camalott4

That is completely not true. They are obligated to report the debt correctly. There is no law that states they have to actually report.

I think he is talking about getting late payments removed. CCCS is a terrible idea and is practically akin to declaring bk. His credit report will take a major beating.

You have 2 choices. You can wait for the 7 years to be up in which the negative parts will start to drop off or you can write to their executive offices what is called a goodwill letter asking very politely if they can remove the late payments. Tell them what happened and why it is doing a ton of damage to you.

Nope closing it will not help. Whether open or closed it will continue to affect your average age. Unless you are getting charged outrageous fees I would just keep it open and maybe use it for gas once a month so they do not close it for you.

Updating the date is different than re-aging the account. It should still come off your report at the original time it is suppose to. Obviously if they did re-age it then they have broken some laws but I doubt they have done so.

Start small. Try orchardbank.com to see if they offer anything. Think about getting a secured card if you have the money. Also, open an account with a credit union that has a secured loan. For example, with my credit union, let us say I want to take out a $500 secured loan. I put it in my savings account and they put a freeze on it and give the loan. They charge me 4% which is pretty good and everytime I make a payment they free up that part that is in the savings. I am basically getting a loan to build credit for practically nothing. Each credit union is different of course but that is how they generally work.

Unless it has changed again the link below should explain it. Keep in mind experian and transunion do not issue real fico scores and may reflect the authorized card in the score.

http://www.credit.com/credit_information/credit_report/Consumer-Alert-FICO-Formula-Changes.jsp

Depends on when they report it. IT could be reported the next day or they may have just reported so you have to wait another month.

Let me grab my crystal ball. Seriously? How can you possibly expect anyone to answer that without providing a single detail on your score or situation.

The most I have ever seen a hard inquiry do is 16 points. They can be brutal.

bk is not really my thing but as the accounts age and balances go down on credit cards your score will improve. If I remember correctly they don't want you applying for new credit while in 13 so you are pretty much stuck for now.

Something bad probably hit your credit report. Maybe you put more money on a credit card or a collection agency tradeline hit. Go to annualcreditreport.com and pull your free report(this is not a scam site like freecreditreport.com). You are allowed one free pull per year per credit bureau according to federal law.

Keep in mind when you applied we are in the middle of a recession and they really i.e. the banks put the screws on credit. I really don't think your score will give you any problems getting a mortgage unless you don't make enough money. Also, the cc companies are finally starting to relax their standards. You just hit a bad time to apply is all.

I forgot to add. with no credit it will be hard to get credit. Open up a banking account with a credit union and then a secured loan. Try orchardbank.com and see what card they offer. IF you have to get a secured card. Starting out in the credit world is tough because no credit=bad credit. Good luck.

Your score will be dragged down by not having a credit card. I suggest at least 2-3 credit cards/store charge cards(like a target). I know people think oh I don't want a credit card but then freak out when they apply for a car loan and end up paying 19% on it. You need a mixture of credit to maximize your return.

Well not split i.e. 50/50 but you would each have a tradeline on your account and it is treated like a regular credit card. I would go ahead since it sounds like you have no other open cards and get the secured cards rolling.

Your questions will need more information and more people to answer them. Go to creditboards.com and sign up for free but be more specific. Put your state which you did and then tell people information like when your last payment was on each card that you stopped paying on. If you have attorneys calling stating they will press charges and by charges they mean criminal charges you are either dealing with a junk debt buyer on a very old debt and they are using illegal threats which JDBs like to do or this is a more recent debt and the attorneys determined you committed fraud. IT also sounds like you were sued and they got a default judgement or served you at an old location for an old debt and you were not aware. Like I said this one belongs on the other forum. good luck.

I doubt it. Paying off installment debt especially mortgages does not have much of an affect if any on scores. If you are not negative on anything else your score will slowly go up due to aging and paying all bills on time.

Depends on just how much of a % left you have to pay off on them. If less than 30% you may see a small rise in your score. IF over a much larger one. If your cards were closed I would open up another card yes. It may not help your score right away but it is needed and will improve. Also, if those other cards are paid the negative tradelines will stop having a larger affect as they age.

For to answer the actual questions lol. It depends on when they report but anywhere from 1-60 days.

Paying it down is a good thing. Closing it is a bad thing. However, if it one of those junk cards like premier bank with all those fees I would close it if I had other better credit cards.

I would just use it once a month if you do not really need to rack up credit card debt and then pay it off. Many cc companies are closing cards that are not used on a regular basis. Use of it will not affect your score unless you start adding debt.

with that amount of debt and that credit score your credit would probably actually improve if you declared chapter 7 bankruptcy. I would bet your phones are ringing off the hook and the harassment and stress is piling up. I would seriously talk to a BK7 attorney. IT should cost you nothing to sit down with them.

Ahh the beauty of a collection agency tradeline(if that is what it is). Whether you pay it in full, settle it, or don't pay it at all really does not matter because it still abuses your credit pretty much the same. If you are talking about a credit card in collections with that company and reporting a balance then paying in full is a ton better than settling and here is why.
1)settle=profit/loss notation. This is just about as bad a a bankruptcy notation
2)if they settle and cut off $600 or more off the debt they have to file a 1099-c with the IRS which counts it as income. Welcome to an expanded tax bill at the end of the year
3)the biggest of all- they are liars. Unless you get something from them that states xx amount settles this account IN FULL they will turn around and sell that difference to another agency who will then collect on it. Now you are just racking up the negative tradelines, harassment, and those lovely hard collection inquiries.

I would go to creditboards.com and post on there(is free). Give more details like the age of the debt, who it is with, and your state. I am trying to answer your question with just general information.

this is not the site to pring it out. go to annualcreditreport.com and pull your credit from all 3. This is NOT one of those ripoff sites with a monthly fee. This is a site set up by the government and allows you one free pull per year of each credit bureau's report. IF you have never used transunion you will set up a handle and password for all future transactions.