Credit Repair 101

[sureshot]

@dreid

went to myfico.com and signed up for there trial offer. score is 585 thru equifax ouch.

I have 8700 worth of revolving credit, 6500 of that is my dads chase card. I am just the authorized user. I am going to get my name removed and then that will be removed. Same with my dads HD card. 713 bucks. I also have 13XX.00 that should come off from Cap one when I make my last payment to the collection agent on the 20th of this month.

so after those 3 things are removed, only thing that will show on my credit report as revolving is my car note. I have 2 things come up on my TU report that I should be able to get cleared up ASAP. a ni mo bill and something for taxes. But I have never had a Ni mo in my name and I always pay my taxes.

So my question is this, If I was to call and try to convince someone to remove these late payments/bad history, who would I ask for?? and would it hurt to call and send a good will letter??? also, who do I send the GW letters too???

baddies include

HSBC/zales which I took a settlement offer for and is pd
HSBC CC which I took a settlement for and is pd
dell account which is pd in full but has some late payments
wa mu cc which was charged off and pd in full
cap one, will be paid in full thru a col agencie this month. I know I will have to give them time to report back to cap one that it is pd.

sorry for all the repeat ?'s, i am gonna dedicate sometime this week to credit boards and internet research.

I’m pretty tired right now, but I just wanted you to know I saw this, and will get back to you later tonight or sunday morning.

@beautfldsastr427

Does revolving credit card debt hurt my credit more than a loan? I have a few high interest credit cards, and i’m wondering if a student loan would be better on my credit score than all the CC’s.

There are many here who are much more knowledgeable regarding finances, and they will undoubtedly provide you better/more insight regarding the idea of where your debt should lie, however I can provide you with this advice regarding credit:

Revolving credit has a much more volatile effect on your credit score than “installment debt.” If you are maxed out on your revolving credit, like store credit or credit cards, your score is definitely taking a big hit. With such a high debt utilization %, other lenders will have a much easier decision in denying you future credit.

Installment debt like school loans are hardly ever considered into a lenders decision to grant you a trade line, as most people do have school loans, and those amounts are usually very high. Now if you were late paying the installment debt, that’s a different story. Your credit report will display the installment payment however, so if you were to try and get an auto loan or something, the lender would take that monthly payment into consideration when calculating your DTI% ( debt-to-income ). For more information regarding that, see Nikuk’s loan thread here: http://nyspeed.com/forums/showthread.php?t=42786&highlight=nikuk+loan

Furthermore, you are likely to get a better APR on the student loans than the creditcards. That alone should help you with a decision. Anyways I’m tired, bbl.

-adam