In a deep hole. Ready to climb out! Have some questions.

[Anonymous]

Hi all!

I'm just getting started with my repair project and have some questions to help me get started. Here's a brief synopsis of my situation:

Current FICO's

TU 465
EQ 449
EX 517
(Yes, I know, I have a lot of work to do...)

I got to this point by leaving my husband and going to college, then taking a job after college where my paychecks started bouncing. Once I got behind I could never catch up. Now, years later, I just started a new job that gave me a $15k per year raise, so I am ready to rock.

Here are a couple questions I have:

1. I have some really small bills that are really old, for example one of them is for $35 from 2001. From a moral perspective it seems like a no brainer to pay it, but would that update the record and lower my score even further? What is the best way to handle nickel and dime bills that will fall off in the next 12 months or so?

2. I have a couple of credit card accounts that have balances of 3 times the limit. My utilization is through the roof, ranging from 200% to 479% across the 3 CRA's. I plan to submit PFD's but what if they don't work? What would be the smartest way to deal with those? If I pay a settlement then that could be bad, but I have a hard time swallowing paying 3x the amount I spent in order to avoid a blemish on an already abysmal credit file. Anyone have any thoughts?

3. I have a judgment. It really stinks because it was for a dental bill that I was about to start paying on again after getting a small raise at my old job, but it was too little too late. I paid it off in 3 installments as soon as they contacted me but they said it would still go on my record. Do I have any hope of doing a GW on them, or is that something only a judge can remove? I think that if I could get rid of this and lower my utilization that it would have some major initial effects on my scores. Then I can start working on the late pays.

Any help or advice would be greatly appreciated. These forums are amazing and I can’t believe how much I have learned just this afternoon. I can’t wait to here what you pros have to say. Thanks.

[Anonymous]

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orhippychic wrote:

Hi all!

I'm just getting started with my repair project and have some questions to help me get started. Here's a brief synopsis of my situation:

Current FICO's

TU 465
EQ 449
EX 517
(Yes, I know, I have a lot of work to do...)

I got to this point by leaving my husband and going to college, then taking a job after college where my paychecks started bouncing. Once I got behind I could never catch up. Now, years later, I just started a new job that gave me a $15k per year raise, so I am ready to rock.

Here are a couple questions I have:

1. I have some really small bills that are really old, for example one of them is for $35 from 2001. From a moral perspective it seems like a no brainer to pay it, but would that update the record and lower my score even further? What is the best way to handle nickel and dime bills that will fall off in the next 12 months or so?

2. I have a couple of credit card accounts that have balances of 3 times the limit. My utilization is through the roof, ranging from 200% to 479% across the 3 CRA's. I plan to submit PFD's but what if they don't work? What would be the smartest way to deal with those? If I pay a settlement then that could be bad, but I have a hard time swallowing paying 3x the amount I spent in order to avoid a blemish on an already abysmal credit file. Anyone have any thoughts?

3. I have a judgment. It really stinks because it was for a dental bill that I was about to start paying on again after getting a small raise at my old job, but it was too little too late. I paid it off in 3 installments as soon as they contacted me but they said it would still go on my record. Do I have any hope of doing a GW on them, or is that something only a judge can remove? I think that if I could get rid of this and lower my utilization that it would have some major initial effects on my scores. Then I can start working on the late pays.

Any help or advice would be greatly appreciated. These forums are amazing and I can’t believe how much I have learned just this afternoon. I can’t wait to here what you pros have to say. Thanks.

---

Welcome orhippychic..

Your judgement and utilization factors are whats killing you on your scores, since your

judgement is paid off you can send GW letters to see if they will be nice enough to remove it, or dispute the CR'S to update to reflect it as a paid judgement if not showing already and you may get lucky and have it deleted. I had 3 deleted from disputes to show a paid status.

You must get the utilization down on the CC'S as this is the killer here and will give you the biggest

adjustment to your scores, start with DV letters to the creditors as this starts the 30 day clock

you may get lucky there and get deletes from there lack of response.

if they respond then send PFD letters, but keep records and certified mail reciepts and never talk to them in person, there lack of response and unwillingness to work with you will help you in court

if it ever gets that far but they want money so you make the terms with them not them with you.

hold em to it andremember you want everything negative off your credit if possible or showing

as paid to start bringing your scores up.

I am not a pro so others will correct my inacuaracies but welcome and ask these guys everything

as they got great insight and info here....

Good luck...

[Anonymous]

Thanks TM, that's good stuff. I hadn't thought of doing a DV. There is one in particular that was so bad when they called, and they are even nailing my ex-husband even though he was only an AU (not legal in Oregon) so I'm really dreading having any contact with them at all. Last time they started a "cycle" on me, they were calling me an average of 25 times a day on my cell phone (the only phone I use) and it was a nightmare. I know the next few months will probably be some of the more frustrating of my entire life, but it will be worth it. It's good to know that there are people here I will be able to vent to about it that understand. Thanks again.

[Anonymous]

What you need to do is lay everything out on the table and the pros here

can sort it out for ya on an account basis..

What you owe on a CC what is the TL the dates who is bugging you the most etc....

[Anonymous]

I can do that. I'll do some copying and pasting and post in a few.

[Anonymous]

These are the guys that were calling 25 times a day. This was originally a $2000 limit. The rest are fees. 

Credit Account Lvnv Funding Llc Status as of May 2007

Date opened [?] May, 2002

Date of last activity [?] Mar, 2003

Account number [?] XXXXXXXX6101

Account type [?] Factoring Company Account

Credit limit [?] Not Reported

Largest past balance [?] $4,194

Credit Type [?] Open Account

Account holder [?] Individual Account

Descriptions [?]

• Account information disputed by consumer
  

Balance [?]      Current Status [?]           Past Due Amount [?]

$4,069           Collection account            $4,069

Seven year payment history [?]

30 days late 0 times

60 days late 0 times

90+ days late 0 times

[Anonymous]

These 3 accounts are with the same company. All $300 credit limits and these are the balances now with fees. You will also notice the the current balance is WAY more then the largest past balance. Don't know what that's all about.

Credit Account Midland Status as of June 2007

Date of last activity [?] Sep, 2000

Largest past balance [?] $1,849

Credit Type [?] Open Account

Account holder [?] Individual

Scheduled payment amount [?] $0

Descriptions [?]

• Collection account

Balance [?]     Current Status [?]          Past Due Amount [?]

$3,581           120+ days past due         $3,581

Seven year payment history [?]

30 days late 0 times

60 days late 0 times

90+ days late 0 times

------------------------------------------------------

Credit Account Midland Status as of June 2007

Date of last activity [?] Feb, 2002

Largest past balance [?] $781

Credit Type [?] Open Account

Account holder [?] Individual

Scheduled payment amount [?] $0

Descriptions [?]

• Collection account

Balance [?]         Current Status [?]        Past Due Amount [?]

$1,054             120+ days past due         $1,054

Seven year payment history [?]

30 days late 0 times

60 days late 0 times

90+ days late 0 times

-------------------------------------------------

Credit Account Midland Status as of December 2006

Date of last activity [?] Apr, 2002

Largest past balance [?] $735

Credit Type [?] Open Account

Account holder [?] Individual

Scheduled payment amount [?] $0

Descriptions [?]

• Collection account

Balance [?]       Current Status [?]         Past Due Amount [?]

$947              120+ days past due             $947

Seven year payment history [?]

30 days late 0 times

60 days late 0 times

90+ days late 0 times

Any thoughts?

[Anonymous]

Also I was reading up on DV's after you suggested it and it looks like I should only do that in the first 30 days after I was notified. Since it's been way too long, should I then just skip to the PFD's?

[Anonymous]

Also, what is OC? The link that used to have the acronyms disappeared this morning so now I can't look it up. Sorry.

[illcrew3]

OC is original creditor. Since those accounts are so old I would just let them fall off your report. The damage they caused to you was payment enough so that covers the moral issue. If some of the accounts are going to stick around for a year or two longer you could DV them still. I have had plenty of luck DVing collections years after they posted. Be careful with a DV tho. I got a validation letter once and it was followed up by an update on my CR and was scheduled to stay for an additional seven years. Thankfully another dispute to the CRA's got rid of it.