New to Boards also and looking for advice

[Anonymous]

Hello to everyone,

I am also new to the boards and looking for some good advice. I also wanted to thank everyone for the loads of information that I have recieved from the boards. I have been working hard at getting my credit cleaned up as well. I went from having 7 negative impacts on my report to now having three. This was in the course of about two months. I have just been calling creditors and paying them off. I have a couple of creditors that I plan to pay off in the next two weeks also. My mid credit score is sitting at 519 now however I'm waiting to see how much of a change I will see once my new score is posted next month. I have three years of positive credit which is helpful but I am trying to get approved for a mortgage and am looking for all the information I can get. I want to get all of the negative things paid off as soon as possible however can anyone explain how long it may take before I actually see a 620 or higher for a credit score?

[RobertEG]

Paying off old debt is always good, but wont necessarity improve your credit score.

FICO scoring of credit history is based on the occurence of delinquencies and derogs, and not upon their ultimate payment.

Deletion of derogs from yoiur credit report requires either getting a pay-for-delete (PFD) agreement prior to payment, or a goodaa-will (GW) deletion after payment.

[LIGHTNIN]

Welcome to the Rebuilding Your Credit BoardGlad to have You.

Hi chris1123,

Congratulations on going from 7 neg's to 3 neg's on your CR's!! 

May I ask....What are the 3 negative items on your CR's?  and how old are they?

You ask how long will it take for your CS go from 519 to620? That depends on many things...Payment and credit history,new and mix credit and Ulit.How badly are the 3 neg items effecting your CS.

Suggest reading Credit Scoring 101 that will tell you how score are calculated and how to improve your score.

 What Steps Do I Take?DV?PFD? explains important dates you need to know,SOL,and how and when to send DV and PFD letters.

Freq Req Threads..it's a one-stop place of helpful information,Use theLinks below or in the stickys at the top of the board.

[Anonymous]

One is an old sprint account, the other is from a utility provider, and the other is from a credit card account which I just received a letter today to offer a debt settlement offer on it. I'm thinking of taking advantage of the offer next week. However I have a question about the settlement. The letter stated that I could open a new credit card with the company if I pay half of the balance and they would apply the other half of the balance to the credit card. That way at the same time I could be rebuilding my credit and paying off the debt at the same time. It sounded like a good plan however I have my doubts when I get things like this in the mail from credit card companies. I have learned a lot over the years about credit cards and if I do take advantage of plan I plan to keep the balance low and only charge maybe gas once a month. All my new credit accounts are in perfect standings. I have an auto loan and some other credit accounts with 0 lates and most of those accounts are over three years old. Let me know what you think about the offer everyone and also I know one of the creditors that I paid off did state that the balance would be removed from my CR completely. Which brings me to my next question the accounts that show 0 balance PIF are those still effecting my CS?

[RobertEG]

I have a question about the settlement. The letter stated that I could open a new credit card with the company if I pay half of the balance and they would apply the other half of the balance to the credit card. That way at the same time I could be rebuilding my credit and paying off the debt at the same time. It sounded like a good plan however I have my doubts when I get things like this in the mail from credit card companies. I have learned a lot over the years about credit cards and if I do take advantage of plan I plan to keep the balance low and only charge maybe gas once a month. All my new credit accounts are in perfect standings.

_________________________-

Good questions!

For me. this would almost be a no-brainer.

i would have a lot of questions about this offer. but to help in understanding it:

What is the SOL on the current account with them?

What is the DOFD on the current account with them?

What are the APRs on both the existing and new account?

It does not souund inviting to me, at all.  It appears basicaly as a reqest that you pay haff now. then remove any DOFD or SOL against that half, and possibly interest at a higher % APR on the remaining balance.

And with no promised deletion of any prior CR reporting on the current account. 

I see this as a potential lose-lose, and woud  not bite.

Maybe a legitimate, and I dont think outlandish, counter offer may be to accept their offer, , under the one condition that they delete all priior reporting of delinquencies under your current account.  All within the sprirt of their expressed offer to start anew!  Then. I would start to listen!

[Anonymous]

Sounds like good information to me. The amount of the acct is $335 and I do plan to give them a call. The apr on the card is 0% for the first six months. And I do plan on asking if they plan to delete all prior deliq. on the account before I accept the offer. After the first 6 mon. are over the APR goes up to 18% however its a rather interesting choice to make being that I am trying to establish more credit and take care of the account at the same time however I don't want to get ripped off at the same time. I am very cautious about credit card companies however I know that it is good to have a credit card in time of need and also to show that I have another positive creditor on my CR.