Back On the REBUIDLING Train...BOOOOO!!!

cjvazquez · ‎02-16-2016

Well, About 2 years ago after being declined and denied for a car loan, I decided to take charge of my credit. I started this journey with a 499 credit score...and by 6 months I was at 670.

Well I had a baby late 2014 and was laid off and well now my credit is crap. Thank god for a good amount of settlement money from the layoff..I was able to settle most of the accounts and paid about half already. The bad thing is they went to charge off and i was only able to save one. They will update my credit report to settled for less. What are the chances of getting them to good will? I had 15 months of good payment history before it went to crap. Also, I had a secured credit card and that went to crap too...How can I settle this one? I mean 200$ of it is mine. Here is what it states....

Last Reported

Jan 31, 2016

Creditor Name

MERRICK BK

Account Type

Secured Credit Card

Account Status

Closed - Derogatory

Opened Date

Feb 19, 2014

Closed Date

Aug 25, 2015

Limit

$200

Term

--

Monthly Payment

$0

Responsibility

Individual

Balance

$235

Highest Balance

$365

Payment Status

Collection/Charge-Off

Worst Payment Status

Unknown

Date of Last Payment

May 14, 2015

Amount Past Due

$235

Times 30/60/90 Days Late

0/0/0

Remarks

Charged off as bad debt
Profit and loss write-off

Anyway, I have a game plan and Im still never late and current on my car note and i got a fresh start already and will do a secured card again.

thanks for all the comments and advice in advance.

Iris

cjvazquez · ‎02-16-2016

Here is where I stand after paying off debt:

Comenity Bank:

6 Accounts

Settlement offer to settle all 6 was 2,721.96

I have to still pay 1100- On March 15th and March 29th.

All accounts are charged off status except Brylant home i was able to save it. So they will all show settled except the one that will show current.

Discover-

Settlement Amount: 1,129.50- This one is PIF and update as settled for less amount.

Capital One-

2 Accounts

Settlement Amount: 605 PIF and will update as settled for less amount

Still to resove:

Blooming Dales-$194.00-(Going to PIF for Delete)

Macys-$1,279- Offfer a settlement

Amazon-$598.00-Offer a settlement

Merrick Bank$223.00-(need help with this one)

All closed and charged off.

Voluntery Repo-5000K balance back in 2012

Thats all on credit file!!!

gdale6 · ‎02-16-2016

@cjvazquez wrote:
Well, About 2 years ago after being declined and denied for a car loan, I decided to take charge of my credit. I started this journey with a 499 credit score...and by 6 months I was at 670.

Well I had a baby late 2014 and was laid off and well now my credit is crap. Thank god for a good amount of settlement money from the layoff..I was able to settle most of the accounts and paid about half already. The bad thing is they went to charge off and i was only able to save one. They will update my credit report to settled for less. What are the chances of getting them to good will? I had 15 months of good payment history before it went to crap. Also, I had a secured credit card and that went to crap too...How can I settle this one? I mean 200$ of it is mine. Here is what it states....

Last Reported
Jan 31, 2016
Creditor Name
MERRICK BK
Account Type
Secured Credit Card
Account Status
Closed - Derogatory
Opened Date
Feb 19, 2014
Closed Date
Aug 25, 2015
Limit
$200
Term
--
Monthly Payment
$0
Responsibility
Individual
Balance
$235
Highest Balance
$365
Payment Status
Collection/Charge-Off
Worst Payment Status
Unknown
Date of Last Payment
May 14, 2015
Amount Past Due
$235
Times 30/60/90 Days Late
0/0/0
Remarks
Charged off as bad debt
Profit and loss write-off

Anyway, I have a game plan and Im still never late and current on my car note and i got a fresh start already and will do a secured card again.

thanks for all the comments and advice in advance.

Iris

Getting a GW removal from an OC is not easy and Merrick is right in there. I would settle this to stop the monthly updating that is killing your Fico score. Once its updated as paid settled that is the time to begin your GW letter campaign.

Anonymous · ‎02-16-2016

I would refuse to settle it unless they agree to remove it from the bureaus. They will likely make you pay the full thing since they'll be in a stronger negotiating position, but it will be gone. Your score will jump.