Can I erase bad marks on my credit report?
I am 20 years old, so I don’t have a long history on my credit report. I have three credit cards carrying balances total to $1500 that I am ready to pay off in full. I have three 30-day late payments on my credit report, which is killing my score.
My question: I know I can negotiate with the credit card companies, but my GOAL is to pay them in full IF they remove the 30-day late payment marks on my credit report.
Just wondering how realistic this is, and if I should call or write letters.
Thanks!
Those bad marks are killing my score simply because I am young and there’s not much else on there. I do see though that the CC company makes money from me not paying and the best option is to just pay it off. Thanks for everyones answers!
You can try to negotiate removal of those 30-day lates but don’t hold your breath. In fact the original credit card company is the least likely to remove valid derogatory entries from your credit file. They have absolutely no incentive to do so. You owe the balances on those accounts and if you don’t pay them, they can pursue you thru the legal system.
The best thing you can do for your credit file, is to pay off those cards. That will immediately improve your score. Then pay all your bills on time.
You will need at least a 24 month consistent, on time payment history to see real improvement in your score.
April, 12th 2010 at 12:16 am
If you are not in collections, they do not want you to pay them off in full. Credit card companies want you to carry a large balance as that is how they make their money.
Sorry,you really have no room to negotiate but your score should improve once you pay your balances down anyway as it will show that you are not using too much credit. Continue to pay your bills on time and your score will improve.
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April, 12th 2010 at 12:37 am
Yes you can and you are on the right track. Call them and make your negotiations if you like, but the best thing to do is PAY OFF what you owe that will aid your credit rating. Then keep it paid every 30 days or at least pay some over the required amount. You are on the right track but do not over buy or over charge.
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April, 12th 2010 at 1:24 am
They say a man should always dress for the job he wants so why am I dressed up like a pirate in a restaurant. Its all because so hacker stole my identity. Now I’m in here every evening serving chowder and ice tea. Should have gone to free credit report dot com. I could have seen this coming at me like an atom bomb. They monitor your credit and send you e-mail alerts so that you don’t end up selling fish to tourists in tshirts.
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The TV
April, 12th 2010 at 1:47 am
You can try to negotiate removal of those 30-day lates but don’t hold your breath. In fact the original credit card company is the least likely to remove valid derogatory entries from your credit file. They have absolutely no incentive to do so. You owe the balances on those accounts and if you don’t pay them, they can pursue you thru the legal system.
The best thing you can do for your credit file, is to pay off those cards. That will immediately improve your score. Then pay all your bills on time.
You will need at least a 24 month consistent, on time payment history to see real improvement in your score.
References :
April, 12th 2010 at 2:02 am
30-day late is trivial and is not killing your score. You probably have a low score due to high credit card line utilization and a credit history of less than 3 years without much in it besides credit cards. In short, typical score for a 20-year old. Don’t worry. It will take care of itself in time.
They’re only going to negotiate if they think that they have no chance of collecting the full amount. This means that you have to stop paying for six months and go through default to charge-off and deadbeat. This will send your score toward zero, but you might be able to save a few bucks in the short term.
Why do people think that they can sign a contract like a credit card agreement and then "negotiate" whether or not they will pay what they promised? How would you like a job where, at the end of the month, your boss says, "I know I promised to pay you a certain amount, but I don’t want to, so let’s negotiate what I’m going to give you"?
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April, 12th 2010 at 2:51 am
Offering to pay them off (CC companies lose money) to take late pays off your credit one will not happen two cannot happen not legal.
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