Have you tried? I've heard it done many times if you are in good standing with them.
Yes, there are many companies that can help repair your credit, but it's nothing that you can't easily do yourself. Your credit score is based solely on your borrowing and repayment history. If you have an outstanding balance, worry about paying that off first. The purpose of a good credit score is to borrow money at a lower rate, thus saving money. While opening other accounts may help increase your score in the long run, until you can show you're able to better manage credit, I would recommend against the temptation since the opportunity to dig a deeper hole is bigger.
Most major credit card companies and bank offer. No benefits, like bonus points or travel, anything like that. Some will have a ~30$ annual fee others are free. The advantages are that you are going to build up your credit, you set your own limit with your money.
If they were delinquent and they're not bothering you anymore, there's a chance they've just written it off. Within 7 years from the last account activity, it'll just drop off. However, most companies just sell the debt to a collector for about 5-10 cents on the dollar, so you can easily settle for a little more than that price since they don't think they'll collect anything from you. BUT... GET IT IN WRITING FIRST before giving them ANYTHING. And DO NOT give them electronic access to any of your accounts. Make sure it's a cashiers check with a return receipt requested as proof of receipt. That's the way I would go since it's highly likely that they would keep reporting it on your record whether they are allowed to or not. IMO, it's worth it to get rid of the hassle that might come your way otherwise.
Ok, that's good to know, thanks! So, when you pay your balance in full, has your credit score shot up?
Yea that's kind of a deal breaker. You're better off getting something like the BankAmerica Cash Rewards, they have 3% on Gas and 2% on grocery year round and no annual fees and the rewards never expire.
No its not, another collection agency can bid on the debt and pick it up... So it will keep showing up on your credit reportwhats the best way to remove derogatories showing up thats 7 years old? isn't that the statute of limitations?
Your going to have to dispute the debt with the collection agency and your credit report. Make sure to mark that they are regaing the debtwhats the best way to remove derogatories showing up thats 7 years old? isn't that the statute of limitations?
gold preferred not worth it. The Amex Everyday Preferred gets 3x groceries, 2x gas and 50% more points when you use it 30 times in a billing cycle. $95 annual fee. Thats the card I'm getting next. Still gonna upgrade my green to a regular gold though... just because I'm a little vain.
Actually, 7 years is the statute of limitations unless you filed bankruptcy or had a foreclosure (but state laws may be different). Just because someone buys an old debt doesn't mean the clock gets to start over for them. That's why debt collectors get such a bad name because they break the law regularly. Most times they buy it for 1-2 cents on the dollar and try to collect knowing full well they can't legally demand anything, but that most consumers don't know that.No its not, another collection agency can bid on the debt and pick it up... So it will keep showing up on your credit reportwhats the best way to remove derogatories showing up thats 7 years old? isn't that the statute of limitations?
