Follow up on credit advice

For just about anything you want to get off your chest about credit cards.
2 posts
wnicholas
 
Posts: 2
Joined: Wed Oct 21, 2015 7:35 pm

Follow up on credit advice

Postby wnicholas » Wed Oct 28, 2015 1:38 am

I realize the last post might have been too cluttered or too much information so here go's.

Hi!


First off new to the site. Ive searched around and my head is spinning at all of the sites out there that try and offer advice but after taking some time on here I feel this is my best fit as everyone is very helpful. First off bear with me as I have a bunch of questions and I have searched but I would feel more comfortable and much appreciated with some direct responses.


I have roughly 5 items on my credit report, it does not sound as bad as it seems but all my scores are below 600 because of failure to pay latefees and added interest..


Sprint-Diviersified account, balance $510.00 (on two reports)

Credit one Bank -Midland Credit Management $1032.48 -listed as chargeoff. My limit was $300.00 and for years the latefees/interest has been running and finally stopped.

Capital One Bank-$584.00 (on two reports)

Kohls $500.00 not in collections, willing to work with me (on two reports)


First off:

I tried first to settled with Diversified and setup 5 payments to settle and was promised a letter breaking down all my payments and also a letter stating that they would show as satisfied on my credit report. I called today to follow up and they said they don't do that, and he said if you are not willing to understand that then we can cancel the arrangement and hung up.


Midland will not budge, it is in there hands and I am stuck with that balance.

Kohls I can work out on my own



Some questions:

As far as my credit report- does it show better and help my score if I just give in and settle for the full amount due instead of taking a percentage off? I am in my early 30's and want to do everything right, obviously learned the hard way. If its going to show as settled and its worse then me paying all these in full (over time of course) then I would rather just pay in full.


Secondly, example being Diversified, which I read can be hard to deal with, how do I get a template to send to them getting them to accept my arrangement first so I am guaranteed a "letter of deletion", is this something I should be asking from them, even though they aren't budging or should I follow some steps and do it myself? Any help would be appreciated.


Thirdly, as far as the companies like Kohls, Cap. One still not in collections, do I still request a letter from them as well. I figure with what I make and what I owe this will probably be a 6 month process.


I actually have inquired about using a debt reduction company but it really seems to be no point. I just wish I had someone who can talk with these people or deal with companies like Midland who will not do anything for me. I am willing to do this all by myself but in review, my main question is to get my score rising, and to get these removed after payment, how do I go about sending or getting a letter of deletion before making a payment and also does settling before paying the full balance due even on some older accounts hurt me more. I just want to do things right.


I also have quite a few inquires which ive made mistakes trying to get credit, is there any way to rid of those. Right now I use Wells Fargo credit monitoring service at 15.00 but I do not see any dispute options, if you recommend anything else please let me know but it does give me all my scores and full report once a month.


Thanks in advance for any and all help.


takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Re: Follow up on credit advice

Postby takeshi » Thu Oct 29, 2015 8:48 am

wnicholas wrote:First off new to the site. Ive searched around and my head is spinning at all of the sites out there that try and offer advice but after taking some time on here I feel this is my best fit as everyone is very helpful.

Hold on now, you posted the same thing on myFICO. Only one can be a best fit. :ppp

wnicholas wrote:I also have quite a few inquires which ive made mistakes trying to get credit, is there any way to rid of those.

Nope. If you want to avoid inquiries the time to do that is before applying. Disputing inquiries can lead to unintended consequences. Inquiries are a relatively small factor anyway and if you're seeing significant impact from them then you have bigger fish to fry with your credit profile.



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