Repairing my credit

Submitted by Anonymous (not verified) on Thu, 08/26/2010 - 05:04
Forums
Credit repair

Hi,

I have only one credit card. It was a Gold Card from a bank with a $2500 limit in 2004. I had the card for 4 months before I was unable to pay it. Did not pay it for over 120 days, and it went to collection.

However, I paid the collection agency $400-$600 a month until it was paid (paid off in early 2005). Last week I bought my credit report from freecreditreport.com. The scores from that report are below.

EXP 580
EQU 578
TU 590

With this score I can't even get a Macy's card. My question is where do I go from here? I'm worried about wasting my time applying for more cards and lowering my score. I'm even worried that purchasing a report from myfico.com is going to do damage.

How to repair my credit? :(

Aaron

Hi Forde,

First get hold of your credit reports from www.annualcreditreport.com. Also get your credit score from Myfico.com. Most of the other sites offering your credit report and scores are not authentic ones.

Check all the details minutely, and try disputing any kind of wrong information on your credit report. Also try removing the negatives through Goodwill letter. Other than this to improve the score get a secured credit card from one such company that reports to all the three credit bureaus. Then use that card to make small purchases, and make ontime payments on the card.

The payment history will help in improving your credit score.

Thanks,

Aaron

Thu, 08/26/2010 - 07:34 Permalink
Robin W (not verified)

Hi Forde,

You have mentioned

However, I paid the collection agency $400-$600 a month until it was paid (paid off in early 2005)

Can I know the status of this account on your credit report? This account should be reporting a status as "Paid". Moreover, did you do PFD on this account? If not, and if the negatives are still showing against this account you can send a Goodwill letter to the collection agency in order to remove the negatives. This can help you in improving the score.

You can also get added as an authorized user on a person's account with good credit score. When this account will show up on your credit report your score will increase. However, you won't be held responsible for this debt.

Hope this helps.

Thanks,

Robin

Thu, 08/26/2010 - 12:36 Permalink