Archive for April, 2007
Repair Credit For Dummies
April 27th, 2007
Question: Trying to repair credit...have a question or two?
I am in the process of reading and following "Credit Repair for Dummies" and I have 2 questions if anyone knows..
1. I have a student loan thru OSLA and I have previously slow-paid on it, but I have 2 entries showing up as NELNET LOAN SERVICE that are both on my Equifax report. In the comments section it says STUDENT LOAN...they both have 0 balance, 0 credit limit, 0 scheduled payment amount, 0 past due amount and the current status states ACCOUNT IS INACTIVE.
What is this and is it hurting me?
2. My mother died in 2003 and apparently had added me to one of her credit cards as an authorized user for emergencies. I never knew this or never had a card. When she died there was a balance of 3600 that was placed and charged off on MY Credit Report...is there anything I can do to get this removed, or am I stuck with it?
Answer: I'll answer the questions in the order you asked them
1. As far as the "inactive" account from Nelnet if it's reporting a 0 balance, it's not hurting you.
2. One of the new changes to the scoing system is the nullification of the authorized user. Which means that it won't have any affect on your score.Also, the debt is 5¼ years old, so it's slated to stop reporting in about 2 more years or so. Also, another thing to know is that the statute of limitations(SOL) for open accounts in OK(that's where I'm from) is 3 years. So even if you were a co-applicant, the debt couldn't be legally enforced anyway. Also, you could contact the credit card company and inform them if they aren't aware already that your mother's passing(BTW,my condolences) and provide documentations (death certificates, etc) and they may be able to re-age or re-set the account to where it can be closed properly. This option will take a little more research and work if you're willing to do this, but it will help you out.
My suggestion would be to ride it out. If it's been on there this long, it's not hurting your credit as much as you think it is. Activity within the last 2 years or 24 months affect your score the most. Items after that, lose it's negative effect after time until it stops reporting.
Hopefully this answer makes sense, if you have any questions, feel free to ask away!
How To fix My Credit | Credit Repair Company
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Tags: credit, finance, repair, repair credit for dummies, tools, webdesign | 
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Credit Score System Change
April 16th, 2007
Question: Why is my Credit Score da same when i have payed my debths already and they have also reported 2 da angency?
the acounts are reported as closed and payed in full/or settled but the Credit Score hasn't changed...why??? I had like 13 acounts and 2 r still open....the rest are closed they were charged off etc but now i have payed them all....and the Credit Score is still the same??? i am trying to contact them but no luck b/c of the automated system...
how much time do i need?
Answer: It's gonna take TIME for your score to improve. You've paid off some old "bad" debts but that bad information still remains as part of your credit history. What you need to do now is start demontrating "good" credit behavior, with a secured card if necessary.
Credit 911 Medical Collections Petition
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Tags: blog, credit score system change, digg, news, technology, web2.0 |
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