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

Valued Member

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



I’m in the same boat as you are, as are majority in this site some time or other!

 

I started with about -13K and 15 baddies on my report. Started to call every one of them for settlement.

Most of the accounts did 50% or even less, I read somewhere when you start closing small ones it gives you some sort of accomplishment, it does.

 

Also you may have some baddies that reported duplicate over the years, you can have them removed from your report by disputing very quickly. I also did installments on some big ones, after agreeing to a settlement. This was helpful as they stopped increasing the amount by recurring fees and interest.

 

Welcome to myFICO, I went from running away, not picking up phone calls and not wanting to look at collection letters, to anxiously waiting for mail and calling them to see what they got to offer.

BTW, I joined 2 weeks ago!

New Contributor

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

This is my gameplan when i started

 

1st step whats your long term goal.....(mine is to beable to qualify for a home loan and im giving myself a 18 month window)

 

2nd step  pull all 3 CR

 

3rd step list all debts from most recently reported or updated to the oldest one that reported or updated (you might find that some of your collections are out of the SOL and not affecting your credit score as much because they havent reported for a couple years...so be careful if you pay a collection that hasnt reported in 2-7 years your score is liable to drop....This is Stupid ...I know...but thats the way it is)

 

4th step DV all debts that you intend to pay(make sure you send Certified Mail Return Recepit Requested)

 

4.5 step while you are waiting for DV to come back you need to establish some good credit history...take some money and open 2 SECURED credit cards and 1 SECURED installment loan...this will slowly but surely build a good credit history...DONT MISS A PAYMENT and keep the balances below 9% at all times on the Credit Cards 

 

5th step if DV comes back confirmed then offer a Settle of 50% for Delete, if that doesnt work offer a pay in full for Delete.....if that doesnt work call again....and again..all else fails offer a settle in full for 50% off  your balance (make sure you get this in writing and no electronic access to your checking acct)  IF ITS NOT IN WRITING IT NEVER HAPPENED...and if they just wont budge then you offer a settle in full for the full amount

 

6th step once Collections are paid send a Good Will (GW) letter to each paid off collection that would not delete your tradeline off your credit report.  Do this each month untill hopefully they give you some "GoodWill".....the goodwill is basicly a letter asking them very nicely if they would consider deleting this negitive mark off your CR

 

6.5 Check all CR to make sure its correct

 

7 step pay everything on time everytime and grow your credit...

 

Good Luck

 

 

Luck is the Residue of Desire
Senior Contributor

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

Hi OP!  WELCOME!  Don't PAY anyone (law firm) to do what we can help you with for FREE.  Use those $$$ toward helping yourself. 

 

Let's tackle each debt one by one.  We've all been there and things can greatly change in just a few months!!!

 

 

Highlighted
Established Member

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

Thank you! You know what's so odd about this situation that I'm going through, seems like since I've been a member on here and willing to commit to paying my debt off, the creditors have been calling me wanting to make settlements and I haven't had to reach out to them...it's telling me more and more that I'm doing the right thing. It's a sign to me...I'm so supersititious...lol. I created the problem so I have to fix the problem...more money more problems and now to me it's less bills less problems! Thanks again you guys for your help!


fishbjc wrote:

 

Hi OP!  WELCOME!  Don't PAY anyone (law firm) to do what we can help you with for FREE.  Use those $$$ toward helping yourself. 

 

Let's tackle each debt one by one.  We've all been there and things can greatly change in just a few months!!!