Rebuilding Your Credit

[Ashleyma23]

I have 2 accounts in collections, bad payment history, 9 collections in total , one legal notice and good credit available. My last credit card was opened 6 years 6 months ago as stated on my fico. My fico score is 608. How can I rebuild new credit ??? I applied for a
Target loan and think it was denied . I have to wait 10 days for further approval. Would making payment arrangements for my student loan be a good way to start. Does chex systems count for mortgage loans ?

[llecs]

What have you done with the baddies up to this point?

Do you have any open CCs?

Chex is a CRA, but geared towards banking. The SLs wouldn't report.

[Ashleyma23]

Jcp 06 - closed $287
Macy's 06 -closed $4--
Chase mc closed $1,316.00 noted as public records amount 1,6--.00
HSBC $56- closed

No opened ccs
Sls won't report ? I figured his could fall under payment history ? My payment history is listed as very bad?

[llecs]

Are JCP, Macys, and HSBC charged-off? If so, send each a PFD. If after a few attempts at PFDing and they still say "no", then PIF and GW later.

For the judgment, the balance can increase due to interest, legal fees, etc. It's the court that's reporting that balance. To take care of it, save up 100% and contact the plaintiff's attorney and see if they'd accept a payment or settlement in exchange for having it vacated. Some had success in doing so and if accepted, they'll ask the court to have it removed.

SLs will report, just not to Chexsystems. They'll report to the big 3 typically.

I'd focus on repair and after have or more oft he baddies go away, then try for a secured CC from somewhere. Let that report and continue repair. That'll set you up with higher scores in the future.

[Ashleyma23]

Ok I recieved a few notices in the mail this week on jcp and Macy's to pay the less then full balance through the debt collectors. Do I contact them or the original creditors.
If I contact the new collectors that sent me TE less then full balance the PID

[Ashleyma23]

Does the PFD letter , just state I will pay or submit payment with letter.

On the public record this is what I was needing and will call the attorneys office when I have that money

[llecs]

Looks like they didn't accept the PFDs. Keep sending them.

A PFD ask the OC or CA to send you a letter in writing stating they would delete in exchange for a payment. If they send that letter acknowledging those terms, then that's when you'd pay. Once they receive your money, then they'll delete.

Check these out:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

[Ashleyma23]

I have not sent the PFD s yet. It's a good thing I did not pay the ca the less in full balance. I will make the letters after I pay have the money for public record.

I made a two payment agreements with chase and td bank for old checking accounts I was going to pay first maybe I can send them
Another letter if this can be paid next month.