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New Visitor
Posts: 1
Registered: ‎12-18-2010
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New Here ....any advice would be great!

Hi everyone!  I am new to this site and found it by searching around for help of repairing my credit.  I don't know a true score right now; This is what I can tell you.  Over the summer I did the whole "free credit report.com" thing and it gave me a "score" of 573 :smileysad:  In the past I had wonderful credit and never had any problems with payments or anything, over the past 2 years that changed.  I have had a Boscov's, Capital One, and Chase mastercard all turned over to collections - I am currently on a monthly plan paying off the Capital One and Chase - the Boscov's I have paid off.  I have open a Lowe's and Old Navy credit card - both of these are now on time and have been for the past 7 months.  I also have a student loan (Wells Fargo) and a personal loan (local bank) that my Dad co-signed for me and my mortgage ( in both my and my husbands name) .  My question is with those 3 really big accounts turned over to collections is there any way to recover my damage?? I am so disappointed in myself but it's done now.  And tips/advice would be great.  I have read some old post and this looks like a great place for help!! Glad to have found this community!! 

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: New Here ....any advice would be great!

 


lovemy2 wrote:

Hi everyone!  I am new to this site and found it by searching around for help of repairing my credit.  I don't know a true score right now; This is what I can tell you.  Over the summer I did the whole "free credit report.com" thing and it gave me a "score" of 573 :smileysad:  In the past I had wonderful credit and never had any problems with payments or anything, over the past 2 years that changed.  I have had a Boscov's, Capital One, and Chase mastercard all turned over to collections - I am currently on a monthly plan paying off the Capital One and Chase - the Boscov's I have paid off.  I have open a Lowe's and Old Navy credit card - both of these are now on time and have been for the past 7 months.  I also have a student loan (Wells Fargo) and a personal loan (local bank) that my Dad co-signed for me and my mortgage ( in both my and my husbands name) .  My question is with those 3 really big accounts turned over to collections is there any way to recover my damage?? I am so disappointed in myself but it's done now.  And tips/advice would be great.  I have read some old post and this looks like a great place for help!! Glad to have found this community!! 


 

Hi and welcome to the forum.

 

You do not have to explain why it happened or how it happened most of us have all been there one time or another. 

 

Do you carry a balance on the Lowe's card and or the Old Navy card?

 

Do you pay the OC or the CA in your payment agreement?

 

Does your state re-age SOL from payment arrangements?

 

You can rebuild no matter what the situation is, just do not expect things to happen over night. It takes time, persistence, patience, and work. 

 

Feel free to ask any questions you so desire, if you do not get a response right away be a little patient especially with it being the weekend and holiday season. Eventually some one will chime in with opinions and experiences. 

Good Luck
May all your dreams and wishes become a reality!
Moderator
Posts: 17,101
Registered: ‎07-14-2009
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Re: New Here ....any advice would be great!

Welcome to myFICO.

 

As JM-AM said no one will judge you here. We've all been down that road.  :smileyhappy:

 

If you haven't done so recently I suggest you pull your free credit reports from annualcreditreport.com and go over all three of them carefully and see if there are any errors that you can attempt to correct.

 

Also a few threads that might help to read right off the bat although take your time and read everything available here. 

 

Abbreviations We use lots of acronyms around here.

 

What's In Your Score

 

Son of Credit Scoring 101

 

What Steps Do I Take?

 

Eventually you will need to know what your real FICO scores are but be careful. There are many sites that will sell you "credit scores" (just like FCR) but they are not used by most lenders and are therefore useless.

 

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Transunion score at www.transunioncs.com. At www.equifax.com EQ will still sell you an EQ FICO score but they make it very hard to find.

 

It can be a long journey back but there are many here, including myself, who are living proof that no situation is hopeless. I hope you decide to stick around and continue to interact with our little community!!

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".


Epic Contributor
Posts: 20,574
Registered: ‎03-19-2007
0

Re: New Here ....any advice would be great!

A suggested plan.


Focus first on monthly delinquencies on each OC account.

List each monthly delinquency on each OC account by date and severity (e.g., 30-day late 5/2005; 60-day late 6/2005, etc)

Add 7 years from each individual delinquency, and you have a complete summary of when each monthly  delinquency individually drops from your CR.

 

After doing that, then turn to each charge-off and collection in your CR.

The single date to identify for each CO and CA is the date of first monthly delinquency on the OC account that preceded the CO or CA.  Just go back to the list of OC account delinquencies already compliled, and locate that date.  Add 180 days to that DOFD, and the OC or CA must drop from your CR after 7 years from this date.

 

What to pay first, and how to address offers to pay, depends upon the severity and age of each derog.  For each unpaid debt, first determine if the statute of limitations has expired.  These have the potential for legal action.  They call for priority consideration.

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