Need Guidance on where to begin.

[jerrydurden]

A couple years ago I had an decent credit score. I hit a rough patch in my contracting job and money got very tight. As a result I couldn't pay some credit card bills. Fast forward a few months and I began to research online about how to proceed. From what I gathered, the best idea at the time was not to pay these because they were all in collections or had been charged off and it wouldn't help my score at all if the balance were at $0. Now, here I am---- three or four of those have just recently shown up on my credit report from collection agencies with Date Reported / Date First Delinquency Reported from this past month! How can I ever catch up? I am considering sending out some PFD and GW letters as soon as possible. I've attached a few bad items from my report. Thanks in advance for any help. Citibank Account Number: XXXX Current Status: CHARGE-OFF Account Owner: Individual Account. High Credit: $0 Type of Account :Revolving Credit Limit: $325 Terms Frequency: Monthly (due every month) Date Opened: 06/2004 Balance: $0 Date Reported: 08/2006 Amount Past Due: $0 Date of Last Payment: 12/2005 Actual Payment Amount: $0 Scheduled Payment Amount: $41 Date of Last Activity: N/A Charge Off Amount: $465 CAPITAL ONE BANK USA#1 Account Number: XXXX Current Status: CHARGE-OFF Account Owner: Individual Account. High Credit: $0 Type of Account :Revolving Credit Limit: $300 Term Duration: Terms Frequency: Monthly (due every month) Date Opened: 04/2003 Balance: $852 Date Reported: 07/2008 Amount Past Due: $852 Date of Last Payment: 06/2006 Actual Payment Amount: $0 Charge Off Amount: $632 CAPITAL ONE BANK USA#2 XXXX 06/2002 $656 07/2008 $656 CHARGE-OFF $200 Account Number: XXXX Current Status: CHARGE-OFF Revolving Credit Limit: $200 Term Duration: Terms Frequency: Monthly (due every month) Date Opened: 06/2002 Balance: $656 Date Reported: 07/2008 Amount Past Due: $656 Date of Last Payment: 01/2006 Actual Payment Amount: $0 Activity Description: Closed Charge Off Amount: $428 CITGO/CITIBANK SD XXXX 03/2003 $0 08/2006 $0 CHARGE-OFF $425 Account Number: 50215XXXX Current Status: CHARGE-OFF Revolving Credit Limit: $425 Terms Frequency: Monthly (due every month) Date Opened: 03/2003 Balance: $0 Date Reported: 08/2006 Amount Past Due: $0 Date of Last Payment: 12/2005 Actual Payment Amount: $0 Scheduled Payment Amount: $47 Date of Last Activity: N/A Activity Description: Transfer/Sold Charge Off Amount: $600 These are just a few....also, there are collection companies that have bought this debt and now it is showing up twice....Are PFDs and GW Letters my only hope here? Thanks! Jerry

[NikJ4]

Have your pulled all three of your CR from annualcreditreports.com.

That is where i would start. Try and get all of them and put on a spreadsheet or on paper for what is reporting for which CRA. That way you can get a super clear picture. Then there are some good experts that you can rest assure will give you the best advise possible. I am still a newbee to this so I dont want to give your misguided info. Good luck though.

[Anonymous]

No one can help this guy? Jeez... you guys give tons of good advice to everyone! Please help everyone equally! It's too bad I'm a newbie and don't have much to give myself.

[guiness56]

It will help if he can repost and separate all of the information. It is kind of jumbled and hard to read.

I will do my best. If the accounts are charged off, the OC and one CA can report the debt. If the OC sold the debt, they have to show a zero balance.

SOL is the time frame in which they can bring a law suit against you. They can bring one against you at any time, however, if SOL is expired, you could use that as a defense. From what I see, without knowing what state you are in, I would say you are well within SOL. Also, making a payment, partial payment or payment arrangements could restart the SOL.

If you could also post the CA that has each of these accounts it will help.

PFD might work but I do not think a GW is going to do you any good.

Message Edited by guiness56 on 08-04-2008 10:42 PM

[Anonymous]

jerrydurden wrote:
A couple years ago I had an decent credit score. I hit a rough patch in my contracting job and money got very tight. As a result I couldn't pay some credit card bills. Fast forward a few months and I began to research online about how to proceed. From what I gathered, the best idea at the time was not to pay these because they were all in collections or had been charged off and it wouldn't help my score at all if the balance were at $0. Now, here I am---- three or four of those have just recently shown up on my credit report from collection agencies with Date Reported / Date First Delinquency Reported from this past month!

Don't worry about Date reported/Date first delinquency reported. What is the DOFD that is reported, not when it was reported?

 How can I ever catch up? I am considering sending out some PFD and GW letters as soon as possible. I've attached a few bad items from my report. Thanks in advance for any help.

Citibank Account Number: XXXX Current Status: CHARGE-OFF Account Owner: Individual Account. High Credit: $0 Type of Account :Revolving Credit Limit: $325 Terms Frequency: Monthly (due every month) Date Opened: 06/2004 Balance: $0 Date Reported: 08/2006 Amount Past Due: $0 Date of Last Payment: 12/2005 Actual Payment Amount: $0 Scheduled Payment Amount: $41 Date of Last Activity: N/A Charge Off Amount: $465

Since they are reporting a $0 balance, can only assume they have sold the account. You'll have to deal with the CA on this one.

CAPITAL ONE BANK USA#1 Account Number: XXXX Current Status: CHARGE-OFF Account Owner: Individual Account. High Credit: $0 Type of Account :Revolving Credit Limit: $300 Term Duration: Terms Frequency: Monthly (due every month) Date Opened: 04/2003 Balance: $852 Date Reported: 07/2008 Amount Past Due: $852 Date of Last Payment: 06/2006 Actual Payment Amount: $0 Charge Off Amount: $632

CAPITAL ONE BANK USA#2 XXXX 06/2002 $656 07/2008 $656 CHARGE-OFF $200 Account Number: XXXX Current Status: CHARGE-OFF Revolving Credit Limit: $200 Term Duration: Terms Frequency: Monthly (due every month) Date Opened: 06/2002 Balance: $656 Date Reported: 07/2008 Amount Past Due: $656 Date of Last Payment: 01/2006 Actual Payment Amount: $0 Activity Description: Closed Charge Off Amount: $428

Looks like Capital One still owns the accounts. I don't think they are too easy to deal with. You can negotitate a settlement with them or PIF. What is your SOL?

CITGO/CITIBANK SD XXXX 03/2003 $0 08/2006 $0 CHARGE-OFF $425 Account Number: 50215XXXX Current Status: CHARGE-OFF Revolving Credit Limit: $425 Terms Frequency: Monthly (due every month) Date Opened: 03/2003 Balance: $0 Date Reported: 08/2006 Amount Past Due: $0 Date of Last Payment: 12/2005 Actual Payment Amount: $0 Scheduled Payment Amount: $47 Date of Last Activity: N/A Activity Description: Transfer/Sold Charge Off Amount: $600

Looks to be sold as well.

These are just a few....also, there are collection companies that have bought this debt and now it is showing up twice....Are PFDs and GW Letters my only hope here? Thanks! Jerry

Only 1 CA can report the debt. The OC and the CA can both report.

You need to know DOFD, DOLA, and SOL for each account. Find SOL here -

http://www.bankrate.com/brm/news/cc/20040116b2.asp

If you haven't already, do as suggested and pull each report from www.annualcreditreport.com

[Anonymous]

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NateLSU wrote:
No one can help this guy? Jeez... you guys give tons of good advice to everyone! Please help everyone equally! It's too bad I'm a newbie and don't have much to give myself.

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Everyone that contributes on this forum does their best to help each person. Sometimes it may take a little longer for one member's post to get answered and a newer post may get answered sooner. This could be because the contributor who is currently online helping out doesn't know the answer to some postings, so they skip them. It could be because some start on the first thread on the board and works down, like myself.

If a day has passed and there has been no help, feel free to bump the post or PM me.

If you ever feel that you are not being helped or you are being looked over, feel free to PM me.

-sidewinder

[NikJ4]

Thanks Sidewinder...I didnt want to leave him hanging with nothing to say but I didnt want to give misguided info. Much love to the response to all. We appreciate all the help be it a second or an hour later.

[Anonymous]

bump

[Anonymous]

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NateLSU wrote:
bump

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