Help! Credit Report Problems

I see how much help everyone has been to each other here so I figured I would gie this a shot. I am about to start the process of buying a house. In preperation, I ran credit report to try and clear up any problems before I let lenders check it. I found two strange problems that I could use some help with.

First, my score says that "the proportion of balances to credit limits on your revolving accounts is too high." Upon closer inspection to the report though, a new credit card that I opened up that has a max of 12k, is reporting a max of $0. No doubt this is hurting my report, but how do I fix it?

Second, There is a very old account which shows up and one of the reports the comments that it was "PURCHASED BY ANOTHER LENDER". Along with the fact that one of the credit agencies says that I was late 90 days for 23 straight months, i have a feeling that this hurts my credit score as well. I cannot be sure that this is my credit card, because I cannot recall it but it was opened over 10 yrs ago. At that point I was a stupid college kid so anything is possible. There is no balance on it at the moment and I don't have any accounts in collection. Does any one have any suggestions on what to do? The label for this credit card is WFNNB/Limited on the reports. I cannot figure out what that is even after searching online. In fact, the only way that I found this site was by googling the address that was listed for the company; "PO BOX 330066 NORTHGLENN, CO 80233".

Any suggestions or ideas would be greatly appreciated!!

Ok....Here's my input on this...I'm no expert, but I've been also working to fix my credit report, so I'll tell you what I know...

First off, dispute any accounts you don't recognize or is reporting incorrect negative information. As far as your $12k credit card, I would contact the lender and ask them why they're reporting zero.

"the proportion of balances to credit limits on your revolving accounts is too high." would mean that you're using a very high amount of your available credit. It's always good to keep your balances as low as possible. If they're too high, then a future lender is going to see that as a risk.

Purchased by another lender either means that the account was taken over by someone else (could be like my car payment I had through one bank, they sold it to SST because they were getting out of the car loans.) If it's showing derogatory information and it's over 7 years old, you should be able to get rid of it by disputing the account.

Others will jump in soon and we'll help you get straightened around! Welcome to the community.

Sorry I can't be of more help, my mind is all over the place lately.

wfnnb is Wells Fargo National Bank.

Some credit card co won't put your credit limit on your reports, so what ever your balance is is your limit. THis hurts your score big time. CCs like Crapone and Target are just 2 that I know do this.

If the lates are 7 yrs old as jessi says dispute with the CRs.

Thank's so much for your help. I think i have figured out what that credit card is so hopefully i will be able to take care of that. The 12k is a citibank credit card so i would assume that they would/should report the max. i will check in with them. Thanks again!!

Dispute the accounts with the CRA that are being reported after 7 years from the date of first delinquency. Since you have mentioned about some old accounts, they should have been off after the 7 years period. The removal of these negative entries will probably boost up your scores.

Meanwhile, read this page for some tips on improving your credit scores .

WFNNB/Limited is the Limited Store.


Link deleted as per forum rules - Mike

I have alot of old accountg showing bad and have just now told the CR companys top remove even if they are bought by another company they must remove afer they have gone bad from 1st company yes?
is getting new credit and being good for over a year the bestr way to bulid over bad credit?

wfnnb is World Financial Network National Bank. The company is the private-label credit card banking subsidiary of Alliance Data Systems, which is being taken over by private equity giant The Blackstone Group for $8 billion. The company's largest clients include apparel retailers Limited Brands (30% of revenues), and The Buckle.

If you are planning to get a new credit then go for a secured credit card and manage it responsibly. To build your credit it is important that you pay all your bills on time. Do not max out your line of credit, or even get close. There are people who consider credit as free money and spend the money without even thinking twice. To get the best possible credit score it is advisable that your credit use is less than 30% of your credit limits. And last but not the least always try to pay off your bills in full.