And so we begin....

[jbsea]

So here is my story…. I did not grow up knowing about credit and how to use it and how important it is to keep it good.  So I abused it very well.  Somehow I found this site and have been reading it for the last couple of months.  This has made me really want to fix and take care of my credit.

I pulled my report and I’m showing a score of between 573 and 576 fico score (it started in the 520’s according to creditkarma).  I have two secured credit cards now with USAA and one unsecured with First Access (that may have been a mistake) since I’ve read on here that you should have at least 3 cc.

Now just to toss everything out there.  I have one Public record that has been paid off that is not due to come off till 04/16

4 charge offs with the 4 CA following those.  One of which will fall off in April of this year.  I also have one Charge off of a auto loan that is not paid yet. 

The only open item is the auto loan and I have learned here that I should try to make a offer to pay that and see if I can get that off my credit report.

So that is one of the questions… how do I do that?  Do I ask for a complete removal or to just take away the derogatory remarks?  How much do I offer to pay?

The other question I have is should I try to go to someone like Sky Blue to help see if I can get at least some of these off my report?  I work a lot of hours and very little time to put towards trying this myself, and it seems over whelming.

I would love some advice from everyone. 

[tufa4311]

Welcome to the board jbsea.

For the most part I'm going to let the more experienced on this board get into what your options are for your particular circumstances but a couple things I'll point out:

1. Stay away from Sky Blue and all the rest of them - they will not do anything that you can't do on your own - and from what I've read, for the most part, all they do is put in disputes that takes minutes to put in and I have not seen much success with just disputing things.

2. I understand you feel you don't have much time and I in no way can put myself in your shoes - that said, you dug yourself into this and you are going to have to be the one that puts in the most effort to dig yourself out - with the help of everyone on this board (and hopefully some cool, understanding human souls at the companies that hold your accounts - dispite what it feels there are a few that may help you if you find them).

I know it seems overwhelming and that's becuase it is Just dig in and be ready for the log haul. The potential benefits your may get are to a degree directly connected to the effort you put in.

Now wait for specifics on your case by those on the board who have much more experience that myself.

[RobertEG]

Ideally, you would only want them to delete the derogs.  You want to retain record of having had an auto loan, which may help in evaluation of futue auto loan, and you want to retain its age in your AAoA calculation.

You would send an offer to the creditor to satusfy the debt in exchange for their agreement to delete the reported derogs under the account.

You can offer a settlement for less, but chances of PFD acceptance usually increases with a PIF offer.

What is the date of your first delinquency (DOFD) on the loan?  The reported charge-off will become excluded from your CR no later than 7 years plus 180 days from the reported DOFD.  Once credit report exclusion has occured, you no longer have any need to get deletion of the CO, which will most likely improve chances of their acceptance f a settlement for less than the full amount of the debt.

As an aside, is there also a collextion reported on that debt?  If so, the collection will also become excluded on the same date as teh charge-off.

[jbsea]

thank you tufa, i agree and i'm not running from the whole that I dug.  I am willing to put in the effort... I was just reading about the repair companys and I agree it seems that I can send the same letters. 

I guess my big question is about the only open loan from Santander that is bad.  From my credit report it does not look like they sold the loan yet so I should be able to work with them.  It looks like I should be able to write them a PFD letter.  I cant pay the $7000 that I owe today so I dont want to say that in a letter.  Should I over a %? 

[jbsea]

I cant really tell what the charge off date is, this is what it says>

Date Opened: 10/27/2007

Responsibility: Individual Account

Account Type: Installment Account

Loan Type: AUTOMOBILE

Date Updated: 10/31/2014

Payment Received: $0

Last Payment Made: 07/21/2012

Original ChargeOff: $9,139

Pay Status: >Charged Off<

Terms: $487 per month, paid

Monthly for 61 months

Date Closed: 12/31/2012

>Maximum Delinquency

On my CR it says that I owe $7000.  Should I just pay a settlement and just wait it out? 

[Anonymous]

With regards to an older debt that has been sold to a Collection Agency, you could potentially settle AND get a PFD, but with an OC, like Santander, settling for less OR getting a PFD for PIF is the best you can hope for. Getting both is really a tough pill for them to swallow, since you are asking them to take a signifigant loss AND delete as well. Getting a collector to settle and pfd isn't so difficult because they have a lot less 'skin in the game', having paid typically 3-5 cents on the dollar for the debt. Even at ten percent settlement they are still making a signifigant profit on their investment.

[jbsea]

Hi Norman,

Well I think that I've blown that part already.  Before I started reading these forms I paid off all the CA.  So the only thing that is showning is the Santander.  I have the feeling i'm going to have to just wait everything out.  As far as Santander, this is the only one I think that I can work with.  I would love to do a PFD or anything that will make that one look better.