Newbie in Credit Hell

[Anonymous]

Hi, all.

After reading COUNTLESS POSTS I decided to give this forum thing a try.  I typically don't participate in any type of chat/msg boards but figured "hey this is for my credit!" so here goes....

I'm a 35 years young woman with ABYSMAL credit!  At one point in my life (when I was much younger) I was more responsible.  Responsible enough to buy my first home at the age of 26.  But then LIFE got in the way and as of today i have a BK, REPO and FC (though it never showed as a FC - the bank just stopped reporting back in 03) to show for it (though all of them now going on 6 yrs old).  I also have more CA's then I care to acknowledge.  However, the first step in tackling a problem is to ADMIT that you have a problem...so I ADMIT.

I had been paying the $12/mo for "credit monitoring" for over a year when it hit me last Feb that I was wasting money if I was not going to actually do anything with the membership. So i printed all 3 reports (fainted twice then recovered) and then started a round of disputes.  To my surprise the bank with the supposed FC fell off due to no response.  I thought it was off all 3 CRs only to find out it only came off EX!  A lot of other stuff fell off but again only on EX!  So now i have 3 comp diff CRs!

So now a couple of weeks ago I employed the svcs of a "credit restoration" company to assist with further cleanup.  I received my first round of CRA dispute ltrs and I'm leery that I've potentially wasted money. 

Here's the breakdown:

I have 17K in debt (was 144K until i had house removed)

12K is CA - with 10K of THAT a CA from an old townhouse I had that was destroyed by black mold (been in dispute since 2003)

The remaining debt is open/current revolving accounts.

I have the old dismissed BK and one repo from 04 (only before the repo it showed 3 lates - then OK - then late - then repo'd - never addressed it though - probably should)

Here are my goals for 2008

Clean up all 3 CRs and join the 650-700 Club (ultimate goal to hover at or above 720)

Settle/pay off all remaining valid CAs (currently EX 8 @ 12K - EQ 12 @ 21K - TU 13 @ 17K)

BK falls off in Feb 09 (would love to get it off now but know it may be next to impossible)

Get repo removed too (gotta addressed the OK b/w lates before repo)

Buy another house (and be comfy after mortgage is paid)

Assume the note on my new car (in mom's name) and refi at lower rate

One GOOD CC with good CL for cushion when needed

Here are my scores as of today (can't believe I'm going here):

EX - 497 EQ 492 TU 492

Any suggestions?  Note: I'm not timid so I'd appreciate straight - no chaser responses.

Thanks,

SB

"The are of being wise is knowing what to overlook"

[Anonymous]

You do not need a company to do what you can do yourself. Fire them!

Start with ONE TLs - preferably that is past SOL. Pick one - give up the details and you will get many ideas as to how to approach it.

Check DOFD/DO:A for each report and highlight the date - if it comes off in less than a year, leave it for now... time better spent on other things.

In a separate post list each account that is currently open with balance, limit and interest rate - and ask for suggestions how to get out of debt. (best payoff tactic)

[Anonymous]

Welcome! Im a newbie here as well and  just took the plunge to  escape the Debt Demons too.  Great 2008 goals and good luck!

[Anonymous]

Hi, LS!

That's really sound advice.

As for open accts I only have 3 low limit ($300/ea) CC's and one Macy's card that I NEVER OPENED but has been in good standing for the past 2 yrs (never late).  When I first started looking for a car last year and saw their copy of my CR I told the guy I've never had a Macy's acct and he said "leave it - it's showing open and never late - plus you really need more open and active lines of credit"...and that is what i did.

As for the 3 cc's i keep them paid and low (never late).  FYI - after the house was taken off EX my score went up to 575 - but then in Dec/Jan I was hit with 8 TLs for some checks from when i worked on a film some 4 yrs ago and never knew about them.  I had other checks as I was working craft svcs and they did not deposit the money into my acct. Granted they've cleaned up all the ones I knew about.  the CA told me just 3 wks ago that they sent correspondence...to my MOM'S home where I did not live and get this - BACK IN FEB of 05..friggin 3 yrs ago!  Anyhow, that's how my credit score took a nose dive and that's when I knew I seriously need to get on track with my credit repair.

I am reviewing my report right for SOL issues.

SB

[ngerasimatos]

What company did you employ to send disputes?

While you can do most, if not all credit repair yourself. Some of us work multiple jobs or just don't have the time to write dispute letters and sit on the phone all day with creditors and collections agencies.

I am not making excuses, just stating the facts.

For example, my good friend has terrible credit, but she is a single mother raising 3 kids and rarely has any time to spend doing anything other than working or handling them.

In any case, of all the credit repair companies, the one that has the best rating and fewest complaint is Veracity. IMO.

[Anonymous]

Thanks for the encouragement MadameO!

Maybe together we can reach our goals and leave those debt demons where they belong - IN CREDIT HELL - roflmaoooooo.

[Anonymous]

Ngera,

I am using United Credit.  I've dissected Veracity's site as well only I found it AFTER I'd already employed UC.  We shall see if it really works.  Meanwhile, I'm doing my thing over here as well. I still have a few weeks yet before I get responses from my first round.

I'll keep you posted.

[Anonymous]

Also, LadyScarlet.

I can't even attempt to request a refund until after 6 months or after 2 or 3 complete cycles - less setup fees and all the other crappy fees. I figure for $500 less this less that it's probably best to go ahead and let them try.

I'll just make it my mission to monitor regularly and stay on top of it and become more knowledgeable about this numbers game called CREDIT.

SB

[ngerasimatos]

Well, the way I look at it is if you are paying someone 40.00 a month to send disputes they really aren't making THAT much money.

Stamps cost so dang much, plus time, envelopes.... etc.

40.00 seems quite fair as long as they make progress. If nothing gets deleted, then I would suggest canceling and doing it yourself. In the meantime, you should still DV any collections.

As far as I know, most credit repair companies do not DV,they only send disputes to the CRA's.

Message Edited by ngerasimatos on 02-29-2008 02:14 PM

[Anonymous]

Ngera,

I just replied to a diff post asking if I can DV CAs while currently disputing with the CRAs?

If so I will send them all out this weekend - even if I have to stay up til 3 in the morning hunting down addresses lol.  Also, should i send the DVs CCRRM or will a plain old stamp do?