NEWBIE - Please help me start to re-repair my credit

[Anonymous]

Hey guys,

I'm new to the forum. A few days ago I started reading this site and there was a lot of interesting info. I'm very interested in the debt validation strategy I have seen discussed here. 

At first I got really excited, and I thought I had my whole game plan ready - I would just spam VD letters and hope they get deleted (no harm can come, right?), then I would negotiate PFDs, etc. But THEN I read even more info... with people having VDs backfire, or maybe I shouldn't VD a debt that's 5 years old!

So, instead of going to the post office and spending close to $70 bucks on registered mail, I decided to post this super newb post.

So, about 4 years ago I had zero credit and tryed to build. Only things I qualified for were First Premier and Credit One.  A short while later, I messed them all up and a bunch more (i was a horrible person, im much better off now mentally and financially) and so now I have about...

9 collections accounts, which all will go away around December 2018. 

They have not been contacting me. They've sent me a bunch of letters in the past to previous addresses, but I moved, got a new phone, etc. I am not getting calls or anything. In fact, half of them haven't reported since mid-2014.

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This is getting long and mind-vomitty so I'll just stop and wait for responses.  But, from what I learned... my VDs won't be real, huh? They can still keep reporting since it's been forever. Also, they will know my new address and will start trying to reach me again.

So should I just try to beg for PFD?? Should I wait it out... it's only 2 and a half more years, right?

[Anonymous]

There are a number of factors to consider - what is your states SOL? can you afford to pay/settles these debts? what current credit do you have? what are your future credit plans?

[Anonymous]

what is your states SOL?  - I think it's 7.5 years. Correct me if I'm wrong (California)

can you afford to pay/settles these debts? - It's only about $5000 and I have been saving up for this anyway, so yeah. I can pay them all off. The only reason I haven't is because I have heard there are ways to get it deleted which is better.

what current credit do you have? - 485 i think. Terrible. I don't qualify for anything. I just got qualified for First Access... read the reviews... god. Has it come to this?  I am also on ChexSystems for another 2 years so I can't even get a checking account... I actually VD them but they came back with all my shenanigans and it was a lot of evidence. I used to write checks from myself to myself just to get the $200 bucks the atm would automatically grant you. It was a bad time.

what are your future credit plans? - I am trying to get as much of stuff deleted off my credit report so I can have good credit. I want a house in a couple of years so it's an ambitious goal... i really have to start not only deleting old stuff but building new stuff.  I just got approved for First Access $300 credit card and some weird checking account BBVA Compass.  So maybe it's good? you tell me.

But right now I have a good paying job and a steady income, and I have grown morally so now I would never do the stupid stuff I used to do. So... just trying to get to 650 credit score man. I'll be happy with that... after that at least I fell human. Right now it's like 480 i think.

[Anonymous]

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@Anonymous wrote:

what is your states SOL?  - I think it's 7.5 years. Correct me if I'm wrong (California)

can you afford to pay/settles these debts? - It's only about $5000 and I have been saving up for this anyway, so yeah. I can pay them all off. The only reason I haven't is because I have heard there are ways to get it deleted which is better.

what current credit do you have? - 485 i think. Terrible. I don't qualify for anything. I just got qualified for First Access... read the reviews... god. Has it come to this?  I am also on ChexSystems for another 2 years so I can't even get a checking account... I actually VD them but they came back with all my shenanigans and it was a lot of evidence. I used to write checks from myself to myself just to get the $200 bucks the atm would automatically grant you. It was a bad time.

what are your future credit plans? - I am trying to get as much of stuff deleted off my credit report so I can have good credit. I want a house in a couple of years so it's an ambitious goal... i really have to start not only deleting old stuff but building new stuff.  I just got approved for First Access $300 credit card and some weird checking account BBVA Compass.  So maybe it's good? you tell me.

But right now I have a good paying job and a steady income, and I have grown morally so now I would never do the stupid stuff I used to do. So... just trying to get to 650 credit score man. I'll be happy with that... after that at least I fell human. Right now it's like 480 i think.

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California has a 4 year SOL. That means that anything thas over 4 years old you cannot be successfully sued in court for it, as long as you show up and claim an SOL defense. Cali also has a law that the SOL can only be reset by a written and signed repayment agreement. That gives you a great deal of negotiating strength with the collectors. When negotiating for pay for deletions, make it clear that these are "old, time barred debts" that you are not legally obligated to pay, but you are willing to do so ONLY if they are deleted. If they refuse, wait a couple weeks and try again.

The chexsystems will not keep you from obtaining new credit. You need to establish at least three revolving accounts to push your scores up. Once the First Access account hits your reports your scores will jump. When that happens go aplly for Capital One cards. (platinum and QS1)

[Anonymous]

Actually Capital One is one of the collections XD

Okay, so that sounds good. So I will definitely try to PFD.  Does it make sense to call them on the phone? Or letters are better? (of course even after the phone i would get it in writing, but is the call worth it).

But what about my question about spamming validations.... i mean these are old, and I bet at least a quarter of  them will come back as deletions. Should I not do that though?

[Anonymous]

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@Anonymous wrote:

Actually Capital One is one of the collections XD

Okay, so that sounds good. So I will definitely try to PFD.  Does it make sense to call them on the phone? Or letters are better? (of course even after the phone i would get it in writing, but is the call worth it).

But what about my question about spamming validations.... i mean these are old, and I bet at least a quarter of  them will come back as deletions. Should I not do that though?

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Doesn't matter, app anyway. Cap One only blacklists for twelve months after a CO with them.

Use whatever contact method best suits you and your style of negotiation. Some people are better speaking, some are better with the written word. Don't worry about "getting it in writing" just record your calls as proof of the agreement.

DV can be ignored by the CA if not sent within 30 days of first contact via dunning notice. If you know the debt is legit, I would not bother.