I am a newbie to credit repair. My credit has been bad all my life. I do not think there was one point in my life where my credit score was above 600. I am ashamed of that last sentence, but no more living in the past. It is time to grow up and make changes for my future. I am 31, employed, and I am currently in the process of purchasing a home. Needless to say, my low credit score is making this process hard. In order for me to take advantage of a first time homebuyer grant program, my credit score needs to be at least a 620. I'm about 90 or so points off. Most of my debt is old, a lot of collections and a lot of late payments. I've begun the process to repair my credit by doing the following:
1. I have three collection accounts with RJM Acquisitions. I sent them a letter CMRRR on 05/04/2011 asking them for a PFD.
2. My credit card has a $250 limit which it was over, I paid that down to $10 on 05/05/11
3. I sent a goodwill letter to my credit card company (same one as above) to have them remove the late payments that are reporting on my CR, on 05/04/11
4. I was sent a letter of settlement from WFNB, they offered me 50% of my total due and said they would report the account as "settled in full" (not sure how to handle that) Received: 05/07/11
5. My student loan company contacted me about loan consolidation, which would pay off the balances of the old loans and create on large loan. Will work on the consolidation this week.
I also have an account with Univ of Phoenix in the amount of $1500, that I would like to dispute as when I attended there, I took out student loans, so I'm trying to figure out how I owe them $1500, with this account I plan a DV.
Needless to say, all of this is fairly new to me. All the terms, (DV, CA, FDRA, etc) have been a blur for the few weeks I've been lurking around. I finally decided to step out of the shadows and take control of my financial life. Here is to my first step to financial freedom!
myFICO score: 530 (and I'm not ashamed of that anymore)
Taking responsibility is the first step. I know! I am in the same boat as you Just stick the forums and ask as many quesitons as you want, you will get the guidance you are seeking