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New Member
Dawgamus
Posts: 11
Registered: ‎09-30-2012

Dawgamus and the deep dark hole of sub 600

How we got to this place;

I was promoted and moved by a retail chain to manage a failing store in Feb. 2k7. I bought a house on the lake in march  I broke a company rule and was fired July 2k7.  They closed the store Oct 2k7.   I was unable to make payments on several debts.  Was foreclosed on in Nov.  Got a new job a week after they filed the papers.  Citibank loan, was for home improvements, I had payed for disability/loss of job insurance.  But they denied it because of the status on job loss (no unemployment).  So I never picked up payments again.  Yes I am stubborn.  I was laid off from last job in Cot. 2011  and have not worked since.  I am on disability at 1600 a month. 

I will post my credit report on my next post, and my plan of action after that. I am expecting a lump sum settlement on an annuity.  I have limited resources, Live in a leaking 24 ft Motor Home,  and need to get out by December.  So the quicker I can raise my scores the better.   Please let me know what your advise is.  Esp. if you see me doing something stupid.   

Thanks,

Dawg.





Starting Score: Sub 500
Current Score: 567
Goal Score: 640


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New Member
Dawgamus
Posts: 11
Registered: ‎09-30-2012

Re: Dawgamus and the deep dark hole of sub 600

CENLAR FSB #***********

Account Type:  Mortgage Account

Balance:  $0

Date Closed: 11/27/2007

Remarks: FORECLOSURE COLLATERAL SOLD

Estimated month and year that this item will be removed: 07/2014                                                                          

Reported by all 3 experian has it listed as pending

 

CITIFINANCIAL #*****************

Loan Type: UNSECURED

Balance: $0

Pay Status:  >Account paid in Full; was a Charge-off<

Date Closed:  06/01/2008

Account Sale Info: ACCOUNT SOLD TO ASSET ACCEPTANCE

Remarks: ACCT INFO DISPUTED BY CONSUMR

Estimated month and year that this item will be removed: 11/2014

reported by all 3

 

HSBC BANK #***********

Loan Type: CREDIT CARD

Balance:  $529

Pay Status: >Charged Off<

Date Closed: 10/12/2011

Remarks: DISPUTE RESLVD-CUST DISAGREES

Reported by all 3

 

ASSET ACCEPTANCE LLC #************

Placed for collection: 07/02/2012

Date Updated: 09/09/2012

Original Creditor: CITIFINANCIAL (Retail)

Pay Status:  >In Collection<

Reported by all 3

 

Account Name: PHYSICIAN & DENTISTS C        

Account Type: Collection Department / Agency / Attorney   Collection Account     

Date Opened: 4/1/2009   **Not true date at least 2 years before**

Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department   Unpaid     

Reported by Experian

 

Account Name: AUDIT & ADJUSTMENT COM         

Account Type: Collection Department / Agency / Attorney   Collection Account     

Past Due: $1,145.00        

Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department   Unpaid     

Comments:    COLLECTION ACCOUNT MEDICAL

Reported by EQ and EX   

 

Account Name: I C SYSTEM INC        

Account Type: Collection Department / Agency / Attorney        

Balance: $185.00        

Terms: 1 Month        

Reported byExperian

 

Account Name:    FREEDOM STORES     

Account Status:    Open  

Date Opened:    6/1/2012

Balance:    $2,349.00  

High Balance:    $2,607.00 

Past Due:       $0.00  

Payment Status:    Pays account as agreed  

Comments:    SECURED

Reported by  Equifax

 

   MILITARY CREDIT SERV

Account Name:    MILITARY CREDIT SERV     

Account Type:    Installment     

Account Status:    Open     

Balance:    $0.00     

High Balance:    $2,133.00     

Payment Status:    Pays account as agreed     

Comments:    PAID ACCOUNT / ZERO BALANCE

 Reported by   Equifax      

 





Starting Score: Sub 500
Current Score: 567
Goal Score: 640


Take the FICO Fitness Challenge

Once you have hit rock bottom, I prefer Semtex to get a little deeper
New Member
Dawgamus
Posts: 11
Registered: ‎09-30-2012

Re: Dawgamus and the deep dark hole of sub 600

Dawgamus Plan of Action

A.        Goals

  1. Clear up CR
  2. Purchase House
  3. Purchase Car (2)
  4. Start building Credit
  5. Start retirement fund (again)

B.        Dispersal of Lump Sum Payment

  1.  Amount Received  approx. $15k
  2. Vehicle for Grandson   $5k
  3. Secured Card 1  $1k
  4. Secured Card 2  $300
  5. Escrow Acct (down Payment for house) $ 5k
  6. PFD HSBC BANK. $550
  7. PFD  PHYSICIAN & DENTISTS $350
  8. PFD  AUDIT & ADJUSTMENT COM  $1200
  9. PFD I C SYSTEM INC  $200
  10. Vacation been 25 years since last.  Remaining after payout
  11. Retirement /college fund  remaining from vacation/savings on PFD       

C.       Credit Rebuild

  1.  Secured Card 1  USAA
  2. Secured Card 2  Wells Fargo
  3. Follow-upon Existing  Accounts

 

D.       Retirement Fund

  1.  Self  $400
  2. Cade College Fund $0

 

E.        VA Loan for House

F.       Purchase New Car

 

My goals as listed are not in any particular order.





Starting Score: Sub 500
Current Score: 567
Goal Score: 640


Take the FICO Fitness Challenge

Once you have hit rock bottom, I prefer Semtex to get a little deeper
New Member
Dawgamus
Posts: 11
Registered: ‎09-30-2012

Re: Dawgamus and the deep dark hole of sub 600

Looking at the above, am I on the right track?  and if so how long to 640?  What am I missing? 





Starting Score: Sub 500
Current Score: 567
Goal Score: 640


Take the FICO Fitness Challenge

Once you have hit rock bottom, I prefer Semtex to get a little deeper
Regular Contributor
igids1
Posts: 191
Registered: ‎07-05-2012

Re: Dawgamus and the deep dark hole of sub 600

If you want pure financial/credit advice here it is. Please take this as like SPOCK talking to you, this is only logical, no emotions here. First thing is cancel the 5k for the grandkids car. 

 

Account Name:    FREEDOM STORES     

Account Status:    Open  

Date Opened:    6/1/2012

Balance:    $2,349.00  

High Balance:    $2,607.00 

Past Due:       $0.00  

Payment Status:    Pays account as agreed  

Comments:    SECURED

Reported by  Equifax

 

This is hurting you alot in a few ways. First, its new credit. Not even sure what it is. Second, the balance to high balance and the comment that its secured, leads me to think that you are almost maxed out on the credit. If so, the balance that high, is going to have negative impacts on your credit, and keep you from even getting a subprime credit card.

 

The PFDs are definetely the right track. I think you are underestimating how much its going to cost you to buy a new home. 5k for a down payment plus closing costs seems unreasonably, low, in addition, any place that is going to possibly give you a mortgage is going to want to see that you have some money in "reserves". Telling them that you are giving them your last 5k, and you will have nothing after that, is not going to go well for you. Asset acceptance is definetely going to need to be deleted, or you will most likely not be approved, its too recent. DELTED, not updated to paid in full. How to long to 640 is going to depend on how many of your PFD are accepted.  With your limited history you posted (of positive open credit) I do not feel it is realistic you will be approved for a mortgage by december. I would apply for a capital one secured now, they are VERY forgiving. That will start the positive credit now. And start working on what you have said. I think you are looking at six months depending on how many of your PFDS are accepted.

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

Re: Dawgamus and the deep dark hole of sub 600


igids1 wrote:

If you want pure financial/credit advice here it is. Please take this as like SPOCK talking to you, this is only logical, no emotions here. First thing is cancel the 5k for the grandkids car. 

 

Account Name:    FREEDOM STORES     

Account Status:    Open  

Date Opened:    6/1/2012

Balance:    $2,349.00  

High Balance:    $2,607.00 

Past Due:       $0.00  

Payment Status:    Pays account as agreed  

Comments:    SECURED

Reported by  Equifax

 

This is hurting you alot in a few ways. First, its new credit. Not even sure what it is. Second, the balance to high balance and the comment that its secured, leads me to think that you are almost maxed out on the credit. If so, the balance that high, is going to have negative impacts on your credit, and keep you from even getting a subprime credit card.

 

The PFDs are definetely the right track. I think you are underestimating how much its going to cost you to buy a new home. 5k for a down payment plus closing costs seems unreasonably, low, in addition, any place that is going to possibly give you a mortgage is going to want to see that you have some money in "reserves". Telling them that you are giving them your last 5k, and you will have nothing after that, is not going to go well for you. Asset acceptance is definetely going to need to be deleted, or you will most likely not be approved, its too recent. DELTED, not updated to paid in full. How to long to 640 is going to depend on how many of your PFD are accepted.  With your limited history you posted (of positive open credit) I do not feel it is realistic you will be approved for a mortgage by december. I would apply for a capital one secured now, they are VERY forgiving. That will start the positive credit now. And start working on what you have said. I think you are looking at six months depending on how many of your PFDS are accepted.


I don't agree with this post about Freedom Stores hurting you;

 

Couple of points igids:

 

First; OP has two positive trade lines, this being one of them.. regardless of high balance, this is a paid as agreed trade line with no lates. This has to stay open; esp if OP intends to eventually build some form of AAoA.  It appears to be a new purchase, likely furniture, that will be paid down monthly, so the balance will go down and the util will as well -- Bottom line is  you cannot have a good credit score until you build credit, this is building credit.

 

As far as hurting in a few ways; if OP had 6 accounts and a 7 percent util, then yes, this is hurting in a lot of ways.. but the OP doesn't; so it isn't hurting much at all, if anything it is helping by having an open positive trade line. If the goal is a subprime card in one month, then yes, this is impacting, but if the goal is long term rebuilding, you need to start somewhere. OP started here. So; closing it now would do nothing at all

 

-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
Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012

Re: Dawgamus and the deep dark hole of sub 600

It will be important for you to get Asset Acceptance to delete. They have your Citi account right? Any collection under one year (paid or unpaid) was a deal breaker in my FHA app process. I have not dealt with them but I am sure many on this board have. Best of luck in your rebuilding!
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
New Contributor
mmmagique
Posts: 82
Registered: ‎04-05-2011

Re: Dawgamus and the deep dark hole of sub 600

Dispersal of Lump Sum Payment
Amount Received approx. $15k
Vehicle for Grandson $5k
Secured Card 1 $1k
Secured Card 2 $300
Escrow Acct (down Payment for house) $ 5k
PFD HSBC BANK. $550
PFD PHYSICIAN & DENTISTS $350
PFD AUDIT & ADJUSTMENT COM $1200
PFD I C SYSTEM INC $200
Vacation been 25 years since last. Remaining after payout
Retirement /college fund remaining from vacation/savings on PFD

 

 

Dawgamus, you can't afford to buy your grandson a car, and you can't afford to go on vacation right now. 

 

I suggest you take the car money and the vacation money, and use it to pay off your debt and to fix your credit. 

Once your credit is back on track, and you are working again (are you going to be working again, or will you be retiring? I can't remember) you can do all those wonderful things you want to do for your grandson and your loved ones. 

I know it'll be hard to explain that even though you want to do those things, you just can't afford it right now; but if you spend it the way you're proposing, I don't see your credit improving, and only more of these problems in the future. 

New Contributor
mmmagique
Posts: 82
Registered: ‎04-05-2011

Re: Dawgamus and the deep dark hole of sub 600

P.S. I wish you all the luck in the world, and I hope you get a lovely house. 

New Member
Dawgamus
Posts: 11
Registered: ‎09-30-2012

Re: Dawgamus and the deep dark hole of sub 600

I copied and pasted from my list posted on fridge. Grandson is 26 days old. My son totaled the car in a freak incident. The freedom acct is my only open tradeline at the moment. I have tried several times for a dv with AA but no answer. Last night i followed the example of several people here and filed a complaint with BBB. We will see what happens there. Why the Citi card and not the two i have listed? I am drafting gw letters for cenlar and citi. I guess i ran on my thoughts in my last post. Right now in my area there are a lot of lease purchase available. So i was trying to figure out if i should take advantage. I wasnt trying to get to 640 by dec. Have to make a decision to take advantage of the LP or move to apt.

Good news is lump sum payment should be in acct in ten buiness days.




Starting Score: Sub 500
Current Score: 567
Goal Score: 640


Take the FICO Fitness Challenge

Once you have hit rock bottom, I prefer Semtex to get a little deeper

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