New to this ready to start

[Anonymous]

Ok Guys I have a pleathora of information to ask of you credit gurus.

From 2003-2008 my Husband Company was in shambles we nearly lost our house entered into a loan modification deal with Chase thank god. We have a very ill Son that required lots of medical care during the course of the financial meltdown, and thus most of our funds took precident when deciding to pay a credit card or a ER bill so my son could stay and get care, any parent would choose the first. In a nut shell it got so bad on 08/2004 my car, which had a balance remaning of 10K was repossesed by our credit union. 10 CC/LOANS went into default and sold to collection agencies, our son got terribly sick and we had to borrow within the family just to keep him in good care. Fast forward 2009 while for many and even today still is, was not as good for them, was EXTREMLY great to us. My DH got 4 new contracts and exclusive deals locked in for 20 years(he owns a chain of auto repair companies) with AVIS, HERTZ, ALAMO, and Budget rent a cars, and exclusive and preferred shop of choice of State Farm and Allstate. Thus its turned around in HAVE PIF EVERY CREDITOR i owed money too, bankruptcy was never a option for either of us becasue i felt i had bought those things, went on trips, etc i rightfully owe them so not being a credit guru at all, nor my husband, we PIF everything. I took the advice of a friend who introduced me to this website followed it for the past month wrote GW letters to all of the CA and to the credit union, as SOL IN texas, which wouldnt matter because they were all PIF including interest. They all declined to remove the DEG. information from our reports. I am devistated

We currently sit with my EQ-470 TU-500 EXP (FAKO)- 568

10 CA

10 Charge offs then sent to the CA

1 Repo

1 Loan in Modification despite telling Chase we could PIF the remanding amount if they erased all the lates (49) from our report or simply remove it all together.

I want another car with these scores I wont get a pINTO so said the Credit manager at Lexus even offering 15K-20k down, NOPE!! I cried, i paid everything back, while yes not on time, BUT i did pif and even despite my husband not wanting to, the dumb fees they assesed on all of them.

None of them will erase anything, so sits our scores, after reviewing them nearly sacosanct, i noticed so many errors with respect to alot of topics mentioned on this board, like amounts unkown, CAs still reporting monthly Charged off despite the fact I PIF!!!! Fact-SOL in Texas is 5 years, its expired for every account according to the rule of our state, yes i learned from the forums Texas is supposedly a very Debtor friendly state, so the risk of getting sued isnt plauseable.

Now guys I BEG BEG BEG of you to tell me what to do, I have sent GW letters to everyone asking please i made good on my debt help me now. Even offered Presidio Collectioin a $100 fee for dueing so, DECLINE.

I am lost i know its alot but at one point in our life we good, then the world collapased around me, thought i was going to looose my baby my son my love, lost my car, nearly lost our hous. I thank god everyday that things are different, but fixing my report has not been a miracle, Advise me please as to what we can do. The Repo if 7 years is UCC law then is set to come off 08/2011 which i believe is most damaging, all collections pretty much "should" come off although i PAID and not for less, actually for more than owed, IN 2011-2012. No INQs obviously expect for yesterdays test drive at Lexus. I am at wits end do i wait till Aug of 2011 and everything is gone, or do i fight back rightfully paid these people, and want a new car, in a much better financial place for 20 years!!! Even putting 50% of the car loan down, i feel hopeless.

So in ending EVERYONE who reads this please tell me what to do, GW dont work obviously ive tried, Should i go to the CRAs, Hire an attorney to find small discrepencies in these innaccurate info although paid can still be entitled to punitive damages associated with it under texas law. IDK what to do, but again sorry so long please hlep THANKS GUYS and each day i plan on letting you know how this long journey goes. But I would appreciate you pros wht any knowledge as to where to procede from here

Thanks

D from Texas

[Anonymous]

Also one last thing, The State Consitution on Civil Matters concerning Debt make rights afforded to debtors,etc EVEN MORE SOLID. as specifc statues while i am not a lawyer at all make it very one sided (toward the consumer). With this substatues, etc. Texas being a historally debt protective state, consumer rights on civil matters, whould a professional law firm be the best option. i MEAN I PAID EVERYTHING, not a dime fees, fines, all kinds of things they demanded. Thinking that was it, i paid and now they are gone. I have no CCs still use my old car, sons illness has imporved slightly but we have insurance, goood insurance i might add, so its not a vital role in day to day finance, so we basically buy EVERYTHING, from Luxury goods, to fixing up our home in Cash. I understand CREDIT IS IMPORTANT, I want to take advantage of Rewards programs, Leases as it would be tax benefit for my husband, sell this house put 30-40% down on this one i have my eye on etc. but NOPE Stop cant proceed until i clear this all up. AGAIN SOMEONE PLEASE TELL ME!

[Anonymous]

While I'm not an expert on these matters, and far from a lawyer, my understanding is that your State's SOL does not play into how long the degrogatory items can stay on your CR.  Federal law allows them to stay on for 7.5 years from Date Of First Delinquency.

[MarineVietVet]

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@Anonymous wrote:

While I'm not an expert on these matters, and far from a lawyer, my understanding is that your State's SOL does not play into how long the degrogatory items can stay on your CR.  Federal law allows them to stay on for 7.5 years from Date Of First Delinquency.

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That's not exactly correct.

Here is how and when derogs drop from you CR, and are thus no longer included in FICO scoring.

Monthly delinquencies under an OC account drop at 7 years from their individual date of delinquency. The date of first delinquency (DOFD) has nothing to do with these drop-off dates. They drop from their own individual dates. So look at each prior OC reported monthly derog date, and simply add 7 years.

If the OC subsequently reports their account as a charge off, that is a totally different and additional post to your CR. Their post as a charge-off will remain in your CR for up to 7.5 years from the DOFD on the OC account, which is the first 30-day delinquency you had on the account, and disregards any later 60/90+ delinquencies that followed. That cannot be reset.

If the OC then refers the account for collection, and a CA posts to your CR, the drop-off date of their collection reporting is the same as that of a CO. It is up to 7.5 years from the same DOFD on the OC account, and the CA cannot reset this date.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[Anonymous]

Wow so basically Since i paid it all i have to wait when paid? Sorry guys thanks again i am so new to this

[MarineVietVet]

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@Anonymous wrote:

Wow so basically Since i paid it all i have to wait when paid? Sorry guys thanks again i am so new to this

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Not at all. You can write what are called GW (Good Will) letters to those creditors asking them to remove the derogatory entries early. They are under no legal obligation to do so but many people are successful with this. Sometimes it takes awhile to have this done; sometimes it doesn't happen at all but you can't get what you don't ask for.

If you do a search here for "Good Will letters" or "GW" you can read threads about what other folks have done to get early deletion.

Good luck to you.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score