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Credit Report and Score Repair Help

Date: Thu, 03/17/2011 - 12:37
Submitted by on Thu, 03/17/2011 - 12:37
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Hello! If anyone who reads this post can offer any advice regarding how to clean up my credit report and raise my credit score, I would greatly appreciate it. I pulled my credit report today in an effort to begin credit repair and am a little overwhelmed now to say the least. My current credit score is 505 (ouch). My credit report currently lists 27 separate items, thanks mostly to student loans. 20 of those accounts are student loans. Those 20 include the separate entry apparently made for each Stafford subsidized, unsubsidized and GradPlus loan for each semester of school. That 20 also include the new "accounts" opened in the past 6 months after the Department of Education took over federal student loans; basically, I only actually have about 6 active student loan accounts after the federal consolidation. The other accounts now all say "transferred."

Next, I have 3 small credit cards ($300 limit, $1000 limit, $1000 limit) in good standing, but close to being maxed out. I made large payments on those today.

I have an old negative account for a small credit card scheduled to drop off in 2012.

There is one listing for a Wells Fargo revolving account that appears to still be reporting something, and I'm not sure what to do with this as I paid it off years ago but don't have paperwork any more.

The remaining two items come from an old Express credit card I had ($300 limit) that is listed as negative; the debt was sold to Asset Acceptance Corp. I was actually going to pay that this month, but the credit report says "Account assigned..." but doesn't say to who.

I don't even know where to start raising my score. I don't have very much that is negative listed, and beyond cleaning up the negative items I don't know what to do. Any help will be sincerely appreciated.


Hi!
Welcome to the forums!

You should have kept the payment receipts with you. Now, it will be very difficult for you to prove that you have made payments to Wells Fargo. Go through your files and try to find out any document. You can even ask Wells Fargo to update the account status on your credit report.

As far as your 3 credit cards are concerned, you should try to keep the credit utilization ratio within 30%. Otherwise, it will make a negative impact on your credit report and score.

You can 2 things about your old negative account. You can either wait till 2012 or you can settle the account. My suggestion will be to negotiate a pay for delete settlement with your creditor.

You can contact Express and ask them whether they have assigned the account to any collection agency. Thereby, you can know whether the account has been sold/assigned to asset Acceptance. If the account is held by Asset, then you can settle the debts with them.

I guess transferred means that the accounts have been transferred to another lender. You'll have to contact Department Of Education regarding this issue.


Submitted by Good Nelly on Mon, 03/21/2011 - 02:56

Good Nelly

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