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Good Morning Community!
Need a little assitance in getting my credit back on track, i'm younger (23) but not naive (at least anymore)
Back in 2011 I was in good grace and tried to help a friend while his living situation became very dim because of his roommate moving out, long story short I helped took over his lease with him which was going to be a 3 month term right before i left to college out of state. I'm assuming rent is being paid, as this is only being my second living on my own situation and knowing him forever I would think trust shouldn't be a factor
Trust + Credit = NO GO
He took off, eviction hit both of us and now that i'm in a corporate level career path, and back in my home state I want to get this handled and handled aggressively. I have been reading through the site and I think I have everything lined-up now I just want some advice from the people. Didn't want to go the route of partnering help through third party sources being here the bad stories on that.
Little background from me
I currently only have one line of credit open with a limit of about $300
I also have an auto loan where I'm about at $14,000
The credit line is through a retailer and the auto loan is through my credit union.
The collection debt is about $4,500. the colletion is through FCO
I keep hearing secured credit cards, or secured credit loans, but still unsure if thats the most aggressively and best step next.
If anyone is willing to chime in or help out a younger individual it would be highly appreciated
Before apping for new credit, unless it is credit you truly need, I would address the unpaid collection.
It is both a major derog, and when apping for decent amts of credit, its unpaid status could be a killer regardless of your score.
Can you pay it?
Perhaps negotiation of a PFD, both getting it satisfied and removing it from scoring.
A home run would be both acceptance of a PFD and settlement for less than the full amount.
Crazy thing is, when calling the collection the account isn't even in my name its in the other persons name
does this help out at all? I do want to deal with this, and think PFD would be the best route