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I need help reestablishing my credit, in order to finance a house. I have one good line of credit, which is my vehicle payment. I havent been late once, its going on 9 months. I dont have any other lines of credit. I do have plenty of baddies/collections.
Repo 13,000 dofd 9/13
Repo/charge off - it depends on the credit report 1161.00 8/11
Repo/charge off - it depends on the credit report 2,126 6/11
Comcast/collection agency 671.00 2/12
Speedycash (collection) 4,114 4/13
Apt Fee (collection) 61.00 11/12
Recovery One (Collections) 265.00 I swear that one was from 2006 but they have it down as 2/14
Any advice would be greatly appreciated. When I was talking with a mortgage company, they told me to forget about the collection and old debt and just focus on getting new credit and take care of it, this time. My goal is to have my credit at a 700. I gave myself two years. Please help me. I need my credit fixed and I will do well by it this time. I make good income and want to have great credit. Ill be pushing 37. I need to turn my life around. Thank you in advance. I have one credit score, which is 549 through transunion. I do not have an experian credit score because they had merged my credit profile with two other men who have been deceased. So my file had been flagged deceased. I talked with experian today and thankfully they took care of the problem. But no score as of it. Can take up to 48 hours.
Again, thank you in advance. jesse.
@jramos0404 wrote:I need help reestablishing my credit, in order to finance a house. I have one good line of credit, which is my vehicle payment. I havent been late once, its going on 9 months. I dont have any other lines of credit. I do have plenty of baddies/collections.
Repo 13,000 dofd 9/13
Fairly recent and that's a huge amount. I'm assuming it went to auction and this was the difference? It's pretty recent, and may wind up with a judgement on this one since it's a good amount.
Repo/charge off - it depends on the credit report 1161.00 8/11
Repo/charge off - it depends on the credit report 2,126 6/11
Once again, it's not nearly as much as the first one, but these two are somewhat recent and are enough to get a judgement against you. I'd be saving to settle these.
Comcast/collection agency 671.00 2/12
Maybe try a PFD for this one,
Speedycash (collection) 4,114 4/13
Payday loan? Pretty good amount and pretty recent. I'd be saving for this one too.
Apt Fee (collection) 61.00 11/12
PFD this one, or pay and GW.
Recovery One (Collections) 265.00 I swear that one was from 2006 but they have it down as 2/14
Need to see how it's listed and make sure it's not re-aged.
Any advice would be greatly appreciated. When I was talking with a mortgage company, they told me to forget about the collection and old debt and just focus on getting new credit and take care of it, this time. My goal is to have my credit at a 700. I gave myself two years. Please help me. I need my credit fixed and I will do well by it this time. I make good income and want to have great credit. Ill be pushing 37. I need to turn my life around. Thank you in advance. I have one credit score, which is 549 through transunion. I do not have an experian credit score because they had merged my credit profile with two other men who have been deceased. So my file had been flagged deceased. I talked with experian today and thankfully they took care of the problem. But no score as of it. Can take up to 48 hours.
Again, thank you in advance. jesse.
You're going to need more positive tradelines in order to bring your score up. Revolving credit has a much higher impact on FICO scores than installment accounts like car loans. I've seen several of the experts on these boards recommend at least 3 credit cards in order to maximize your score.
You're almost certainly going to have to start with secured cards; however, I'm not sure you will get approved for those with so much unpaid debt that is so recent. Credit card companies might be afraid that you'll get a judgment that will allow a creditor to seize the secured card deposit. I think you're going to have to pay off some of these before you can get a secured card.
If the Speedycash collection is for a payday loan, is it still accruing fees/interest? If it is, I would advise that you take care of that one first or it is likely to double or even triple in size very quickly.
@Shogun wrote:Repo 13,000 dofd 9/13
Fairly recent and that's a huge amount. I'm assuming it went to auction and this was the difference? It's pretty recent, and may wind up with a judgement on this one since it's a good amount.
Repo/charge off - it depends on the credit report 1161.00 8/11
Repo/charge off - it depends on the credit report 2,126 6/11
Once again, it's not nearly as much as the first one, but these two are somewhat recent and are enough to get a judgement against you. I'd be saving to settle these.
Comcast/collection agency 671.00 2/12
Maybe try a PFD for this one,
Speedycash (collection) 4,114 4/13
Payday loan? Pretty good amount and pretty recent. I'd be saving for this one too.
Apt Fee (collection) 61.00 11/12
PFD this one, or pay and GW.
Recovery One (Collections) 265.00 I swear that one was from 2006 but they have it down as 2/14
Need to see how it's listed and make sure it's not re-aged.
First of all, Id like to thank you for your reply. I know that this debt is current. But I really would hate to pay these debts when I would like to save for a mortgage. I have a family of 7 and cannot afford it. I would have gladly paid them, if I could. As for the vehicle that is around 13000. They took the car but that was the total price I financed the car with. It never went down. Is bankruptcy the way to go?
@itgirl74 wrote:You're goign to need more positive tradelines in order to bring your score up. Revolving credit has a much higher impact on FICO scores than installment accounts like car loans. I've seen several of the experts on these boards recommend at least 3 credit cards in order to maximize your score.
You're almost certainly going to have to start with secured cards; however, I'm not sure you will get approved for those with so much unpaid debt that is so recent. Credit card companies might be afraid that you'll get a judgment that will allow a creditor to seize the secured card deposit. I think you're going to have to pay off some of these before you can get a secured card.
If the Speedycash collection is for a payday loan, is it still accruing fees/interest? If it is, I would advise that you take care of that one first or it is likely to double or even triple in size very quickly.
Thank you for your time. No, the payday loan is not accruing interest. This loan was actually two loans that they merged into one without my consent. I couldnt keep up with that. The fees were rediculous. The last payment they took was over 600.00. I couldnt do it anymore. I asked this before. Would bankruptcy be best?
You may have better luck on the bankrupcy rebuild section of this board as those who have been there will let you know how they made the decision to chose BK and how they have rebuilt. If your car was repoed and the original loan was for 13k you need to find out what they got at auction as the amount you owe should be less that amount.
Good Luck!
@spike69 wrote:You may have better luck on the bankrupcy rebuild section of this board as those who have been there will let you know how they made the decision to chose BK and how they have rebuilt. If your car was repoed and the original loan was for 13k you need to find out what they got at auction as the amount you owe should be less that amount.
Good Luck!
Thank you and I will check that section. It wasnt a possible route Id see myself go through but it seems it may be the only way to start anew. How do I find out how much they got at auction? Thanks again.
I really don't think you'll have enough to file BK. The biggie is the repo and it's not reporting correctly. They can't have their cake and eat it too. When they took the car, they would then sell it or take it to auction. Whatever they get from the sale would be subtracted from the amount owed and that would be new balance. So there could be a sizeable difference and only a few thousand in difference.
What was suggested was only to help you get on the route to repair not to tell you to pay off your debts and not save. In my opinion, it'll be easier to save once you don't owe anyone anything. I start with my smallest debts first, and I get them paid off and I move on to the next.