Looking for guidance

[Anonymous]

I am new to this forum and I am lost. My credit scores are  EQ 539/TU 569/EX 522. I am trying to rebuild and clear up everything possible as to hopefully get a mortgage in the next 12 months. I have 10 negative things on my CR that need attention. I have the money to pay everything, but I need guidance as to the best way to approach these creditors to get the greatest positive effect on my CR (deletions, hopefully!). I wish I had found this board sooner, as I just paid 2900 in collections that will not get deleted
Here's my derogatories:

• Capital One Bank- Date Opened: Apr, 2002 Status Date: Nov, 2014 Condition: Open Last Activity: Jun, 2008 Balance $1194 Status: Charge-off
• Sears/Cbna Sears/Cbna - Date Opened: Apr, 2002 Status Date: Feb, 2010 Condition: Closed Last Activity: Feb, 2009 Balance: $0 Status: Charged off as bad debt - REMARKS: Charged off account Purchased by another lender - NOTE: I was only an authorized user on this account. I don't know who the lender is that purchased. Am I responsible??
• Aspire Aspire - Date Opened: Jun, 2001 Status Date: May, 2009 Condition: Closed Last Activity: Oct, 2008 Balance $1438 Status: Charged off as bad debt - NOTE: THIS ACCOUNT WAS SENT TO COLLECTIONS (MIDLAND) AND PIF (also shows on Collections section of CR)
• Capital One Bank Usa- Date Opened: Nov, 2000 Status Date: May, 2009 Condition: Closed Last Activity: Feb, 2009 Balance: $0 Status: Account legally paid in full for less than the full balance
• HSBC Bank- Date Opened: Oct, 2000 Status Date: Apr, 2009 Condition: Closed Last Activity: Aug, 2008 Balance: $0 Status: Charged off as bad debt/Account transferred to another office (Is listed under collections (First Fin Inv)
• First Premier Bank- Date Opened: Aug, 2000 Status Date: Dec, 2010 Condition: Closed Last Activity: Mar, 2009 Balance $365 Status Charge-off Charged off as bad debt/Unpaid balance reported as a loss by credit grantor
• Jc Penneys- Date Opened Aug, 2000 Status Date Jan, 2014 Condition Open Last Activity Mar, 2009 Balance $389 Status Charge-off Charged off as bad debt Unpaid balance reported as a loss by credit grantor
• Capital One Bank Usa - Date Opened: May, 2000 Status Date: Nov, 2014 Condition: Open Last Activity: May, 2011 Balance: $1171 Status: Charge-off Charged off as bad debt Unpaid balance reported as a loss by credit grantor
• First Premier Bank- Date Opened Dec, 1999 Status Date Mar, 2013 Condition Closed Last Activity Aug, 2008 Balance $668 Status Charge-off Charged off as bad debt Unpaid balance reported as a loss by credit grantor
• Fst Fin Inv - Original Lender - 08 Hsbc Card Services Inc - Original Balance - $1066 - Current Balance - $1066 - Status - Collection account - Date Assigned - 3/20/2009 -

Any help is very much appreciated!

[SunriseEarth]

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@Anonymous wrote:

I am new to this forum and I am lost. My credit scores are  EQ 539/TU 569/EX 522. I am trying to rebuild and clear up everything possible as to hopefully get a mortgage in the next 12 months. I have 10 negative things on my CR that need attention. I have the money to pay everything, but I need guidance as to the best way to approach these creditors to get the greatest positive effect on my CR (deletions, hopefully!). I wish I had found this board sooner, as I just paid 2900 in collections that will not get deleted
Here's my derogatories:

• Capital One Bank- Date Opened: Apr, 2002 Status Date: Nov, 2014 Condition: Open Last Activity: Jun, 2008 Balance $1194 Status: Charge-off
• Sears/Cbna Sears/Cbna - Date Opened: Apr, 2002 Status Date: Feb, 2010 Condition: Closed Last Activity: Feb, 2009 Balance: $0 Status: Charged off as bad debt - REMARKS: Charged off account Purchased by another lender - NOTE: I was only an authorized user on this account. I don't know who the lender is that purchased. Am I responsible??
• Aspire Aspire - Date Opened: Jun, 2001 Status Date: May, 2009 Condition: Closed Last Activity: Oct, 2008 Balance $1438 Status: Charged off as bad debt - NOTE: THIS ACCOUNT WAS SENT TO COLLECTIONS (MIDLAND) AND PIF (also shows on Collections section of CR)
• Capital One Bank Usa- Date Opened: Nov, 2000 Status Date: May, 2009 Condition: Closed Last Activity: Feb, 2009 Balance: $0 Status: Account legally paid in full for less than the full balance
• HSBC Bank- Date Opened: Oct, 2000 Status Date: Apr, 2009 Condition: Closed Last Activity: Aug, 2008 Balance: $0 Status: Charged off as bad debt/Account transferred to another office (Is listed under collections (First Fin Inv)
• First Premier Bank- Date Opened: Aug, 2000 Status Date: Dec, 2010 Condition: Closed Last Activity: Mar, 2009 Balance $365 Status Charge-off Charged off as bad debt/Unpaid balance reported as a loss by credit grantor
• Jc Penneys- Date Opened Aug, 2000 Status Date Jan, 2014 Condition Open Last Activity Mar, 2009 Balance $389 Status Charge-off Charged off as bad debt Unpaid balance reported as a loss by credit grantor
• Capital One Bank Usa - Date Opened: May, 2000 Status Date: Nov, 2014 Condition: Open Last Activity: May, 2011 Balance: $1171 Status: Charge-off Charged off as bad debt Unpaid balance reported as a loss by credit grantor
• First Premier Bank- Date Opened Dec, 1999 Status Date Mar, 2013 Condition Closed Last Activity Aug, 2008 Balance $668 Status Charge-off Charged off as bad debt Unpaid balance reported as a loss by credit grantor
• Fst Fin Inv - Original Lender - 08 Hsbc Card Services Inc - Original Balance - $1066 - Current Balance - $1066 - Status - Collection account - Date Assigned - 3/20/2009 -

Any help is very much appreciated!

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The Sears account can be disputed, since you were an AU and not liable for the debt.   You can dispute with all CRAs as "not mine" or "not responsible."   As for the "Aspire Aspire," are they the OC or a CA?   I'd dispute the balance if they're the OC, but I'd send a DV if they're another CA.

Send GW letters for the HSBC CO and the Midland collections that was PIF.   On the remaining COs and the collection, I would attempt PFDs (note that Cap One doesn't do PFDs, so just PIF or settle with them).   If they don't accept PFDs, then PIF or settle and then attempt GW removal later.   With the COs, you will see score benefits simply by those updating to zero balances.   if the TLs are removed, that's even better.  

[Anonymous]

Thank you so much for your reply! 

So the Sears account I understand, and will dispute that right away.  Aspire Visa is the OC and is showing a balance of $1438. Midland was the CA has been PIF. So I can dispute the balance on Aspire? Should I dispute it with Aspire directly? Maybe they will delete? At the very least they would have to update the balance to $0 since it has been PIF to the CA right?

So, GW letters to HSBC and Midland.  I also have a number of accounts with a local CA. They are all PIF, but didn't know about PFDs before doing so. Should I send GW to them as well? Will it even do any good?

PFDs to First Premier and JcPenneys, and Capital One those I will just pay. Is trying to make a deal with them bad? I am worried it's bad to have "Account legally paid in full for less than the full balance" on my CR?

I have 2 current credit cards that I got after getting divorced in 2012.  No missed payments, 0-2% UTIL.  Will adding another card hurt or help?

Thanks for help!

[SunriseEarth]

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@Anonymous wrote:

Thank you so much for your reply! 

So the Sears account I understand, and will dispute that right away.  Aspire Visa is the OC and is showing a balance of $1438. Midland was the CA has been PIF. So I can dispute the balance on Aspire? Should I dispute it with Aspire directly? Maybe they will delete? At the very least they would have to update the balance to $0 since it has been PIF to the CA right?

So, GW letters to HSBC and Midland.  I also have a number of accounts with a local CA. They are all PIF, but didn't know about PFDs before doing so. Should I send GW to them as well? Will it even do any good?

PFDs to First Premier and JcPenneys, and Capital One those I will just pay. Is trying to make a deal with them bad? I am worried it's bad to have "Account legally paid in full for less than the full balance" on my CR?

I have 2 current credit cards that I got after getting divorced in 2012.  No missed payments, 0-2% UTIL.  Will adding another card hurt or help?

Thanks for help!

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You may want to search "direct dispute" here on the boards.   I haven't used direct disputes in my own rebuild, but I think it's a viable option here.   If there no longer is a debt to report, it shouldn't have a balance.

And yes, for any other collections that have already been settled, you should abosultely send GWs.   I settled with LVNV long before I'd ever heard of PFD.   It took a few months of trying, but they did remove!

As for making a deal, I think there are perks to settling and PIF.   Certainly, settling saves money, but you are right that the remark is still a derog.

As for new accounts, I'd recommend this only if you get CCs that will meet your needs and are attainable with your credit profile and if you're a year or so from buying a home.   Some of the shopping cart trick CCs are attainable in the upper 500s.   Everyone does their rebuild in their own way, but many of us have taken the approach that you need good credit to help dilute the bad.  You may see a temporary score dip due to new account ding and lowered AAoA and HPs (which you can avoid with the shopping card trick), but it will be temporary.