How to fix bad credit? any help here?

[Mr Cashman 23]

I'm 24 years old now, had one credit card (and they gave it to me when I was seventeen) with a $200.00 limit, used the card and never paid it. Now almost 7 years later I'm trying to fix my credit, my credit score is 549 with equifax, transunion and expierera and the only deliquency on my report is that credit card and they put that on my report in the year 2000, will this go off my report ever? should i pay it? how should i rebuild my credit?

thanks for your help

[EscortBiz]

well what month in 2000 u got it it should go off that month in 07

what dates are listed under that itam on your report?

[After Shock Media]

Originally Posted by Mr Cashman 23

I'm 24 years old now, had one credit card (and they gave it to me when I was seventeen) with a $200.00 limit, used the card and never paid it. Now almost 7 years later I'm trying to fix my credit, my credit score is 549 with equifax, transunion and expierera and the only deliquency on my report is that credit card and they put that on my report in the year 2000, will this go off my report ever? should i pay it? how should i rebuild my credit?

thanks for your help

You also may need to state which state you happen to live in and possibly the state in which you lived in when you had that card.

The one negative item would not however be the only thing keeping your score so damn low. I would guess you have a lack of any other credit. Zero or next to no other items either on your report either right?

[Nookster]

You need to pay it off (if you don't pay it off it isn't going anywhere), get a checking account or something similar and just start using the checking for your daily purchases. Might take a year or so but that's what I did (my credit was screwed from when i was 18 and got carried away with magazine subscriptions) and now my credit is fine. Good luck.

[EscortBiz]

As far as rebuilding credit go to orchardbank.com get the 500 dollar card go to nmbonline.com get a secure card from them they report it as if its a regular card, you can load it upto I think 4or5k and u can get 1 visa one master a total of like 8-10k in what will appear to be credit on your credit report

BUT it wont do nothing for you unless you use it a little and pay off the whole thing every month (the myth of pay a little at a time is bullshit) then every 6 months it will bump your score up a bit, its a time consuming process but the sooner you start the better

[Mr Cashman 23]

I Live in in NY

and this is the info on my credit report

Account Name: CAP ONE BK CAPITAL ONE
Account Number: XXXXXXXXX XXXXXXXX
Acct Type: Credit Card - Revolving Terms Revolving or Option
Acct Status: Closed Closed
Monthly Payment:
Date Open: 9/1/2000 9/1/2000
Balance: $1,230.00 $1,220.00
Terms: Revolving
High Balance: $1,230.00 $608.00
Limit:
Past Due: $1,230.00 $1,220.00
Payment Status: Charge-off Bad debt & placed for collection & skip
Comments: Credit line closed-grantor request-reported by subscriber
CHARGED OFF ACCOUNT
ACCOUNT CLOSED BY CREDIT GRANTOR

[teg0]

... there are people who can "fix" your credit for you. Kind of black hat, but I know it can be done.

[The Sultan Of Smut]

Bad crap is wiped clean off your credit report after 7 years up here in Canuckistan

[EscortBiz]

Originally Posted by Mr Cashman 23

I Live in in NY

and this is the info on my credit report

Account Name: CAP ONE BK CAPITAL ONE
Account Number: XXXXXXXXX XXXXXXXX
Acct Type: Credit Card - Revolving Terms Revolving or Option
Acct Status: Closed Closed
Monthly Payment:
Date Open: 9/1/2000 9/1/2000
Balance: $1,230.00 $1,220.00
Terms: Revolving
High Balance: $1,230.00 $608.00
Limit:
Past Due: $1,230.00 $1,220.00
Payment Status: Charge-off Bad debt & placed for collection & skip
Comments: Credit line closed-grantor request-reported by subscriber
CHARGED OFF ACCOUNT
ACCOUNT CLOSED BY CREDIT GRANTOR

pay it off you can mostlikly even pay off a percentage and make sure whoever you talk to agrees to issue you a satisfaction letter or ask for a letter of deletion as its anyway gonna be gone september of this year, you need to forward that to the reporting agencies

The big problem with cap one is they dont report a limit in your case it dont matter but in general having a capone car will = 15-25 points less on your score because of the no limit thing not that they will issue you a card anytime soon lol

[EscortBiz]

some info about the no limit thing I mentioned

http://www.bankrate.com/brm/news/cc/20060331a1.asp

[Mr Cashman 23]

thanks everyone for your help

[bareskin]

Originally Posted by teg0

... there are people who can "fix" your credit for you. Kind of black hat, but I know it can be done.

I believe it comes off after 7 years as someone pointed out if it's that close why pay it now

[sarettah]

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.

[EscortBiz]

Originally Posted by sarettah

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.

very good info

amazing how much cash you save every month by having a better score

you guys can see a free chart at myfico.com on the homepage

[Wagerboy]

If your score is a 549, you have alot more then just this c/o...Stuff doesnt come off your report in 7 years. You opened the card then, its when it was last reported.

[Barefootsies]

Originally Posted by sarettah

Not everything comes off after 7 years. A bankruptcy comes off after 7 years.

Incorrect.

A bankruptcy it's self stays on for 10 years. Only CERTAIN kinds come off at 7, and those are the one's where you paid back the debt under protection.

Originally Posted by sarettah

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.

Incorrect.

I've went through this, and you contact the credit bureaus and explain it's related to an old debt, and it is removed once they verify. It can only stay if it is turned into a LAW SUIT.

Originally Posted by sarettah

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.

Incorrect.

If he was a minor, he contacts the credit bureaus providing proof, and it will be removed from his credit report in 30-90 days.

Also, Capital One will NOT talk to you. They will only refer you to the collection agency, or the law firm handling it.

Originally Posted by sarettah

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.

Correct.

Imagine, Orchard Bank, Premier Card (all HSBC) will give you cards. Most unsecured. $300 limits. Pay on time, and early if possible. Register for the online bill pay, and make payments every week if you want. $25, or whatever. You must use, and pay cards for them to raise score.

Originally Posted by sarettah

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.

[Pointless]

step 1

pay your fucking debts

[Barefootsies]

Originally Posted by Pointless

step 1

pay your fucking debts