Just so disappointed in myself - Need advice to rebuild

[Anonymous]

Hi everyone! I am new to this forum so bear with me, I looked online as was just amazed by the positive support that members were showing to those in my situation it made me feel instantly better.  I was looking at a particular thread and a member suggested to go to this forum and just let it all hang out and disclose all of the "uglies" on my credit report to hopefully get some advice from you awesome people, so I hope its ok to spill my credit report guts.

So.... My credit core is 565

I have 4 closed credit accounts, 2 of which I have paid off completly all totaling $3750 to which I only have $444 outstanding an account that had been delinquent for 3 years the rest are charge offs with 0 balances.

The thing that really sucks are my 12 collection account 2 of which are paid in full with all the collection accounts my debt totals $3,031

9 of these accounts are medical

2 are cellphone/cable

1 is a bounced check from 5 years ago

I am also on the chexsystems for a checking account that Wells Fargo closed due to an outstanding balance

I have no outstanding judgments on my record and no bankruptcy, my first credit card was established in 1979 and had been paid on time for the length its been open

I have been in college for the past 3 years and have $13,000 in student loans that haven't come up due because I am still in school.

What really made me quite disappointed and sad was the fact that I can't even get a secured credit card - how is that possible? You have to put money down to use it I can't believe it has gotten to this point.  I am so sick of renting and would love to own a home, I have a sizeable downpayment that I have been saving for 15 years but I know there is no way I could ever get a loan especially because I am a full time student working a minimum wage job.  I know I need to finish school and get a real job to even consider buying a home I just want to be in that arena when I do finish and start establishing a life for myself.  Its really embarrassing to pay bills and groceries with a pre paid walmart card because I am so unworthy to all banks and creditors.  This is just making me sooooo sad I need some help!!!  Thank you for all of your consideration when reading all of this I want to be in the 700 club so bad I just don't think I will ever get there

[PapasWifey]

Hey there, welcome welccome welcome to the forum!

Don't be so down on yourself... many of us started out here because our credit was quite frankly, in the dumps. The good thing about this is that you absolutely CAN turn things around! It will take hard work, perserverance, stamina, and A LOT of patience!

Which secured cards have you already tried? Orchard Bank and Capital One offers secured cards, as does many local CU's. One secured card that I'm sure you could probably get is www.openskycc.com through Capital bank. That card does have some negatives (such as interest begins accruing immediately, etc), however they don't do a credit check! I started out with Capital One secured, then got approved for an unsecured Orchard and then i signed up for the Open Sky one.

In regards to your charge-offs (CO), I would highly suggest that you try to GW the companies to see if they will remove them from your credit reports! A paid charge-off is still a bad ding on your report.

Good for you for having a nice savings nest!! That will be hugely helpful for you when you do get your credit to where you'd like it to be.

Huuuugs to you! by the way I LOVE your username

[FrugalRican]

What's your outstanding balance at Wells Fargo?

You might want to get that resolved as well if you plan on having a bank account "anywhere" in the future.

It'll pull up for any bank that tries to open an account for you and they more than likely won't open it.

Why is this potentially important?

Sometimes establishing a positive bank relationship will lead to you getting pre-approved for their own credit cards in the future.

Just reach out to Wells Fargo at some point (depending on how important this is to you) and reach an agreement to pay and then get taken off ChexSystems. Make sure that you keep a copy of WHATEVER transaction you do with them to get that taken off, because sometimes there is a bit of "lag" between being taken off of Chex Systems and it actually showing up for other banks. But other banks will (sometimes), take the transactions as proof that you got it cleared up. This might also be what is affecting your applications for a secured credit card as well. It's possible.

Second, the important thing is that you are facing this problem head on and are doing something about it.

Cheers for trying to get your financial life turned around.

[Anonymous]

Do you currenlty have a open checking account?  If so chexsystems isn't such a big deal, its only used to open accounts.  Just make sure to keep your current account open and in good standing, because you will have a hard time opening another one. 

The medical accounts, I would try using HIPAA before you do anything else.  If you want me to pm you the information I can.  I am just trying it now, so I can't vouch for it, but alot of other people here have had good luck.  The other accounts I would try to offer a PFD.  Use the search bar to search it and you should be able to come back to the sample letters.  I was under where you are now, and less then 6 months later I'm at a 620.  Not great, but it can get better

[Booner72]

pfd is probably the quickest way to get rid of the medical collections.

[Anonymous]

Thanks everyone for the advice.  I have tried to get the paid ca for my medical bills disputed and taken off my cr but they refused to do it, can pm me that HiPPAA info?  I have started drafting my gw letters but I don't really have a lot of discretionary income to send the pfd's at this point so Ill have to wait on that I guess.  Should I just start paying down  little by little on these Ca's?  I dont even know the OC anymore at this point and equifax won't give me the full account numbers any suggestions? Thanks everyone!

[izzesparks]

Hi! Welcome to MyFico! here are a couple of links that were very helpful to me, and dont get down about getting denied, there are other cards out there that are easier to get

http://money.cnn.com/galleries/2011/pf/1104/gallery.best_credit_cards_bad_credit/index.html

this site below is good to see what chance you have of getting approved by a card company

http://www.whogavemecredit.com/forms/search.php?srch=browse

also i will pm you about the Hippa, but its a long process, I recommend just doing PFD's and Goodwills to get deletions, I have alot of success with them.

The cards I would apply for in your situation and in this order would be Open Sky, Orchard Bank, then CapOne. Open sky wont hit you with an inquiry, so I like that one and they report every month like a regular card.

HTH!