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Contributor
ChangeIsPossible
Posts: 77
Registered: ‎11-23-2013

19 Baddies, any suggestions?..

Currently, I have 19 baddies that I'm working to clean up, by ways of GW or PFD's.

 

Current score is 500 and for past two years I have done nothing to help improve my credit, but turning things around now. i went to branch and applied and was approved for a Wells Fargo Secured card ($500) and I opened account with NFCU  and waiting for funds to transfer from my Chase acct to NFCU to fund their secured card I was approved for ($500). the plan is to open one more (possibly at GE Employees CU) and increase the limits on all cards to $1k while paying off old collections and charged off accounts. AND a reposseion! 

 

Majority of the negative info is 150, 120, 90, 60, & 30 day lates. Lates are two years old and recently I have been keeping on top of all accounts.

 

Any suggestions and how I should attack these issues. Including student loans I'm about $105k in debt 90k being Student loans. My palm is to pay down 1/3 to 1/2 over next 36 months.


Starting Score: 467 (Dec '13)
Current Score: 666 (May '14)
Goal Score: 720


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Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: 19 Baddies, any suggestions?..

Paying off a collection will not help your score and could actually make it worse.  Post the accounts in question so we can give better advice.

 

Same with the charge off and repo.  Post those accounts so someone can look at them.

 

30 and 60 day lates usually only impact your score for 2 years.  Any thing 90+ days will hurt for 7 years.

 

Accounts with only lates, (no collections/charge offs), those lates will fall off 7 years from their dates of occurence.  When the last one is gone the account becomes positive and will stay for up to 10 years from the date closed.

 

You can send good will letters for late payments.

Valued Contributor
SunriseEarth
Posts: 3,052
Registered: ‎08-12-2013

Re: 19 Baddies, any suggestions?..


guiness56 wrote:

Paying off a collection will not help your score and could actually make it worse.  Post the accounts in question so we can give better advice.

 

Same with the charge off and repo.  Post those accounts so someone can look at them.

 

30 and 60 day lates usually only impact your score for 2 years.  Any thing 90+ days will hurt for 7 years.

 

Accounts with only lates, (no collections/charge offs), those lates will fall off 7 years from their dates of occurence.  When the last one is gone the account becomes positive and will stay for up to 10 years from the date closed.

 

You can send good will letters for late payments.


+1




Starting Score: 627 (Merrick, 7/15/13) | Current Score: 668 (Wally, 7/7), 686 (Merrick 6/16) | Goal Score: 700+
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Valued Contributor
SunriseEarth
Posts: 3,052
Registered: ‎08-12-2013

Re: 19 Baddies, any suggestions?..

I would further added that the WF and NFCU secured CCs should definitely help you build a positive credit history.   I'm usually of the mindset that adding good credit to help dilute bad credit is a good thing.  However, I think it may be hard for you to obtain more new credit and you might even harm scores with increased HPs and lowered AAoA.  Perhaps you should "garden" these two cards for at least 6 months and then reevaluate adding new TLs if you see improvement.  You definitely have the right idea on clearing out the baddies!  That should absolutely be your priority.  

 

As for those two CCs, I'd recommend having a balance of <$50 post on one and a $0 balance on the other CC.    Use them, but pay down before the statements close.




Starting Score: 627 (Merrick, 7/15/13) | Current Score: 668 (Wally, 7/7), 686 (Merrick 6/16) | Goal Score: 700+
Care Credit $10200 | AMEX BCE $4500 | Macy's: Special Events $2900 Store $600 | JCP $1900 | Sony Card $1500 | Walmart Store $1400 | Merrick $1200 | Amazon Store $1200 | Target $1000 | Cap 1 QS1 $1000 | VS $550 | Gold Violin $550 ~~Gardening Since 6/20/14
Contributor
ChangeIsPossible
Posts: 77
Registered: ‎11-23-2013

Re: 19 Baddies, any suggestions?..

Collection on debt to: Fia Card Servic

The collection agency "606YC13027" was hired to collect a debt of $1,327 originally owed to "Fia Card Servic" on account number "XXXXXXXX".

Collection agency [?]Original balance [?]Current balance [?]Date assigned [?]Original lender [?]Account number [?]Account holder [?]
606YC13027
$1,327
$1,327
Sep, 2013
Fia Card Servic
XXXXXXXX
Individual
Collection on debt to: The United Illu

The collection agency "405YC01540" was hired to collect a debt of $411 originally owed to "The United Illu"on account number "XXXXXXXX".

Collection agency [?]Original balance [?]Current balance [?]Date assigned [?]Original lender [?]Account number [?]Account holder [?]
405YC01540
$411
$411
Mar, 2012
The United Illu
XXXXXXXX

 

Student Loan Account
Sallie MaeNov, 2013
Status as ofDate openedDate of last activityAccount numberLargest past balanceAccount TypeAccount holderScheduled Payment AmountIndustry
Nov, 2013
Aug, 2007
Aug, 2011
XXXXXXXXXXXX1253
$17,770
Installment
Individual
$156
Miscellaneous
Descriptions
  • Charged off account
  • Student loan

No contact information provided by Equifax

Balance Current Status Past Due Amount
$20,471Bad debt/collection$4,678
Seven year payment history30 days late60 days late90+ days late
2 times
1 time
4 times (Jan 2012, Dec 2011, Nov 2011)
Recent payment history11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 102011 2012 2013
120 Days Late120 Days Late120 Days LateOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOK
Legend:Current paidCurrently paid as agreed
 120 days late120 days late
Worst Delinquency
120+ days past due
Student Loan AccountStudent Loan Account
Sallie MaeNov, 2013
Status as ofDate openedDate of last activityAccount numberLargest past balanceAccount TypeAccount holderScheduled Payment AmountIndustry
Nov, 2013
Dec, 2007
Aug, 2011
XXXXXXXXXXXX1261
$10,423
Installment
Individual
$97
Miscellaneous
Descriptions
  • Charged off account
  • Student loan

No contact information provided by Equifax

Balance Current Status Past Due Amount
$12,007Bad debt/collection$2,929
Seven year payment history30 days late60 days late90+ days late
2 times
1 time
4 times (Jan 2012, Dec 2011, Nov 2011)
Recent payment history11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 102011 2012 2013
120 Days Late120 Days Late120 Days LateOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOK
Legend:Current paidCurrently paid as agreed
 120 days late120 days late
Worst Delinquency
120+ days past due

 

Starting Score: 467 (Dec '13)
Current Score: 666 (May '14)
Goal Score: 720


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Contributor
ChangeIsPossible
Posts: 77
Registered: ‎11-23-2013

Re: 19 Baddies, any suggestions?..

https://www.dropbox.com/s/572doposfczbdv2/Printable%20Report.pdf

 

 

Here is a link to items on report. I think it would equal to many post to copy and paste. Any assistance would be extremely greatful!


Starting Score: 467 (Dec '13)
Current Score: 666 (May '14)
Goal Score: 720


Take the myFICO Fitness Challenge


Contributor
ChangeIsPossible
Posts: 77
Registered: ‎11-23-2013

Re: 19 Baddies, any suggestions?..

Any suggestions?


Starting Score: 467 (Dec '13)
Current Score: 666 (May '14)
Goal Score: 720


Take the myFICO Fitness Challenge


Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: 19 Baddies, any suggestions?..

It looks like most of yours is student loans.  I would try to rehab those loans and stop them from taking your tax returns and garnishing your wages.

 

For the accounts with late payments, not charged off or sent to collections, send GW letters.

 

For the collections, try a pay for delete.

 

Do you know what your state SOL is?

Contributor
ChangeIsPossible
Posts: 77
Registered: ‎11-23-2013

Re: 19 Baddies, any suggestions?..

Thankfully, wages are not being garnished. I just consolodated student loans because it's just a pain to remember to pay each different company because some are serviced by different lenders. I tried a goodwill through Great Lakes (they service my discover loan) website and they forwarded to Discover Student Loans who declined to offer gw. I am going to try to gw them again as well as all the student loans. I believe the lates are killing me more than the collections even though they are two year old.


Starting Score: 467 (Dec '13)
Current Score: 666 (May '14)
Goal Score: 720


Take the myFICO Fitness Challenge


Valued Contributor
rootpooty
Posts: 1,711
Registered: ‎10-28-2011

Re: 19 Baddies, any suggestions?..

I wouldnt throw too much money into secured cards especially with all the collection accounts from student loans you have.  3 secured cards is a great start however I would just open them with the min deposit and thats it.  Score wise it doesnt matter whether you have 3 500cl cards or 3 5000 limit cards asuming you let the same util report every month.  

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