Any Help is Appreciated. Trying to Rebuild Credit

[piscesmommy1987]

Hi eveyone. 

I am new to the MyFico website and came across these forums today. I've been reading some posts and thought I'd ask for help. Currently I have a lot of bad debt on my credit reports. I' ve check my Fico scores and Equifax is a 548, Transunion is a 563, and Experian is a 517. Most of it is due to medical bills, one is from a car that got reposessed after I lost my job last year. I really want to improve my scores and history so that I can buy a home 2-3 years from now. I've read that disputing some debts can help but I've also read that it can reset the date and cause it to take longer to fall off of your credit report. I wanted to start paying off some of these debts but I don't know if that will help improve my score of if it will only help after they fall off. I know I've read some success stories. I'd really appreciate the help. Oh, if it helps I did apply for a secured card and open up one with a $200 limit and only plan on using to my monthly phone bill which is $40. Is that too high to charge?

[DaBears]

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@piscesmommy1987 wrote:

Hi eveyone. 

I am new to the MyFico website and came across these forums today. I've been reading some posts and thought I'd ask for help. Currently I have a lot of bad debt on my credit reports. I' ve check my Fico scores and Equifax is a 548, Transunion is a 563, and Experian is a 517. Most of it is due to medical bills, one is from a car that got reposessed after I lost my job last year. I really want to improve my scores and history so that I can buy a home 2-3 years from now. I've read that disputing some debts can help but I've also read that it can reset the date and cause it to take longer to fall off of your credit report. I wanted to start paying off some of these debts but I don't know if that will help improve my score of if it will only help after they fall off. I know I've read some success stories. I'd really appreciate the help. Oh, if it helps I did apply for a secured card and open up one with a $200 limit and only plan on using to my monthly phone bill which is $40. Is that too high to charge?

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Hi piscesmommy1987 and welcome to the forums. I would suggest pulling all 3 credit reports from www.annualcreditreport.com you are allowed 1 free report every 12 months. Compare all 3 and see what are your most recent baddies are and we can help you from that starting point. If you have time you can read the blue stickies under my post, a lot of useful information to learn.

Community Leader,

DaBears

[piscesmommy1987]

Thank you for responding DaBears. I have pulled all three of them including the scores. I have a lot of medical bills from 2011-2012 from my pregnancy and childbirth. In addition, I have a car repo with an $8000 balance after auction, and two old cards. One reads $0 balance and that the debt was transferred to another collections agency.

[DaBears]

Are you able to pay the medical debt?

[piscesmommy1987]

The smaller amounts, I can. What's the best way to go about doing this? Thanks again.

[guiness56]

Are all of the medical with the same CA?

I would contact the OC and see if you can enter into a payment plan with them and if they will recall the debt from the CA.  If the CA sends the account back, they must delete their TL.  Others will argue this fact but it is in the Credit Reporting Resource Guide.

[DaBears]

+1 Guiness