bank continues to add to the total on the past due

Mar 142011
 

I had an overdraft credit line with a bank that I defaulted on in 2008. The amount they have reported all along on my credit histories is $448. I called them to find out how to pay, and was told the amount due is well over $600! And growing by twenty some cents each day. I questioned it and was told to talk to someone in “Assets and Recovery.” I have not done that yet, as I want to get a strategy first of how to approach.

 

This is how it is listed on the credit reports (EQ and TR):

Status: charged off account

Balance: $448

Past due: $209 (I last paid in 2008, and i recall the balance as being over $400)

 

How can they continue to add to the total without having notified me? Can they really charge more than they are even reporting? I would appreciate any ideas anyone may have on how to approach. It is a local bank, and I am even willing to go in and talk to someone in person. I have been paying off a number of old accounts, and want to get this one settled. I am working with a loan officer at my credit union to get an auto loan in a few months and this bill will need to have been addressed.

 

Thank you in advance.

Cancel First Premier?

Mar 022011
 

I have two First Premier CCs one $750 CL and the other $700 CL.  These started at $300 and I get a $50-$100 increase yearly, so I’ve done a lot of work to build them up a bit.  I have a CapOne CC $750 CL (just received increase) and a Credit Union $2.000 CL, both opened 8/2010.

 

Now, the question…should I go ahead and close the First Premier CC’s?  I’ve had them both for a few years, so I am worried I may take a hit because of credit history.  Is it really worth paying the fees (I think everyone here knows about that with FP).  My APR used to be 9.99%, but now it has jumped to 20.99%.  Personally, I don’t see any reason to keep them any longer. 

 

So, any advice or thoughts???

Advice on Raising my credit score

Feb 242011
 

Hi !

 

I would like to try to buy a home next year and am looking for some advice.

 

My credit started out as a “bad 509″ but I’ve been slowly raising it (currently 656) but I have a collection that I just paid and the debtor agreed to remove it so it will be removed soon.  I have a very small unpaid dept from 2005 that I made arrangements to pay (they wont’ remove it but said they remove after 1 year).

 

Here is my current situation

 

$132 library bill, 2005, paying this week

$1,400 collection account (paid; to be deleted)

I have a paid collection from December that I paid in December before they put on my credit report and they told me that it was not on my credit so I am disputing it. 

 

Paypal credit card that had a 30,60,90,120 days late in past year ($500 limit) that I paid off recently and asked them to close.  (i quess that wasn’t a good idea).  Can i do a goodwill letter to them?

 

Visa credit card w/ $500 limit from my credit union – zero balance for 2 years. 

 

Car loan @ credit union – never late

 

Chevron gas card $800 limit – zero balance

 

2 old car loans w/ credit union – never late.

 

Currently in grad school w/ about 56K in student loans that won’t be due until the time I pay off my car loan and finish school.

 

Questions are: 

 

how much will my score move when 1 collection gets deleted and the other marked paid (one from 2005)?

 

Should i ask for increases on my Chevron card (had for about 18 months) and VIsa card to build higher limits?  (i don’t plan to use them unless maybe to make a small purchase and pay it off)

 

What else can/should I do?

 

Thank you in advance!!!

 

I’m excited to have come from a 509 – 656 but I still have some work to do.

 

Heather

Shared Savings Secured Loan or Loans

Feb 102011
 

Hey guys. This is my first post. I hope to learn alot and contribute as much as I can to this forum. Here’s the deal. I’m going to deposit $1500 into my credit union savings account and do a secured loan on it. My question is this – Would I get a better benefit if I split it into 2 or 3 loans; like $500, $500, and $500, or $750 and $750. Which would give me the better benefit to my credit score, assuming I made every payment on time and kept the loans open for the full term -(12 to 24 months)? Thanks in advance guys.

Credit Union Secured Loan

Feb 102011
 

Good Evening;

 

Do secure loans from credit unions report to the CRA? I am going to call Dade County Federal Credit Union to double-check, but just want your opinion if you credit union does.

Equifax – Down 7 points for inquiry, Up 7 points for new loan

Feb 042011
 

I was surprised I GAINED points for getting a loan. Thoughts?

 

Here’s the short story.

 

Pulled all three scores 1/27/11 and these were the stats

Equifax – 10 inquires (most recent 08/10)

 

Negative

  • Shows no negatives

Positive

  • Mortgage – opened April 08 – paid as agreed
  • Capital One Credit Card – opened July 07 – paid as agreed
    • Limit – $1750
    • Balance owed – $0
  • USBank Credit Card – opened Jan 07 – paid as agreed
    • Limit –  $1750
    • balance owed – less than $100

 

At that time, my score was 712.

I was then approved for a loan by a credit union and my score dropped 7 points for the inquiry. No surprise there. But then the loan posted and I gained those 7 points back. Is it because my mix is better now? I use to only have a mortgage and 2 credit cards (revolving). With the bank loan, I now have an installment. Am I correct?

Secured Card Question

Feb 032011
 

I have a secured credit card with my credit union since December of  09.Today I requested it to be unsecured and was denied because of two collections from 07 &  08,which was on my report when I applied in 09.My history with the credit union is perfect,is there a letter I can send them to reconsider?

trying to build Credit via utilization lowering

Jan 192011
 

Hello,

Love this forum and finding it very useful.  it appears the fastest way my scores will improve is by lowering my utilization.  I just hung up with my credit union( which I have LOC and secured Visa) and they said it takes 2-3 months for your paid down balances to effect your Credit Report.

 

Surely this is not accurate??????????

 

Please offer your insight on this,

Thanks

Unfinished bank transaction resulted in 30 days late reported to Credit Beauro.

Jan 102011
 

I have a problem with my credit union.

On October 22 2010 I called them and ask to pay my balance of 1$ from my saving account. Since then I never used the CC. Surprisingly on Jan 1 2011 I received an alert from FreeCreditReport saying that I have a 30-days late record in Equifax and Experian. Now I am trying to call the credit union and they told me to start the dispute and then see what they can do after they receive a dispute letter.

I think this is not right – they should admit this was their mistake since I paid everything in time and they must revoke contact the Credit Beauro to remove the delinquency.

Am I right ?

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