Messages posted by: GerriDetweiler

If the inquiries are accurate, then you're best off letting them just age. After two years they will come off your report, and the older they are the less important they are. If they are not accurate, you can dispute them.

We don't recommend you apply for cards you aren't sure you want. Even if you don't activate the card, your credit report will show an inquiry for that card. But if you do decide to go that route, call the card issuer for the card you don't want, tell them you changed your mind and ask them to close the account. Keep in mind it may show up on your credit report as a new account even though you never used it.

brigi2te - I should point out that we use TransUnion credit data to show you your credit grade, not Equifax. It is possible that some of the underlying data is different. There may be something negative on your Equifax report that is not showing on TU. Have you pulled your TransUnion credit report through AnnualCreditReport.com?

Unfortunately, I just don't have enough information to answer this more directly. If it is a personal loan and not an auto loan, I also don't understand why they would need proof of a down payment. (If it were an auto loan, then I could see the need for a down payment.) I don't know how to help with this - perhaps you can go back and see if you can talk with someone higher up.

Paula,

Collection accounts may only be reported for 7.5 years from the date you first fell behind with the original lender. If the collector adds back a collection account that is too old, it's illegal. Talk with a consumer law attorney. You may have a case for credit damage.

It is very difficult to remove inquiries unless you have been a victim of identity theft. I certainly would not recommend you pay someone to do that. Remember, inquiries are only a small part of your credit score, and they only report for two years.

If you haven't done so already, you may want to use our Credit.com's Free Credit Report card to get an analysis of your credit scores. (It's a soft inquiry which does not hurt your credit.)

Let me see if I can help you understand the situation a little more clearly.

1. If I were to get in touch with the original credit card company and possibly work out a settlement with them and pay it quickly, would or could I answer this civil complaint and be able to get the court to dismiss the complaint? Or would that be against the law, since the date of settlement would be after the date of the civil complaint filing date from the collection company?

At this point, it's probably too late to deal with the original creditor. This debt is old enough that the collection agency may own it outright.

2. I did some research and read that you can send out cease and desist letters to collection companies stating that you prefer to deal directly with the original bank, and that they have to cease contact with you? I also heard this on Dave Ramsey . Is this true, or could they still sue?

This is muddy advice. There is no legal basis for stating that you will only deal with the original creditor. Yes, you have the right under the FDCPA to send a cease and desist letter telling the collector not to contact you again. If you do, they can only contact you to tell you they are taking legal action against you. And they have. So this won't help you. (Just as a note, I really cringe when I see advice on the internet saying just send them a cease and desist letter. There are times when that is appropriate, but often it just leaves them with no option but to sue you.)

3. IF, I am not successful in arranging a quick settlement with the original credit card company before my 30 day response time is up, Do you know if these complaints ever get settled for less than the full amount. I am afraid they will take the full amount from my checking acct. like capital one did to my sister over 1800.00. If this happened I don't know what I would do..

Debts are settled "on the courthouse steps" all the time. There is no reason why you can't try to settle this and keep it out of court. But if you do make certain you have a letter in hand spelling out the full terms of the deal, including the fact that they will drop their lawsuit if you meet the terms of the agreement, before you pay a penny. Then confirm with the court that the case has been dropped.

If you cannot come to terms, you can do two things:

1. Talk with a consumer law attorney who specializes in consumer debt collection cases, or a bankruptcy attorney, for help. The first consultation should be free, but be sure to ask.

2. Show up in court to tell the judge why you cannot afford to pay the debt, and explain what you have done to try to resolve it. Do not fail to show up in court or they will get a judgment against you and that opens up additional methods for collecting - including the possibility of wage garnishment or levying bank accounts (depending on your state's laws).

I hope this helps.

I received the following question by email:

In June 2011 my fiance and I will be getting married. She lives in Malaysia and will be coming to the U.S. on a Fiance Visa. We both are engineers, so our salaries are good. Our concern is we would like to purchase a home within about 2-3 years. What is the best and fastest way for her to establish and build her credit? Should we focus only on opening joint accounts? Should I make her an authorized user on all of my accounts? Should she open 1 or more accounts in only her name? What types of credit should she seek.. credit cards, personal loan, auto loan, etc?

If you you have good credit and your accounts are well-established, then adding your fiance on to your accounts as an authorized user may help her speed up the process of building credit. Although "piggybacking" doesn't always work as well as it used to, it can work for married couples because they are covered by the Equal Credit Opportunity Act. If you add her on to some of your accounts, choose the ones with the longest credit histories, and only choose accounts with little debt.

Before you add her onto your accounts, check your credit reports at AnnualCreditReport.com and get an understanding of your credit scores using Credit.com's free Credit Report Card (available on our home page).

munas - I tend to agree with you - you've done all you can and now it's time to talk with a consumer law attorney. Since you are in San Diego now you're in luck. Robert Brennan is a superlawyer who specializes in credit damage. You'll find his information at socalcreditdamage.com.

Let me know what he has to say.

Bethanee -

You are not stuck with bad credit forever. Eventually those delinquencies will come off your credit reports. In the meantime, you'll want to establish positive credit references that will eventually outweigh the old.

I am not sure how the Chase account is reporting, but typically paying off a delinquent account doesn't help your credit.

I would recommend you use Credit.com free Credit Report Card (it's on the home page of Credit.com) to see what factors are currently influencing your credit score. Then you can get to work on those issues. It will take time - there is no quick fix - but there absolutely is light at the end of the tunnel if you work on it!

Joe,

There are two steps you can take to try to get this item removed from your credit file. One is to dispute it with the credit reporting agencies who are reporting it. If it cannot be confirmed with the source (the issuer), it will be removed. The other step is to dispute it directly with the furnisher of the information, using the contact information listed for the credit card company on your credit report. Again, if they do not confirm that it is correct, it will be removed.

Let us know how it turns out.

It's fine for you to pay off this auto loan early. It really won't affect your credit scores one way or the other. Save yourself the money!

It doesn't matter whether you pay off your cards in full or not. Opening a new account is considered a risk factor for your credit score. How much it will affect your scores is unknown. If your credit scores is really strong, then opening one new account shouldn't make a major difference, but I wouldn't suggest opening several at once.

If you are really concerned, you may want to try out Equifax Credit Watch Gold which allows you to simulate changes to your credit report and see the potential impact to your FICO score.

crazyman - Yes, my suggestion is normally to leave them alone and not use them. But if they are too tempting, then you should close them.

I simply can't predict how much closing them will affect your scores. It depends on everything in your credit reports. I am surprised the score simulator told you that your score would increase, and I wouldn't take that as a definitive answer.

But the bottom line is, if you don't need to get credit in the near future, then do you really care? Go ahead and close them, avoid the the temptation, and just pay cash for what you need. You can still come out ahead that way.

best2goos - We would love to hear more about your success story! Do tell!