NEWBIE TO THE FORUM, NEED TO REBUILD!

[yudeology101]

Hello Guys,

I've probably spent like good 3-4days (over hours and hours each day) reading and getting tips & advices you all are providing to other members to improve their scores, and it gave me the courage to ask for advice from you all as well. 

My current status: 

-Reported $75,000 in debt total,  nothing in public records

-3 accounts still in collection, 1 deleted(ERC)!!  (Other collections on file:CACH, Collection Bureau of America)  which are both currently being disputed

-24 negative accounts in derogetory section?  (22 came from my student loan that went into default back in 2009- rehabbed and not back to normal status as of dec 2012)

- 3 secured credit cards, 4 unsecured:  current utiliization is at 95% but will bring it down to 7% in June!

- paying for all 3 credit bureau monitoring system:  Experian, FICO, Equifax

Here's what i've done this week after reading many posts in regards to removing negative lines:

-sent out a number of goodwill letters to school, and student loan services agencies

-sent out a goodwill letter to one of the collection agencie for deletion of paid collection (Collection Bureau of Am.)

My credit background:

-Student loan went into default in 2009- when it did, it went into 22 separate accounts.  Went into rehab and as of Dec 2012, I am back on normal payment status

-Had a joint CC w/ my mom (CL of $7,000) with US Bank:  went into to collection (CACH):  I've sent a letter to CACH Feb 12' and never got a response from them: called Equifax and started the 30 day dispute-  currently in process....anyone have or had problems w/ CACH?  It says that I still owe (or both my mom and i) $16,500, but i haven't seen any activity since 2011.  I have no clue what to do

- Did paid for deletion for many others on file since 2011, have only one left (Collection Bureau of Am.) and it was paid last year.  It shows that it's a paid collection but I thought they said they would delete it from my CR but it's still there.  Goodwill letter sent out today and i'm waiting on reply.

In summary, my credit was a mess back in 2009 to early 2011.  Slowly been fixing stuff, mainly on major ones including student loans.  My starting Credit Score back in 2009 when i first pulled it was 434EQ.  Currently, i'm sitting on:   494 EQ(5-23-13),  550 EX(5-20-13), 564EQ(FICO 5-20-13), and 589TU (Credit Karma 5-21-13).   I've did the best scenario simulation and if i were to bring my credit card utilization down to 7%, it would raise up to:  654-694(FICO EQ), 572-614(FICO TU), 579EX, and 574-594EQ.

In conclusion, I'm hoping that I am doing everything right, or at least going towards the right direction.  I can't wait to see the scores go up in June, as per what the credit simulation(s) predicted. 

I'm open to any advice, comments, and suggestions,  I personally thank all the members for all the support for people like me who's struggling to bring their credit back on track!

One more thing to ask....how can i join this Credit Fitness Challenge?  I see a number of members w/ that fitness challenge logo on their signatures? and also they have like the CC icons w/ CL.  How can i get that? 

Thanks in advance. 

[llecs]

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

When was the DOFD on CACH? They usually buy older debts. If approaching 7-7.5 yrs ago it might delete soon. If not, do you know if your state's SOL is up? If SOL had expired and/or you have the $16k to PIF if you had to, then send the CA a DV. If they verify and you agree then send CACH a PFD. Otherwise, I'd let it be until it falls off.

CBA - do you still have their acceptance letter from the PFD agreement? In any case, just wait to see what they say to the GW.

The FICO Fitness Challenge is a personal challenge. In essence, you are publicly mentioning your score and goals and that helps with accountability to do things needed to get to your goals. This is the link for the siggy. Per CCs in the siggy I am not sure how to do that. It isn't promoted by the forums, but several posters have figured out how to use HTML within the siggy. There are some recent threads in Smorgasboard that gives some tips on that.

[yudeology101]

Wow, thank you for the info!  I've just learned something new about the SOL.  After looking into the CACH account,  DoFD was placed on 7/2/10.  Here's the thing:  the Credit card was issued in North Carolina under my mom's name (primary) and my name as a joint card.  I don't know if my mom had received anything from CACH, but then again she doesn't speak/read English well enough so I don't know what had actually happened between 7/2010 to now.  I asked my mom if anything came in the mail or anyone had tried calling in regards, and she keeps saying that she doesn't know.  I moved to CA back in 2008 and living here since, so I don't know which SOL to follow:  SOL for CA is 4yrs and SOL is 3years.  Regardless, I'm assuming that the account is still active so should I send a DV letter CMRRR to the CACH?  I've sent a letter back in February 2012, and I haven't heard anything back from them at all.  So earlier this month, I've called Equifax and started the 30day dispute process since there's no way of contacting CACH by any means.  I've tried calling the CA a number of times last year but the number provided wasn't CACH, was transferred to a number of different other CAs and they have no record of this account.  Any assistance in what I should do next?

Thanks again for your help.