Rebuilding Your Credit

[emend23]

Hello, I'm new to forums and needed some help on how to tacklemy credit. Right now myfico states that I'm at 620. Im trying to increase it as much as possible.

I made some awful mistakes in my life and i'm trying to rectify them now.  I'm debating in doing a Bankruptcy on the Car Loan that was repossed about  6 year ago, from what i understand theres a  7 year wait until it drops off. Would it be best if I wait?  I don't know what else to do to increase it. Any help would be greatly appreciated.

Gecrb/Care		12/2012	$35	Pays account as agreed	No
Cap One		9/2012	$13	Pays account as agreed	No
Sallie Mae	XXXXXXXXXXXXXXXX	10/2003	$23,812	Bad debt/collection	yes
Sallie Mae	XXXXXXXXXXXXXXXX	3/2006	$17,686	Bad debt/collection	yes
Us Dept Ed	XXXXXXXXXXX	9/2012	$8,269	Pays account as agreed	No
Us Dept Ed	XXXXXXXXXXX	9/2012	$5,354	Pays account as agreed	No
Sallie Mae	XXXXXXXXXXXXXXXX	3/2006	$0	Pays account as agreed	No
Sallie Mae	XXXXXXXXXXXXXXXX	10/2003	$0	Pays account as agreed	No
Sallie Mae	XXXXXXXXXXXXXXXX	3/2006	$0	Pays account as agreed	No
Sallie Mae	XXXXXXXXXXXXXXXX	6/2004	$0	Pays account as agreed	No
Sallie Mae	XXXXXXXXXXXXXXXX	10/2003	$0	Pays account as agreed	No
Sallie Mae	XXXXXXXXXXXXXXXX	3/2006	$0	120+ days past due	yes
Sallie Mae	XXXXXXXXXXXXXXXX	3/2006	$0	120+ days past due	yes
Sallie Mae	XXXXXXXXXXXXXXXX	6/2004	$0	120+ days past due	yes
Sallie Mae	XXXXXXXXXXXXXXXX	10/2003	$0	120+ days past due	yes
Sallie Mae	XXXXXXXXXXXXXXXX	10/2003	$0	120+ days past due	yes
Santander	XXXXXXXXXXXXX	1/2007	$0	Bad debt/collection	yes
Hsbc/Scusa	XXXXXXXXXXXXX	1/2007	$0	Pays account as agreed	yes
Hsbc Auto	XXXXXXXXXX	1/2007	$0	120+ days past due	yes

[jadeite788]

bankruptcy is not going to help ur car loan, seems like u have a student loan issue.

[emend23]

Well i do have still 2 outstanding student loans still past due. Would u suggest if i complete a payment plan, help me with my credit?

[Shogun]

It does look like you have a SL issue, but besides that, it doesn't look like you have a lot of debt, paid or unpaid.  I would concentrate on trying to rehab those and keep them up to date.  Everything that has a $0 balance and is a negative needs to have GWs sent.

[emend23]

What do you mean gw? How exactly is that done?

[Shogun]

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

Take a look at this thread, see what you think.

[emend23]

How would the good will letter help in my case? I have  know the car was repo an sold to different CA. so I know show 3. If  i send a GW letter an I going to be needing to pay the balance? I really dont have that kind of money to be dishin out $10k, the student loans, I can work on a rehab and get them out of deliquency.

I just dont know how to do it with the car loans

[Shogun]

All the car loans shown here have a $0 balance.  Where is the money owed?

[emend23]

It does seem like they charged off the accout. as you can see from below.  Status as of  Date opened [? Date of last activity [?] Account number [?] Largest past balance [?] Account Type [?] Account holder [?] Scheduled Payment Amount [?] Industry

Sep, 2012

Jan, 2007

Aug, 2008

XXXXXXXXXXXXX1000

$19,141

Installment

Individual

$450

Auto Financing

Descriptions [?]

• Account transferred or sold
• Charged off account

Balance [?] Current Status [?]

$0	Bad debt/collection

[Shogun]

I'm seeing the balance on all of them as $0.  So to me, that means there is no money owed them.  That's why the GWs should be sent.