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New Member
SectionC18
Posts: 6
Registered: ‎10-19-2012
0

Anyone want a challenge? Need help fixing score

Alright so long story short, between 2004-2007 I racked up a ton of debt. Loans, Credit Cards, PayDay Loans..all the worst stuff ever. I got advice in 2008 to just stop paying them and they will go away (yes I know, I am stupid). In any case it has obviously been a number of years now and I am looking to buy a home with my fiance. Obviously my whopping 570 score isn't getting me a car no less a house. In any case need some help clearing it up, here is the damages:

 

1 Judgement (1,300)

18 Collections (range from $150-$9000)

12 Chare Offs (same ranges)

All total it reports as about 68k worth of debt

 

On the positive side I do have a car loan for 6 months (got co-signed), and I also have two secured credit cards as well as a unsecured card I keep balances at about 20% and pay in full each month. I have had one card for three years and the other two for about two years each.

 

My main questions are:

 

1. I want to pay all the collections obviously, but I see a lot of stuff about PFD and GW letters. When I call the companies they are more than willing to negotiate and settle the amounts. I am wondering is it worth the time to send out 18 letters, wait for responses etc..or should I call, settle, get the best deal I can and just move one? I know many are willing to "Pay in Full" for a settlement, which seems fair to me.

 

2. I have a number of older accounts that are charged off but have a lot of late payments showing as well, I received advice that I should write a GW letter and try and get the late payments removed, any truth to this? For example, the last reported in some of these is 2007.

 

3. If I were to settle and pay all this debt in the next few weeks, clear up the judgement, and continue to use my cards and pay my car (haven't had a late payment in over 3 years) what are the chances I can get into the mid 600's in the next 6-9 months??

 

Thanks to whomever can shed some light

Frequent Contributor
novabama
Posts: 305
Registered: ‎08-24-2012
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Re: Anyone want a challenge? Need help fixing score

Well first off, we would need more info on the actual accounts themselves. I have had a lot removed and I only started aug 28th. over 10. Post all the CAs, DoFDs, amounts etc and we can start there... one thing I will say though, is a lot of times it is a moot point to pay a charge off and sometimes is actually worse to wake a sleeping giant, esp if not out of SOL. You definitely need to figure that out so you'll know if you can be sued on any of these. I will be glad to answer as many ?s as I can! Just need more dets :smileyhappy:


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Valued Contributor
AndySoCal
Posts: 1,952
Registered: ‎04-07-2009
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Re: Anyone want a challenge? Need help fixing score

 
Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Anyone want a challenge? Need help fixing score

+1 Need to know how old these are, the DOFD of the accounts and the SOL of your state.   And yes, we do so love a challenge!  Let's set a goal of say half of these gone in 6 months. 


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
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Valued Contributor
AndySoCal
Posts: 1,952
Registered: ‎04-07-2009
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Re: Anyone want a challenge? Need help fixing score

How many of the colections are related to  the charge offs.  IE  a bank charges off  a credit card account and sends it to  a collection agency.. This would be one debt but  tow accounts on your credit report. Secondly with collection accounts you need to know who owns the debt. A collection agency can buy the debt from te creditor which means they own it. or the creditor can assign it to a collection agency which means the credit still owns the debt.  Paying off and setling accounts will not raise your score  most lkley. Do a little homework first then organize a plan.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
New Member
SectionC18
Posts: 6
Registered: ‎10-19-2012
0

Re: Anyone want a challenge? Need help fixing score

-1 judgement - Filed 2/28/2011 for $1,230

-Collection - From Raymour and Flanigan sold to Asset Acceptance - Last Reported 9/12 -Collection dates 7/10 - $9,043

-Collection - Original Bank of America CC sold to Calvary Portfolio - Last Reported 8/12 - Collection dated 1/12 -$6,880

-Collection - Original Chase Bank Loan sold to Midland Funding - Last Reported 8/12 - Collection dated 8/10 - $3,796

-Profit and Loss - Citi Financial Credit Card - Last reported 2/10 - $3,681

-Collection - Original Citifinancial Loan sold to Calvary Portfolio - Last Reported 8/12 - Collection dates 3/10 - $3,482

-Colection - Original Wal Mart Visa sold to LVNV Funding - Last Reported 9/12 - Collection dated 7/08 - $2,648

-Collection - Original HSBC Store Card sold to Security Credit Services - Last Reported 9/11 - Collection dated 9/09 - $1,876

-Collection - Original My Cash Now Loan sold to Professional Debt Services - Last Reported 8/12 - Collection dated 10/09 - $1,271

-Collection - Original HSBC Mastercard sold to Portfolio Recover - Last Reported 9/12 - Collection dated 1/09 - $1,247

-Proft and Loss - Wells Fargo Loan - Last Reported 11/09 - $1,229

-Collection - Kay Jewlers card sold to LVNV Fundning - Last Reported 9/12 - Collection dated 7/08 - $1,173

-Collection - Victoria Secret Card sold to Asset Acceptance - Last Reported 9/12 - Collection dates 1/09 - $1,086

-Collection - Abercrombie and Fitch sold to Asset Acceptance - Last Reported 9/12 - Collection dated 9/09 - $1,086

-Collection - Capital One Card sold to LVNV Funding - Last Reported 9/12 - Collection Dated 4/09 - $909

-Collection - Verizon Wireless  sold to Pinnacle Credit - Last Reported 9/12 - collection dated 12/11 - $-833

-Collection - Citibank Card sold to Midland Funding - Last Reported 9/12 - collection dated 4/09 - $823

-Collection - Small loan sold to Keynote Consulting - Last Reported 4/10 - collection dated 4/10 - $650

-Collection - GE Money Bank sold to Midland Funding - Last Reported 9/12 - collection dated 9/09 - $589

-Collection - Utility Bill sold to Penn Credit Corp - Last Reported 2/12 - collection dated 5/10 - $557

-Collection - Progressive Insurance sold to NCO Financial - Last Reported 5/12 - collection dated 12/07 - $123

-Collection - Verizon sold to AFNI Inc - last reported 12/09 - Collection dated 12/09 - $102

 

There are a few other Profit and Loss and Collections that have zero balance and all from 08-09, some are duplicates of above.

 

Feel free to chime in

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Anyone want a challenge? Need help fixing score


SectionC18 wrote:

-1 judgement - Filed 2/28/2011 for $1,230

Paid?  If not pay it and contact the courthouse it was filed at to see if you can vacate it.

-Collection - From Raymour and Flanigan sold to Asset Acceptance - Last Reported 9/12 -Collection dates 7/10 - $9,043

-Collection - Original Bank of America CC sold to Calvary Portfolio - Last Reported 8/12 - Collection dated 1/12 -$6,880

-Collection - Original Chase Bank Loan sold to Midland Funding - Last Reported 8/12 - Collection dated 8/10 - $3,796

-Profit and Loss - Citi Financial Credit Card - Last reported 2/10 - $3,681

-Collection - Original Citifinancial Loan sold to Calvary Portfolio - Last Reported 8/12 - Collection dates 3/10 - $3,482

-Colection - Original Wal Mart Visa sold to LVNV Funding - Last Reported 9/12 - Collection dated 7/08 - $2,648

-Collection - Original HSBC Store Card sold to Security Credit Services - Last Reported 9/11 - Collection dated 9/09 - $1,876

-Collection - Original My Cash Now Loan sold to Professional Debt Services - Last Reported 8/12 - Collection dated 10/09 - $1,271

-Collection - Original HSBC Mastercard sold to Portfolio Recover - Last Reported 9/12 - Collection dated 1/09 - $1,247

-Proft and Loss - Wells Fargo Loan - Last Reported 11/09 - $1,229

-Collection - Kay Jewlers card sold to LVNV Fundning - Last Reported 9/12 - Collection dated 7/08 - $1,173

-Collection - Victoria Secret Card sold to Asset Acceptance - Last Reported 9/12 - Collection dates 1/09 - $1,086

-Collection - Abercrombie and Fitch sold to Asset Acceptance - Last Reported 9/12 - Collection dated 9/09 - $1,086

-Collection - Capital One Card sold to LVNV Funding - Last Reported 9/12 - Collection Dated 4/09 - $909

-Collection - Verizon Wireless  sold to Pinnacle Credit - Last Reported 9/12 - collection dated 12/11 - $-833

-Collection - Citibank Card sold to Midland Funding - Last Reported 9/12 - collection dated 4/09 - $823

-Collection - Small loan sold to Keynote Consulting - Last Reported 4/10 - collection dated 4/10 - $650

-Collection - GE Money Bank sold to Midland Funding - Last Reported 9/12 - collection dated 9/09 - $589

-Collection - Utility Bill sold to Penn Credit Corp - Last Reported 2/12 - collection dated 5/10 - $557

-Collection - Progressive Insurance sold to NCO Financial - Last Reported 5/12 - collection dated 12/07 - $123

-Collection - Verizon sold to AFNI Inc - last reported 12/09 - Collection dated 12/09 - $102

 

There are a few other Profit and Loss and Collections that have zero balance and all from 08-09, some are duplicates of above.

 

Feel free to chime in


Well, let's get started.  Would love to know the DOFD of these accounts.  Have you pulled from www.annualcreditreport.com?   On EQ it will list the DOFD, on TU and EX it will list the dates the accounts will fall off, then we just go back 7 years from that.   See if you can get that.  Now as for what I see now, what is your money situation now?  Can you start paying for these?  Maybe start with a couple of the lesser ones and try for PFDs?   


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Mega Contributor
RobertEG
Posts: 18,535
Registered: ‎03-19-2007
0

Re: Anyone want a challenge? Need help fixing score

[ Edited ]

Paying, as you are aware, wont in and of itself remove the derogatory affect of any collection or charge-off reported along the way.

Unless you obtain deletion, it wont provide score improvement.

 

Additionally, getting some deleted most likely wont have significant impact.  Until all major derogs are gone, you remain in a "dirty" scoring categorization. Significant score improvement will come once the file/CR becomes "clean."

 

Apart from FICO scoring issues, a more significant factor may be the potential for future, additional damage, such as teh charge-offs being referred for collection, or any debt still within SOL resulting in legal action, and a possible judgment.  What is the SOL in your state, and what is the DOFD on each account?

New Member
SectionC18
Posts: 6
Registered: ‎10-19-2012
0

Re: Anyone want a challenge? Need help fixing score

I should mention all of these have settlement offers on the table...Also, I have the capital to pay them all tomorrow

New Member
SectionC18
Posts: 6
Registered: ‎10-19-2012
0

Re: Anyone want a challenge? Need help fixing score

I dont have those on me at the moment, but I do know that none of them are due to fall off in the next 3 years..The closest one to fall off is still 4+ years away. I want to pay them as I feel I do owe the money..just really want to know if I should start with PFD's to all these companies or pay them and use GW letters..

 

I know we all get bad advice, but several mortage companies have told me that if I pay these ASAP, and then get as much removed through letters and follow up as I can then I should see improvement in the next 12 months to qualify for home (assumably at higher rate, also have a wife with 780+ score and make 100+ a year)


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