[volleyfl]

I've got a credit score of around 600-615 and it's been that way for a couple of years. I'm
trying to clean up my credit report and raise my score.

Here's my situation:

1. I've got 4 negative factors on my report.
a. Two charge-offs for credit cards I believe were sold to another company.
Both were last reported on 05/2005
b. One that was a collection account that I paid off. In the remarks it states:
"Account closed by consumer, Paid collection". The date reported is 12/2006.
c. Another credit card that was closed but I paid it off a couple of years ago. The
status reads: "Payment After Charge Off/Collection". It also states that this is not due to be removed from my report until 12/2009.

Question: What can I do about these charge-off's? If it's not the original creditor, is there
something I can do? I think I heard about a cease-and-desist letter.

2. I've got 16 revolving accounts. Some of which I never really use. I've used them once or
twice and that's it.

Question: I've heard mixed reviews. Should I close some of these accounts or leave them all
open?

3. One of my credit cards has a late payment showing +120 days in 2004. Since then I've always
paid on time with this card.

Question: If I close this account, will the late payment go away? Or should I try to negotiate
with the credit card company to have them remove the negative entry?

4. I've got 18 "Installment Accounts" listed that are all for Sallie Mae student loans. I've
consolidated my student loans and it does show one account with the full balance but I still have 17 accounts with a zero balance.

Question: Is this hurting or helping me? Is there anything I should do about these account that
would help my credit score?

5. I've seen credit repair companies like "Paid law firm". Would they be able to help in my
situation?

Any advice is greatly appreciated.

Thanks in advance.

Mike

[Qtip]

Originally Posted by volleyfl

Question: What can I do about these charge-off's? If it's not the original creditor, is there
something I can do? I think I heard about a cease-and-desist letter.

Cease and desist is to keep Collection agencies from dunning and harassing you. This will not help with charge off's from the original creditor.

Originally Posted by volleyfl

2. I've got 16 revolving accounts. Some of which I never really use. I've used them once or
twice and that's it.

Question: I've heard mixed reviews. Should I close some of these accounts or leave them all
open?

This is a tough question to answer, on the one hand Fico recommends that one close accounts that are not being used, on the other hand if this accounts are one of your oldest credit lines it will hurt your aging if you close them and lower your score.

Originally Posted by volleyfl

3. One of my credit cards has a late payment showing +120 days in 2004. Since then I've always
paid on time with this card.

Question: If I close this account, will the late payment go away? Or should I try to negotiate
with the credit card company to have them remove the negative entry?

Depends on the company, some will negotiate and forgive a one time incident such as this. Others will not, I guess you have nothing to loose by trying. I seen some people disputing lates and getting them removed, the only one that does not remove squad no matter how many times you dispute it is Sallie Mae.

Originally Posted by volleyfl

4. I've got 18 "Installment Accounts" listed that are all for Sallie Mae student loans. I've
consolidated my student loans and it does show one account with the full balance but I still have 17 accounts with a zero balance.

Question: Is this hurting or helping me? Is there anything I should do about these account that
would help my credit score?

Although installment loans does not negatively affect you the way a revolving account would, if the loans have been consolidated then they should be listed as closed and paid as agreed.

Originally Posted by volleyfl

5. I've seen credit repair companies like "paid law firm". Would they be able to help in my
situation?

I seen cases where they made matters worst as they tend to dispute things indiscriminately, I would stay away from them.