I know most of you guys are financially set... or took steps towards being financially set...

I recently got approved for a loan.. but with a co-signor and wasn't approved with 1 financial corp.

this didn't make me very happy because, i thought all i needed was a good job and no debts to have "good credit":tsk:... well i have a good job and have been debt free for the good part of the past 2 years ... but the past comes back to bite you in the ass... i guess...

I started requesting my credit reports ... you can get them for free if you were denied for a loan... so i just got my equifax... and it doesnt look that bad.. still waiting on transunion..

now the report shows a couple of things...

2 reaaaaallly old credit cards... wtf? i didn't even know i still had these.. but apparently i made a payment once back in 2003 on one and in 2004 on the other....

1 CC that got me in trouble in 2005 .. but has been paid off in 2006... i dont use this card...

1 student loan that also got be in trouble in 2007.. collections but i paid it off.. that same year... my fault of course, shouldnt have had it go that far.

current CC that i had for 2 years, golden record.

phone account is on there too.. golden record as well.


ok so... my questions toyou financial repair peeps...

1- what do i do with these old CC? a lot of places say don't cancel it. doesnt say inactive.. it should right?

2- can i get rid of this record or make it look "better" ? a read an article that said that i should call that CC company and talk with them about removing old "past due" messages from the record...

3- i can't really do anything with this.. or can i?

4- should i apply for another CC? i only actively use 1.

help h: :hs:

 

is this because you couldn't buy the hyundai?

 

you also need good history h:

 

Just leave your credit cards be. They show a long credit history.

I think after 7 years collections are removed from your credit report.

If you can get a CC with a low rate (8% area) and keep a 10-15% balance on it to stay in good standing.

 

Not much you can do. The past is the past. If you want to establish good credit again, have one of your parents be a co-signer.

edit: what was your equifax score?

 

it's not the old ccs, it's the ones that went into collections that is making your report look bad.

also cc companies will cancel your card if you don't use them, typically after 2 years. when then economy was good they didn't stick to this rule, but I recently had 3 old cards all of which i've not used in the past 2 years cancelled. they just sent a notice saying they cancelled it since i haven't used it in the last 24months. it doesn't hurt my credit because I have a very long credit history with my bank (nearly 20years).

for the items that are making your report look bad, write to the credit report companies and ask them to remove it (if they have already been settled)

 

I find this absolutely appalling that one would have to "stay in debt" after establishing it over the years to stay in the creditors eyes of being "steady."

We all know how I feel about this

 

i had or have horrible credit but mostly due to the mix up in names between me and my father. when i applied to several credit cards and was denied i decided to run my credit, apparently i had a mortgage and a 2 car loans and a few credit cards i think i sent a few letters to the 3 main companies.. i haven't tried to apply anymore or run my credit but since then i have a car loan which i have a co signer for because otherwise i was going to get like 10% interest rate. and i have had a BB card that i use occasionally and pay off once the no financing promotion ends, and a regular gas card that i pay off every month.

not sure if i should try and apply anywhere else right now...

 

1- Having more lines of credit (in good standing) is a good thing, so leave them if you want. I personally closed out my inactive credit accounts not because of my credit score, but because I never used them, and it's just another potential target for fraud/identity theft.

2- You can't always make old marks go away, but sometimes you can. Call up the creditor with whom you made a late payment and politely harrass the shit out of them. Tell them you have no record of the late payment, and you would like to see their records and verify it. Sometimes rather than dealing with an annoying customer, they will remove the record. Kind of luck of the draw whether this will work.

3- ?

4- No. Applying for credit cards actually hurts your record in the short term. Applying for cards you never intend to use is also not smart. I'd start (responsibly) using some of your older accounts rather than starting up a new one.

 

Same thing happened to me and my brother. I had a lawyer send notices to the big 3 in response to this. They claimed to have fixed it, but it still is somewhat an issue. If anything, get a lawyer to write them a letter. They are in violation of FCC regulations by misreporting your information.