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Need some advice and help to restablish credit..

19706 Views 12 Replies 9 Participants Last post by  sharonpope
hello guys ill make this as easy as i can for you guys to understand my situation.. to start with here is wat i got from Transunion when i did my credit check

TD/GM VISA More about this account >>

Account #: 4551********6877
Condition: [Closed]
Balance: $397
Type: Revolving account
Pay status: Paid as Agreed
Payment: $19 Monthly (due every month)
Opened: 09/23/2005
Reported: 10/16/2009
Responsibility: Individual account

Remarks: Cancelled Account/Non-Derog Rating
Amt In High Credit Column (Disp 122-130 of Trade Segment) Is Credit Limit

High Balance: $500
Last Activity: 10/16/2009

Late Payments (last 6 years):
30 Days 11
60 Days 1
90 Days 1

GOVERNMENT STUDENT LOANS More about this account >>

Account #: ***9706
Condition: [Closed account] ([Transferred])
Type: Installment account
Pay status: Paid as Agreed
Payment: $0 Monthly (due every month)
Opened: 12/01/2006
Reported: 11/15/2008
Responsibility: Individual account

Remarks: Account Transferred
High Balance: $2398
Last Activity: 11/15/2008

Late Payments (last 6 years):
30 Days 1
60 Days 1
90 Day 7

ROGERS WIRELESS INC. More about this account >>

Account #:
Condition: [Derogatory]
Balance: $1152
Type: Open account
Pay status: Bad debt/collection/skip
Payment: $0 Monthly (due every month)
Opened: 05/31/2004
Reported: 10/18/2009
Responsibility: Individual account

It says That the Account has been Collection Charge Off

ALso My Credit Score Shows as 526 and it says
Your credit ranks higher than 2.52% of the Canadian population also it says
Your creditworthiness is Very Poor

So From that i would like to know.. HOW BAD IS MY SITUATION???
Can i ever recover from it??
Should I PAY rogers Back there money?? nov 2010 will be 7 years ( i called the collection agency who has the rogers account and they said they can settle the account if i pay them 500$ and they will put Paid In Settle on my report instead of it saying "bad"
my student loan was paid of few months ago i paid it off to the collection agency.. Td Visa is ok i am paying it off slowly i have about 400$ to pay i willl pay that by next month..

SO now i want to know if i have any chance to gettin this fix.. am i in a bad position?

and finally Whats the Main and Best thing for me to do Right nowwwww, so i can start gettin my credit back up..
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First of all, nothing on your history will just "disappear" after a set amount of time if you have not paid it off. I believe (and I could be wrong on this) that the 7 years stuff is starting from the time you actually paid it off. However, there may be a statute of limitations that says they can't collect anymore if they haven't tried after a long time, and maybe that is the 7 years you are referring to?
Correct -- Information on a credit report seems to hang on FOREVER! When I first obtained my credit report there was one old loan reported that I could not remember -- then it finally dawned on me -- it was the "no payments for a year" freezer we bought for our first house. The loan was paid before the year came due, but the record of that paid loan is still on my credit report.

I presume that as time goes on, and you rebuild your credit, the record shows your increasing responsibility, and the likelihood of a bank loaning them money increases, simply because they have shown financial responsibility.

That purchase was a lesson in a different manner -- the financing charge was pretty close to what we would have paid in interest to the bank had we borrowed from them for the purchase. Since that time we have stayed well clear of the *&^%#@ consumer loan sharks.

To the OP: There are those amongst us whose credit is higher than all but 2.52% of the population -- you should aim to emulate them. As others have stated -- pay off your loans, speak to a credit counselor about the Rogers debt, and live in a fiscally responsible manner. Once you have a credit card, use it cautiously to pay expenses for which you already have the cash & have to buy anyway such as paying utilities, groceries, etc. this way you can rebild a creditworthy record and eventually be in a position to obtain credit in greater amounts and at better rates.

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