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Just starting to repair my credit, am a beginner and am looking for some advise on the best route to go. Here are the details, please don't laugh to hard
Transunion: Score???
Adverse collection accounts-
tu electric balance $663 esitmated date of removal 08/2011
procollect inc balance $2122 esitmated date of removal 11/2011
Blakely-Witt Balance $331 estimated date of removal 12/2011
cmi balance $321 esitmated date of removal 02/2012
AFNI Balance $194 esitmated date of removal 02/2012
AFNI Balance $562 esitmated date of removal 05/2012
rs clark & ass balance $60 esitmated date of removal 12/2014 (just found out about this, DR visit I sceduled but never went to)
satisfactory accounts- never been late on any of these, showing 41 on time payments between them all
hsbc secured credit card credit limit $200 Date opened 11/2008 All payments have been on time
WFNNB Store Card credit limit $250 Date opened 11/2010 All Payments have been on time
Capitol One CC credit limit $300 Date opened 05/2011 All Payments have been on time
HouseHold Bank CC Credit limit $300 Date opened 05/2011 All Payments have been on time
preferred credit installment account balance $2,260 @ $129 a month. original amount financed was $3096 All payments have been on time
Equifax is identical to Transunion: Score 564
Experian has the same as the other 2 reports plus these additional that are not on the others: Score 504
collections-
united revenue corp balance $788 Date opened 10/2010 (medical)
united revenue corp balance $430 Date opened 07/2010 (medical)
united revenue corp balance $788 Date opened 11/2009 (medical)
United Revenue corp balance $670 Date opened 9/2008 (medical)
What is your goal? Looking to buy a house soon or just have good credit? You have a lot of negatives that are set to fall off this year and with those coming off should jump your score up quite a bit. What is your states SOL? May be best to just on those and let age off. The medical debts you should research Hippa letters/process.
What are the balances on your open acounts? Ulti % should be less the %9 for best score.
Just looking to improve my score to possibly buy a house in 12-24 months and just to have a good score. Call me stupid but not sure what "states SOL" means, I need to research all the abbreviations you guys use. I currently have 60% Ulti but starting this month will have between 5-9%. Have always paid all cards off before due date, wasn't aware that they were reported at other times of the month until now.
If your talking about statute of limitations, its 4 years across the board.
How much money are you willing to throw at the rebuilding process? In order to do the HIPPA process for medical, you have to pay the medical in full to the orginal collector, so depending on how big those debts are, that might not be the way you need to go for now.
How is your utilization on your credit cards? 60 percent? Just having on time payments doesn't ensure the highest score.. You need to show balances less than 9 percent total of the entire amount of available credit (there are lots of tweaks to this but that is kind of the general rule of thumb) -- you will get a large jump when you have this reporting at under 9 percent. Definitely.
You really won't see too much point increase when those ones fall off from this year because you have newer collections as well, so don't be shocked if your score only moves a little (however, you report will def. look cleaner) -- keep in mind, the statute of limitation refers to the time in which they can sue you for debt, it does not absolve you of debt and they can keep hounding you for money indefinitely.
Here is what I would do personally:
I would let the 2011 accounts fall off, I wouldn't contact them about the debt (I would make plans in the future to pay this however if you can afford it down the line)
I would pay for delete the other 4 listed.
cmi balance $321 esitmated date of removal 02/2012
AFNI Balance $194 esitmated date of removal 02/2012
AFNI Balance $562 esitmated date of removal 05/2012
rs clark & ass balance $60 esitmated date of removal 12/2014 (just found out about this, DR visit I sceduled but never went to)
I would personally offer full amounts to the collection companies in order for full deletion. Some people advise lower sums, and thats okay too. That is just my personal opinion. I know that last one you probably inside wouldn't want to pay and fight since they didn't provide a service, but it is only $60 dollars. Plus, it's the newest one on those reports so it is crucial to get that one off to see a full boost. AFNI in general has accepted lots of PFD's, I have done one with them myself.
In regards to medical, I had similar situations. I paid the original creditor in full and asked them to pull back the collection account. It worked 3 out of 4 times. I am battling with one who refuses to remove (because legally they don't have to ) -- The Hippa process works from what I hear, but I didn't want to take the time needed.
You are in a similar situation to where I was in Oct last year, and paying down my credit cards and doing similar steps has gotten be over 640 in 10 months.
Everyone has great tips and advice. Some people will disagree on how I recommend handling it, and thats the fun in all of this. Create your own approach from everything people advise. I treat it like a game
-scott
Oh;
And it won't be easy -- I was thinking about this last night when I was sending out another batch of letters. Statistically, I have sent 40 emails and 200+ letters in the mail, and of those letters I would guess 15 were CMRRR.
I did start with 16 negative accounts, and I am still working on a few, but I have gotten 10 of them removed with letters, disputes, PFDs, and emails.
But if you factor in the money I spent paying of the debt, the letters, the time spend creating, emailing, google searching and of course, spending countless hours on here, I have paid out the wazoo to achieve what I needed done.
The amount of money and time put into rebuilding/fixing will be diretly tied in to the results you see. There really are no shortcuts no matter what books, informercials and other repair websites say.
Good luck!
With the HIPPA process which I have no idea yet what it is, will research it tonight, as I am watching the race right now, will it be easier cause only one CR is reporting it, do I have to worry about the other 2 picking up the 4 medicals? I am willing to let all negatives fall off except for the $60 and the 4 negatives, would this be a bad route to go.
I really have no idea's what letters to use for what applications and how to handle them, help would be great
@Anonymous wrote:I really have no idea's what letters to use for what applications and how to handle them, help would be great
Hi there.
Because of legal concerns the detailed discussion of the HIPAA process is not allowed. If you do an internet search you can find information about it. I wish it weren't so but it is.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Ok I need baby steps, lets start here.
rs clark & ass balance $60 esitmated date of removal 12/2014 (just found out about this, DR visit I sceduled but never went to)
How should I go about getting this removed?
@Anonymous wrote:Ok I need baby steps, lets start here.
rs clark & ass balance $60 esitmated date of removal 12/2014 (just found out about this, DR visit I sceduled but never went to)
How should I go about getting this removed?
Do one of two things:
1) Follow the HIPAA process. You'd have to google for more info, but it involves zero communication with the CA and would involve paying the OC first. Then there are a series of letters you'd send to the OC and CRAs.
or
2) Send the CA a DV. If they verify and you agree, then send a PFD. If they respond in writing, then pay it and they'll delete.
IME, both work. IMO, the DV-PFD route is safer. Neither method is perfect and there are failures using both, but if you followed HIPAA and the CRAs don't delete, then you are stuck with a paid CA reporting $0 and that doesn't help you any or help your score.