Hi Everyone
I have tried to rebuild my credit in the past and had major success. Due to financial problems and hectic school schedule I was not able to keep up with it and I tried my best to reach an agreement with OCs and CAs with no success. It took so much of my time and energy so I just forgot about it and focused on my school and education. Now that I am almost done with school I am back at it again.
My credit situation is pretty bad, I still did not check my FICO scores but I pulled my three credit reports and I found these negatives:
CITI - Limit $4000, Amount I used $700, Amount owed after Charged off $ 4320: ( JC Services contacting me to settle... I have also been told that the account is scheduled to be sent back to CITI by next week, Should I agree to settle??)
Capital One Visa - CL: $500 , Usage: $90 Charged off : $500 (I have not been making any payments because I moved and did not update my address so I didn not receive any updates (my fault.I know)...what steps should I take to get this deleted?)
Capital One Master Charged off (Same as Cap1 visa)
HSBC - Limit: $500, Usage:??? Charged Off: $850
Student Loans: 60 days late (Even though I am still in school!! I called them but I was told to dispute via CRA! But I did not because I wanted to hear from you first 
)
4 Medical Collections - All with Absolute Collection Agency ( All 4 accounts are $390 in total. I tried to PFD but they are pretty hard mean people to deal with)
1 Medical Collection from ER visit- JC Watson and associates ($938)
I will be making around 110K a year once Im done with school in about 6 month. What doI need to do, where and how to start?
Thank you in advance 
Starting Score: 502
@RobertEG wrote:With four charge-offs and five collections, you have a major payment history problem to overcome. Multiple charge-offs are particulary harmful, in that they show a pretty consistent pattern of letting debt go to the point of it being considered uncollectible by the creditor. I see no indication in your post that you have paid any of the bad debt.
That pretty much eliminates getting good-will deletions. Your post also omits any dates, so it is not possible to tell when they will drop due to their own old age, and if they are still within your state statute of limitations.
In my opinion from what you have posted, your bigger concern might be to forstall any further damage. Legal action, or possibly more collections if the collections you now have dont pair up with the COs. Paying the debt will do that, however paying any of the debts will not remove the derogs that occured, and thus wont direclty help your score.
In asking any of the furnishers to delete their prior reporting, each of those parties has a permissible purpose to pull your CR. Seeing that you have multiple bad debts certainly wont help in any requests for GW removal.
Thank you for the reply. Most of them are from 2010 so they are pretty new. So do you think I should just start settling and pay? then later down the road try to GW and see if it works?
You can start with the OC's and offer to pay them, in full. If they will accept your money, yeah!! Pay them off as quickly as possible and ask them to delete!
If they say no, they can't accept your money, check your log on's to see if you can push a payment through that way. It's almost always best to pay the OC vs a CA.
If you are left with no choice but to deal with the CA, be prepared to pay in full and ask for a deletion. A lot of times, they say no. But you can keep asking. And you can pay off the debt. Showing as paid is better than unpaid. And there is no time limit on how long you can bug them for deletion.
Get any and all agreements in writing.
Do not apply for any more credit. Period.
Do you have any open accounts?
@IOBA wrote:You can start with the OC's and offer to pay them, in full. If they will accept your money, yeah!! Pay them off as quickly as possible and ask them to delete!
If they say no, they can't accept your money, check your log on's to see if you can push a payment through that way. It's almost always best to pay the OC vs a CA.
If you are left with no choice but to deal with the CA, be prepared to pay in full and ask for a deletion. A lot of times, they say no. But you can keep asking. And you can pay off the debt. Showing as paid is better than unpaid. And there is no time limit on how long you can bug them for deletion.
Get any and all agreements in writing.
Do not apply for any more credit. Period.
Do you have any open accounts?
Hi and thank you for the input, I don't have any open account now, so i thought I should start with a secured loan from my CU or anyother thing that reflects info on my reports while I am paying off debt and cleaning up this mess. I don't want to pay in full because this is not fair! why should pay CITI 3K over what I originally owed? It just doesnt feel right to pay this much
@IOBA wrote:You may not think it's fair to pay them more than the balance was when you stopped paying their bills, but please consider from a different perspective. You didn't pay them, creating a ripple effect in their finances. It has since cost them money to try to collect from you.
Think of it as you worked for 3or 4 weeks (new job) and are waiting for your first paycheck. Then your employer just doesn't pay you, won't let you in the front door, won't respond to your letters and your emails, and won't return your phone calls. Your employer just blows you off.
To get your money, you have to hire an attorney and sue them. The attorney says I want a retainer, so pay me 2k and I will consider your case. Oh, btw, I am going to charge you $300 an hour and you will need to prepay me.
Since you didn't get your paycheck, your rent check bounced. And you have to borrow money to pay for food. Well gosh darn it, since this is your employers fault, you are going to pass along those costs to them too!
Now you are really upset. To get the $600 your employer owes you, you have to spend at least 2k in legal fees to get their attn. Who knows? They still might blow you off? Months go by - no money. Years go by - no money. Aren't you adding interest to the balance of what your employer owes you? And the legal fees?
In this scenario, the employer blew you off and didn't pay you what they owed you.
In real life, you did what the employer did to you to the creditor.
So please consider paying them at least what you owed them before PLUS reasonable interest and fees. They will probably settle for something less than what they would like. Don't be angry with them when you were the one who didn't pay them. Treat the people/the company with respect and they will work with you.
you said REASONABLE amount of money! Not 90% more of what O originally owed accounts for interest or fees!!!!...this is no where close to reasonable.
Hi, if you explain your situation to the OC and CA, they will work something out for you because their goal is to get their MONEY paid back, even if it isn't 100%! don't lose hope, I sure didn't! AND DO NOT tell them your income! LOL. I suggest you tell them that you're still a college student, either with a part-time job, or jobless and you were able to saved up a certain amount and that you cannot afford anymore than what they're reporting on your CR! Hope this advice helps you out!
