Im 25 years old and I have about $3,000 debt. I tried to pay off as much as I could but stupidly paid off the small balances first. Anyways, the majority of whats on my credit card is paid off, and I want to get it removed but can you do that? I cant even call these companies because the phone numbers my credit report lists are disconnected. I want to do the right thing but I dont even know where to start. Oh and there is a judgement on my credit report statement saying that I owed 15 grand in city taxes from when I was 17 years old but it was later corrected to a measly $95 and that has been paid but the 15 grand remains on my report. Is there any hope at all to get this resolved?
2007-03-13 15:46:45 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
It is not possible to repair your credit, especially overnight. Improving your credit takes time and discipline. I don't think you made a mistake in paying off the smallest balances first. I always counsel people to pay off the smallest to the highest. This way you feel some sense of accomplishment. I would also caution you not to close all of your credit accounts. Keep the oldest one open, this will show an established credit history.
First of all, after pulling your credit report make sure you review completely. Mark those items that are incorrect and contact the credit bureaus and dispute those items. Second, find items that are older than 7 years, and contact the bureau and ask that those items be removed. Also, if you have proof that this judgement was lowered and paid, send a letter with a copy of this information to the bureaus and ask that this item be removed from your credit report.
Whatever you do, do not pay someone to repair your credit. First of all, it can't be done, and in my state it is against the law. Credit repair companies claim they can fix your credit, but they cannot do it, they flood the credit bureau with letters, the bureau will then remove the information from your report, normally only for 30 days, but when your creditor re-reports your account informatioon the following month it will show back up. And you will be right back where you started, only poorer because you paid the repair company their fee.
Be patient, it will take 6 months to a year to repair any damage to your report. Stay current on your accounts and do not over extend yourself. Close as many accounts as you can, except for the oldest ones, if they are in good standing. If you have any newer accounts in good standing, keep those too.
2007-03-13 16:03:16 · answer #1 · answered by edgeprofservices 2 · 0⤊ 0⤋
Since credit items are on for 7 years, why is an 8 year old ($15K) on there ?
You cannot get anything removed unless you prove it was false or like the result of ID theft. It will be on there for 7 years (10 for bankruptcy )
Have the city send the credit bureau the info that the $15K should be deleted , have them give you a letter saying it was an erroneous amount and the correct amount was settled . . . then you send a copy to the credit bureaus.
Don't your credit cards have the customer service number on them ?
Always pay at least your minimum with any extra $$$ going to the highest rate % debts first , not the smallest debt .
2007-03-13 15:58:41 · answer #2 · answered by kate 7 · 0⤊ 1⤋
I would start with the credit reporting companies. Start disputing what is on there. You will have to check their websites on how to go about disputing something. But DO IT! They then have to verify all of the information that is there to make sure that it is a valid debt and it sounds like something on there isn't correct. A lot of people have things on their credit report that isn't correct and you should get a free copy of your report each year to check it. www.freecreditreport.com . You cannot get valid debts removed, such as your credit card, but you can send a letter to them asking them to update your credit report with the most current information. You can also put a letter with your credit report stating what is in error and that you are trying to correct it. Anyone who then pulls your credit will also get your statement. Good Luck it is tough but once done it is a HUGE load off.
2007-03-13 16:12:30 · answer #3 · answered by Shawn 4 · 0⤊ 0⤋
visit www.myfico.com
something is odd about your statement, it just don't add up. I take it either when you initially got a credit card you were place on your parents account and "assumed" their credit or at 17 you were a filthy rich kid who owned real estate?
Stuff like that can't be "fixed" it remains on there for 10 years.
Feel free to try a "i'll fix your credit report scam company" but all you'll be doing is making them rich.
2007-03-13 15:57:03 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Why bother? If you can't pay cash, you can't afford it. I'd advise you to forget about "credit" - it will only cost you more in the long run. -RKO-
2007-03-13 16:26:15 · answer #5 · answered by -RKO- 7 · 0⤊ 1⤋