Hi everyone, I have a question involving my DD who is almost 19. She is trying to establish a good credit rating with just the very basics but it seems she already has problems before even getting started.

She has had a savings account for many years that we had opened for her. Recently she attempted to open a checking account and was told the information she provided didn’t match what was on file and couldn’t open an account at this time. We both just kind of sat there looking stupid for a minute going ……..”huh”. What exactly does that mean?

Also she applied for a small credit card from Capital One and was approved it seemed like but 3 days after she received her card she got a phone call from them(on a Saturday to boot) asking her about several different addresses (2 which we lived at in the past 20 years, 1 where her grandparents lived- raising her dad, and uncles- for 30 years before retiring and 2 we have never heard of). Now they tell her her account has been suspended pending verification because AGAIN her information doesn’t match what is shown on file ! She has to contact the SSA Monday AND go to any bank and submit her ID for verification for Capital One !!!

What in the world is going on?! She hasn’t even started and she is running into so many problems she is really upset and so am I !!!! What can she do? Thanks for any input and helpful advice.

My sister had this happen to her at 16 when she got her driver’s license.

1) Is your daughter’s name similar to any of your relatives?
2) As in my sister’s case, the driver’s office here recycles driver’s license numbers. So the person who previously had her number wrote hot checks so my sister couldn’t write a check. She had to go to all the credit bureaus to get it straigtened out.

It’s worth checking into… Read your note. That’s the credit reporting bureaus for you. Their word is Law. I have the same problem, them having two additional address for me, that I have never lived at, one state I have never even been to. I phoned them and there was not a thing I could do to get it changed, even after writing a letter to the bureau.

Hope you find an answer for your daughter.

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My question is how will paying charge offs that are on my credit report affect my credit score? Some of these charge offs are as old as four years. I would like to know if paying them off or settling worth it at this point, since it has been so long. If paying them off will increase my credit score, how long after making the payment before I will see the increase in my score? Thanks for all response in advance.

Depends on the age of the debt also don’t pay it completely off without an agreement with the company that they will delete the account from your credit reports. If you pay off the accounts without an agreement it will reflect negatively on your credit report for up to 7 years.

my sister made the mistake of doing that through consumer credit counseling. All her accounts have 0 balance but her FICO is still low because the accounts show that #1 – she was in a debt management program which is a RED FLAG, and #2 – they are updated as account settled or something like that. So it’s still a negative account. You need the accounts either REMOVED or shown as “Paid as Agreed”ю

you can also send the creditors on the credit report a letter basically saying, this is X number of years old, would you please remove? And usually if it is 4 years or older, they will remove it, because they don’t have the info on it any longer.

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I was wondering if any of you ever heard of the “credit repair” people that says they can help repair your credit for x amount of dollars. Is that a scam or is it possible?

It’s possible, but it’s nothing you can’t do yourself. So, it’s a scam!! The only thing that can help repair credit is start paying on time, reduce your debt, debt to income ratio, etc… There is no magic cure for improving debt trust me…

Another thing that may help your credit depending on your situation is filing for bankruptcy. Most people don’t realize it, but filing for bankruptcy can actually help your credit, especially over time. It gives a lot of people a fresh start.

it only works if the bill is paid off, but you can do it your self. Go to google and they will give you work sheets to send to the creditor and the credit bureau disputing the problem. It’s cheaper to do it your self

Therefore, don’t waste your money. if you have money to pay them, put it on your bills. i had a mortgage broker advise me to use one and it is a waste of time and money. you can contest information yourself with the credit bureau or spend that money on your own bills to reduce them. please don’t fall into the trap and waste that i did all for nothing, it did NOT improve my credit scores.

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