HELP!! What should I do?

Anonymous · ‎03-17-2015

Good morning everyone! I've been looking at post here for about 3 hours now and I must say this is probably the best online community I've every encountured.

So I'm going to get right to it. I'm 22 years old with bad credit primarly because of the 3 months I spent at boot camp for the Marine Corps.

Without having the option to have my money deposited into my previous bank acount to pay my credit cards all 3 of my account went into 60+ default which droped my credit from the high 600's all the way to the low 500's.

I've since settled with one creditor and will have the other 2 paid off in the next 6 months. The biggest hurdle I'm currently facing is capital one, american express and discover removing the late payments.My past attemps to explan my situation with GW letters failed with only being able to salvage my discover account and the other two being terminated. I was approved for $3,000 CL with Navy Fed and still have my $1000 CL with Discover.

I have $250 CL with Express and a addition $500 checking CL with Navy Fed. My car loan is financed by Navy Fed and my student loans are still in good standings. My current scores are Exp: 542 Equ: 520 Tu: 542. My current savings include $25,000. This is my financial situation what would some of you great credit builders suggest I do about the negative payment history and my horrible score?

Thanks in advance!

gdale6 · ‎03-17-2015

@Anonymous wrote:
Good morning everyone! I've been looking at post here for about 3 hours now and I must say this is probably the best online community I've every encountured.
So I'm going to get right to it. I'm 22 years old with bad credit primarly because of the 3 months I spent at boot camp for the Marine Corps.

Without having the option to have my money deposited into my previous bank acount to pay my credit cards all 3 of my account went into 60+ default which droped my credit from the high 600's all the way to the low 500's.

I've since settled with one creditor and will have the other 2 paid off in the next 6 months. The biggest hurdle I'm currently facing is capital one, american express and discover removing the late payments.My past attemps to explan my situation with GW letters failed with only being able to salvage my discover account and the other two being terminated. I was approved for $3,000 CL with Navy Fed and still have my $1000 CL with Discover.

I have $250 CL with Express and a addition $500 checking CL with Navy Fed. My car loan is financed by Navy Fed and my student loans are still in good standings. My current scores are Exp: 542 Equ: 520 Tu: 542. My current savings include $25,000. This is my financial situation what would some of you great credit builders suggest I do about the negative payment history and my horrible score?

Thanks in advance!

Welcome to My Fico

Time and/or getting your derogs commuted is the answer. If you cant remove the derogs then they are going to need time to age in the eyes of Fico. Settling debt isnt going to help you until it begins to age, every month when they update the new balanced owed on a COed account it looks brand new to Fico and the result is a depressed Fico that cant recover. I would take whatever you need from savings and pay off all your COed debt now so it doesnt update every month and then continue with GW letters directly to the CEO of each company.

Anonymous · ‎03-17-2015

I would write to the CEO's of the respective credit card companies and politely and respectfully request that since the issue was entirely the result of your three months of basic training during which you were unable to manage your accounts, that in keeping with the spirit of the Soldiers and Sailors Civil Relief Act of 1940, which was intended to protect service members financially during their wartime service, you are requesting that reporting of the derogatory information (which is doing you considerable financial harm) regarding your accounts be removed and their status be updated to "paying as agreed" or "paid as agreed" whichever is appropriate.

Anonymous · ‎03-17-2015

And should they still balk at removing the derogs, I would suggest contacting your congressman about their potential violation of *at the very least* the spirit of the act.