11-11-2011 02:28 PM
I'd like to start off by saying that this is my first post and hope to find some very useful information throughout this forum.
Years ago, I held a high-level position in the technology industry. I had the downtown condo, bachelor lifestyle and nice car. Things went south with my company and so did everything else, or so it seemed. As with a lot of people who get caught in financial situations, depression set in.
Long story made short. I have roughly $3,000 in collections, along with the repo that sits at an unpaid $31,000. I am able to pay off my $3,000 in collections but do not see myself being able to take care of the $31k any time soon - that's a lot of money.
As it stands, my Scores are as follows:
11/11/11 - EQ: 575
11/11/11 - EX: ???
11/11/11 - TU: 658
I married 2 years ago and we are looking to purchase a home in the next year or so. I know that paying off the $3k is going to help my score quite a bit and I am also opening up a secured credit card next week with a $1,000 limit.
Even though I have read many threads about situations like this, I am still somewhat lost as to where to go. Any information helps.
11-11-2011 02:33 PM
Sorry to hear of your hardship, in time everything will get better. Wlecome to myFICO, you will most definitely find great information on here about credit repair etc.
To start off, instead of just paying the collections accounts I would try some PFD (Pay For Delete) letters first. If successful, these accounts will be removed from your credit report and this will help you score tremendously (assuming these collections aren't that old).
11-11-2011 02:37 PM
I should have mentioned above, but yes... I will absolutely seek PFD, that's the plan!
I can have the $3k paid in the next 2 months or so, it's the reposession that I'm more concerned about.
11-11-2011 04:33 PM
Hi, LionWarrior. The car company should have auctioned your car, then you would be responsible for the rest of it. How long ago was this? I send you a PM.
11-11-2011 06:54 PM
The car did go to auction - the $31k is the remaining balance. This happened in mid-2009.
I know there is a SOL, in my state, I believe that is 4 years. I haven't heard a word from them since it was voluntary repossessed. In fact, I had called to make arrangements to have them come pick it up. I had it parked at the dealership for almost 2 months. The dealership called me one day asking if I was going to do anything with the car because no one has come to touch it. I then had to get on the phone w/ the creditor to remind them that they needed to go pick it up.