Hi everybody I just wanted to apologize because my enter key is broken. Anyway you guys have motivated me to take the first step and order my credit reports and it’s pretty bad--as expected. I don’t have my scores but I am more concerned with the reports themselves. Here is a run down of what I have. A $1700 Midland charge-off which I have begun settling on Friday. A $1300 Capital One charge off which I have not touched yet. A stupid $100 Express card charge-off. An Old Navy card with two years payment history which was in good standing but closed. Here is where it gets tricky. I defaulted on all of my Federal Loans but they are like 8-10 loans which I am supposed to make one payment on. All of these loans are reported separately and are defaulted and sold. So it looks awful right now. However, in December I entered rehabilitation on these loans and in 4-7 months all of the bad stuff will supposedly go away and they will be in good standing. I figure that will really help me out when that happens. I have ACS loans too which are in good standing because I have kept up with them. I have a bunch of stuff reported 2003, etc. but it is not mine, it is my Dad’s who died 4 years ago. The accounts are all closed out but they had flawless payment history. Should I get them removed or keep them? I have no judgements which is good. I also have started using a Capital One secured card and have a PNC Visa Secured card on the way which I will use to help create good payment history. I also noted that it does not have my employment history and I have been steadily employed for two years- should it report my employment history? As far as my reports go, I know they are bad but am hoping you guys can tell me what you think? Thanks to all and much love to all. -TOM
Starting Score April 2013: 556
The one which I am settling I feel like my back is against the wall and I can't offer a PFD because I have been served already so I guess I have to just accept a paid as agreed? :-(
@tfkallday wrote:
The one which I am settling I feel like my back is against the wall and I can't offer a PFD because I have been served already so I guess I have to just accept a paid as agreed? :-(
If you have been served a summons; my advice would be to pay before they take you to court for a judgment.
FICO 9: 
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Exactly that is what I am doing. Thanks!
Your situation with the student loans sounds like mine. I am in rehab as well and initially they said it was a 7 month program and then magically they said it was a 10 month program. I made my first rehab payment in November. Doesn't really matter since the loan is around 80K. It's not going anywhere any time soon!
Good luck taking that step. I am "in the garden" and feeling really good about my plan to rebuild credit. I would bite the bullet and obtain your credit score. Yes the reports are more important in the sense that they show you what you need to work on, but knowing where you're at score-wise was encouraging to me, so maybe it will be to you. Sometimes, it is not as bad as you think.
Thanks you guys! Just wanted to update you today I did some more " work" . I found out that I only have 4 months left of my federal loan rehab! Also my Perkins loan which I made repayment for and I sadly thought I had to settle with no deletion I found a solution for. I found out that if the school and the collection firm agree to a rehab then once you complete the 9 month rehab your bad stuff will be deleted. Of course I requested this in writing . I also found that you can supposedly enter the rehab program and if at any time you pay off the account it gets deleted ;-) I feel great!!
I also found out I have 20 straight on time payments with acs:-)
Hi everybody. After much digging I just wanted to share with you what I have found. Of all the "bad stuff" on my credit report, the one account is the one which I am settling and hoping to GW to death. The other is the Capital One debt which I defaulted on. The rest are Dept of Education Loans which I will be finished rehabilitating in 4 months. A WHOPPING TOTAL OF 17 NEGATIVES because they are 17 different loans!!!!!! I am wondering what kind of effect this will have on my poor score of 556. I have just begun fixing my credit and in four months I will have two CCs with flawless payment history (of only 4-5 month) and my good ACS account. But most importantly the 17 negatives are set to disappear.