Working on credit report 'repair'...

wnlbutterflyMarch 22, 2004

I actually managed to find the old (4 years) medical bills that is showing up on the credit report. These should have been paid by the insurance company of the drunk driver that caused the accident, but somehow fell through the cracks (I mean really....we are talking several surgeries, xrays, P.T., and the only bills are $300 and $163....). Of course they have been sent to a collection agency. Question I have is what if I actually sent payment for these two bills directly to the medical offices? What would happen?

I haven't gotten any letters or otherwise in years from collection agency, thinking of sending validation letters to them first. We were told during the time of all this, not to pay any medical because the lawsuit settle and insurance companies would take care of everything...that is what we get for trusting.


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I'm not sure what these messages you post are in reply to. You seem to start a new thread with each reply! reading some of your posts on both CreditNet and here regarding your FICO scores (or hubby's) being low, I might be able to shed some light.

Although no one knows for sure, most people seem to think the list below is about optimal for scoring:

I have seen the following 4 thresholds mentioned as ones where FICO changes the weightage for usage: 15%, 35%, 50%, 75%

0% usage seems to actually HURT than help.

And of course, the lower the ration, higher the FICO -- EXCEPT for 0% usage

Currently, the best general strategies to improve your credit scores are;

1) Carry 3-5 open revolving credit lines (CC's, LOC's, Gas Cards, etc.)
2) Carry 2-4 "current" (nothing late, and not necessarily requiring an open balance) lines of installment credit (car loans, furniture loans, etc.)
3) HISTORY & LONGEVITY COUNTS... if you can avoid doing so, DO NOT close existing accounts. Pay them down, but leave them alone!
4) Carry a no greater balance than 35% of the available credit limits on any particular line,
5) Carry a no greater balance than 35% of the available credit limits on the total of ALL lines,

One Trick for you:

If you've not been late, but have higher balances against the limits... call the creditors and ask them to INCREASE your maximum limits (but, of course, do NOT use the new available credit.) This will lower your balance as a percentage, thereby increasing your credit scoring.

One thing I see from your posts is that you guys seem to have a lot of small limit cards. This in itself may flag you as a "sub prime" credit holder. The thought being that if you had better credit, you would have fewer, but higher limit cards.

Hope this helps some...feel free to question/comment and I'll try to post back.


    Bookmark   March 23, 2004 at 12:58PM
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I didn't think my posts were replies, they were meant to be questions I had and some background info to help answer those questions from others that have been there done that, and there are different threads because they are different topics (at least I think so). Yes, I am on two boards, not everyone is at both, so trying to learn as much from both groups. While I find the creditnet to have tons of great info, it has been hard to sort it out for a newbie.

We came very close to BK in 1993, even a CCCS said they couldn't help (and now I learn that was probably for the best anyway). But we stuck it out, dropped the credit cards and started paying cash. Of course this doesn't HELP the credit score. And like many, I was stupid and waited until I wanted to start looking for mortgage loans to pull up my credit to check it. Should have started this process about a year ago.

We currently have a mortgage lender and house hunting, so I know that right now I should NOT open a new credit card, or anything else at the moment. BUT afterwards, I will look into the credit cards, and get a few to start building up the credit. Luckily we had a good mortgage broker that went through the credit report line for line and asked and kept saying "don't worry about that one".

I don't know if I can get the insurance to pay those old medicals even though it should have since it has been so long...and still pondering whether to let the sit & go SOL in 2 years.


    Bookmark   March 23, 2004 at 11:39PM
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