Overwhelmed and Clueless

[Anonymous]

I've been running away from my credit issues for way too long and now that I'm ready to face them I feel completely overwhelmed.  I've been reading the forums and have a lot more to read, but I could use some advice.

My Equifax score has been at a low of 484 and a high of 569 over the last year and a half. 

• I have 19 accounts and 13 are flagged.  It says 10 have balances.   
• Most of the accounts on my report are student loans- 10 of the 19.
• I have 4 accounts listed in collections.
• My length of credit history is GOOD and my amount of new credit is VERY GOOD.
• $3,096 revolving accounts
• $30,651 installment loans (student loans!) 

I don't even know where to start!!!  Here is a summary:

Loans-

• I'm paying on one loan, but I don't see that listed anywhere on my report.
• I just entered a rehab agreement with one yesterday. 
• I need to log in and look at all of the student loans I have, but on my report, there are a few that have the exact same balances but diff. acct numbers.  I need to figure out if these are the same.
• I paid off one loan through Southwest Student Services, but I don't even see it listed.  Shouldn't that be on there?   

As for credit cards-

• I'm on my mother's one credit card and I pay that faithfully.  It's my only "open" card, as I closed all accounts a few years ago in a moment of panic.
• I do have some charge-offs. 
• I show two accounts for cards that are now closed that I never used, but there is no CL listed for either, just a "largest past balance."  Is this something to worry about? 
• I have an account that was closed in 2003 and has a $0 balance shown, but is flagged because it was 120 days past due at one point.  Should that still be on there? 

My car loan through GMAC-

• Past due at one point and is flagged.
• I now get it automatically deducted from checking and made on time payments since October of '06. (WOO HOO!)  It's still flagged, though.  Is there a way to get it unflagged?  (Sorry for not using the corrrect terms.) 
• I have less than a year left to pay on it.  I bought it brand new and it makes me sick that 5 years ago, I had no problem being approved for a car loan w/ no cosigner at the age of 23!

I know I have a lot of reading to do, but I could use a point in the right direction.  I have a great job but when you have a lot of bills, it kind of doesn't matter.  I want to start my Masters in a year, but I don't see anyone granting me loans to do so and I can't let this keep going.

Any advice, links, tips are SO appreciated!!!!  Thank you!!! 

[Anonymous]

This is what I did to keep from getting overwhelmed.

First you need all 3 of your free credit reports. These reports have the most information on them.

https://www.annualcreditreport.com/ 

Then find the negative account that has the youngest "baddie" (your most recent collection, late payment, etc.) Start there. Read it, study it and then decide what it is about that one account that you don't understand or need to fix.

That will make it a lot easier to search for the answers or to ask a question.

And I don't mean that in a negative way at all. You could ask my Fiance... For 5 days after I pulled my 3 CR I just sat and stared at them with a yellow marker in my hand and did NOTHING. I was confused, lost, overwhelmed. Then one day I said "You know it really bothers me that I haven't had any late payments since 2005 except for that ONE and that wasn't my fault."

VOILA I found my starting point!

Keep your head up there are lots of great people here who will help you as best that they can.

[cadavis0609]

I've been here, I'm still kinda here. Heres what I would do. Start with those collections. If you can afford to pay them off, send in a DV and then if you are satisfied with their response, a PFD to each one. If you can't, then start with one that you can afford to pay. Its all about building confidence and if the first few letters you send are rejections, don't get discouraged, just keep sending and when the first one leaves your reports, you will have the confidence you need to continue. Just take one baddie at a time and bring it here with your questions and you will eventually be looking at the 700's.

Message Edited by cadavis0609 on 10-07-2008 10:17 PM

[Anonymous]

---

@Anonymous wrote:

I've been running away from my credit issues for way too long and now that I'm ready to face them I feel completely overwhelmed.  I've been reading the forums and have a lot more to read, but I could use some advice.

My Equifax score has been at a low of 484 and a high of 569 over the last year and a half. 

• I have 19 accounts and 13 are flagged.  It says 10 have balances.   
• Most of the accounts on my report are student loans- 10 of the 19.
• I have 4 accounts listed in collections.
• My length of credit history is GOOD and my amount of new credit is VERY GOOD.
• $3,096 revolving accounts
• $30,651 installment loans (student loans!) 

I don't even know where to start!!!  Here is a summary:

Loans-

• I'm paying on one loan, but I don't see that listed anywhere on my report.
• I just entered a rehab agreement with one yesterday. 
• I need to log in and look at all of the student loans I have, but on my report, there are a few that have the exact same balances but diff. acct numbers.  I need to figure out if these are the same.
• I paid off one loan through Southwest Student Services, but I don't even see it listed.  Shouldn't that be on there?   

As for credit cards-

• I'm on my mother's one credit card and I pay that faithfully.  It's my only "open" card, as I closed all accounts a few years ago in a moment of panic.
• I do have some charge-offs. 

You could offer PFDs to get these off your reports.

• I show two accounts for cards that are now closed that I never used, but there is no CL listed for either, just a "largest past balance."  Is this something to worry about? 

Were these CCs with no present spending limit?  If so, this is normal.  As long as these have a positive status, they are not hurting you.

• I have an account that was closed in 2003 and has a $0 balance shown, but is flagged because it was 120 days past due at one point.  Should that still be on there? 

Negs stay on your CR for 7 years from the date of the negative.  So that late will continue to report until 7 years from when you were first late.  You could try sending a GW letter.

My car loan through GMAC-

• Past due at one point and is flagged.
• I now get it automatically deducted from checking and made on time payments since October of '06. (WOO HOO!)  It's still flagged, though.  Is there a way to get it unflagged?  (Sorry for not using the corrrect terms.) 

Same scenario as late flag on CC above.  Again, try to GW.

• I have less than a year left to pay on it.  I bought it brand new and it makes me sick that 5 years ago, I had no problem being approved for a car loan w/ no cosigner at the age of 23!

I know I have a lot of reading to do, but I could use a point in the right direction.  I have a great job but when you have a lot of bills, it kind of doesn't matter.  I want to start my Masters in a year, but I don't see anyone granting me loans to do so and I can't let this keep going.

Any advice, links, tips are SO appreciated!!!!  Thank you!!! 

---

Hope this helps a little bit.  Read, read, read, and you'll get it figured out before too long.  GL.

[Anonymous]

THANK YOU!!!! 

AmyBoo, I just went to that site and am typing this as I wait for things to process.  I added on my scores, too, and am glad I did because my TU is 615.  That's a big difference from my EQ. 

The tips on PFD and DV's are just what I needed.  I really appreciate you all taking the time to help me out.