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FlyingGuy
Posts: 1
Registered: ‎02-16-2013
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Bad Credit... Don't know where to start.

I am new at this and still learning the terms. Things that have charged off.... two First premier cards, Credit One Bank, FRED MEYER card, Direct Loan student Loan. I also have a old cell phone bill & cable bill in collections. Long story short is I just stopped paying because I couldn't. I have a good job now and I can pay in full everything but the Student loan which I will have to pay back over time. If I Pay in full all of this but the student loan will it do anything to my score or am I just screwed. Everything is about 2-3 years old.

Established Member
BornSupercharged
Posts: 85
Registered: ‎02-08-2013
0

Re: Bad Credit... Don't know where to start.

Do not pay anything until you have written confirmation stating that IF you pay the amount, then they will remove the negatives from your credit report(s). 

 

Once you have it in writing, you can pay them off and expect the baddies to disappear, and your score should go up. 

 

As for the student loan, there are situations where that can be dismissed. You may want to talk to a credit counseling service to see how to proceed regarding the loan, they are better equipped to assist you in this situation. But if you really want to pay it off, again get it in writing that says you will make X amount of payments for $xxx each month, and once it's paid in full they will remove the negative from your report(s) - VERY important to get it in writing from them!

 

Best of luck! 


Total CL $179k | Budget Management | FICO Scores (TU 693) (EX 718) (EQ 729) | EIDT Me+Spouse Plan
Regular Contributor
Bleety17
Posts: 169
Registered: ‎06-24-2011
0

Re: Bad Credit... Don't know where to start.

Start sending out PFD letters in the mail and through email. You might have to send a few before getting a response.

Goodluck!
USAA Mastercard-$2000 USAA Visa-$2000 USAA SC-$300 NFCU-$12500 Walmart-$600 BestBuy $1000 Navcheck 3000

available credit- 2013 300 2014 21,400

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Member
MonsterMad28
Posts: 12
Registered: ‎02-17-2013
0

Re: Bad Credit... Don't know where to start.

When I went to sign up for some of the products on this site I couldn't log back in so I had to make a new name. Sorry if that brakes any forum rules. I got my credit score and surprisingly it is 535. I was expecting a lot worse. I had a auto loan just pay off about 6 months ago and another is about 2 years old. I guess maybe those are carrying my credit? Anyways, what if no one will do a PFD? I can PIF all the bad on my report (not student loan) I just want the best way to raise my score. 

Member
MonsterMad28
Posts: 12
Registered: ‎02-17-2013
0

Re: Bad Credit... Don't know where to start.

So pretty much everyone said no to the PFD.... what now?

Senior Contributor
fishbjc
Posts: 3,377
Registered: ‎11-30-2007
0

Re: Bad Credit... Don't know where to start.

You've started....you're here.  :smileyhappy:

 

PFD is just a ymmv type-of-deal.  Pay the accounts (will they settle for less?), and send a goodwill round for deletion. 

Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011
0

Re: Bad Credit... Don't know where to start.


BornSupercharged wrote:

Do not pay anything until you have written confirmation stating that IF you pay the amount, then they will remove the negatives from your credit report(s). 

 

Once you have it in writing, you can pay them off and expect the baddies to disappear, and your score should go up. 

 

As for the student loan, there are situations where that can be dismissed. You may want to talk to a credit counseling service to see how to proceed regarding the loan, they are better equipped to assist you in this situation. But if you really want to pay it off, again get it in writing that says you will make X amount of payments for $xxx each month, and once it's paid in full they will remove the negative from your report(s) - VERY important to get it in writing from them!

 

Best of luck! 


vehemently oppose your first train of thought. Whenever people say do not pay unless removal makes me cringe.

 

First, it could be putting back your credit repair YEARS. Some people just don't want/willing/agree to do PFD. It's a fact of this whole credit repair game

 

Credit repair is outside the box thinking. Those who stay inside that box struggle. Sometimes, you just have to pay your debt, regardless of the in-writing guarentee deletion. I had much much MUCH more success with sending GW after paying accounts in full. In fact, The only thing I wasn't able to remove (of over 25+ negatives) is a tax lien.

 

I used PFDs, GWs, Direct Disputes, MOVS -- all with varying degrees of success. Its about ebb and flow.

 

-scott

 

 

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX
Member
MonsterMad28
Posts: 12
Registered: ‎02-17-2013
0

Re: Bad Credit... Don't know where to start.

They have all stated that they will settle. Some for half.  The whole scale of what I am trying to do is buy a house this year. My company credit union generally will approve employees for anything after they have been with the company for two years or more (going on 7). When you ask for your loan they never say no, they just tell you what needs to be done with the bad stuff on your report. That's how I got one of my cars before I blew my credit up. I wanted to have some kind of handle on it before I went to them for money. I keep reading that settling is bad and it's better to PIF.

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: Bad Credit... Don't know where to start.


MonsterMad28 wrote:

They have all stated that they will settle. Some for half.  The whole scale of what I am trying to do is buy a house this year. My company credit union generally will approve employees for anything after they have been with the company for two years or more (going on 7). When you ask for your loan they never say no, they just tell you what needs to be done with the bad stuff on your report. That's how I got one of my cars before I blew my credit up. I wanted to have some kind of handle on it before I went to them for money. I keep reading that settling is bad and it's better to PIF.


FICO does not look kindly at settled for less.  Settled or settled for full is ok.

 

It also depends on whether you are trying to settle with a CA or OC. 

Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011
0

Re: Bad Credit... Don't know where to start.


MonsterMad28 wrote:

They have all stated that they will settle. Some for half.  The whole scale of what I am trying to do is buy a house this year. My company credit union generally will approve employees for anything after they have been with the company for two years or more (going on 7). When you ask for your loan they never say no, they just tell you what needs to be done with the bad stuff on your report. That's how I got one of my cars before I blew my credit up. I wanted to have some kind of handle on it before I went to them for money. I keep reading that settling is bad and it's better to PIF.


Well, my personal experience, I just PIF on everything. 1. I knew it was mine. 2. I hoped PIF would compell deletion.. It worked more times than it didn't, especially after I paid it in the GW letter I would say something like "I paid this debt in full, without haggling or settling, and I hope you can show me the courtesy of removing this account from reporting. The FCRA does not mandate that all information is reported, just that information that is reported is accurate, this does provide your company discretion to remove this account' or something along those lines.

 

As mentioned many times, YMMV and it might not go that way for you. Look at my siggy -- if you have any similar collection companies PM me and I'll let ya know what I did with each one.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX

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