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Established Contributor
Posts: 573
Registered: ‎02-12-2011
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My credit crisis, tired of being on the bottom when I am capable of more:

I recently posted about a $49 collection account on it's own because that information is different from this information. I pulled my EQ FICO after making the purchase on this website to find an abysmal 567 EQ FICO. I feel that SOME people would love to be in my shoes, but I don't even like my shoes. Short and sweet: When I was 22, I was underemployed and my mother was living with me helping with the bills and babysitting. One day she up and left us for dead. I had to charge everything to credit cards and let everything else default. 3 months after almost being homeless, I got a respectable job and make enough money to currently put 38% of my income into my 401k. I have a feeling some people will suggest stopping that until my credit is fixed, and I am here to listen and follow sound direction.

 

In April of this year, I opened 2 secured credit cards, one for $500 and one for $300 to start getting some green on my report since I had ZERO accounts in good standing. I pay all of my bills on time, but I may be doing it wrong as far as utilization is concerned. I currently charge the cards up to their near limits and then pay them off before interest is due. I thought this was the way....it may not be. I will post the information on my credit report in a moment, and I appreciate any and all input on how I should proceed. Instruct me on how to use these secured cards if need be.

 

 

 

Fst Premie 5/2010$901Bad debt/collectionThis account has late payments in the pastDetails
Credit Card1 Progress 4/2012$214Pays account as agreedNoDetails
Credit CardCap One 4/2012$177Pays account as agreedNoDetails
Student/Education LoanDpt Ed/SlmXXXXXXXXXXXXXXXX01109/2011$4,123Pays account as agreedNoDetails
Student/Education LoanDpt Ed/SlmXXXXXXXXXXXXXXXX01109/2011$3,500Pays account as agreedNoDetails
OtherMidlandmcm 4/2012$1,073120+ days past dueThis account has late payments in the pastDetails
OtherCap One 4/2008$518Bad debt/collectionThis account has late payments in the pastDetails
OtherVerizon 11/2009$432120+ days past dueThis account has late payments in the pastDetails
OtherPortfolio 4/2011$414120+ days past dueThis account has late payments in the pastDetails
OtherFrmrs FurnXXXXX70751/2007$140Bad debt/collectionThis account has late payments in the pastDetails
OtherCap One 12/2007$0Bad debt/collectionThis account has late payments in the pastDetails
OtherHsbc Bank 1/2008$0Bad debt/collectionThis account has late payments in the pastDetails

 

This is the "accounts" listing on my credit report. Following this will be my collection accounts:

 

 

 

Collection on debt to: Ivy Tech Commun

The collection agency "655YC29743" was hired to collect a debt of $1,360 originally owed to "Ivy Tech Commun" on account number "XXXXXXXXXXXX5719".

Collection agency [?]Original balance [?]Current balance [?]Date assigned [?]Original lender [?]Account number [?]Account holder [?]
655YC29743
$1,360
$1,700
May, 2012
Ivy Tech Commun
XXXXXXXXXXXX5719
Individual
Collection on debt to: Florida Hospita

The collection agency "795YC00022" was hired to collect a debt of $49 originally owed to "Florida Hospita" on account number "XXXXXXXXX7070".

Collection agency [?]Original balance [?]Current balance [?]Date assigned [?]Original lender [?]Account number [?]Account holder [?]
795YC00022
$49
$49
May, 2007
Florida Hospita
XXXXXXXXX7070
Individual

 

 

The IVY TECH debt was a HUGE mistake in my quest to good credit. I dropped my classes because I didn't have the time and they charged me because I didn't drop them in time. I plan on paying this debt in full in February, or sooner if it is thought that I should put my 401k on hold to cover this. So what should I start with? Which course is best for me? If any other detailed information is needed please ask and i will provide it immediately. I have no public judgements, no bankruptcy and no reposessions or anything. Please give me a positive outlook on what I can accomplish in the next year or so. Thank you.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Posts: 13,298
Registered: ‎04-15-2011
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Re: My credit crisis, tired of being on the bottom when I am capable of more:

Positive outloook?   Of course there is a positive outlook.   And yes we would like more information.  This report is a bit sanitized, meaning we can't get all the information to formulate the best plan.  This is easily remedied however.  You should go to www.annualcreditreport.com and pull your yearly free reports.  And yes they are free, no hidden costs.  Don't worry about the scores, you don't need them and they're not real if you get them.

 

What we need is to fill in some blanks.  We need the DOFD of these accounts to determine the CRTP and the SOL of the accounts.  The ones that are still in the SOL are the ones you could get sued for and get judgements and garnishments on.  We want to take care of those first.  Can you have a clean CR in a year?   I don't know, but you could definitely have a better report.  Let's clean a bit on it, then we will worry about scores. 

 

As far as the credit cards go, just don't go over the CL on them, pay them on time and let them grow.  Don't worry about fine tuning your score, it would be a waste of time right now.  Just don't pay interest if you don't have to.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
Posts: 573
Registered: ‎02-12-2011
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Re: My credit crisis, tired of being on the bottom when I am capable of more:

and just for added information, the aging of some debts and my stellar payments on my 2 secured cards have paid off some. In one of my posts here from FEB 2012, I posted this: 

Your current FICO® Score is:

388

 

It is now 567. I am impressed with this increase and only have hopes for being approved for a home loan in the next 2 years!



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Established Contributor
Posts: 573
Registered: ‎02-12-2011
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Re: My credit crisis, tired of being on the bottom when I am capable of more:

Is DOFD the same wording as "date of last activity"? I pulled my Annualcreditreport around 3 months ago and they are closed now. I can fill in the blanks with the Date of Last Activity as this MyFICO report has them in the details link.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Moderator
Posts: 13,298
Registered: ‎04-15-2011
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Re: My credit crisis, tired of being on the bottom when I am capable of more:


sphinx313 wrote:

and just for added information, the aging of some debts and my stellar payments on my 2 secured cards have paid off some. In one of my posts here from FEB 2012, I posted this: 

Your current FICO® Score is:

388

 

It is now 567. I am impressed with this increase and only have hopes for being approved for a home loan in the next 2 years!


That's a definite increase!!!!!   And just so you know, that's the lowest score I've seen.  :smileyhappy:   Good news is, it can only go up!!!!



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
Posts: 573
Registered: ‎02-12-2011
0

Re: My credit crisis, tired of being on the bottom when I am capable of more:

The date was actually FEB 2011, so almost 2 years but it's been a grind.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Moderator
Posts: 13,298
Registered: ‎04-15-2011
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Re: My credit crisis, tired of being on the bottom when I am capable of more:

Actually, EQ will list it as Date of 1st Delinquincy.  TU and EX will list the Expected date this will be removed.  We can figure back 7 years from that and get the DOFD.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
Posts: 2,660
Registered: ‎04-25-2011
0

Re: My credit crisis, tired of being on the bottom when I am capable of more:


sphinx313 wrote:

I recently posted about a $49 collection account on it's own because that information is different from this information. I pulled my EQ FICO after making the purchase on this website to find an abysmal 567 EQ FICO. I feel that SOME people would love to be in my shoes, but I don't even like my shoes. Short and sweet: When I was 22, I was underemployed and my mother was living with me helping with the bills and babysitting. One day she up and left us for dead. I had to charge everything to credit cards and let everything else default. 3 months after almost being homeless, I got a respectable job and make enough money to currently put 38% of my income into my 401k. I have a feeling some people will suggest stopping that until my credit is fixed, and I am here to listen and follow sound direction.

 

In April of this year, I opened 2 secured credit cards, one for $500 and one for $300 to start getting some green on my report since I had ZERO accounts in good standing. I pay all of my bills on time, but I may be doing it wrong as far as utilization is concerned. I currently charge the cards up to their near limits and then pay them off before interest is due. I thought this was the way....it may not be. I will post the information on my credit report in a moment, and I appreciate any and all input on how I should proceed. Instruct me on how to use these secured cards if need be.

 

 

 

Fst Premie 5/2010$901Bad debt/collectionThis account has late payments in the pastDetails
Credit Card1 Progress 4/2012$214Pays account as agreedNoDetails
Credit CardCap One 4/2012$177Pays account as agreedNoDetails
Student/Education LoanDpt Ed/SlmXXXXXXXXXXXXXXXX01109/2011$4,123Pays account as agreedNoDetails
Student/Education LoanDpt Ed/SlmXXXXXXXXXXXXXXXX01109/2011$3,500Pays account as agreedNoDetails
OtherMidlandmcm 4/2012$1,073120+ days past dueThis account has late payments in the pastDetails
OtherCap One 4/2008$518Bad debt/collectionThis account has late payments in the pastDetails
OtherVerizon 11/2009$432120+ days past dueThis account has late payments in the pastDetails
OtherPortfolio 4/2011$414120+ days past dueThis account has late payments in the pastDetails
OtherFrmrs FurnXXXXX70751/2007$140Bad debt/collectionThis account has late payments in the pastDetails
OtherCap One 12/2007$0Bad debt/collectionThis account has late payments in the pastDetails
OtherHsbc Bank 1/2008$0Bad debt/collectionThis account has late payments in the pastDetails

 

This is the "accounts" listing on my credit report. Following this will be my collection accounts:

 

 

 

Collection on debt to: Ivy Tech Commun

The collection agency "655YC29743" was hired to collect a debt of $1,360 originally owed to "Ivy Tech Commun" on account number "XXXXXXXXXXXX5719".

Collection agency [?]Original balance [?]Current balance [?]Date assigned [?]Original lender [?]Account number [?]Account holder [?]
655YC29743
$1,360
$1,700
May, 2012
Ivy Tech Commun
XXXXXXXXXXXX5719
Individual
Collection on debt to: Florida Hospita

The collection agency "795YC00022" was hired to collect a debt of $49 originally owed to "Florida Hospita" on account number "XXXXXXXXX7070".

Collection agency [?]Original balance [?]Current balance [?]Date assigned [?]Original lender [?]Account number [?]Account holder [?]
795YC00022
$49
$49
May, 2007
Florida Hospita
XXXXXXXXX7070
Individual

 

 

The IVY TECH debt was a HUGE mistake in my quest to good credit. I dropped my classes because I didn't have the time and they charged me because I didn't drop them in time. I plan on paying this debt in full in February, or sooner if it is thought that I should put my 401k on hold to cover this. So what should I start with? Which course is best for me? If any other detailed information is needed please ask and i will provide it immediately. I have no public judgements, no bankruptcy and no reposessions or anything. Please give me a positive outlook on what I can accomplish in the next year or so. Thank you.


Positive outlook?

 

Look at my signature... :smileyhappy:

 

Anything can be done if you learn what is needed. This forum will get you there.

 

First off, don't worry about your score yet. You can learn all about that when it is needed, right now you need to tackle your negatives.. Looks like you have 10. That isn't too bad.. I had over 20.

 

Most of the companies on your listing have proven threads on this forum with varying levels of success. I would search one by one.

 

First off, get your annual reports. They will have all the information on all reports, the OCs, all the important stuff. The reports here are Okay, but they arent great. They have all the info but alot is truncated. Annualcreditreport.com. Once you get those you will have all the possible infor you need, and those are free once a year.

 

I would tackle the First Premier and the CapOne CO's showing, the ones with balances. These are being factored into your util, which is why your score is so far in the tank. I would contact them and see if they can accept payment or if it is in the hands of a CA -- They should be able to provide this information..

 

Are any of those accounts duplicates? Like, I see two bad debt Cap1s.. are those the SAME cap1 account or are those different? 

 

I think you need to get the full reports before proceeding, then I would take them on one by one..

 

You aren't far off, this is definitely doable.

 

-scott

 

 

 

 

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Established Contributor
Posts: 573
Registered: ‎02-12-2011
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Re: My credit crisis, tired of being on the bottom when I am capable of more:

The 2 Cap ones are different. One must have been renamed under HSBC. I had 2 HSBC cards and there is only one listed.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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Established Contributor
Posts: 573
Registered: ‎02-12-2011
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Re: My credit crisis, tired of being on the bottom when I am capable of more:

Here are the delinquency dates going in order from the top of that list to the bottom, obviously the 4 accounts in good standing are not part of this list.

 

NOV 2010 1st premier


FEB 2010 Midland


NOV 2010 Cap one


AUG 2010 Verizon


APR 2010 Portfolio


APR 2008 FMRS FURN


APR 2010 Cap One


APR 2010 HSBC

 

As you can see, my life went down the tubes in one fell swoop VERY quickly and in the same stretch of time. I am prepared to position myself and make the necessary steps possible to fix this.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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