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Member
Posts: 24
Registered: ‎02-19-2013
0

Need Advice! Please Help

Where to start? When I was 20 (6 years ago) I got 4 credit cards and defaulted on all of them. I also incurred about 5 medical bills which I didn't have the cash to pay so they went to collections Two years ago I signed a lease with a roommate of two years and got stiffed with 2 months of their back rent. I came home one day to find they had moved out so I had to move out as the rent was due in two weeks and my account was already drained from paying their side for the past two months. I tried to work out things with the complex but ultimately I had to move back in with my parents and get my financials together.I cleaned the apartment, dropped the keys off in the lock box with a note. I never received an eviction notice although they could have placed one on the door after I left I have no clue. I did get a letter stating they won a judgement of $700 against me and my roommate which is far. I am finally financially in a place where I can afford to start paying some of the debts I have ( Medical Bills) My credit cards are falling off starting next year. I can say I have my reasons but the truth is I have been very irresponsible with my credit and finances. Below I have listed my credit report. Questions- Should I actually file for bankruptcy? My CC are falling off next year and I can settle hopefully for 50% of 3 of the medical bills ranging from 700 and below. I can't afford to pay the leasing agency until the next 3 to 4 years and would only be able to at 50% at that. I don't think I need to file but I don't know how much trouble I actually am in, you do. If I can settle with the medical bills as listed above at 50% and pay it will it help my credit? Probably self explained question but what does paying it help with? Does the payment status change? Does it go away from my credit report if I pay them? Can I have it erased once its paid or do I still have to wait the 7 years to have it fall off as well? If its marked as paid does that help on my credit report or is it the same as it was? If this was your mess what steps would you take to get start fixing this? I have heard of opening secured cc to help your credit... how does that work? How many points will that go make it go up? 

 I am working full time as a retail supervisor so my income is not high but I have learned how to save and would like to start fixing these things and eventually get a unsecured card. What kind of score do you need to get approved for a cc?One last question- Capitol One as listed below is listed as collection but so is portfolio they are reporting on the same debt. And both in collection? Thats two negative marks for the same debt. Eventually when I am done with school and gotten myself out of this mess with the right financial choices I'd like to own a home. I know this is a mess and for  years I lived paycheck to paycheck. I have worked very hard to get myself where I have enough to start paying a little at a time. Any help is appreciated. Thank you for taking time out of your day to listen and offer any advice that you have.
 
Lauren
 
 Credit Score of 548 - Equifax 

 
Member
Posts: 24
Registered: ‎02-19-2013
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Re: Need Advice! Please Help

CAPITAL ONE BANK USA NA  
 
Date Opened:
04/28/2007
Responsibility:
Individual Account
Account Type:
Revolving Account
Loan Type:CREDIT CARD
Date Updated:
05/06/2012
Payment Received:
$0
Last Payment Made:
11/14/2007
Pay Status:
>Charged Off<
Terms:
Paid Monthly
Date Closed:
08/03/2008
 
ACCOUNT SOLD TO PORTFOLIO RECOVERIES ASSOCIATE
Estimated month and year that this item will be removed: 
12/2014
 
 
CHASE/BANK ONE CARD SERV   *
 
Date Opened:
04/24/2007
Responsibility:
Individual Account
Account Type:
Revolving Account
Loan Type:CREDIT CARD
Balance:
$0
Date Updated:
06/24/2009
Payment Received:
$0
Last Payment Made:
08/17/2007
High Balance:
$1,442
Credit Limit:
$700
Pay Status:
>Charged Off<
Terms:
Paid Monthly
Date Closed:
11/21/2007
Date Paid:
08/17/2007
Remarks: 
PURCHASED BY ANOTHER LENDER; TRANSFERRED TO ANOTHER OFFICE
Estimated month and year that this item will be removed: 
08/2014
 
 
ESCALLATE INC   
 
Placed for collection:
10/05/2011
Responsibility:
Individual Account
Account Type:
Open Account
Loan Type:COLLECTION AGENCY/ATTORNEY
Balance:
$459
Date Updated:
12/20/2011
Original Amount:
$459
Original Creditor:MEDICAL- (Medical/Health Care)
Past Due:
>$459<
Pay Status:
>In Collection<
Remarks: 
>PLACED FOR COLLECTION<
Estimated month and year that this item will be removed: 
05/2018
 
ESCALLATE INC   *
 
Placed for collection:
06/15/2011
Responsibility:
Individual Account
Account Type:
Open Account
Loan Type:COLLECTION AGENCY/ATTORNEY
Balance:
$707
Date Updated:
08/29/2011
Original Amount:
$707
Original Creditor:MEDICAL- (Medical/Health Care)
Past Due:
>$707<
Pay Status:
>In Collection<
Remarks: 
>PLACED FOR COLLECTION<
Estimated month and year that this item will be removed: 
02/2018
 
HUNTER WARFIELD INC   
Placed for collection:
11/04/2011
Responsibility:
Participant on Account
Account Type:
Open Account
Loan Type:COLLECTION AGENCY/ATTORNEY
Balance:
$3,185
Date Updated:
02/02/2013
Original Amount:
$2,913
Original Creditor: (Rental/Leasing)
Past Due:
>$3,185<
Pay Status:
>In Collection<
Remarks: 
>PLACED FOR COLLECTION<
Estimated month and year that this item will be removed: 
08/2018
 
MEDICAL DATA SYSTEMS INC
 
Placed for collection:
08/06/2012
Responsibility:
Individual Account
Account Type:
Open Account
Loan Type:COLLECTION AGENCY/ATTORNEY
Balance:
$642
Date Updated:
10/15/2012
Original Amount:
$642
Original Creditor:MEDICAL- (Medical/Health Care)
Past Due:
>$642<
Pay Status:
>In Collection<
 
Estimated month and year that this item will be removed: 
05/2018
 
MEDICAL DATA SYSTEMS INC   
 
Placed for collection:
04/06/2012
Responsibility:
Individual Account
Account Type:
Open Account
Loan Type:COLLECTION AGENCY/ATTORNEY
Balance:
$2,378
Date Updated:
06/15/2012
Original Amount:
$2,378
Original Creditor:MEDICAL-C
Past Due:
>$2,378<
Pay Status:
>In Collection<
Remarks: 
>PLACED FOR COLLECTION<
Estimated month and year that this item will be removed: 
02/2018
 
MIDLAND CREDIT MGMT INC   
 
Placed for collection:
11/18/2008
Responsibility:
Individual Account
Account Type:
Open Account
Loan Type:FACTORING COMPANY ACCOUNT
Balance:
$1,699
Date Updated:
07/19/2010
Original Amount:
$1,699
Original Creditor:CITIBANK DIAMOND PREFERRED FO
Past Due:
>$1,699<
Pay Status:
>In Collection<
Remarks: 
>PLACED FOR COLLECTION<
Estimated month and year that this item will be removed: 
03/2014
 
NCO FINANCIAL  
 
Placed for collection:
11/08/2010
Responsibility:
Individual Account
Account Type:
Open Account
Loan Type:COLLECTION AGENCY/ATTORNEY
Balance:
$97
Date Updated:
05/27/2012
Original Amount:
$97
Original Creditor:PROGRESSIVE INSURANCE (Insurance)
Past Due:
>$97<
Pay Status:
>In Collection<
Remarks: 
>PLACED FOR COLLECTION<
Estimated month and year that this item will be removed: 
08/2017
 
PORTFOLIO RECOVERY   
 
Placed for collection:
04/27/2012
Responsibility:
Individual Account
Account Type:
Open Account
Loan Type:FACTORING COMPANY ACCOUNT
Balance:
$699
Date Updated:
02/08/2013
Last Payment Made:
11/14/2007
Original Amount:
$699
Original Creditor:CAPITAL ONE BANK USA N A
Past Due:
>$699<
Pay Status:
>In Collection<
Remarks: 
>PLACED FOR COLLECTION<
Estimated month and year that this item will be removed: 
12/2014

 

Community Leader
Valued Contributor
Posts: 2,440
Registered: ‎11-29-2012
0

Re: Need Advice! Please Help

That's about ten grand give or take. What's your annual income. If you got a settlement on most of these, how much could you reasonably pay in the next 2-3 years? You don't want to file for bk unless you truly have no other choice. I just got out of bk and it was horrible. It will continue to haunt you for many years.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Member
Posts: 24
Registered: ‎02-19-2013
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Re: Need Advice! Please Help

My salary is 27k a year its nothing. I live with a roommate (A good one) it's in her name. I have in total Checking about 700 Savings 2500. I have a car payment at $260 a month and insurance at 80. I want to pay the medical bills everything but the 2500 dollar one I think I can do. And the credit cards are dropping off next year. I just dont know what the heck to do. If I could do everything but the 3000 leasing judgement and the 2500 medical bill would that help? I saw something on another thread talking about Portfolio Recovery which is one of my CA's for the first CC on the list the chase card. Are they reporting on my credit correctly? I am so out of my league I literally ignored this for the past years as I didnt have the resources to even try and attack it. 

Member
Posts: 24
Registered: ‎02-19-2013
0

Re: Need Advice! Please Help

Sorry in the next year or two I could get all the medical bills if they are at 50% everything except for the $2500 one and the leasing. Progressive is actually not right but its so low and old that i will just pay it. I closed my account and went with state farm but they continued to bill me. I was on electronic notification and never knew they were still billing me. 

Community Leader
Valued Contributor
Posts: 2,440
Registered: ‎11-29-2012
0

Re: Need Advice! Please Help

I get you. #1 you need to find out the statute of limitations in your state. Any collection that falls outside that can wait until later. Pay off everything that is still within SOL because they can still sue you and a judgment hurts your credit nearly as bad as a bk or tax lien. Get a part time job and use that ENTIRE paycheck for nothing but these debts. If you can't find a job right away, I know jobs are still scarce, then go offer to mow lawns, collect cans for recycling. Something, anything legal, to make a second income. I will leave how those items are reporting to posters more experienced than I am, but at first glance, they seem to br reporting okay, though portfolio should not be a factoring company.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Community Leader
Valued Contributor
Posts: 2,440
Registered: ‎11-29-2012
0

Re: Need Advice! Please Help

I forgot to add, before you start paying anybody, call or write and get a settlement deal that includes them deleting from your credit report once you've paid. Do a search for PFD or pay for delete in this forum to get a feel for how that works.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Member
Posts: 24
Registered: ‎02-19-2013
0

Re: Need Advice! Please Help

Thank you. I work full time and am back in school but during summer break I will pick up a second job. I appreciate your help. 

Member
Posts: 24
Registered: ‎02-19-2013
0

Re: Need Advice! Please Help

Everything is still within the SOL. At the bottom of the debts listed its gives an estimated date of removal the CC's are all coming off in 2014. I know nothing about credit reports I just never knew that a company (portfolio) could report on the same debt and list it as open and a factoring company for a debt that's been charged off 6 years ago and SOL for 12/2014 (Capitol One). Even my citibank card that is being reported from midland credit as a FC as well is only listed once from them. Is this correct?
Community Leader
Valued Contributor
Posts: 2,440
Registered: ‎11-29-2012
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Re: Need Advice! Please Help

[ Edited ]

SOL and CRTP (credit reporting time period) have no relation to each other.  Statute of limitations is how long your state allows lawsuits against you for a particular debt.  CRTP is how long they can be listed on your credit reports.  Now if your state's SOL is 7.5 years, then they would be the same.  So in your research, what did you find out about your state's SOL laws ?

 

For example, some state's have a SOL of 4 years, which means after 4 years you can no longer be sued, but the debt can show on your credit reports for another 3.5 years.


Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
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