I need help! New to credit repair.- Updates!

[rokkstarre]

My current EQ credit score is 494. I want to buy a home next year and need to boost my score to at least a 620 to qualify for a first time homebuyer assistance program. I just pulled my CR and found some adverse accounts. Since I am new to this and dont know which actions weigh best when it comes to your CS, I am asking you guys for your assistance.

Americredit- Charge Off, balance $15,866. Will be removed from CR 7/2013

Shoud I try to settle or just wait for it to fall off of my credit report? if settle, how much should i offer?

BoA- Closed by Creditor, past due 120 days, balance $3641, will be removed from CR 3/2017

Should I set up a payment plan to pay off the total, or settle? in either situation, theyve refused to remove negative info. and stated they'd send a 1099 if I settled. if settle, how much should i offer?

GEMB- Closed by Creditor, past due 120 days, balance $1709, will be removed from CR 3/2017

Should I set up a payment plan to pay off the total, or settle? if settle, how much should i offer?

GEMB/JCP-Closed by Creditor, past due 120 days, balance $2703 will be removed from CR 3/2017

Should I set up a payment plan to pay off the total, or settle? if settle, how much should i offer?

IC Systems Collections-Collection Agency, Balance $216, will be removed from CR 4/2015?

Should I just pay balance or sette? if settle, how much should i offer?

I know i am asking alot, so any information furnished is greatly appeciated!

[llecs]

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

One thing you may want to lookup, before the answers start coming in, is to figure out if you are past SOL or not. SOL is the statute of limitations and varies by state and by debt type. This is important to know because if you do anything to any given debt prior to SOL expiring, you will experience increased collection activity and the risk of being sued goes up. Don't worry about SOL so much if you have the $$$ to PIF if you had to.

A handy guide is below, but don't fully trust the SOL periods. There are some errors in there. Verify with your state's statutes.

http://www.bankrate.com/brm/news/cc/20040116b2.asp​?caret=8

[AndySoCal]

If the Bof A and the two GEMB accounts are just 120 days late I would call them and try to arrange a payment plan ASAP. The next step for those accounts most likely is a collection agency.  Depending on what with the above accounts then evaluate it  from there. Evaluate would be $$  to pay the account with.

[RobertEG]

Payment of any, as you are aware, wont itself , without a prior acceptance of a PFD, result in any CR deletion, and thus credit score improveent.

Americredit- Charge Off, balance $15,866. Will be removed from CR 7/2013

Shoud I try to settle or just wait for it to fall off of my credit report? if settle, how much should i offer?

  This is a high risk account/debt.  It probably already has multiple monthly derogs, in addition to the charge-off,

   showing in your credit report.  Due to the high amount of the debt, just waiting for it to drop from your

   credit report is not something I would advise.  They are unlikely to just sit back and ignore a $16K debt.

   They have mutliple paths to follow.  They can refer it for collection, which will result in a new derog

    in your CR in the form of a CA.  Or they can bring legal action, which, if still within your SOL, will add

    a judgment to your CR.

    How to pursue settlement is a personal risk choice.  If you just pay in full, the debt is satisfied.

    If you offer a settlement for less than the full amount, or a PFD offer, they dont have to accept.

    So your peril remains.

BoA- Closed by Creditor, past due 120 days, balance $3641, will be removed from CR 3/2017

Should I set up a payment plan to pay off the total, or settle? in either situation, theyve refused to remove negative info. and stated they'd send a 1099 if I settled. if settle, how much should i offer?

   The risks and options are about the same, except tht for this account, the debt is less, and it has not, apparently,

    yet been placed into charge-off or collection.  Again, it is as much a question of dealing with future potential

    damage (a CO, CA, or legal action) as it is dealing with current debt and credit scoring.

GEMB- Closed by Creditor, past due 120 days, balance $1709, will be removed from CR 3/2017

GEMB/JCP - Closed by creditor, past due 120 days, balance $2703

Should I set up a payment plan to pay off the total, or settle? if settle, how much should i offer?

    Same

IC Systems Collections- Collection Agency, Balance $216, will be removed from CR 4/2015?

Should I just pay balance or sette? if settle, how much should i offer?

   The primary threat here, since it has arleady reached collection status, is the threat of legal action

   What is the SOL for this debt?.

[rokkstarre]

i just want to update you guys on my progress... Updates are in red!

Americredit- Charge Off, balance $15,866. Will be removed from CR 7/2013

Still charged off and unpaid.. the new balance is now $19k.. how theyve managed to add an extra $4k over just the past month is beyond me.. I dont intend on paying, will just allow it to age off. Hopefully this should interfere with my plans to buy a house this year?? what do you guys think. 

BoA- Closed by Creditor, past due 120 days, balance $3641, will be removed from CR 3/2017

I decided to enter into their payment plan before it charged off, the new balance is about $2500... the payment plan has ruined my credit by adding several lates (even though I was paying the minimum) that they refuse to delete via GW.. has anyone had any luck with this? Nevertheless, it is currently showing pays as agreed.

GEMB/Cooper Tire- Closed by Creditor, past due 120 days, balance $1709, will be removed from CR 3/2017

I paid in full and all of the negative info was deleted via goodwill!! Shows as paid/closed

GEMB/JCP-Closed by Creditor, past due 120 days, balance $2703 will be removed from CR 3/2017

This account eventually got charged off. I paid in full, then GW'ed. They deleted the whole acct!! It was my oldest acct, but beggers cant be choosers...

IC Systems Collections-Collection Agency, Balance $216, will be removed from CR 4/2015?

Never paid, just disputed and it got deleted.

Financial Corporation of America- Medical Collection

Settled, then GW'ed, and deleted!

Client Services- Credit Inquiry

Gw'ed and deleted.

FIA Card Services- 2 Credit Inquiries

Sent dispute to FIA and they was deleted

Conns-

2 accounts that were settled, I GW'ed the two credit inquiries that were also being reported on my CR and received and letter saying that they would remove negative info from the two accounts (May 2011), this still has not updated ??? Im wondering if they are going to remove the neg info or just the two credit inquiries.

Hoping im on the right track to get a house by Nov 2011-

Transunion shows 4 neg accts- Americredit charge off, 2 conns settlements, and BOA lates

Experian shows 4 neg accts- Americredit charge off, 2 conns settlements, and BOA lates

Equifax (CSC in Texas) shows 2 negative accounts- Americredit charge off and BOA lates

[MImommy5]

Americredit, thats an auto loan correct?  was it a reposession? i dont think you will get a mortgage with a $19k outstanding debt. My husband cant get one with a $2500 tool reposession.

[Booner72]

What are your credit scores?

I was required to pay a 2600 judgment even though I had been in compliance with a payment plan since Feb of 2010 in order to be pre-approved.  I had read, and had been told by a LO, that judgment was okay w/ payment plan.  Obviously that was bad advice and I understand why.  Why would someone approve a mortgage that could get a lien on it, and they would lose out?

Good Luck.

[rokkstarre]

The loan is beyond sol... Its an acct where I allowed someone to use my credit info and it was repo'd. It will fall off in 2013, if I cant get it this yr I can just hold out 2 yrs... Bu I hv faith it will happen this yr