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Hello All!
I am new to this community and to credit repair in general. I have been reading and soaking up information here for the past couple days, but other than that have no experience or knowledge of how to approach rebuilding my credit. My credit is extremely poor due mainly to a lack of maturity and responsibility to this point in my life. I now know that I must take accountability for my actions and attempt to make good on debts which have been ignored for far too long. I pulled my credit report yesterday to start the slow process of attempting repair, and am looking for guidance, suggestions, or anything valuable you may be able to add to assist me in this process.
I am 27 years old and 5 years out of college, currently earning around $35K. I took out multiple private loans while I was in school, for what I told myself was to bridge the gap between what I had and what I needed. Truth be told, I was more reckless than I should have been with the money and took loans for more than I should have. I graduated into a less than desirable economy, and was unemployed for a while and underemployed for a 2 years after that. After the grace period on my loans wore off, I never began making payments on them. After I missed the first couple payments, I remember thinking "well nothings happening, guess I'll keep putting off paying." That brings me to right now. I still don't hear anything from the loan companies, but I'm angry at myself for being so immature, both at taking the loans and not keeping up with the payments. I want to make this right and get the debts paid off, and do it in a way that would most help my credit score and future credit worthiness. I don't have any major need for credit in the next few years (no plans to buy a house, no car loans, etc.) so my main goal is to do what I can to repair my credit.
I will summarize my credit report for you below, to attempt to give you a picture of my situation:
Installment Accounts - 2
Account Name: CAMPUS PARTNERS
Status: 120+ days past due
Balance: $5,349
DoFD: 07/2009
Comments: First payment never received, 180 days past due
Account Name: CAMPUS PARTNERS
Status: 120+ days past due
Balance: $5,197
DoFD: 07/2009
Comments: First payment never received, 120 days past due
Closed Accounts - 2
Account Name: SALLIE MAE
Status: CO
Balance: $20,571
Date of Last Payment: 02/2010 (Made a payment to attempt to become current, no more payments thereafter)
DoFD: 05/2010
Date Major Delinquency First Reported: 11/2010
Comments: Charged off account, variable adjustable rate
Account Name: SALLIE MAE
Status: CO
Balance: $11,638
Date of Last Payment: 02/2010 (Made a payment to attempt to become current, no more payments thereafter)
DoFD: 05/2010
Date Major Delinquency First Reported: 11/2010
Comments: Charged off account, variable adjustable rate
Revolving Accounts - 1
Account Name: CAPITAL ONE
Status: Pays As Agreed
Balance: $0
Credit Limit: $300
Inquiries - 1
Made by Capital One, 05/2012
As I mentioned, I have not yet had any communication with these companies since 2010. What should my plan be here? I would like to get in touch with Campus Partners and try to get updated to current and start making payments, but is that the best way to go? I am looking to begin chipping away at this, in the most credit effective way possible. Any advice would be greatly appreciated.
I apologize for the long post, and look forward to being part of the community.
Are these public or private loans?
Could you pay them off now if you could?
I donno if this is possible or even a good idea...but if it were me? I would try contacting them and ask if they would accept backdated payments and next to beg for them to revise after a few solid payments were made in the future. Stay aggressive on the payments and don't keep making minimums. Again...I donno if this is even possible but its worth asking.
These are all private loans, and I would not be able to pay them off in full at this time.
I have enough saved to make significant down payments on them if required. I definitely didn't want to get in touch with them if they would immediately be demanding payment in full or want more than I could pay them immediately.
I would like to try to set up monthly payments with them and hopefully get them to bring the loans current after a period of on time payments. Any chance of this happening? Good idea to contact them and ask for monthly payments?