Credit Card Charge Offs

[malbone60]

Hello,

Ok, so I used to have great credit from up until I was about 21, I went through finance problems and now my credit is terrible. I cant even get a secured credit card. I have roughly 6 major credit card charge offs for 1,000 to 2,000 each. Good thing is, I have paid them or settled all of them. I also had student loans which defaulted and went back to the original grantor. Good thing is, Ive been paying the grantor double payments for the past year with no lates so they are placing my loan back with the lender it should have never defaulted from. (On my credit report I have 2 students loans which show as defaulted or no payment history, (this is reported by the lender) I also have the SAME two loans being reported in a default status by the loan grantor. Since I have been paying the grantor doulble payments for the past year, they are sending my loan back to Nelnet who is the lender. (which should correct the reporting of the default status by the grantor, ?)

My question is,

I have paid all of these charge offs, and my student loans are being placed back into good standing, or is creating a new tradeline, Im not sure which. The lender Nelnet said once they get the loans back from the grantor, it will update as a whole new loan)

Part of the reason my credit is so bad is my debt to available credit is so off because of my student loans defaulting, then showing the increased balance with collection cost being higher than the original principal line amount.

What should my next steps be, do I send the same letter to each CRA saying, here look at copies of all these settlement letters for my charge offs, and then wait for my student loans to update.

I need to get my credit back and running as quick as possible. I make ok money, like 45 grand a year, even with a solid debt to income, I cant even get new tradelines. Maybe I dont need tradelines. What should I do to get my credit as good as possible in the shortest amount of time.

Also*

I may have made a mistake, a few weeks ago I got my CR through annualcreditreport.com. I created disputes with all of them saying, this is paid, this paid, etc. or, I dont know what this is. From what I have been reading it seems as though the goal is to place the burden of proof for charge offs on the CRA so if they cant prove it, its removed. Please any inputs would be greatly appreciated as I am trying to fix my credit so when I move next september to a new city I wont have a problem.

* I dont own, although when I move next year I will have a prior 12 month lease showing on time payments of roughyl 1,300 a month anyways. Please, again, any inputs or help would be appreciated. I need my life back.

Thanks

[malbone60]

I also live in RI, does this effect my situation due to SOL. I am not sure what those completely entail anyways.

Also,

Should I go forward with the opt out process now, or is there anything I should do before that.


Thanks again

[jjgross]

Originally Posted by malbone60

I also live in RI, does this effect my situation due to SOL. I am not sure what those completely entail anyways.

Also,

Should I go forward with the opt out process now, or is there anything I should do before that.


Thanks again

you need to dispute with ca's now they have the burden of prove.ask for a complete review.instead of yeh it's your account.look for any errors dates amounts address's etc.send them nothing.wait 30 days then send the 15 day letter demanding it be taken off.also don't use the free credit reports buy them from all 3.You get more info and it gives the ca less time

[malbone60]

why does it give them less time by buying the credit reports, please I need more info or more help, Chane, any input?

Thanks,

-Josh

Does getting a new credit card help me establish more credit, what should my next steps be?

[jjgross]

Originally Posted by malbone60

why does it give them less time by buying the credit reports, please I need more info or more help, Chase, any input?

Thanks,

-Josh

Does getting a new credit card help me establish more credit, what should my next steps be?

Because on the free reports it's gives them an extra 15 day's.Why i don't know.getting a couple of credit cards does help,If you did get them some start reporting right away as pay's on time.credit repair takes time got to have patience,it took time to get in trouble

[malbone60]

I think what I should do is,

1. Wait for my responses from the online disputes I did.

2. See what they said, removed, updated etc.

3. Order my updated credit report from each CRA and pay for it

4. Send in a verify or remove letter with 2 forms of ID.

5. Await response from each CRA from verify or remove letter



Should I get a secured credit card? Will that help or only hurt me more? The credit line they are offering is only 250.00 and I have to pay 55 dollars for an annual fee then 5.50 a month for a service fee. Will this help at all, or should I just concentrate on removing/updating my report for now?

Also, any input on the student loans,

thanks!

[malbone60]

I think what I should do is,

1. Wait for my responses from the online disputes I did.

2. See what they said, removed, updated etc.

3. Order my updated credit report from each CRA and pay for it

4. Send in a verify or remove letter with 2 forms of ID.

5. Await response from each CRA from verify or remove letter



Should I get a secured credit card? Will that help or only hurt me more? The credit line they are offering is only 250.00 and I have to pay 55 dollars for an annual fee then 5.50 a month for a service fee. Will this help at all, or should I just concentrate on removing/updating my report for now?

Also, any input on the student loans,

thanks!???

[jjgross]

Originally Posted by malbone60

I think what I should do is,

1. Wait for my responses from the online disputes I did.

2. See what they said, removed, updated etc.

3. Order my updated credit report from each CRA and pay for it

4. Send in a verify or remove letter with 2 forms of ID.

5. Await response from each CRA from verify or remove letter



Should I get a secured credit card? Will that help or only hurt me more? The credit line they are offering is only 250.00 and I have to pay 55 dollars for an annual fee then 5.50 a month for a service fee. Will this help at all, or should I just concentrate on removing/updating my report for now?

Also, any input on the student loans,

thanks!???

Some secure cards don't report so it's not any good,on student loans i'm not able to help.

[chane]

Originally Posted by jjgross

Some secure cards don't report so it's not any good,on student loans i'm not able to help.

But some do. Look for cards that report to all 3 CRAs.

[Johansen8]

hmm pretty useful discussion:D