cancel
Showing results for 
Search instead for 
Did you mean: 

Desperation/Giving Up-PLEASE HELP!!

tag
AeroKrix
Frequent Contributor

Re: Desperation/Giving Up-PLEASE HELP!!

An OC reporting an account as CO will affect your utilization portion, if there is a balance. Any collection account that is reporting, regardless whether or not is paid, will affect you the same way. Regardless whether or not the OC sold or transferred the CO to another agency, they have the right to still report it, even if the new collection agency is also reporting it. Your best bet is to negotiate with the CA or OC for a PFD, in either payment in full or a settlement paid in installments. If the CA will not agree to a PFD, paying them off will be pointless, unless they actually try to sue you. I would pay off any CA that you are able to, as long as they agree to a PFD.

 

you can check out some secured cards. I know US Bank is rather lenient with their requirements to get their secured card. No BK in the past year and no owed accounts to US Bank. Many others have similar terms for secured card approval. 

 

But don't lose hope, I was in your shoes for a long time. Played the waiting game with CA's and let them fall off. Had to stick to debit cards for a long time, but now, it was definitely worth the wait. One advice is don't let anything else go into collections while you are waiting for baddies to fall off. I know it sounds easy, but it happens to many. Stay away from credit or anything that can become default or charged off. I started applying for secured cards when my score started to approach high 500s, even with a few CA's showing. But after a year or so, they fell off. 3 years into my rebuilding, I think I'm in a good spot right now, and I'm not looking back. Hope you do yourself and favor and keep at it! Good luck to you!

Current 09/01/2021 EQ - 515 FAKO ; EX - 591 FICO ; TU - 598 FICO

Venmo CC $5.0K || Paypal Cashback CC $2.0K || Walmart CC $3.0K || CapOne QS1 $700 || CapOne QS $800 || Mission Lane $1.5K || Merrick $1.0K || AMEX Optima $500
Message 11 of 12
spike69
Frequent Contributor

Re: Desperation/Giving Up-PLEASE HELP!!

Thank you Aero and all the posters here on MyFico. Just like weight loss or really any rebuild- it did not take you a month to get to this point and it won't take a month to recover. My "rebuilding" has been in process since 10/13. Not long but to lose so many points recently was a blow. Further, all the bad stuff is super old and the result of one hospitalization. I amassed nearly 40k in medical debt- paid it all off. Not one collection from that and it feels like with all that work and dicipline I am still miles away from any type of real progress.

 

 

Message 12 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.