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New Visitor
Posts: 2
Registered: ‎09-21-2013
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Credit Repair Steps- Do I Have This Right?

I've been looking around for an outline to see where to begin in an attempt to salvage what I can of my crappy credit score of 558.  I currently have a 13 yo Discover card with a $1500 limit that I PIF every month, and miraculously, I was approved for the Cap1 Quicksilver for 1k.  I wanted to give myself a lower utilization ratio when I realized that while I'm PIF every mo th, with a low limit, it hurts me when I've got an easy 50% of my balance used up when my statement gets reported.

 

If I understand this right:

1. Get 3 credit reports (done)

2. Opt out (done)

3. Delete old addresses (working on it, just lost my ss card, so need to wait for a replacement to photo copy)

4. Dispute my neg collection accounts w/CRAs and see what comes off

5. With what's left, send GW letters to accounts settled

6. DV letters to CAs with claims, send CRM

7. PFD letters to PIF for claims that don't come off

 

I have a string of medical debt in collections, and I know from reading here nobody wants to discuss in detail, but those are the newest, and small amounts I can PIF. If anyone has had success w/HIPAA process, I'd appreciate some pointers.  It looks confusing, and I think I have the general idea, but those are my most recent dings, and I need to see what I can get taken off.

 

I'm not trying to buy a house or anything, but I want to be able to qualify for a loan if something comes up.  For example, my dog needed surgery last spring, and I had to pay cash because I knew I wouldn't qualify for Care Credit.

 

One more question: I have debt in collections that I absolutely don't agree with; 2 utilities and a gym membership that was cancelled because I moved out of state. The DoFD on the utility bills are months after I was already gone, but I honestly can't remember having those bills in my name. I can only speculate, but maybe because I was young and dumb, I didn't transfer the utilities out of my name when I left my apartment? But I can't believe I'd be that dumb.  Anyway, if I dispute those charges I believe to be bogus, does the 7 yr cycle start all over again if they make a new comment on the credit report? Or does it fall off 7 yrs from DoFD? I'm hesitant because they are so old, but if it turns out I was somehow responsible, I don't want to screw myself over if they'll be coming off in 2014-15 anyway.

 

Thanks in advance, I'm so glad I found this site! I don't feel as helpless as I did before.  If I can get back to mid 600s, I'd be happy to patiently wait from that point for the old stuff to come off while continuing to be responsible with the cards I have now.

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Credit Repair Steps- Do I Have This Right?


joannski3 wrote:

I've been looking around for an outline to see where to begin in an attempt to salvage what I can of my crappy credit score of 558.  I currently have a 13 yo Discover card with a $1500 limit that I PIF every month, and miraculously, I was approved for the Cap1 Quicksilver for 1k.  I wanted to give myself a lower utilization ratio when I realized that while I'm PIF every mo th, with a low limit, it hurts me when I've got an easy 50% of my balance used up when my statement gets reported.

 

If I understand this right:

1. Get 3 credit reports (done)

2. Opt out (done)

3. Delete old addresses (working on it, just lost my ss card, so need to wait for a replacement to photo copy)

4. Dispute my neg collection accounts w/CRAs and see what comes off.  No.  Not the way to go if these are accurate.

5. With what's left, send GW letters to accounts settled

6. DV letters to CAs with claims, send CRM

7. PFD letters to PIF for claims that don't come off

 

I have a string of medical debt in collections, and I know from reading here nobody wants to discuss in detail, but those are the newest, and small amounts I can PIF. If anyone has had success w/HIPAA process, I'd appreciate some pointers.  It looks confusing, and I think I have the general idea, but those are my most recent dings, and I need to see what I can get taken off.

 

I'm not trying to buy a house or anything, but I want to be able to qualify for a loan if something comes up.  For example, my dog needed surgery last spring, and I had to pay cash because I knew I wouldn't qualify for Care Credit.

 

One more question: I have debt in collections that I absolutely don't agree with; 2 utilities and a gym membership that was cancelled because I moved out of state. The DoFD on the utility bills are months after I was already gone, but I honestly can't remember having those bills in my name. I can only speculate, but maybe because I was young and dumb, I didn't transfer the utilities out of my name when I left my apartment? But I can't believe I'd be that dumb.  Anyway, if I dispute those charges I believe to be bogus, does the 7 yr cycle start all over again if they make a new comment on the credit report? Or does it fall off 7 yrs from DoFD? I'm hesitant because they are so old, but if it turns out I was somehow responsible, I don't want to screw myself over if they'll be coming off in 2014-15 anyway.

 

Thanks in advance, I'm so glad I found this site! I don't feel as helpless as I did before.  If I can get back to mid 600s, I'd be happy to patiently wait from that point for the old stuff to come off while continuing to be responsible with the cards I have now.


 

New Visitor
Posts: 2
Registered: ‎09-21-2013
0

Re: Credit Repair Steps- Do I Have This Right?

I honestly don't know/can't remember for the stuff that isn't medical.  If I'm unsure, should I ask the CA to do a DV instead?  The collections I have which show as charge offs are from 07-08.  Weird thing was when I saw a $1,044 charge off from Cap 1, who just approved me for an unsecured cc.  I was going to leave that one alone.

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Credit Repair Steps- Do I Have This Right?

For the medical, I would contact the OC and see if they offer any type of financial assistance.  If they do your debt could be wiped and and the CAs would have to delete because there would be no debt.

 

Unless you know 100% it is not yours I would not dispute.

 

If the debt is inside your SOL and you can PIF, send a DV.  Otherwise wait.

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