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Q: Credit and Credit card debt ( Answered,   3 Comments )
Subject: Credit and Credit card debt
Category: Business and Money > Finance
Asked by: sjatocmc-ga
List Price: $5.00
Posted: 26 Sep 2005 08:26 PDT
Expires: 26 Oct 2005 08:26 PDT
Question ID: 572766
I am 20-years-old.  When I was 18, I obtained a credit card. I then
moved and forgot about the credit card.  Recently, I was contacted by
the credit card company (Wells Fargo).  They demanded $900.00. What
should I assume this issue has done to my credit?  Should I pay them
off or try to work out a compromise amount?  Should I simply ignore
the demand because the damage to my credit has been done?
Subject: Re: Credit and Credit card debt
Answered By: scribe-ga on 26 Sep 2005 09:13 PDT
By law, you can now receive your credit report at no charge. Go this
site for that purpose:
Here, choose one of the three nationwide consumer credit reporting
companies to get your report.

Note that the site does not provide a free credit RATING/SCORE.
Although if one or more of your accounts are shown as delinquent in
your REPORT, you can pretty much assume your credit rating is low. But
if you want to know for certain what you rating is, you can phone for
that information for a small fee ($6.95 if you choose Equifax, for
example, to retrieve your free online credit report.)

As for the other part of your question, it's probable that you have
been contacted by a collection agency, rather than by Wells Fargo
itself. And, yes, collection agencies will usually negotiate repayment
terms and amount.

If you do establish that your credit rating is bad, most financial
advisors would recommend that you do all you can to restore your good
credit/name. You may be able to buy a car without a good credit rating
, but you would never be able to buy property without one.

So I would say pay what you can--or what they agree to accept--and
start to rebuild a good credit rating.
Good luck,
Subject: Re: Credit and Credit card debt
From: nelson-ga on 26 Sep 2005 09:41 PDT
Regardless of whether your credit is now ruined, you owe money.  Why
should Well Fargo's other credit card holders have to pay higher
interest to cover your purchases?
Subject: Re: Credit and Credit card debt
From: professorman-ga on 26 Sep 2005 11:27 PDT
It sounds like you weren't responsible for the charges (someone stole
your card and used it). If this is the case then contact the credit
card company immediately and tell them that you want to contest the
charges on your account. Their fraud detection department will most
likely work with you to ensure that you do not have to pay for
anything that you didn't purchase. I just got through a similar
incident where someone stole an unopened credit card out of my mailbox
and racked up over $5000 worth of purchases. Even after all of this my
credit report was untouched.

Good luck.
Subject: Re: Credit and Credit card debt
From: scribe-ga on 28 Sep 2005 04:36 PDT
Came across some additional info that may be of interest to you.

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