I was lost but now I'm found. Need to clean up my act. My credit act that is. Need guidance on what to do with neg accts on CR. Here is a summary of my situation:
Public record 2
Neg Accts 9
Collection 1
EQ 578 2/2009
Total CC debt of $900.00 balance of 624.00 2/2009; debt to credit ratio too high (69%) Will be paying off balance this month. (3 CC's limits are $300, $300, $300.) No late payments on 2 CC. 3rd CC (Capital One - no late payments since Dec 2007).
CC's have been opened since 11/99, 5/05, 11/08
My annual income is over $100K. Eventually want to buy a home but need to clean up my CR first. Please help.
Collection - ATT cell phone reported by CA - unpaid $120, DOFD 9/2002, SOL - 6yrs (NJ) Should I go ahead and do a PFD or wait for this to drop off CR?
Public Record: State Tax Lien - installment payments being made. Will be paid off in 4/2009. Total owed $5,510 balance $1,566. How long will this stay on my CR? Can I request to the OC a removal?
Judgement - PIF in 2/2008 however not showing on CR that it was paid. Should I make a request for OC to update this as PIF also request a removal? (Pet Hospital Emergency Bill-my dog passed away)
Two medical collection accounts not paid:
$175.00, DOFD is 7/2003, SOL is 6 Yr (NJ)
$240.00, DOFD is 11/2002, SOL is 6 Yr (NJ)
Should I do a PFD or wait until these items drop off CR?
Two Charge-offs:
FCNB-Spiegel Transferred/Sold to CA, DOFD 3/2003, SOL is 6 Yrs, $794.00 (Paid off 80% of debt with OC. Believe I overpaid to the CA really don't think I owe anything more)
JC Penney, DOFD 7/2003, SOL 6 Yrs balance of $19
Should I try a PFD or wait until these items drop off CR?
I really would appreciate any guidance on my situation.
Starting Score: TU 651, EQ 640, EX 597
1 ACCEPTED SOLUTION
Accepted Solutions
Thanks so much for the reply. Will get working on it asap. Hope to bring my score up in the 700's. With assistance like this I believe I will be able to reach my goals.
@Nelia64 wrote:I was lost but now I'm found. Need to clean up my act. My credit act that is. Need guidance on what to do with neg accts on CR. Here is a summary of my situation:
Public record 2
Neg Accts 9
Collection 1
EQ 578 2/2009
Total CC debt of $900.00 balance of 624.00 2/2009; debt to credit ratio too high (69%) Will be paying off balance this month. (3 CC's limits are $300, $300, $300.) No late payments on 2 CC. 3rd CC (Capital One - no late payments since Dec 2007).
CC's have been opened since 11/99, 5/05, 11/08
My annual income is over $100K. Eventually want to buy a home but need to clean up my CR first. Please help.
Collection - ATT cell phone reported by CA - unpaid $120, DOFD 9/2002, SOL - 6yrs (NJ) Should I go ahead and do a PFD or wait for this to drop off CR?You can most definitley do a PFD on this account. However, as this looks to be the oldest collection account, save it for last as it impacts your score the least.
Public Record: State Tax Lien - installment payments being made. Will be paid off in 4/2009. Total owed $5,510 balance $1,566. How long will this stay on my CR? Can I request to the OC a removal? If liens are anything like judgments, they stay for 7 years. You could always ask for removal. Could you call them up and offer to pay in full right now in exchange for deletion?
Judgement - PIF in 2/2008 however not showing on CR that it was paid. Should I make a request for OC to update this as PIF also request a removal? (Pet Hospital Emergency Bill-my dog passed away) Judgments are on your reports for seven years. Contact the OC, let them know if was PIF in a year ago but never updated to reflect the judgment was satsified. Yould do a GW letter asking them to delete the judment entirely. You lost your dog, maybe they would be sympathetic and delete it. Good Luck!
Two medical collection accounts not paid:
$175.00, DOFD is 7/2003, SOL is 6 Yr (NJ)
$240.00, DOFD is 11/2002, SOL is 6 Yr (NJ)
Should I do a PFD or wait until these items drop off CR? You need to follow the HIPAA process for these. You can find that thread at the top of the "Rebuilding Your Credit" forum. You will need to PIF though. Follow the HIPAA prodecures EXACTLY and you should get them removed.
Two Charge-offs:
FCNB-Spiegel Transferred/Sold to CA, DOFD 3/2003, SOL is 6 Yrs, $794.00 (Paid off 80% of debt with OC. Believe I overpaid to the CA really don't think I owe anything more) DV the CA. If they respond they owe something offer a PFD.
JC Penney, DOFD 7/2003, SOL 6 Yrs balance of $19
Should I try a PFD or wait until these items drop off CR? Offer a PFD.
I really would appreciate any guidance on my situation.
The items that are hurting your scores the most are the recent Lien and the Judgment. Your other baddies are all old and don't impact your score as much, but they are still bad and they are still there. Clearing those up will help your score. Any baddie will stay on your CR for 7-7.5 unless you can negotiate a PFD. Medical collections will come off if you use the HIPAA process. Paying off your CC's will help your score quite a bit. Just an fyi though, depending on when your CC company reports, your CR may not update with the new balance until the following month. If you know the balance of the cards try to pay them off a week or so befoe the new statement is issued. That should help reduce the wait time for the balances to be reported properly. Be mindful of your utilizatio. You're cards have lower limits so even a minor purchase can mess with your utilization.
Thanks so much for the reply. Will get working on it asap. Hope to bring my score up in the 700's. With assistance like this I believe I will be able to reach my goals.
JC Penney, DOFD 7/2003, SOL 6 Yrs balance of $19
Should I try a PFD or wait until these items drop off CR? Offer a PFD.
When was the account opened and who is reporting? Acct opened 11/1999
and OC is reporting (GEMB/JC PENNEY)
Judgement - PIF in 2/2008 however not showing on CR that it was paid. Should I make a request for OC to update this as PIF also request a removal? (Pet Hospital Emergency Bill-my dog passed away) Judgments are on your reports for seven years. Contact the OC, let them know if was PIF in a year ago but never updated to reflect the judgment was satsified. Yould do a GW letter asking them to delete the judment entirely. You lost your dog, maybe they would be sympathetic and delete it. Good Luck!
The OC doesn't report. It is a public record that is reported a 3rd party. You need to check at the courthouse to see if a satisfaction of judgment was ever filed once it was paid. If not, you start there by asking the clerk what the process is to have the plaintiff report it as satisfied. The courts here will send them a letter. If they don't respond or report, then you must take it back to court. Date paid is not a factor in reporting on judgments, what was the date filed? It will remain 7 years from then.
Spoke to the OC and they have it on record that it was PIF. I will contact the courts next. The Date filed was 3/2006. So I guess I don't have any recourse for removal of this judgement. will stay on until 3/2013.
Two Charge-offs:
FCNB-Spiegel Transferred/Sold to CA, DOFD 3/2003, SOL is 6 Yrs, $794.00 (Paid off 80% of debt with OC. Believe I overpaid to the CA really don't think I owe anything more) DV the CA. If they respond they owe something offer a PFD.
If within SOL....do not DV or PFD unless you can PIF or feel confident that you can prove you don't owe. Also, you can not DV a OC. Is the OC or CA reporting? SOL usually goes from date of last payment, check your state statutes to find out exactly what resets SOL and when it begins running before doing anything, as it appears you might be close to SOL expiring and don't want to do anything to reset that or get sued before it expires.
CA is reporting (Midland Credit Mgnt) will expire in 3/2009 so maybe I will just wait to take any action
Judgement - PIF in 2/2008 however not showing on CR that it was paid. Should I make a request for OC to update this as PIF also request a removal? (Pet Hospital Emergency Bill-my dog passed away) Judgments are on your reports for seven years. Contact the OC, let them know if was PIF in a year ago but never updated to reflect the judgment was satsified. Yould do a GW letter asking them to delete the judment entirely. You lost your dog, maybe they would be sympathetic and delete it. Good Luck!
The OC doesn't report. It is a public record that is reported a 3rd party. You need to check at the courthouse to see if a satisfaction of judgment was ever filed once it was paid. If not, you start there by asking the clerk what the process is to have the plaintiff report it as satisfied. The courts here will send them a letter. If they don't respond or report, then you must take it back to court. Date paid is not a factor in reporting on judgments, what was the date filed? It will remain 7 years from then.
I spoke with the OC and they are sending me a letter stating debt was PIF. I also spoke with the third party who filed the judgement. She is going to send me a copy of the satisfaction of judgement that was filed and she told me to submit a copy of this information to the CRA's and request a removal of the judgement. Would this be the correct thing to do? I know the judgement remains 7 years from Date Filed (3/2006) but armed with a letter from the OC as well as the 3rd Party filer will that be enough to request a removal of the satisfied judgement?
Just wanted to say that ever since I found the myfico forum it has truly been a blessing.
Since Feb 2009 my scores have increased and I am finally out of the 500 range and in
the 600 range (Goal to be in 700 range by end of the year). I have paid off all my credit
card debt and it immediately raised my score! I still have the two judgements on my report (I am still in the process of working with the OC to see if they will remove) however my CR has been updated to show that they are paid and satisfied.
I have disputed incorrect lates on my report this month and I am waiting impatiently to find out if I have been successful.
I am going to start working on getting my two medical collections removed through the HIPAA process.
This forum is better than any book I have read in regards to rebuilding my credit and I am so grateful to have been guided to this site.
4-8-2009 TU-639 EX-643 EQ 606
4-2-2009 TU-623 EX-620 EQ 590
2-8-2009 TU-590 EX-602 EQ 578