Trying to Rebuild Credit
Author: cyborg
Joined: 10 May 2004
Posts: 14
Posted: Mon May 10, 2004 5:59 pm
Post subject: Questions on rebuild credit / increase credit line
hi all i've just discovered this forum and i think its a great idea... anyways. i use to have very bad credit like 3-4 years ago. i would make miss payments, have high balances, u name it. i've never defaulted anything though. i couldnt even open up a nextel account because they wanted $500 deposit. and credit card applications, i would always be denied. i've been paying my bills ontime for the past 2 years and havent missed anything. my citibank mastercard just increased my credit line from 1500 to 5500 in the last 4 months... i have a mbna card with a limit of 5700... i tried again3 days ago i ended up on the amex site and ended up applying for an amex blue and was told i was approved for 2200. i know my credit is getting better slowly. how can i improve my credit faster and getting increased credit lines? having a limit of 2200 on my amex seems really low... im 26 years old. anytips would be greatly appreciated. btw.. how do utility bills / cell phones / payments affect credit scores? thanks.
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Mon May 10, 2004 8:27 pm
A few things you can do here... Lates write a good will letter to the creditor requesting that they forgive the late listings and remove them from your credit report. Can use planetfeedback.com to forward to their address and key contact listed here. over the limit you didn't indicate, but I will add just in case. On these, you will want to call the creditor to see if you can get a credit limit increase by the amount that you exceeded the credit limit by. Don't dispute in your case with any of the credit reporting agencies, these accounts though negative are helping the credit just by the history established. Try what you can with persistance to get the creditors to help you from their side. On the accounts you have now, absolutely be sure to keep the utilization down as low as possible, lower then 40% at least.
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Author: cyborg
Joined: 10 May 2004
Posts: 14
Posted: Mon May 10, 2004 8:53 pm
thanks nightstar.. i appreciate all ur expertise.
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Mon May 10, 2004 8:56 pm
I don't have a sample of a good will letter, but what makes up a good will letter:
1. Let them know you are sorry concerning the late occurance,
2. Explain a bit of the problem resulting in the late, like loss of work, illness, family crisis...
3. Point out to them that since then you have met your obligations and insured that the lates will not be a repeat occurance.
. If they can please consider forgiving the lates listings and removing these from your credit report.
5. Let them know if you are applying for any major loans, and stress the affect this is having at this time for you obtaining new credit or gaining the best possible interest rates to be had.
6. Remember to let them know you appriciate their business and look forward to further business with the.
Just something to that affect, just have to fill in your personal information on key areas to make it your own.
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Author: cyborg
Joined: 10 May 2004
Posts: 14
Posted: Tue May 11, 2004 1:12 am
i actually searched through some of your old posts and found details of good will letters. i have just sent them out and hope some will respond. i want to thank you again for all your wisdom. i was actually just looking at my credit report and noticed that i had 11 "revolving accounts". Out of the ones listed, i only actively use 6 (includes 2 student loans, and 1 for overdraft protection). The rest look like they are store cards like macys, jcpenny, zales , etc. I havent used those cards in over 3-4 years but some of them show up as "OPEN ACCOUNT". And some show "Credit Line Closed-Consumer requested - reported by subscriber. Account in good standing, Revolving charge account", etc.... Should i call these creditors and make sure the accounts are closed? Most have credit limits of like 600-800.
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Tue May 11, 2004 6:44 am
On them I would, they don't have to update, just make sure they are closed. Department store accounts, customer service is a major pain when or if you have problems. Will be bad enough if you ever have to deal with ID Theft. I particularly hate JC Penney! Bad customer service! Every time I turned around they added insurance to my account.
View our latest credit card ratings!
Joined: 10 May 2004
Posts: 14
Posted: Mon May 10, 2004 5:59 pm
Post subject: Questions on rebuild credit / increase credit line
hi all i've just discovered this forum and i think its a great idea... anyways. i use to have very bad credit like 3-4 years ago. i would make miss payments, have high balances, u name it. i've never defaulted anything though. i couldnt even open up a nextel account because they wanted $500 deposit. and credit card applications, i would always be denied. i've been paying my bills ontime for the past 2 years and havent missed anything. my citibank mastercard just increased my credit line from 1500 to 5500 in the last 4 months... i have a mbna card with a limit of 5700... i tried again3 days ago i ended up on the amex site and ended up applying for an amex blue and was told i was approved for 2200. i know my credit is getting better slowly. how can i improve my credit faster and getting increased credit lines? having a limit of 2200 on my amex seems really low... im 26 years old. anytips would be greatly appreciated. btw.. how do utility bills / cell phones / payments affect credit scores? thanks.
View our latest credit card ratings!
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Mon May 10, 2004 8:27 pm
A few things you can do here... Lates write a good will letter to the creditor requesting that they forgive the late listings and remove them from your credit report. Can use planetfeedback.com to forward to their address and key contact listed here. over the limit you didn't indicate, but I will add just in case. On these, you will want to call the creditor to see if you can get a credit limit increase by the amount that you exceeded the credit limit by. Don't dispute in your case with any of the credit reporting agencies, these accounts though negative are helping the credit just by the history established. Try what you can with persistance to get the creditors to help you from their side. On the accounts you have now, absolutely be sure to keep the utilization down as low as possible, lower then 40% at least.
View our latest credit card ratings!
Author: cyborg
Joined: 10 May 2004
Posts: 14
Posted: Mon May 10, 2004 8:53 pm
thanks nightstar.. i appreciate all ur expertise.
View our latest credit card ratings!
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Mon May 10, 2004 8:56 pm
I don't have a sample of a good will letter, but what makes up a good will letter:
1. Let them know you are sorry concerning the late occurance,
2. Explain a bit of the problem resulting in the late, like loss of work, illness, family crisis...
3. Point out to them that since then you have met your obligations and insured that the lates will not be a repeat occurance.
. If they can please consider forgiving the lates listings and removing these from your credit report.
5. Let them know if you are applying for any major loans, and stress the affect this is having at this time for you obtaining new credit or gaining the best possible interest rates to be had.
6. Remember to let them know you appriciate their business and look forward to further business with the.
Just something to that affect, just have to fill in your personal information on key areas to make it your own.
View our latest credit card ratings!
Author: cyborg
Joined: 10 May 2004
Posts: 14
Posted: Tue May 11, 2004 1:12 am
i actually searched through some of your old posts and found details of good will letters. i have just sent them out and hope some will respond. i want to thank you again for all your wisdom. i was actually just looking at my credit report and noticed that i had 11 "revolving accounts". Out of the ones listed, i only actively use 6 (includes 2 student loans, and 1 for overdraft protection). The rest look like they are store cards like macys, jcpenny, zales , etc. I havent used those cards in over 3-4 years but some of them show up as "OPEN ACCOUNT". And some show "Credit Line Closed-Consumer requested - reported by subscriber. Account in good standing, Revolving charge account", etc.... Should i call these creditors and make sure the accounts are closed? Most have credit limits of like 600-800.
View our latest credit card ratings!
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Tue May 11, 2004 6:44 am
On them I would, they don't have to update, just make sure they are closed. Department store accounts, customer service is a major pain when or if you have problems. Will be bad enough if you ever have to deal with ID Theft. I particularly hate JC Penney! Bad customer service! Every time I turned around they added insurance to my account.
View our latest credit card ratings!
posted by CardRatings.com at 12:53 PM
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