Hello everyone

[Anonymous]

I am new here and excited to join the board and start working on my scores. I would like to introduce myself and my situation. I have been a pretty responsible person and always made sure to pay my bills on time. My current score however is 644 for a FICO Equifax score. I don't really know how i got here as just a little less than a year ago, my score was 730. What has changed since then? I got a car loan (owe about $9K on it) and my credit card debt has probably increased totaling $5200. Debt utilization ratio is 38%. I have 2 collections on my report. I opened a dispute for one as I have no idea who they are and don't think the account belongs to be, that is the lowest amount though $189, the other collection account is for a rental property that my ex-husband and I rented in 2008-2009, we were each responsible for half of the rent, every month I wrote him my half, but later found out that my portion of the rent was the only thing that was deposited and long story short by the time I found this, we owed them over $5k . The ex promised to pay this off as it was his fault and debt but he never did, I think he did make a payment plan with the collection agency but probably did not follow through and has no intent to, the balance on this one is about $2.4k right now. Unfortunately, because we both signed the lease then, it is tied to me and my report, grrrrrr!

Anyhow, I would like to purchase a house in the next year or so and would love to at least go back to 700 and was hoping I could get some help from here.

Here are the 2 adverse accounts that are showing on my report:

1-IQ DATA INTERNATIONAL

Status: Collection account. $2,460 past due as of Aug 2012.

Status Details: This account is scheduled to continue on record

until May 2016.

2-AMERICAN COLLECTIONS

This item is currently being investigated

Status: Collection account. $189 past due as of Oct 2012. Status Details: This account is scheduled to continue on record

until Dec 2014.

What steps can I take to improve my score or at least get these collections out of my report? I don't have any other negative payment/issues besides these 2. Thank you all!

Monkey-Doll

[Shogun]

Hello Monkey Doll and welcome to the forums.

First off, I'd try to pay the CC bill down.  Just get your util down and you'll see an improvement.

1.  Unfortunately you are stuck with this one.  Seeing how both of you signed for it, you do have joint responsibility.  You could try to bargain with them, maybe do a PFD from your CR for half or less. 

2.  If you don't recognize it, I'd start off with a DV to see what and where this debt came from.  It seems to be about 5 years old so it has some age to it.  

[madmann26]

Welcome.

The utilization is hurting you the worst right now. For the debt you don't recognize, send them a DV.

Try for a PFD settlement on the other and see what happens.

We're here to help.

[Anonymous]

Thank you so much for responding. Yes, my priority right now is to pay off my credit cards so I can bring my utilization ratio down, I guess another thing would be to call the credit card companies and see if they can increase my limits, would you recommend that option? Because that would also bring the utilization ratio down. The thing about the $2.4k rental thingy, I know I do owe it since I signed for it but I guess one part of me just doesnt want to pull all of my resources and get it paid since some part in my brain I do feel like it is my ex's full responsibility and I would rather use my resources to pay off my credit cards first . I am a single mum now trying to save for my first house and it would really suck if I have to put my savings into this $2k charge.  I did call IQ Data about 2 years ago to settle and they were extremely rude to me on the phone, it was unbelievable. Thanks again!

[KnewBee]

Welcome Monkey-doll, what a bummer on the rental! Sorry that happened to you! I agree with Shogun. I would try to settle it for less for a delete. Since they are rude on the phone, I personally would try just writting them a real honest letter. I would pull on their heart strings (if they have any) with your situation and the fact you paid your husband but you want to take care of it but don't really want to pay a large amount since you actually already paid this with your ex husband. Maybe they will be reasonable and take a small offer, worst they can do is say no, but some dollars for them are better than no dollars. Whatever you do dont mention you want a mortgage as CAs smell blood when they hear that. Also what is the statute of limitations? You may want to make sure they can no longer sue you before you start poking the bear on that one. Best of luck to you! 

[beb86]

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@Anonymous wrote:

Thank you so much for responding. Yes, my priority right now is to pay off my credit cards so I can bring my utilization ratio down, I guess another thing would be to call the credit card companies and see if they can increase my limits, would you recommend that option? Because that would also bring the utilization ratio down. The thing about the $2.4k rental thingy, I know I do owe it since I signed for it but I guess one part of me just doesnt want to pull all of my resources and get it paid since some part in my brain I do feel like it is my ex's full responsibility and I would rather use my resources to pay off my credit cards first . I am a single mum now trying to save for my first house and it would really suck if I have to put my savings into this $2k charge.  I did call IQ Data about 2 years ago to settle and they were extremely rude to me on the phone, it was unbelievable. Thanks again!

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In the PFD I would include something to the effect that you paid your part and the remaining balance was your Ex's responsiblity and its obvious that he hasn't paid or will pay since the are in collections but you are willing to make a payment of _X_ amount to delete YOUR portion of the libality of the debt and have it removed from your CR but the are more than welcome to chase him for the remaining balance..........

[Anonymous]

Hello KnewBee,

Thank you so much for your post.. They actually laughed at me about 2 years ago when I told them about my situation and told them they needed to try to collect with him as I have paid my share already. They kept screaming : You signed, it is your debt, you have to pay and were laughing without any intention to help or negotiate on the amount. They know I am the one who cares so I am the one they harass. The statute of limitations is 3 years, however I do not know when the clock starts/stops as this was defaulted on in 2009, however on my credit report it said that the account is scheduled to continue on record until May 2016 and that the collection agency opened the account ing august 2011. So what date to I go by for the statute of limitations? I also moved to another state while all of this has been going on and my new state also has a SL of 3 years, however from what I read, when you move to a new state, the old state can pause the SL and it will pick up when you move back, so at this point I really don't know what to go with... Help?

[Anonymous]

Hello beb86,

Thank you for your message. I tried that 2 years ago and they laughed at my face , yelling you signed it you owe it! and everything I am reading online for IQ Data International only points to horror stories and ngihtmares!!!! I am really doubting at this point that they will accept a Pay to Delete and I don't even want to give them the full $2.5k as I have other things to take care of....

[KnewBee]

Monkeydoll, fairly certain you would be outside of SOL, but would hate to tell you wrong. You may want to post details either here or in a new post of what state it happened in and what state you moved to so some people with more SOL knowledge can confirm you are outside. I think it is based in the state you live so if 3 years in the state you live in now you should be good. They will report on the credit for 7 regardless of the SOL and when the CA opened the account. The CA sounds like a nightmare, but once you confirm it is over SOL would still try the letter route. CAs usually have fairly high turnover so if you called them two years ago, hopefully it will be different (more reasonable) people that read your letter If you do one now, plus once past SOL they are often times more willing to work with you. 

[LIGHTNIN]

Hi and Welcome to the forums,

This rental debt occurred, while married correct?  

Was this debt brought up in the divorce and what did the judge say?

You came to the right place to learn about credit, CR (credit reports), CS (credit scores) etc.

Take your time to learn,read and to ask questions. You can do this, just hang in there.

Credit repairing and rebuilding does take time, but it will be worth it

Oh, you may need to study these or make a copy to put next to your computer...Common Abbreviations