Trying to rebuild what Ive ruined - need advice

I have just started rebuilding my credit.

Within the past 90 days:
I was approved for:
$2500 credit line from peachdirect.com ($800 current Balance) .
$7500 Platinum Visa ($900 Balance) 0%APR for 1 yr
$500 Geico Mastercard ($400 Balance) 0%APR for 1 yr

myFICO Credit Score is 681

Now the BAD:

I have 2 Negatives
First one on my credit is dating back to 4/2001 . Im told this will be removed from my credit report sometime around 3/2008. Is it better to negotiate with the company that holds the debt or just play the waiting game? The company has contacted me and told me they would accept $879 to pay it off in full.

The second item dates back to 5/2007 .. Its a unpaid cell phone bill in collections. I had totally forgot about. I will pay this in full, but is there any way or any lingo I can use to have them remove it from my credit?

Thank You

DO NOT SEND A PENNY TO A COLLECTOR.

Read the collections FAQ, you can take action to get those removed

http://www.fatwallet.com/forums/arcmessageview.php?catid=52&threadid=154139

bitterdog said: The second item dates back to 5/2007 .. Its a unpaid cell phone bill in collections. I had totally forgot about. I will pay this in full, but is there any way or any lingo I can use to have them remove it from my credit?

No, it will remain on there for 7 years, regardless of whether it's paid or not. Although Collection Agencies can sell your debt around, thus making it stay on your credit report for more than 7 years, if not paid.

I believe you can dispute it, but I'm not certain of the exact methods, and I don't think anyone on these forums have had similar experiences.

And just for future reference, FW probably isn't the right group for you to be asking about credit repair problems.

it will remain on there for 7 years, regardless of whether it's paid or not. Although Collection Agencies can sell your debt around, thus making it stay on your credit report for more than 7 years, if not paid.

That's a direct violation of the FCRA and would entitle the victim to statutory damages.

No, it will remain on there for 7 years, regardless of whether it's paid or not. Although Collection Agencies can sell your debt around, thus making it stay on your credit report for more than 7 years, if not paid.
I wish someone would leave something bad on my report for more than 7 years using this excuse.

I believe you can dispute it, but I'm not certain of the exact methods, and I don't think anyone on these forums have had similar experiences.
You can dispute it. Write them a letter saying "I dispute". I have had similar experiences. Try searching.

OP,
Yes you can hang around FW.

vaylon said: Do not pay a dime on the old debt. Just ignore it. When a letter arrives from the collection people?, just mark return to sender and toss it in the mailbox. The old debt will fall off and eventually you can also have the collection accounts removed with disputes. Don't ever try and be nice to a collection person, it will come back to bite you.
Keep up the good work.

I'm surprised at this advice. Many of us believe the moral thing to do is to pay our debts. As to best way to do this (in terms of having the payment show up on our credit report/improve our credit rankings), I don't know--ask as creditboards...

turrdog said: Squeezer99 said: FW finance is for people w/ good credit. you need to go to creditboards.com and read up on disputing your bad credit.

So I can't come here anymore?

no you can come here. but creditboards.com is the proper place for discussing bad credit and credit repair.

Grobe said: [
I'm surprised at this advice. Many of us believe the moral thing to do is to pay our debts. As to best way to do this (in terms of having the payment show up on our credit report/improve our credit rankings), I don't know--ask as creditboards...

Bringing Morals into a financial discussion on this board is a joke. We will rape a young company if they will let us. We will pull the profits right out of some hurting companies hands just so we can get 250 in gift cards. Some poor banker at BOA most likely lost his job for the "lets give them 250 cash to open an account".

As for my advice? I stand by it.

I work with a lot of people every year getting their credit up from whatever reason's. 90% come from stupidity and ignorance. Hopefully they learn their lessons and tread carefully in the future.
But collections agencies have no morals, no rules and will screw you over in a heartbeat.

I use the federal and state laws to my advantage when it comes to dealing with other peoples debt's. If the state law says that a debt is invalid after 3 years. The creditor has to abide by the law, but can get by it by dealing with people who don't know the law.(every state is diff).

Paying your bill is not a moral thing, it's a smart thing. Not being able to pay your bills has nothing to do with morals either but more to do with common sense or lack there of.

And never put yourself better than other's, karma or god has a way of knocking you off your high horse to give ubber's a little humility.

I will help people rebuild what they have lost without a moral judgment. But if grandma's house has unpaid taxes? I'll be one of the first one's to pay the back taxes and in a couple of years send granny a bill for the back taxes and a nice 45% interest rate and if she can't pay? I get granny's house.

No moral judgment, just business.

Squeezer99 said: FW finance is for people w/ good credit. you need to go to creditboards.com and read up on disputing your bad credit.

This is quite odd. I read this forums FAQ.. I don't seem to see anywhere where it says "This forum is for people who Have good credit"

Congrats for wanting to own up to your debts. Deadbeats will call you a fool and advise you to apply laws meant to help victims of identity theft but just ignore them. I would go ahead and try to negotiate with the company. Maybe you can exchange a payment for removal of the tradeline from your reports.

I'd stay away from that other website mentioned here. That site is full of bad advice and fraudulent methods. Most people who go there end up in an even worse situation a year or two later after they've ran up all the new cards they obtained using advice given there.