Need help/advice (new)

[Anonymous]

Hello All,

I have a horrible credit score of 467 as of right now.

I am 20 years old and my credit history starts from when I turned 18. I made a terrible mistake of letting a family member borrow my credit. They never made payments and I was in no shape to pay anything. I was fresh out of high school dealing with bipolar disorder and anxiety. I was in special Ed upto graduation. I had some traumatic events occur after high school graduation. I know now that I am completely responsible regardless of all my circumstances. It has now been two years since that part of my life and I am trying to get back on my feet. 

Currently there are 3 accounts in charged off state and 1 in collection.

I am planning on paying everything in full as soon as I get my income taxes this year.

any advice is greatly appreciated I just do not know where to go from here.

[Anonymous]

---

@Anonymous wrote:

Hello All,

I have a horrible credit score of 467 as of right now.

I am 20 years old and my credit history starts from when I turned 18. I made a terrible mistake of letting a family member borrow my credit. They never made payments and I was in no shape to pay anything. I was fresh out of high school dealing with bipolar disorder and anxiety. I was in special Ed upto graduation. I had some traumatic events occur after high school graduation. I know now that I am completely responsible regardless of all my circumstances. It has now been two years since that part of my life and I am trying to get back on my feet. 

Currently there are 3 accounts in charged off state and 1 in collection.

I am planning on paying everything in full as soon as I get my income taxes this year.

any advice is greatly appreciated I just do not know where to go from here.

---

Welcome to the forums.  First thing is, if you haven't already, get your full credit reports from www.annualcreditreports.com and then come back here and tell us what's on them including amounts, when they were filed etc so that we can give you guidance on dealing with thrm.  You should do this before you pay them off because once you do you lose all leverage. Do you have any positive trade lines on your credit files?

[Anonymous]

Hello and thank you for your reply. Below is everything I was able to obtain from my experian account.

1. comenity  bank/ Victoria's secet 

Account Type
Unknown
Terms
Revolving
Date Opened
02/01/2013
Account Status
Closed
Payment Status
Unknown
Payment Status Details
Charge-off
Status Updated
12/01/2013
Balance
$519.00
Balance Updated
-
Credit Limit
$250.00

2. Kohls/Capone

Account Type
Unknown
Terms
Revolving
Date Opened
02/01/2013
Account Status
Closed
Payment Status
Unknown
Payment Status Details
Charge-off
Status Updated
12/01/2013
Balance
$906.00
Balance Updated
-
Credit Limit
$800.00
Past Due Amount
$399.00

3. Wells Fargo crd svc

Account Type
Credit Card
Terms
Revolving
Date Opened
02/01/2013
Account Status
Closed
Payment Status
Unknown
Payment Status Details
Charge-off
Status Updated
12/01/2013
Balance
$758.00
Balance Updated
-
Credit Limit
$500.00
Past Due Amount

$601.00

4. Enhanced recovery collection 

Account Type
Collection
Terms
1 Month
Date Opened
08/01/2014
Account Status
Closed
Payment Status
Unknown
Payment Status Details
Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department
Status Updated
09/01/2014
Balance
$493.00
Balance Updated
-
Credit Limit
-
Past Due Amount

$493.00

Ownership
Individual
Original Creditor
AT T
Company Sold-to
-
Original Amount
$493.00

And 5 inquiries. One of them is actually mine for Internet and that account is up to date, no late payments. I have no positive trade lines on my credit file.

[Anonymous]

---

@Anonymous wrote:

Hello and thank you for your reply. Below is everything I was able to obtain from my experian account.

1. comenity  bank/ Victoria's secet 

Account Type
Unknown
Terms
Revolving
Date Opened
02/01/2013
Account Status
Closed
Payment Status
Unknown
Payment Status Details
Charge-off
Status Updated
12/01/2013
Balance
$519.00
Balance Updated
-
Credit Limit
$250.00

2. Kohls/Capone

Account Type
Unknown
Terms
Revolving
Date Opened
02/01/2013
Account Status
Closed
Payment Status
Unknown
Payment Status Details
Charge-off
Status Updated
12/01/2013
Balance
$906.00
Balance Updated
-
Credit Limit
$800.00
Past Due Amount
$399.00

3. Wells Fargo crd svc

Account Type
Credit Card
Terms
Revolving
Date Opened
02/01/2013
Account Status
Closed
Payment Status
Unknown
Payment Status Details
Charge-off
Status Updated
12/01/2013
Balance
$758.00
Balance Updated
-
Credit Limit
$500.00
Past Due Amount

$601.00

4. Enhanced recovery collection 

Account Type
Collection
Terms
1 Month
Date Opened
08/01/2014
Account Status
Closed
Payment Status
Unknown
Payment Status Details
Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department
Status Updated
09/01/2014
Balance
$493.00
Balance Updated
-
Credit Limit
-
Past Due Amount

$493.00

Ownership
Individual
Original Creditor
AT T
Company Sold-to
-
Original Amount
$493.00

And 5 inquiries. One of them is actually mine for Internet and that account is up to date, no late payments. I have no positive trade lines on my credit file.

---

Ok I would start working on preparing PFD letters to all 4 agencies but don't send them until you have the cash to pay them.  These are Pay For Delete letters you send to thrm requesting they delete their file in exchange for payment.  Below I'm including a link that goes into great detail about PFDs including examples.  I think this is going to be the best route for you,.  Look those over and you need to look into getting a secured credit card from a bank that doesn't pull a credit report.  I think from what I've heard a goof one is SDFCU but I'll look into it more for you or someone else will come along and chime in.  Let us know if you have any questions and good luck.  It's going to take awhile to come back but don't give up and be patient.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/td-p/2031275

[Anonymous]

Thank you so much for your advice. I will wait until my tax returns to come in before sending out PFD's. Are there any forums I can visit that have contact names for PFD's? I have been on the forums non stop and know it is better to send through mail than to try over the phone.

[Anonymous]

There should be addresses on your credit report for each company. Good luck!