Cookie, take heart. What you hope to accomplish, can be accomplished -- you just begin at the beginning, by contacting your creditors. Find out if they still hold the debts and if you are able to pay them, rather than whatever collection agency. Negotiate past due charges and interest and ask for a pay to delete, which means that you agree to pay and they agree to delete the collections/charge offs from your credit bureaus, once you have paid. Be sure to get whatever agreement you make with them in writing (signed in blood and fingerprint identified -- haha.)
You didn't mention the age of these cc accounts. Are some near the SOL? Within a few months, to a year, of dropping off your credit? If there are some, what are the balances on them? Usually, you won't be sued by collections agencies or original creditors for small amounts owed. And as you aren't planning on a major purchase for two-three years, you have the time to wait, if these are close to the SOL, you can just let time work for you and wait until they drop off.
Any larger amounts that aren't any where near the SOL need to be paid. If they have been purchased by a debt collector, and the OC won't take them back, negotiate interest/late fees and a pay to delete, though I see Tuscani disagrees with this. I'd trust him before I'd trust me. 
Anyway, get it in writing. You may be able to convince the OCs to buy back the debts, but this hasn't worked for me, though I did once pay an original creditor who'd assigned the debt, and they accepted payment, which changed the status of the account to paid collections, and improved the credit scores a smidgeon, but that was before I knew about PFD.
Anyway, get it in writing. You may be able to convince the OCs to buy back the debts, but this hasn't worked for me, though I did once pay an original creditor who'd assigned the debt, and they accepted payment, which changed the status of the account to paid collections, and improved the credit scores a smidgeon, but that was before I knew about PFD. NEVER EVER NEVER give a COLLECTION AGENCY your bank account information. NEVER EVER NEVER make arrangements to have any amount automatically deducted from your bank account and NO MATTER WHAT they may tell you or threaten you with. Just don't do it!
Also, if it would be at all possible for you to borrow the funds to pay off all of the debts, from a family member, credit union, or bank, that would be ideal. You could pay off all at one time, with a pay to delete agreement, and then only have one bill to worry about, and your credit would begin to improve quickly.
You mentioned having returned to school. Are you still in school? Are you accruing student loans? Be very careful with these, as there is no SOL on them.
Granted, I am relatively new at this too, and many know far, far better than I, like Tuscani, NewWorldMan, Brammy, Noah, LadyFico, etc. etc.... But this is what I've learned from this board thus far, and guys please, please, correct me should I have said anything wrong.
meMessage Edited by MercyMe on 05-16-2007 05:13 AM
Message Edited by MercyMe on 05-16-2007 06:12 AM