but I WANT TO FIX MY CREDIT AND MY CREDIT SCORE!?

Question

AFTER I PAY OFF ALL THESE DEBTS HOW DO I GET THESE REMOVED AND HOW DO I IMPROVE MY CREDIT SO I CAN RAISE MY CREDIT SCORETO 800??

Answer 1

First you may want to pull your credit report at www.annualcreditreport.com
Review your reports, contact those that you can pay first, save receipts, once paid include a statement of paid on your reports. Those will not go off your credit report automatically. Should you dispute a transaction they temporarily go off, until they have verified the credit. (The disputed agency has 30 days to respond to a dispute) after which automatically is removed from your report.
Its not something that is a quick fix, but something may take you a year or two to clear depending on the amounts and the money you have available to take care of your unpaid accounts.
Sit down once you have printed out your credit report, and set out a plan to pay them off. Be realistic, remember life happens in between and be ready.
Good luck, its not a quick fix method, but plan to be successful.

Answer 2

It's going to be a long road.. because first you need to ask yourself what is your credit score now. The lower it is the longer it will take to raise it. There is sadly no quick-fix for raising your credit score. Credit score is comprised of several factors... how much of your credit is being used .......... are you paying on time..........? Are you paying more than what is owed every month ? 850 is the highest credit score possible, and so 800 is a pretty lofty goal for some one who's first line says "I have quite a few delinquent accounts..." My credit score was 589 at the end of a Bankruptcy in October 02. In 4 years it's only now at 623 .. and that's with a lot of open/unused credit (a good thing), on time payments .. etc etc. It takes a LONG time to get your credit score up if it's very low to begin with. There is no fix except for LOTS & LOTS of *TIME* !!!!!!!!!!! negative marks can take a minimum of 3 years drop off.. maximum of 7-10 years depending on the type. There is no LEGAL way to remove them no matter what anyone tries to tell you.

Answer 3

It depends on if they're just deliquent or if they're written off.

If they're delinquent- make payments on time. You can't get your missed or late payments removed but if you start paying all your payments, in full and on time, every month for a few months, it'll improve your score and look better to creditors and lenders. They'll see you may have been irresponsible or had some tough times for a while but you're now back on track.

If the debts are write-offs (sent to a collection agency)- these can be tougher. If you can pay them, call the creditor and let them know and have them agree (get it in writing) to have it taken off your credit report once it's paid. Otherwise, it'll stay on there as a "collection paid" for 7 years and that looks bad.

Answer 4

Once it is payed off it can take a few years to be removed. This is why it is very important to keep things up. But you can always call the companies you owe money to and see if there is anyway to remove you from the credit reports early or sooner. Just explain your situation. And since I work for a bank. The nicer you are to the represenetive the more the will be apt to try to help you. If you start out the call upset and yelling, you won't get anywhere.

Answer 5

You haven't mentioned if these accounts are with the original creditor or with a collection agency. Or if they are with a collection agency, if you had sent them a debt validation letter first to be sure that the amount you are paying is the true amount and not a jacked up amount.
Or whether you are still within statute of limitations (SOL) or not, if you had requested to pay a percentage of the amount as payment in full.

Check your SOL.

If the accounts are with the original creditor, send them a debt "verification" letter. Then send them a pay for delete letter (PFD)

If the accounts are with a collection agency, send them a debt "validation" letter and then send a PFD.

A PFD should include:
Request to pay a percentage of the amount as payment in full.
Request that the creditor/collector will remove anything they have placed on your reports after payment.
Request that the creditor/collector will not sell the debt or the remaining portion of the debt if they agree to the percentage.
Request that the creditor/collector will not continue to collect on that account.

Do not speak to them by phone, send everything by mail and send it certified return receipt.

You might check out the site I've listed. Do some reading in the newbie forum first and then in the credit forum. You will be able to find the SOL for your state and also do searches on PFD and read about them.

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edit to add:

m1ndless..........you sure picked the right name for yourself, it fits you to a T !!!!

Answer 6

800-- you'll have to wait 7 years until every bad thing is off.

However, you can get it to the 600+ range. Pay off all collections, and then dispute them-- if you're lucky, the collection companies will simply remove them instead of reporting them as paid.

Then pay down all credit cards to under 45% of their limits.

Pay ALL bills on time.

If you have "quite a few" delinquent accounts, and youre in the 400-500 range right now-- you'd be hard pressed to get past about 620 over the next year.

Answer 7

Oh, that's easy. Contact the creditor that has the delinquent accounts on your credit report. For example, TransUnion or whatever. Notify them by mail of your intentions to pay off the bills, they will then tell u where to send the payments, etc. After you have paid off the debt, notify them again in writing of your request to have the debt removed from your credit report as a delinquent acct. and to establish the fact that u have indeed paid the debt.

Answer 8

Pay off all your deliquent accounts and you will be on the road to improving your credit score. My mother-in-law credit score is 805..but it took her over 20 years to get her credit score, so don't count on a 800 credit score.

Answer 9

Credit Report Myth or Reality
By: Herman Randolph
The biggest thing you can do is to dispute your bad accounts in November...December is a busy time of the year. Also read this article and use the web site to learn more about credit repair.

Answer 10

Even if you pay them off, they will remain on your report for three to seven years--not necesssarily as a delinquent account, but all the late/missed payments will still show up.

In the meantime, pay your credit card bills in full when you get them. You need to rebuild your credit, and it will take a long time.