Reply
Established Member
HerbieNick
Posts: 18
Registered: ‎08-12-2014

Never thought how important credit is until...REALITY CHECK HIT

For the past few days, I have had the honor to read a lot of people threads and I must say that I too am not alone like I thought I was. We all have so much in common with our credit that it feels like you all became my cyber family. This is my first post and I'm a tab bit nervous but I put my pride aside and gave this a shot. Being on here has given me a lot of insight and I can't thank you all enough. For years I have been running away from my credit problems and it finally hit me that "enough is enough", it's time to put on my big pants and take whatever consequences come my way and I'm willing to take that challenge. I was never taught anything about credit as a youngster, had to learn on my own. So seeming though running didn't get me far, I guess my way didn't work so I'm going the RIGHT WAY...anyhoo, I need help and more information if I'm going in the right direction. Input?

Regular Contributor
growing123
Posts: 188
Registered: ‎02-12-2014
0

Re: Never thought how important credit is until...REALITY CHECK HIT


HerbieNick wrote:

For the past few days, I have had the honor to read a lot of people threads and I must say that I too am not alone like I thought I was. We all have so much in common with our credit that it feels like you all became my cyber family. This is my first post and I'm a tab bit nervous but I put my pride aside and gave this a shot. Being on here has given me a lot of insight and I can't thank you all enough. For years I have been running away from my credit problems and it finally hit me that "enough is enough", it's time to put on my big pants and take whatever consequences come my way and I'm willing to take that challenge. I was never taught anything about credit as a youngster, had to learn on my own. So seeming though running didn't get me far, I guess my way didn't work so I'm going the RIGHT WAY...anyhoo, I need help and more information if I'm going in the right direction. Input?


Welcome to the forum!

 

I know exactly how you feel, as I was never taught how to be responsible with my credit either.  I had to learn as I went.  Luckily we have this forum to act as an instuction manual! 

 

I would start with pulling your free credit reports from each of the CRA.  The website is annualcreditreport.com.  Print them out and start going over them in detail.  Then start searching this forum.  Most of the answers to your questions are on here.

 

Good luck! :smileyhappy:

Starting Scores - Mid 500s - 10/2013

EX 675 (MyFico 9/14) | EQ 692 (MyFico 9/14) | TU 685 (DiscIT 9/14)

Cap1QS $5.3K | Chase Freedom $1.5k | Discover It $1k | VS $.5k | Closed on my house in August!! :smileyhappy:
Valued Contributor
p-
Posts: 2,632
Registered: ‎06-05-2008
0

Re: Never thought how important credit is until...REALITY CHECK HIT


growing123 wrote: I would start with pulling your free credit reports from each of the CRA.  The website is annualcreditreport.com.  Print them out and start going over them in detail.  Then start searching this forum.  Most of the answers to your questions are on here.

+1

Begin right here.  Most of us were in the same place as you at one time or another.  

 

Start by finding out what the damage is, and pull your reports.


What you need is a combination of good history added, and bad history removed.  So start by making a commitment to pay everything on time, all of the time, no matter what, and look for ways to free up cash to help with the rebuilding.  I mean cut off cable TV, ratchet back the cell plan, trim the grocery budget, stop eating out, whatever you can do to go bare minimum.  Next, send DV letters to validate any collections that you have, and dispute anything that is fraudulent or inaccurate.  The stickies in this category (LINK) have sample DV letters, and several write-ups on how and where to start.

Don't dispute any legitimate collections, or you can hurt your credibility in the future.  Instead, negotiate for PFD (pay for delete) agreements to get the items off of your report.

Good luck!

  8-12-14: FICO EXP: 797 - EQU: 734 - TRAN: 739 - AVG: 757 - +207 points from JUN 2008 - MY CREDIT JOURNAL

Established Member
HerbieNick
Posts: 18
Registered: ‎08-12-2014
0

Re: Never thought how important credit is until...REALITY CHECK HIT

Thank you so very much! I did pull my CR and I have a lot of negatives on there which a law firm is in the works of getting in contact with all 3 CB so I'm just patiently waiting...*taps fingers on my desk* I think I'm more scared because in my mind I would love to hit the lottery and pay everything off at once but that's not the case, it's just so time consuming. My credit is ranging between 498-524 and that's not a good look for me anymore. I want to provide a home for my family and that's my goal. I get so ashamed of getting my credit ran knowing what I know but don't want the lenders to know and it just got depressing for me, so therefore I promised myself and my child that play time is over. Everyone on here is such an inspiration and I get so excited and stay up late at night just to read the threads and say to myself "I CAN DO IT", tell you I'm my worst enemy. Thanks for replying growing123!

Established Member
HerbieNick
Posts: 18
Registered: ‎08-12-2014
0

Re: Never thought how important credit is until...REALITY CHECK HIT

I'll definitely check into that! Thank you for the info...


p- wrote:

growing123 wrote: I would start with pulling your free credit reports from each of the CRA.  The website is annualcreditreport.com.  Print them out and start going over them in detail.  Then start searching this forum.  Most of the answers to your questions are on here.

+1

Begin right here.  Most of us were in the same place as you at one time or another.  

 

Start by finding out what the damage is, and pull your reports.


What you need is a combination of good history added, and bad history removed.  So start by making a commitment to pay everything on time, all of the time, no matter what, and look for ways to free up cash to help with the rebuilding.  I mean cut off cable TV, ratchet back the cell plan, trim the grocery budget, stop eating out, whatever you can do to go bare minimum.  Next, send DV letters to validate any collections that you have, and dispute anything that is fraudulent or inaccurate.  The stickies in this category (LINK) have sample DV letters, and several write-ups on how and where to start.

Don't dispute any legitimate collections, or you can hurt your credibility in the future.  Instead, negotiate for PFD (pay for delete) agreements to get the items off of your report.

Good luck!


 

Regular Contributor
growing123
Posts: 188
Registered: ‎02-12-2014

Re: Never thought how important credit is until...REALITY CHECK HIT


HerbieNick wrote:

Thank you so very much! I did pull my CR and I have a lot of negatives on there which a law firm is in the works of getting in contact with all 3 CB so I'm just patiently waiting...*taps fingers on my desk* I think I'm more scared because in my mind I would love to hit the lottery and pay everything off at once but that's not the case, it's just so time consuming. My credit is ranging between 498-524 and that's not a good look for me anymore. I want to provide a home for my family and that's my goal. I get so ashamed of getting my credit ran knowing what I know but don't want the lenders to know and it just got depressing for me, so therefore I promised myself and my child that play time is over. Everyone on here is such an inspiration and I get so excited and stay up late at night just to read the threads and say to myself "I CAN DO IT", tell you I'm my worst enemy. Thanks for replying growing123!


i don't know what's on your report, or your what you might be facing, but I will say that you can save a lot of money by doing the rebuild/repairing yourself. and of course with the help of these wonderful people on Myfico! 

Starting Scores - Mid 500s - 10/2013

EX 675 (MyFico 9/14) | EQ 692 (MyFico 9/14) | TU 685 (DiscIT 9/14)

Cap1QS $5.3K | Chase Freedom $1.5k | Discover It $1k | VS $.5k | Closed on my house in August!! :smileyhappy:
Regular Contributor
Ragelog
Posts: 123
Registered: ‎03-11-2014
0

Re: Never thought how important credit is until...REALITY CHECK HIT

We have all been there I am just now starting to see the light at the end of the tunnel. It will take time but you can make progress. The first steps will be review your Credit Reports and remove anything you know is inaccurate, PFD (pay for delete) is a good option to get things settled but also removed from your credit report, anything that won't accept that paying off/settling isn't bad it won't improve things instantly but each one you settle is behind you and you get to move forward to a brighter credit future. The other side is you need to get some positive accounts reporting likely a secured card of some sort to start as length on a positive account helps with the recovery.

 

I still have old things that won't fall off my credit report until as late as mid 2017. Those include a Paid State Tax Lien, a satisfied judgement, a paid medical collection, a charged off repossession and a charged off credit card. 

 

Even with these items I am starting to have some revolving credit and was just approved for a Auto Refinance with DCU. I still have a bit to go but for the most part my job going forward is manage my credit and wait for the negatives to fall off. 

 

You have taken the first step keep going and it will get better.

 

Sincerely,

Sam

$0 Used/$5450 Available Revolving Credit
Gardening Since 8/12/2014 (Approved for DCU Auto Refi 8/12/2014 1.49% 48 Months $17641.00)

Starting Score: 604 EQ Fico (Scorewatch)/610 TU Fico (Walmart)/634 CreditSesame(EX)
Current Score: 683 EQ04 Fico (DCU)/658 EQ Fico (Scorewatch)/656 TU Fico (Walmart/Barclays)/662 CreditSesame (EX)
Goal Score: 675+ All Scores


Take the myFICO Fitness Challenge
Valued Contributor
p-
Posts: 2,632
Registered: ‎06-05-2008
0

Re: Never thought how important credit is until...REALITY CHECK HIT


HerbieNick wrote: I have a lot of negatives on there which a law firm is in the works of getting in contact with all 3 CB so I'm just patiently waiting...

You would be suprised how fast you can get things corrected on your own.  Paying a law firm is a waste of money, IMO, unless you need representation in court to protect you from a judgement.

I did employ a lawyer for one issue when a company refused to remove false information, but I didn't write him a check.  We both got paid for that one.

  8-12-14: FICO EXP: 797 - EQU: 734 - TRAN: 739 - AVG: 757 - +207 points from JUN 2008 - MY CREDIT JOURNAL

Established Member
HerbieNick
Posts: 18
Registered: ‎08-12-2014
0

Re: Never thought how important credit is until...REALITY CHECK HIT

I actually calculated everything on my CR last night and my debt is to me quite funny...over 9k. That's nothing but something. If I can turn the hands back in time I would, I would paid everything on time, etc...but the problem is I don't know when to start. As far as, do I start with small balance or the large? After looking at some of these threads I know now that I can do this on my own and not a law firm. After the 30 days is up, I guess I have to go on my own. I didn't  investigate deep as I should have, I just took the easier way out...never again! You guys are my lawyers...lol. You all don't know how much this means to me as far as there are people who actually cares and willingly give me information to help me better myself...it's never too late to make it right

Regular Contributor
Veg325
Posts: 220
Registered: ‎07-08-2014
0

Re: Never thought how important credit is until...REALITY CHECK HIT


HerbieNick wrote:

I actually calculated everything on my CR last night and my debt is to me quite funny...over 9k. That's nothing but something. If I can turn the hands back in time I would, I would paid everything on time, etc...but the problem is I don't know when to start. As far as, do I start with small balance or the large? After looking at some of these threads I know now that I can do this on my own and not a law firm. After the 30 days is up, I guess I have to go on my own. I didn't  investigate deep as I should have, I just took the easier way out...never again! You guys are my lawyers...lol. You all don't know how much this means to me as far as there are people who actually cares and willingly give me information to help me better myself...it's never too late to make it right


 

Hey! I would definitely reccommend starting from the smallest amount first and working your way up to the largest debt. As the others said, you should send DV letters and after valildation see if you can setlle the accounts with PFD for lesser amounts to save yourself some money. Good luck on your repair journey! Wish i had more to offer you but I am no credit guru :smileyhappy:


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+