cancel
Showing results for 
Search instead for 
Did you mean: 

Disheartened, and Ready for Change

tag
onlyboys
New Member

Disheartened, and Ready for Change

Hello All!

 

I find this forum to be uplifting and helpful!  Thank you to all the contributors. 

 

My individual story is one that is riddled with irresponsibility and life choices (choosing to be a stay-at-home-mom) that I didn't really consider until now.  I've recently gotten my first "real" job making a considerable amount of money, but with four kids and a teacher for a husband, I worry that I will never dig out of this hole.  Below is a snapshot of my situation, and I would appreciate any and all advice on how to raise my credit score.

 

Credit Score via my FICO:  516

 

Revolving/Open Balance:  $4,581.00--Of this amount, $1,872 is actually accurate.  The other accounts (with SST, Midland, and LVNV Funding) are anomalous and I do not know where or when they came from.  I've had two credit cards--both from Capital One and both are reflected in the $1,872. 

 

Collections:  25 (!!) Collections accounts open.  Some are duplicates, and all are medical bills.  The total for these accounts is $12,967 not including the duplicate records. 

 

Student Loans:  Undergoing rehab, and this will be successful. 

 

Anyone willing to help me come up with a logical plan? 

 

Thanks,

A

 

 


Starting Score: 516
Current Score: 516
Goal Score: 640


Take the myFICO Fitness Challenge
Message 1 of 4
3 REPLIES 3
rckstrscott
Valued Contributor

Re: Disheartened, and Ready for Change


@onlyboys wrote:

Hello All!

 

I find this forum to be uplifting and helpful!  Thank you to all the contributors. 

 

My individual story is one that is riddled with irresponsibility and life choices (choosing to be a stay-at-home-mom) that I didn't really consider until now.  I've recently gotten my first "real" job making a considerable amount of money, but with four kids and a teacher for a husband, I worry that I will never dig out of this hole.  Below is a snapshot of my situation, and I would appreciate any and all advice on how to raise my credit score.

 

Credit Score via my FICO:  516

 

Revolving/Open Balance:  $4,581.00--Of this amount, $1,872 is actually accurate.  The other accounts (with SST, Midland, and LVNV Funding) are anomalous and I do not know where or when they came from.  I've had two credit cards--both from Capital One and both are reflected in the $1,872. 

 

Collections:  25 (!!) Collections accounts open.  Some are duplicates, and all are medical bills.  The total for these accounts is $12,967 not including the duplicate records. 

 

Student Loans:  Undergoing rehab, and this will be successful. 

 

Anyone willing to help me come up with a logical plan? 

 

Thanks,

A

 

 


Logical plan! Okay..

 

First off.. those Midland, LVNV, ectect, are also collections, they are just calling themselves 'factoring accounts' -- handle them like collections.

 

You have a LOT of accounts. So did I -- You need to TRIAGE!!!!

 


First course of action is, which accounts of the medical are yours. Are they all yours? Are they with the same collection companies? Medical debt have multiple approaches. You could contact the original creditor and see if they will take payment, in exchange for 'recalling' the debt from the collection agency (AKA asking from the removal from you credit report) -- you could pay the original creditor and follow waht is known as the HIPAA process (we cannot talk about it due to quesitons of its methods being above board, since FICO is a business and the forum cannot advocate certain thingsect ect) but you can Google this process.. You could send a PFD offer to them (pay for delete) -- or you an pay the debt and try the good will process.

 

You need to find out the date of first delinquecy for each acocunt, this will determine how long the accounts can report for. If they are older, they may be falling off your report soon than later.

 

I would recommend going to annualcreditreport.com and getting your annual free credit reports, these will have all the information we would need to help with specific accounts. Those LVNV account ect ect are collection accounts, and they will tell you what they are from.

 

Couple questions:

Do you have money to pay these debts in a faster or slower approach?

How much of these debts do you think are yours?

What are your credit limits on those two credit cards?

How old is all that medical

Have you ever recevied any dunning notifications on any of these accounts?

 

 

-scott

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
Message 2 of 4
onlyboys
New Member

Re: Disheartened, and Ready for Change

Thanks, Scott!

 

I am carefully reviewing and considering the options above, but before I begin, I will get my free annual credit report. 

 

I appreciate it!

 


Starting Score: 516
Current Score: 516
Goal Score: 640


Take the myFICO Fitness Challenge
Message 3 of 4
rckstrscott
Valued Contributor

Re: Disheartened, and Ready for Change


@onlyboys wrote:

Thanks, Scott!

 

I am carefully reviewing and considering the options above, but before I begin, I will get my free annual credit report. 

 

I appreciate it!

 


Once you get the annual reports, it will be easier. All collections will have a DOFD (date of first delinquency) -- These accounts are allowed to report until 7.5 years after that date. Also; you need to know if you can be sued or not for the debt. Look into your states statute of limitations. sometimes you don't want to work debt right away that is within the SOL and you cannot pay it, because they could sue you..

 

-scott

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.