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New here, Game Plan/Questions advise and answers NEEDED!

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Anonymous
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New here, Game Plan/Questions advise and answers NEEDED!

Hello All!
I just wrote the hugest post and it went poof! ughhhhh!
Well I have been just reading and absorbing alll of this wonderful knowledge and advise!
I am in a ridiculous credit nightmare! That my DH and myself did to ourselves! We were at 679 (6/07) since then we have had TWO cc's closed, a judgement/garnishment, and it dropped our score to 507 (11/07) We were denied a loan for our first house... it devestated us.. BUT we did this to ourselves, and we will spend the time, energy, focus and responibillity to fix it and permenatley change. We know it will take time, like a diet, we are hopeful to be able to get back to 600 in six months or so.
 
Our Game Plan:
  • I am going to DV everyone!
  • Then I'll PFD the ones that validate. (Newest first)
  • I am going to dispute with the CA and CRA the one that isnt even me, and there are a couple where the CA is listed as N/A, and a duplication.
  • We are going to try to each get a secured BofA cc, and charge and pay RELIGIOUSLY keeping the balances below %10 of limit, paying more than the minimum, and paying ON TIME.
  • Our only open credit line is our car loan, we will continue to pay on time and add a bit more than the payment.

There are a couple questions I have at this point:

  1. On the cc's that were closed, should we pay them to $0 balance, will it change anything for the better? I actually accepted a settlement amount and have paid one of two payments... is it to late to try to PFD?
  2. We have a fraud alert, why and what is that?
  3. Do you think I should try to get another line of credit, like furniture or something to pay on to establish the credit better?

Thank you all so much in advance, any and all advise is greatly appreciated! Smiley Happy

 

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: New here, Game Plan/Questions advise and answers NEEDED!



ATMPEABAKER wrote:
Hello All!
I just wrote the hugest post and it went poof! ughhhhh!
Well I have been just reading and absorbing alll of this wonderful knowledge and advise!
I am in a ridiculous credit nightmare! That my DH and myself did to ourselves! We were at 679 (6/07) since then we have had TWO cc's closed, a judgement/garnishment, and it dropped our score to 507 (11/07) We were denied a loan for our first house... it devestated us.. BUT we did this to ourselves, and we will spend the time, energy, focus and responibillity to fix it and permenatley change. We know it will take time, like a diet, we are hopeful to be able to get back to 600 in six months or so.
 
Our Game Plan:
  • I am going to DV everyone!
  • Then I'll PFD the ones that validate. (Newest first)
  • I am going to dispute with the CA and CRA the one that isnt even me, and there are a couple where the CA is listed as N/A, and a duplication.
  • We are going to try to each get a secured BofA cc, and charge and pay RELIGIOUSLY keeping the balances below %10 of limit, paying more than the minimum, and paying ON TIME.
  • Our only open credit line is our car loan, we will continue to pay on time and add a bit more than the payment.

There are a couple questions I have at this point:

  1. On the cc's that were closed, should we pay them to $0 balance, will it change anything for the better? I actually accepted a settlement amount and have paid one of two payments... is it to late to try to PFD?
  2. We have a fraud alert, why and what is that?
  3. Do you think I should try to get another line of credit, like furniture or something to pay on to establish the credit better?

Thank you all so much in advance, any and all advise is greatly appreciated! Smiley Happy

 



I wouldn't DV stuff that I know is mine.
Yes, negotiate PFD for everything that is past SOL and if you only have the money to PIF right then.
DO NOT get a furniture loan as they are usually CFL's and fico does not look well on them- I know, not fair, but Fico doesn't like them.
Try to get another CC rather than a CFL even if it is secured.
 
Make sure you read ALL of the freq. requested threads and forumulate a game plan. Def. make sure whatever you are going to attempt PFD's it is past SOL and you have money to pay for it otherwise you could be sued.
 


Message Edited by netpanther on 12-02-2007 04:28 PM
Message 2 of 10
Anonymous
Not applicable

Re: New here, Game Plan/Questions advise and answers NEEDED!

I disagree with NetPanther - I would DV stuff that you may know is yours -  they must prove the right to collect it and that they are licensed to collected in your state (if a license is required.  Also, all the fees, charges etc have to be broken down and SOME states have ruled that they cannot charge interest on late or over the limit fees... that it becomes URSURY.
 

There are a couple questions I have at this point:

On the cc's that were closed, should we pay them to $0 balance, will it change anything for the better? I actually accepted a settlement amount and have paid one of two payments... is it to late to try to PFD?

You may have tolled the SOL (re-started it) BE VERY CAREFUL with this - but I would still ask for the deletion before making the next payment.

We have a fraud alert, why and what is that?

No Idea - call the bureaus and ask

Do you think I should try to get another line of credit, like furniture or something to pay on to establish the credit better?

Get this stuff under control and maybe even OFF your reports before going for new credit.  If you give it a good try and can't get all the baddies off then dilute it with new credit (takes time - usually about 2 years)

Message 3 of 10
Anonymous
Not applicable

Re: New here, Game Plan/Questions advise and answers NEEDED!

Thank you for your advise Netpanther! I am a bit confused now though... I want to make sure the Statute of limitations is OVER before I PFD? I have read and RE READ the posts on SOL. I am just not getting it! Smiley Sad
~Tracie
Message 4 of 10
Anonymous
Not applicable

Re: New here, Game Plan/Questions advise and answers NEEDED!

Thank you also Lady_Scarlet,
So you say that paying can restart the SOL... okay I'll remember that.
And you think I should hold out until I get all the baddies I can off or PFD'd before I open any new credit. Would this be the same advise you would give if I told you I hope to get my credit up to 600 before a year is up?
I am NOT looking for a "quick fix", however I am very motivated and focused to get this dealt with as quickly, efficiently, and aggressively as possible!
Can ANYONE help me to "get" the whole SOL, DOFD, and DOLA.... I don't really see where this is noted on my credit reports. I live in Idaho, if that matters.
THANK YOU ALL!!!!Smiley Happy
Message 5 of 10
Anonymous
Not applicable

Re: New here, Game Plan/Questions advise and answers NEEDED!

whether it tolled the SOL depends on what state you are in and the statutes/caselaw... IF the accounts have been chargeoff by the OC then it does not re-start SOL ( very, very few exceptions) but again, this is state specific.  RESEARCH!
 
As for new credit - if you can get just a few of the baddies off - your scores should improve which will give you more options for credit.  A secured CC always works - so you could do that now.  So do the 'buy your credit' cards like First Premier and others - you just have to be willing to eat the fees (I did this). You do not want to get all or most of the baddies off but have tanked your scores because of inquiries with no accounts to show for them - so a bit of patience and see how the next 1-2 months goes with cleaning up.
 
SOL is state specific and is where you live or where you lived when you signed the contract (check BOTH if you have moved from state to state)  If you tell us what state you are in - I will do some digging....


Message Edited by Lady_Scarlet on 12-02-2007 10:03 PM
Message 6 of 10
Anonymous
Not applicable

Re: New here, Game Plan/Questions advise and answers NEEDED!

Hi again Lady_Scarlett/Everyone!
I just did some hunting on this forum for the link to check your individual states SOL (I know I have seen it over the last two days of scouring this site!) I hate to have you do my searching! I read that I actually need to check IDAHO and OREGON, because some of my older stuff (beyond 5yrs) is in Oregon.
Thanks!
Message 7 of 10
fused
Moderator Emeritus

Re: New here, Game Plan/Questions advise and answers NEEDED!

I would not do a 1-2 punch on (DV the CA and dispute with CRAs as not mine) a debt that I know is mine. 
Message 8 of 10
Anonymous
Not applicable

Re: New here, Game Plan/Questions advise and answers NEEDED!

Well the dispute with the CRA isinfo that is truly wrong! There are SEVERAL accounts that have NO info except "medical payment" and there is two duplications, an address and name mispelling, a high-risk fraud alert.
 
Thanks for your opinion!! I really appreciate it! Smiley Happy
 
 
Message 9 of 10
fused
Moderator Emeritus

Re: New here, Game Plan/Questions advise and answers NEEDED!

I would 1-2 punch any collection which I know is not mine, same applies to any collection on my reports that is lacking enough information for me to know with certainty that it's a bona fide collection.
Message 10 of 10
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