Rebuilding Your Credit

[Mandee54]

Hi! I'm a recent college grad who made the mistake of overspending during the college years! I've gotten the spending out of control and am currently doing it "right" when it comes to credit and credit cards. My problem is three charge offs. All three are from 2003-4 so the SOL is up. They are all 600-700, so I can't really afford to pay in full right now, but I want to take care of them somehow and get them off my credit report. I have no idea where to begin... help! Thanks! Mandee54

[llecs]

Welcome to the forums!

If they aren't in collections with the OC reporting, then the only option would be to offer a PFD. If these are CC COs, then they likely would be factoring into your utilization thereby hurting your scores. I'd save up as rapidly as possible and offer a PFD in full for the CO that is hurting the most (e.g. the newest and/or the one adding interest each month).

Typo italicized and underlined...should read OC not CA.

Message Edited by llecs on 07-14-2008 06:57 PM

[slyhouse08]

If these accounts are charge offs from 4-5 years ago...they probably aren't still with the OC...you need to contact the OCs..to see who owns the accounts...if they OCs are still willing to accept payment...try to pay them in exchange for them pulling out of collections...if the accounts were sold to CAs...then the OC TL MUST show a $0 balance...and try to contact the OC...BEFORE they go on your reports....and try to PIF what you can...in exchange for them not reporting to the CRAs AT ALL...lists the TLs from your reports please...as they appear...

[Mandee54]

Two are World Network (i.e. Victoria's Secret and Express) The confusing part is that I know that they were sent into collections and more recently have they tried collecting themselves. Is that standard practice to send to a CA and try and collect on it again?!? I'll be sure to check my credit reports asap to see what the listed balance is for the OC. So what is the next step if I'm dealing with CAs.

[sidewinder]

---

Mandee54 wrote:
Two are World Network (i.e. Victoria's Secret and Express) The confusing part is that I know that they were sent into collections and more recently have they tried collecting themselves. Is that standard practice to send to a CA and try and collect on it again?!? I'll be sure to check my credit reports asap to see what the listed balance is for the OC. So what is the next step if I'm dealing with CAs.

---

Possible that the OC just assigned the account to a CA. When the CA couldn't collect, they returned the account to the OC.

You need to know the two important dates.......DOFD and DOLA.

Then you need to know your SOL......find it here--

http://www.bankrate.com/brm/news/cc/20040116b2.asp