I remember the day the offer arrived for this outrageously low rate credit card ... something like 3.9% for the first year. It was a "must do" deal.
A few weeks went by and I got a letter back from the company stating my credit was not good enough to extend the offer.
I thought 'wait a minute. I earn a good living, and I know nothing about any problems'.
A few more weeks and another offer from a different company arrives in my mailbox.
I applied.
Same result.
After the second denial, I decided to call my local credit bureau. These people are not easy to get in touch with, believe me. Patience and persistent finally paid off when I talked to the friendly lady on the phone, who, upon listening to my explanation of ignorance, said she would immediately send my credit report to me.
She did.
I discovered there was a claim made by an out of state power company stating that I never paid an electric bill at a home I never lived in.
I called the company to inquire about the charge ... $23. I told the customer service representative I would pay the bill, if she agreed to remove the information. She said the answer was "no", and the claim would remain on my credit report for seven years. She abruptly ended the conversation by hanging up the phone.
Wrong thing to do, lady!
I immediately called back the company and asked to speak to a manager. The manager looked at the file and stated he knew a little bit about the case. He agreed the situation should have been handled differently, ceratinly considering I'd never lived in the home. He said he'd get back to me.
A few weeks went by, when I got a phone call from the management's assistant stating the claim would be removed in good time. I told the lady the arrangement was not acceptable to me. They put the claim there abruptly, they would remove it with the same promptness.
Nothing happened for weeks.
Here's where you need to pay attention!
I then did the following to have my credit properly restored to excellent credit.
1) I wrote the company a friendly letter. Their action: None
2) I wrote the company a second friendly letter. Their action: None
3) I wrote the company a third letter, this time a letter laced with imperatives and copied it to their state's BBB, my state's BBB, their state's attorney general, my state's attorney general and my lawyer. However, I never sent the letter to anyone other than the company itself (they didn't need to know that). Their action: A phone call apologizing for the delay.
3) A few more weeks went by with no further action. Therefore, I sent another letter to the company and again copied it to their state's BBB, my state's BBB, their state's attorney general, my state's attorney general and my lawyer. I again did not send the letter to anyone but the company. However, what I did do differently was I stated if the claim was not removed immediately, I would have no choice but to instruct my attorney to take legal action. Their action: None
4) Approximately three days went by without hearing from the company, and I sent another letter to the company and again copied it to their state's BBB, my state's BBB, their state's attorney general, my state's attorney general and my lawyer. I again did not send the letter to anyone but the company. However, what I did do differently was I stated because the claim was not removed as I instructed, I had instructed my attorney to file a lawsuit on my behalf for the removal of the claim, and that I wanted monetary damages for pain and suffering. Of course, I did nothing of the kind, but the company did not know that. A threat of a suit scares companies. They do not need or want the negative publicity or pay out. Their action: Guess What?!? The claim was removed that day!
You probably have questions.
Why did I send so many letters?
Patience and persistence, my friend, always pay off. Threatening extreme action right away will get you nowhere. Approximately five weeks went by from the time I sent my first letter to the time of my last.
Why didn't I send the letters to the BBB, attorney generals, my lawyers, etc?
I just wanted the claim off my credit report and my money back. I got both. Plus, a lawyer charges you an arm and a leg just to read a letter. In addition, if you are really going to contact your attorney general, they'll want you to follow through.
First, you need to make sure that you do not get a bad credit rating. Keeping a good credit rating is fairly simple, even if you have oversights or make mistakes. For instance, recently I wrote the checks for my one credit card bill two weeks early and the other credit card bill two weeks late. The one I wrote two weeks late had a $25 late fee charged to it the next month. I simply wrote a letter to the company explaining to them my mistake. I asked them to take into consideration the circumstances and the fact that I always pay my bill on time, as well as suggesting they credit my account for the late fee and not report the problem to the credit bureau. The company obliged.
If you are late with a payment, call or write the company! In most if not all cases, a company will work with you.
Hope this helps. Hope you'll never have to go through this!