How to get blemishes removed from credit report?
I used Fingerhut a year ago to establish credit, fell behind on payments and now it's the only delinquent account on my report.
My credit score is ~ 490. The only account on my credit report is the closed account from Fingerhut. I got something there, but fell behind after losing my job. My account was closed, and sold to a creditor. I am in better financial standing now, so I decided it was time to clean up. I rushed, and didn't know of getting the delinquent account removed. I paid them off last week, in a lump sum. I regret it: now it seems harder to get this removed. How can I do this?
ALSO, I had my first debit card, and was the victim of identity theft after losing my card & some paperwork. I immediately contacted the bank, but after a 2 day investigation they said I'm liable. I didn't pay the money ~$200. They closed my account, and that was it. I was recently denied for debit w/ USAA, so I got a second chance card. I've only had it for 2 months now, so it'll be a little while before I'm in clear on ChexSystems, right? It was Early Warning Services used when I was denied by USAA. Will my report on ChexSystems or Early Warning Services hinder my ability to build my credit? I was just approved for a secured credit card from USAA w/ no credit check. Haven't got it yet, but I was hoping that paying the creditor, using my secured credit card, and good financial habits using the second chance card would put me in good financial standing with time. Is this good to assume?
- Steve DLv 73 years agoFavorite Answer
Yes, it is good to assume that your credit will improve. Starting with Fingerhut, it did not matter that you paid it off - it was not coming off your credit report anyway since no one does pay for deletes (they lose their credit bureau membership as punishment). by paying it off in full, it is marked paid/in full and your credit score begins to improve as the bad debt ages. 2) The secured card will help since it looks just like an unsecured card on your credit report. use it for small purchases (never more than 30% total of your limit) and pay it off every month. Third -0 did you pay the $200 for the first account with the debit card? If not, your ChexSystem will be pretty much screwed - that -$200 is like a collection account is will stay on your ChexSystem record for 7 years. Good usage on the new account will help, but the blemish won't go away and you will be stuck with second chance accounts until you clean up the first account.
- troLv 73 years ago
if you can prove they were wrong present them to the reporting agency
- Anonymous3 years ago
- StephenWeinsteinLv 73 years ago
By doing nothing.
This may be the only way, and it is definitely the fastest way.
They cannot be removed until they reach a certain age.
As soon as they are old enough for it to be possible to remove them, they are removed immediately, if you have done nothing.
They can remain after that only if you did something.
If you do something, then they cannot be removed until whenever they would have been removed if you had done nothing, and they might not be removed then either. Doing something cannot get them removed sooner than doing nothing. Doing something can only keep them on your credit report longer.
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- Badge203Lv 73 years ago
You can not get it removed if the information is accurate which you admit is, in 7 1/2 years it will fall off automatically..
And you paying off one debt to create another will not help you
- JudyLv 73 years ago
Wait it out for 7 years.
- NeverLv 73 years ago
- Casey YLv 73 years ago
True information is never removed from your credit report...period.
The secured card will improve your credit, as long as you pay it on time. Please remember, it is not a debit card. You make a deposit to back any purchases, but its just like a regular credit card where you need to pay it off every month.
- Anonymous3 years ago
You can't get the Fingerhut blemish removed. The information is TRUE. It will be there for about seven years.
What is the point of a credit report if the information on it isn't a reflection of reality?