need help with a dispute i recieved in the mail

Mar 212011
 

I’ve been working on fixing my credit now for 2 and half years now. I’ve cleaned up and paid off all the bad debt that was on my credit report before I purchased my house 2 years ago. About two weeks ago I get this letter in the mail stating that I have an  outstanding debt for a credit card that was on my credit report before that came off after seven years. This credit card was opened in my name when I was just 16 and still in high school one of my parents opened this card in my name and charged up on it without me ever knowing. I found this out after I was of legal age and never paid it because it was never my bill to start with. After seven years of being on my credit report it came off the credit report.Which would have been in 2005 or 2006. I would like to write them a letter disputting this debt because of how old the debt is. I need to know how to dispute this without agreeing this is my debt.

I believe other collection agencys are buying these old debt and trying to collect on items past their collection period. The other reason is they seen I paid off other debt that was in my name

 

So my questions are

 

I’m I financially obligated to repay this debt off after the 7 years collection period has passed?

Will they always try to collect on a debt that has not been paid?

Can this reappear on my credit report now as bad debt if I dont pay this off?

Can they reopen an old account that was taken off the credit report after 7 years?

 

Need help fast because I need to write to them and dispute this debt!

 

 

 

Insight & Guidance Requested

Mar 092011
 

I’ve been reading these boards for about 3 weeks now, and it’s amazing how much it’s quite literally changed my life in such a short period of time.  Just the overall feeling of support on a topic that’s usually wrought with disdain and embarrassment has been so incredibly uplifting.  I also never realized how shockingly little I understood about credit and FICO scores.

 

After about 10 years of completely thrashing my credit, most of it due to my own recklessness, I’ve spent the last 5 trying to fix everything.  I have several open lines of credit that I’ve been paying on time, and my scores have been gaining ground over the last 6 months (663 TU, 640 EQ, 647 EX – FAKO).  Of course looking over the reports has led to a ton of other questions and curiosities over what I can do next which I’m hoping people here can help me with.

 

If any of these should be broken into separate threads, please let me know.

 

1)      My utilization is being reported at about 60-65%, but is actually under 20% right now.  Realistically, how much of a bump could I expect if I got it to 0-5%?

 

2)      What’s the easiest way to find the DoFD?  I’m all but certain that at least a couple of things on my report should have long since dropped off, but all I can find are Last Activity dates which are a lot more current since I paid everything I owed. 

 

3)      Along the same lines, I opened a Sears card in college that I know they closed the line of credit well more than 7 years ago.  Wouldn’t this indicate that the DoFD was more than 7 years ago and should have dropped off?  Would the fact that I just finally completed paying it off keep it on?

 

4)      Did I **bleep** myself by paying everything off and losing the leverage of a PFD?

 

5)      Aside from Sears, the most recent activity from a negative item on my credit report is from Capital One, which has 120+ day late from ’07.  In the last year I’ve opened up 2 new cards with Cap1.  I’ve read that they’re notoriously difficult to work with respect to GW letters, but is it possible that the fact that I have 2 current accounts with them PIF could help with this?

 

I have a bunch of other questions, but I’ll start with these for now.  I appreciate any help and/or insight that could be offered.

 

 

Desperate for HELP!

Feb 092011
 

Ok 2 years ago our house went into foreclosure and it was only in my husbands name. The reason for the foreclosure is he got laid off from Ford motor company where he has been employed for 11 years. He was laid off for like 6 months which was enough to fall drastically behind in our house payment. We didn’t think at the time we had any hope so we let it go we then moved before we even had to into a rental and rented that house for a year and are now in another rental and we will be in this house for 1 year in May. This is the issue we have 3 small kids and I am pregnant, not only are we paying too much here, but there is no room and we need to buy asap!

 

So, I recently applied dh for 2 secured credit cards capital one,hsbc and we are waiting the cards in the mail.Mother in law is also putting dh on her american express and we just got a car lease through Ford. Mother in law cosigned for dh for the lease and the lady told us my husbands credit must not be THAT bad because when they ran his credit it wasn’t flagged or anything. These are my questions dh has 2 credit cards on his account that have since been charged off one of $2500 from 2006 that is capital one and the other is Citi and it $997 and is charged off and is from 2008. This is where i am confused the most we can do is settled these accounts but from what i am reading this will only hurt dh’s score because they are old charged off accounts and have been charged off so do we just not pay them? The reason I am asking is because we are considering applying for a home loan in 3 months before this lease is up so we do not have to rent again for another year. So if we are planning on applying we need to know what to do, what not to do and are we absolutely crazy for thinking we may get approved? See I have pretty good credit and will be on the loan as well so I’m thinking this will help to get preapproved? Dh’s score through transunion is 580 and on that report the foreclosure is shown as not a foreclosure but says “settled for collateral of the home” besides the two credit cards dh has a few small odds and ends that we will be taking care of in the next 30 days. If dh gets his new cards by next week how long before they start reflecting his scores? Worse case scenerio dh is willing to ask his parents to cosign on a home and they have teir 1 credit with scores in the 800′s! Also regarding the few odds and ends do we just mail in checks to these places?

COX Communications and Collections

Feb 042011
 

Well, I got sent to collections by COX and on the notice it shows that I owe 600 something for equipment (which is sitting in my garage) … So when I go return it, do I need to contact COX directly to get that taken off?  How does that work?!

I want to get it taken care of before it shows on my report–

 

Thanks! Sorry for all the questions this AM!

 

J

unsecured loan to pay off higher rate CC’s

Feb 012011
 

Hi all,

 

I have taken out a 48 month loan at 10 percent to pay off all my credit cards which have rates from 12-23 percent.   They payment on the loan is about half what I pay per month so I will plan on paying that extra money toward the loan amount….

 

I just wanted to get some feedback.. the plan is to pay off all the  cc’s with the loan.. I am hoping that will increase my scores… I have 5 cards…should I close a few accounts? I definitely want to close one that has an annual fee.  Should I use 2 to keep some credit going and show good payments / keep a low 5 percent balance  for CU purposes, or is a zero balance better?

 

Since this is a personal loan and I won’t have any cc debt…that will look better overall correct…

 

I think that covers my questions :)

 

Thank you!

Catherine :smileyhappy:

Questions FHA Loan Process Getting ready to use

Dec 182010
 

I was hoping someone here might answer a few questions I have FHA application process. Just a quick background: I recently Närpiö starting a new job with good incomes, and 680 FICO score. As I understand it, exceptions may be made two years of work history requirement in the recent grads working in the same area they were majoring in. I was told that as long as I have my first pay stub on the due date, I would not be good. I have found FHA approved apartment development I would like to finance with an FHA loan.

I currently have around a high-rolling debt, which was disposed of in a few weeks (paid off in full), I spoke with a mortgage loan officer and I was told that it is not would be a problem and that they simply do not use the revolving debt is prequalification, I would just like to have them pay off when it gets to the guarantor. Is it true? I also tried to get my DTI down by selling my car (it’s $ 800 payment per month, so it would kill my relationship), and do without it until I close. Would it be a bad idea to trade it affordable rent a car ($ 200 or so per month) or do I avoid credit inquiries so far?

I’m looking to get 2-bedroom, so I could rent a room – I already have a roommate lined up. This manages a significant piece of mortgage payments, this can be considered in future rental income and 31% of front-end debt to income ratio? How tight is this relationship if I have no debt except a student loan debt? Would it be with a lower back end to replace the relationship by any chance?

I work in a row is expected to have sufficient income to receive the necessary DTI. I worked at my dad’s office (a business owned by him) for awhile, and I have been getting paid – but out books. Would it be a good idea to start getting this income on books and not “official” (begins to get a real salary items, deposits) and the extra revenue to help get the front end of the DTI? Is FHA guidelines have discouraged the “family” business?

Also, anyone have any recommendations on what type of lender to go? Someone correct me if I’m wrong, I can hear the big banks are stricter, and the adoption of a discerning these loans. Would I be better off going broker / direct lender (in-house underwriting, a loan could be sold for)? Is the loan likely to accept computer underwriting than manually?

wow, I know that a lot, so thanks in advance if anyone can answer all these questions!

local mortgage lender

I am an army veteran will use my VA or CAL-VET certificates to local asuntolainaa.Mistä find a lender that specializes in northern Cal and Silicon Valley?
General subterfuge tactic used in most mortgage / housing when the banks / borrowers attempt to contact the assistance / loans.

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