Lost and Frustrated...Needs Help ASAP.

[KitKitty]

Hello All,

I know my question has been asked many times and I know I should be looking around in the forums to help myself but I am new to this and have no idea where to start or where to find what I need to know. But before I start asking questions, I will tell you a little about myself and how I got myself to this point. Like any teenager who just started college, I was lured in by the countless tables of banks that offered free checking/saving accounts for students and of course, the undeniable credit card offers. That was 13 years ago and now I am looking at a hole of debt that I do not know how to climb out of. I need help on where to start and how.

I am currently looking at my credit report but have no idea what it means or what it is talking about. The only thing I can understand clearly is that my credit score is at 530 which is definitely not where I want it to be. I am finally somewhat stable financially and am willing to pay my debt off by partial settlement but needs help with as much information as possible on how to do that and start rebuilding my credit.

My first question, where do I start? I know I have dozens of credit cards but currently on my credit report I only see 4 negative accounts and 1 collections.

How do I contact these creditors and how can I ask them for a partial settlement? I see their address, but no phone number. I would prefer to call them directly unless I should be writing a letter or something? Also, as I am looking at the report, I notice that the "date of last activity" is back in 2003 and it is now 10 years but why haven't they dropped it? I thought they drop these accounts after 7 years or so?

Also, I just received this letter from Portfolio Recovery Associates, LLC offering me to settle my Capital One Bank account for 80% off of the balance which I am willing to do. However, This account is not even on my credit report so should I pay them or just ignore it since it also states "because of the age of your debt, we will not sue you for it and we will not report it to any credit reporting agency". I wouldn't mind paying them but I would only want to pay them if it helps me with my credit score. Or should I just pay them to get it out of the way even if it doesn't help raise my credit?

What is the main thing that I should be focusing on and what should I do first after I printed out my credit score and credit report?

I've been trying to fix my credit for the past 5 years but gave up every time because I do not understand the process.

I recently found this site and am hoping that someone can help me start a new beginning.

Sorry for the long post and thank you for all the much needed help.

KT

[zsepthenne]

Here's a link that should get you started. The sticky threads at the top have a ton of info too.

http://ficoforums.myfico.com/t5/General-Credit-Topics/Frequently-Requested-Threads/m-p/10675

[09Lexie]

Welcome to the forum. You've come to the right place to get your credit back on track. I am sure others will chime in but first lets start with the basics.

There is a sticky I have attached here that gives you a step by step guide for PFD (pay for delete). You send PFDs in writing so that you get a written commitment from the creditor that they will accept X for deleting the derog information from all 3 CRAs. It is important that you get them to commit in writing,so calling and getting a verbal answer is not suggested.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/...

As for Portfolio , since the debt is no longer on your CR's, paying it will not help your score. That being said, it's still a debt that you morally owe and it's up to you if you want to pay them.

IMO, I would start with the debts that are on your CR's and will help your score. If you have money left over and wish to tackle Portfolio, then there is nothing wrong with paying them.

Back to the issue of dates. Derogatory information may report up to 7-1/2 years from the DOFD (date of first delinquency). So, if you were late in Jan 2003and never brought it current, the last day it can report on your CR's is June 2010

For more information on DOFD, SOL see this thread

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/What-Steps-Do-I-Take-Do-I-DV-PFD/td-p/337142


Lastly, in the event there are baddies reporting, ie lates, and you want to ask the lender to reconsider the reporting. Then you want to write a GW letter.
For more information, review this thread

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

I know this is a lot of information. Read, research, ask questions...we are here to help.

[KitKitty]

---

@09Lexie wrote:
Welcome to the forum. You've come to the right place to get your credit back on track. I am sure others will chime in but first lets start with the basics.

There is a sticky I have attached here that gives you a step by step guide for PFD (pay for delete). You send PFDs in writing so that you get a written commitment from the creditor that they will accept X for deleting the derog information from all 3 CRAs. It is important that you get them to commit in writing,so calling and getting a verbal answer is not suggested.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/...

As for Portfolio , since the debt is no longer on your CR's, paying it will not help your score. That being said, it's still a debt that you morally owe and it's up to you if you want to pay them.

IMO, I would start with the debts that are on your CR's and will help your score. If you have money left over and wish to tackle Portfolio, then there is nothing wrong with paying them.

Back to the issue of dates. Derogatory information may report up to 7-1/2 years from the DOFD (date of first delinquency). So, if you were late in Jan 2003and never brought it current, the last day it can report on your CR's is June 2010

For more information on DOFD, SOL see this thread

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/What-Steps-Do-I-Take-Do-I-DV-PFD/td-p/337142


Lastly, in the event there are baddies reporting, ie lates, and you want to ask the lender to reconsider the reporting. Then you want to write a GW letter.
For more information, review this thread

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

I know this is a lot of information. Read, research, ask questions...we are here to help.

---

Thank you for breaking it down for me and making it more clear as to how I would start. The information you linked me to helped a lot. I think I have an idea as to where I would start now. I do have a few quick questions that I hope you don't mind helping me with.

I have two accounts on my credit report that was opened in 2002 and last reported in 2009, Date of last payment was 2003 and no DoFD although my other report says that it will stay on my record unitl 2019. Why 2019? I thought it should be deleted or dropped within 7 years? It has a balance of $0 and the activity is "transfer/sold". So for an example, if I want to reach out to this creditor to pay them off, how can I do so? Would I write to the address listed because from my understanding, that address is to the creditor. However, if it is sold, would reaching them be any help?

I have thought of consolidating because I am bad at this and feel that by consolidating I wouldn't have to deal with all of this. However, I have heard people advise not to do that unless you really have too. What are your thoughts on it?

[KitKitty]

---

@zsepthenne wrote:

Here's a link that should get you started. The sticky threads at the top have a ton of info too.

http://ficoforums.myfico.com/t5/General-Credit-Topics/Frequently-Requested-Threads/m-p/10675

---

Thank you for your link. It was very helpful.

[09Lexie]

TLs may stay on your CR's got up to 10 years. If the last reported date is 2009, then 2019 is accurate. It doesn't found like its reporting any derogs, is this correct?

Regarding consolidation, it works as long as it makes sense mathematically and you don't continue to charge on the cc's that were just paid off. To give you a more accurate response, I would need more data.

[KitKitty]

---

@09Lexie wrote:
TLs may stay on your CR's got up to 10 years. If the last reported date is 2009, then 2019 is accurate. It doesn't found like its reporting any derogs, is this correct?

Regarding consolidation, it works as long as it makes sense mathematically and you don't continue to charge on the cc's that were just paid off. To give you a more accurate response, I would need more data.

---

Hello, Thank you for your repsonse. And yes, you are correct, according to my belief, I have no derogs at this moment.

Looking at my report, a lot of my cc has been dropped because it has been over the 7 year mark..... The ones I currently have on there are about 4 medical bills, about 2k to 3k each, two school loans a little over 3k each (one of them which I am currently paying off monthly and from my understanding those I WILL have to pay off on my own), and 3 cc of about 1k each. I know it is not that much to be thinking about consolidation, but I am just having a headache trying to do the math and pay them off on my own which is the only reason I am thinking about consolidation. I currently do not have any cc opened. I only use my one debit card. Any ideas on what my best route at this moment is?

[DaBears]

---

@KitKitty wrote:

---

@09Lexie wrote:
Welcome to the forum. You've come to the right place to get your credit back on track. I am sure others will chime in but first lets start with the basics.

There is a sticky I have attached here that gives you a step by step guide for PFD (pay for delete). You send PFDs in writing so that you get a written commitment from the creditor that they will accept X for deleting the derog information from all 3 CRAs. It is important that you get them to commit in writing,so calling and getting a verbal answer is not suggested.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/...

As for Portfolio , since the debt is no longer on your CR's, paying it will not help your score. That being said, it's still a debt that you morally owe and it's up to you if you want to pay them.

IMO, I would start with the debts that are on your CR's and will help your score. If you have money left over and wish to tackle Portfolio, then there is nothing wrong with paying them.

Back to the issue of dates. Derogatory information may report up to 7-1/2 years from the DOFD (date of first delinquency). So, if you were late in Jan 2003and never brought it current, the last day it can report on your CR's is June 2010

For more information on DOFD, SOL see this thread

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/What-Steps-Do-I-Take-Do-I-DV-PFD/td-p/337142


Lastly, in the event there are baddies reporting, ie lates, and you want to ask the lender to reconsider the reporting. Then you want to write a GW letter.
For more information, review this thread

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

I know this is a lot of information. Read, research, ask questions...we are here to help.

---

Thank you for breaking it down for me and making it more clear as to how I would start. The information you linked me to helped a lot. I think I have an idea as to where I would start now. I do have a few quick questions that I hope you don't mind helping me with.

I have two accounts on my credit report that was opened in 2002 and last reported in 2009, Date of last payment was 2003 and no DoFD although my other report says that it will stay on my record unitl 2019. Why 2019? I thought it should be deleted or dropped within 7 years? It has a balance of $0 and the activity is "transfer/sold". So for an example, if I want to reach out to this creditor to pay them off, how can I do so? Would I write to the address listed because from my understanding, that address is to the creditor. However, if it is sold, would reaching them be any help?

I have thought of consolidating because I am bad at this and feel that by consolidating I wouldn't have to deal with all of this. However, I have heard people advise not to do that unless you really have too. What are your thoughts on it?

---

The two accounts you are refering to are those collection accounts or from the OC?