I had a collection on my credit file for about a year and a half and it was for the amount of 7500 CDN dollars, I tried to negotiate with them to have this removed upon deletion but they refused. I sent the agency more than 10 letters to have them remove this collection from my credit file in return for a full payment of the account but they refused each time. I ended up paying the collection in full and now I want to get a secured visa to help rebuild my credit, how long will it take to rebuild my credit or am I stuck with bad credit for 7 years until the collection is gone? I do have about 2 or 3 late payments but I sent the creditors good will letters and they removed those late payments, I also got rid of most of the inquiries on my credit file, so basically I only have the collection now. How long it might take to rebuild my credit (I know it varies from one person to another). Thanks
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Sat, Aug 28, 2010
August 28th, 2010 at 12:48 am
Unfortunately, credit scoring is much too complex a calculation for me to tell you when your credit score should improve without knowing much, much more about your credit history. Even if I had a copy of your credit report, it would be difficult for me to tell you when and if your score would improve based on your current credit history. As you mention in your question, you have been paying all of your accounts timely for the past 5 to 6 months. Continuing to pay your accounts on time should slowly improve your credit profile, but how long it will take for your score to improve really depends on how much damage your credit score suffered during the past 3-4 year, and how many positive credit listings are now appearing on your credit report.
While I cannot tell you when your credit score will improve, I encourage you to continue making your monthly payments in a timely manner, as the longer you make payments, the more positive influence the accounts will have on your credit history. I encourage you to regularly obtain copies of your credit reports from the three major credit bureaus (Equifax, TransUnion, and Experian) to verify that all listings appearing on your report are accurate. If you find any inaccurate credit listings, you should dispute the item with the credit bureau reporting the information. The Federal Trade Commission offers a guide to disputing items on your credit report, available at Ftc.gov
I wish you the best of luck in rebuilding your credit history. I hope that the information I have provided helps you Find. Learn. Save.
Best,
Bill
http://www.bills.com
August 28th, 2010 at 12:48 am
Your credit will very slowly improve when you pay items in collections – it will take time.
I don’t like a secured card to rebuild credit.
They have an annual fee.
Usually after a year of usage, they turn into a credit card.
But – they can refuse to turn it into a credit card- espeically if you have no job or bad credit.
And you are simply stuck paying an annual fee.
My suggestion:
Make a secured loan.
Drop $500 or $1,000 into a savings account or a cd.
Ask to make a secured loan against this account for one year.
This will establish great credit.
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August 28th, 2010 at 12:48 am
18 mos to two years of on time payments and no foul ups on your part.
Also, if this $7500 bill was for a credit card or credit type of account, they do not do pay for deletes. Pay for delete is for medical, cell and utility type bills. Even those companies do not have to agree to do a pay for delete if you pay.
August 28th, 2010 at 12:48 am
about it you can get information from here http://infobusiness.notlong.com/5AAouVS
September 3rd, 2010 at 6:50 pm
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