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Author Topic: Credit Repair Question
Dareyawes
I'll Be Home for After Christmas Sales


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The short of it:
In preparing for a major purchase I found that I have two recent negatives for non/late payment on two credit cards (one each). I owed about $40 total (now paid) and this has dropped my credit rating nearly 100 points. The rest of my credit history is pristine. Is there a way to recover from this quickly? Do I need to talk to the credit cards or the credit reporting agency? How much of a pain in the ass is this going to be?

Further details:
Both reports are from when I was deployed to Iraq. In the first case, I had a $25 balance on the card and the issuer (Fleet) was purchased by Bank of America (BoA). They changed my online user name and password fit BoA guidelines, but I never recieved the new info. The buyout also nullified the automatic monthly payments I had so painfully set up. My father, who has power of attorney, had stopped checking the paper statements after noting that automatic payments were being made. The $25 balance ballooned to over $150 before we finally got it sorted out and paid off (I closed the account). The credit report apparently stands.

The other report was over $14. It also had automatic payments that should have taken care of that. I actually had a $220 credit to the account b/c of automatic payments. DF did check the paper statements on that one. He saw the credit so he stopped the automatic payments - and then stopped checking the statements. The company mailed a check for the balance. Not knowing I now had a zero balance and no autopay (lack of communication), I made a credit card phone call. When I got home three months later I found the $14 bill and paid it off. Too late. Once again, the negative credit report stands.

The kicker - when I got home DF handed me a huge box of mail and helpfully noted, "I moved the (unopened) 'FINAL NOTICE' letters to the top of the pile for you."

So do I have any hope of getting my rating back to where it was? Or should I just suck up the damage and pick someone else to be my power of attorney the next time I'm deployed?

Posts: 152 | From: Kentucky | Registered: Oct 2005  |  IP: Logged | Report this post to a moderator
Signora Del Drago
Angels Wii Have Heard on High


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Pick someone else to be your power of attorney the next time. By the way, I hope there's not a next time.

I would think the individual credit card companies would be willing to update your credit score under the circumstances. You can also have explanatory notes attached to your record by the credit reporting agencies. You may have to mail proof of deployment, but there should be a way to make your credit score reflect your actual performance and not be penalized by simple mistakes. Perhaps your C.O. can help you get started with the procedure. Good luck!

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"This air we're breathing. Oxygen, isn't it?"~I’mNotDedalus, impersonating Vincent D’Onofrio.|"Sometimes trying to communicate can be like walking through a minefield."~wanderwoman
"Give people a break. It's not easy doing a life."~Joshua Halberstam

Posts: 4020 | From: Oklahoma | Registered: Nov 2005  |  IP: Logged | Report this post to a moderator
Dogwater
Happy Holly Days


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You can attach a letter of explaination to the reports. You should also make the payments ASAP and call the credit card companies and ask them to A) update their report to the credit buero and ask if B) they will note the circumstances of the missed payments in their records.
All of that will translate to the credit reports. It, of course, is simply a matter of WHEN.

Oh, and thank you for your service! Glad to hear that you're home safe.

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As God is my witness, I thought turkeys could fly.

Posts: 1679 | From: Illinois | Registered: Jul 2004  |  IP: Logged | Report this post to a moderator
Dog Friendly
Carol of the Bills


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Dogwater, I think he said the payments were all now made.

Dareyawes, in my experience, you're hosed. I had a similar experience involving a change of address, where the CC company changed one of my cards' address, but not the other one, and billed me for months to my previous address, even though they had the new address on file the whole time, as well as my e-mail and phone numbers, both of which they used only for identification purposes, not to contact me.

Like your situation, a $25 charge ballooned to over $150, and they refused to negotiate. The rating bureaux wouldn't fix it on my say-so, they insisted on receiving a statement from the CC Company, who said that wasn't their policy. Yeah, admitting their mistake wasn't their policy.

Fortunately, the change of address *was* my condo purchase, so the score only went south afterwards. Now, it's been a few months less than seven years, and that stuff is about to drop off my score.

I was hosed. I hope you have better luck, but I don't advise you to count on it.

Dog (Nice of you to help export democracy, since we aren't using it much here) Friendly

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"Nobody ever got stoned and beat up his old lady" -- Spence, snapdragonfly's friend

Posts: 768 | From: North Hollywood, CA | Registered: Aug 2005  |  IP: Logged | Report this post to a moderator
Roadie
Little Sales Drummer Boy


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quote:
Originally posted by Dog Friendly:
(Nice of you to help export democracy, since we aren't using it much here)

Wow. Was that necessary?

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"The little local company I buy from has CHEAP shipping and I have met their goats." (snapdragonfly)

"And that's one lost erection I'll never get back! You hear me Dan! I'm owed an erection!" (I'mNotDedalus)

Posts: 2658 | From: California | Registered: Jul 2005  |  IP: Logged | Report this post to a moderator
Dareyawes
I'll Be Home for After Christmas Sales


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Thanks all for the info. A friend of mine says that negative reports in such small amounts go off the record in a year or so. Does anyone know if that's true? I figure it'll be at least that long before I get any of this cleared up anyway.
Posts: 152 | From: Kentucky | Registered: Oct 2005  |  IP: Logged | Report this post to a moderator
BeachLife
The Bills of St. Mary's


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It's not true, and adding a note to your accound doesn't make a difference either. The best/only way to address these is with the creditor who put them on your record. I have found in the past that a phone call might be all you need. If this doesn't work, send a letter explaining everything, specically asking that they remove the bad mark from your credit report. Unfortunately, if they want to be jerks about it though, you just have to live with it.

The good news is that when you are applying for a loan or credit you can explain these two situations to the loan officer. The very small amounts and the rarity of the issues should be enough to warrant a loan officer to disregard the bad information.

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Wisdom comes with age, but sometimes age comes alone.
Jack Dragon, On Being a Dragon
Confessions of a Dragon's scribe
Diary of my Heart Surgery

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Zabia
Deck the Malls


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If the companies fight removing it, talk to your JAG officer. There are usually types of laws to protect personel while deployed. Also, that way you can CYA in terms of your clearance.

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We frettered around like farm animals, looking around for formulas and father figures. -Twilight Zone

Posts: 425 | From: Lynchburg, VA | Registered: May 2005  |  IP: Logged | Report this post to a moderator
diehard
Deck the Malls


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Dareyawes I had a bad score on my report because of a 9 month hospitalization, Nothing I could do about it tried everything I believe they said 7 years before it was removed. Of course your situation I believe is totally different and I would try to work with the credit card companies and credit report companies and your officer I am sure you will be able to work something out.

Hey WELCOME HOME!~! and thanks for taking care of us over there man!~!!~!

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Daddy "You are my "Special Angel" 1942-1999"

Posts: 440 | From: Greensburg, Pennsylvania | Registered: Apr 2006  |  IP: Logged | Report this post to a moderator
   

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