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Beginning of the reconstruction

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Anonymous
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Beginning of the reconstruction

Hey guys!

Its come to the point where it is more in my favor to now settle down with this job and go and purchase a home. Problem is, having good credit at a young age was too much for me. At 18 I had around 740 as i had been piggybacking on my parents lines as AU. I destroyed my credit with some small collections and missed payements . I had always gone around this issue by using everyone elses credit to obtain my cars.  I have around 3400 dollars in debt with collections and 134% utlization ratio on my credit.

 

I started to rebuild me credit by hiring lexington Law Firm , which by the way seems like they take their time with everything. And have had been added to 3 cards as an AU again, and obtained a secured credit card.  Repaying the debt is not a problem since now i have got a good salary job, but should i wait on lexington law firm to confirm the debt? Or should i call them directly and ask for the pay for delete deal?

all these debts are around 5-6 years old and some friends told me to just wait it out . Not sure what route to take on this situation. My plan is to buy a house by next June. Hopefully its enought time to boost this score back up.

 

Any suggestions will be greatly apprecatied 

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Beginning of the reconstruction

I have absolutely nothing to add other than your title made me put on one of my favorite albums --Fables of the Reconstruction.  Thank you. Carry on.

Message 2 of 7
Anonymous
Not applicable

Re: Beginning of the reconstruction

I would worry more about your current Utilization than 6 year old collections.  Utilization makes a huge difference.  In my Sig you can see what 95%-1% can do for a score.  

 

Once you get your Utilization under control send letters for PFD to the collection agencies, I would not call them personally.  

Message 3 of 7
whatamess
Valued Member

Re: Beginning of the reconstruction

I would just wait it out until year 7. In some cases year 10. if its still showing up on your report afterwards then dispute it with the credit agencies. More than likely no one will reply to it at that point and it will drop off.

Handle ya bidness, It pays!
Message 4 of 7
Anonymous
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Re: Beginning of the reconstruction

The account that is showing the high utlization ratio is already in collection so i can make partial payments, the collection company wants it all in full. Can the account still show up as a collection account and still play a factor in my credit limits? 

Message 5 of 7
Anonymous
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Re: Beginning of the reconstruction


@Anonymous wrote:

The account that is showing the high utlization ratio is already in collection so i can make partial payments, the collection company wants it all in full. Can the account still show up as a collection account and still play a factor in my credit limits? 


What collection company is it?

Message 6 of 7
Anonymous
Not applicable

Re: Beginning of the reconstruction

It was for a capital one card i believe, and the collection company that took over the debt is Midland Funding. It still shows up as a account under capital one , and shows up as a collection under Midland Funding.

 

Message 7 of 7
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