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sarettah · 01-19-2007, 10:12 PM

Not everything comes off after 7 years. A bankruptcy comes off after 7 years. If they sent it to collections, the collection agency is allowed to go after it for as long as they want, that can keep it active on your report.

Pay it off first of all. Either contact them and work a settlement or pay it in total. Do not deal with a collector on it unless forced to, deal direct with capital one. If you pay it off in total they should agree to pull it from the reports.

Then, going forward, get a small credit card (as was suggested above) and use it and keep it current. 6 months down the road you should see your credit score start rising significantly.

Then, make sure in the future that all payments are made on time every time. That is the strongest point in building credit, paying on time as agreed.

Then, do not let your debt/iincome ratio get too high and don't keep open balances on the cards in excess of 60-75% of the limits. Those are the key points that they are looking at.

I went through this a few years back. I had never known a due date that I couldn't ignore. Never knew a collector I couldn't duck. But it bit me on the ass in 1996. I was making about 45k a year and I could not get approved on a house that was selling for 40k. In fact, the credit people I was dealing with said I would have been better off declaring bankruptcy. I went and paid off every open item, did not deal for a settlement, just started sending them the money and started making sure not to have any late pays.

Upshot of that was 4 years later, in 2000, when I was making about 70k I bought a $120k house in 20 days from offer to closing and now get any credit I want anytime I want. They almost completely ignore my income/debt ratio. On paper I pay out each month about twice what I earn but still bought a new Harley in October, no money down at an excellent interest rate.

01-19-2007, 10:12 PM
sarettah see you later, I'm gone Industry Role: Join Date: Oct 2002 Posts: 14,192	Not everything comes off after 7 years. A bankruptcy comes off after 7 years. If they sent it to collections, the collection agency is allowed to go after it for as long as they want, that can keep it active on your report. Pay it off first of all. Either contact them and work a settlement or pay it in total. Do not deal with a collector on it unless forced to, deal direct with capital one. If you pay it off in total they should agree to pull it from the reports. Then, going forward, get a small credit card (as was suggested above) and use it and keep it current. 6 months down the road you should see your credit score start rising significantly. Then, make sure in the future that all payments are made on time every time. That is the strongest point in building credit, paying on time as agreed. Then, do not let your debt/iincome ratio get too high and don't keep open balances on the cards in excess of 60-75% of the limits. Those are the key points that they are looking at. I went through this a few years back. I had never known a due date that I couldn't ignore. Never knew a collector I couldn't duck. But it bit me on the ass in 1996. I was making about 45k a year and I could not get approved on a house that was selling for 40k. In fact, the credit people I was dealing with said I would have been better off declaring bankruptcy. I went and paid off every open item, did not deal for a settlement, just started sending them the money and started making sure not to have any late pays. Upshot of that was 4 years later, in 2000, when I was making about 70k I bought a $120k house in 20 days from offer to closing and now get any credit I want anytime I want. They almost completely ignore my income/debt ratio. On paper I pay out each month about twice what I earn but still bought a new Harley in October, no money down at an excellent interest rate. __________________ All cookies cleared! Last edited by sarettah; 01-19-2007 at 10:13 PM..