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New Member
illlili
Posts: 4
Registered: ‎07-26-2013
0

Newbie with a few questions

Hey guys, I am in the process of buying a home and aware of my subprime credit I managed to save $50k over the years for a down payment in effort to offset my not so great credit.  However I was urged to spend a few months cleaning up my credit and bring my score up 40 points to qualify for a much lower rate.  So google brought me to this site and now I can see all of my negative marks.  I have several charged off accounts and wondering how exactly I go about 'fixing' them.  I spent nearly 4 hours browsing the forum but feel I went in a full circle as far as what to do.

 

Here is what Im looking at ...

 

 

    Accounts

Company Account number Date opened Balance Status Negative Indicator? [?]  

Charge AccountMatresgint 9/2006$0Pays account as agreedNoDetails
Credit CardChase 8/2003$12,404Pays account as agreedNoDetails
Credit CardDiscovr Cd 8/2006$2,696Bad debt/collectionThis account has late payments in the pastDetails
Credit CardAmex 8/2004$1,012Pays account as agreedNoDetails
OtherAac 12/2012$3,531120+ days past dueThis account has late payments in the pastDetails
OtherChase 12/2006$3,324Bad debt/collectionThis account has late payments in the pastDetails
OtherCap One 8/2003$945Bad debt/collectionThis account has late payments in the pastDetails
OtherPortfolio 5/2011$840120+ days past dueThis account has late payments in the pastDetails
OtherThd/Cbna 1/2008$0Pays account as agreedNoDetails
OtherGecrb/City 1/2005$0Pays account as agreedNoDetails
OtherGecrb/Whte 2/2004$0Pays account as agreedNoDetails
OtherSears/Cbna 4/2005$0Pays account as agreedNoDetails
OtherBk Of Amer 3/2006$0Bad debt/collectionThis account has late payments in the pastDetails
OtherChase 10/2007$0Bad debt/collectionThis account has late payments in the pastDetails
OtherGecrb/Lowe 1/2008$0Bad debt/collectionThis account has late payments in the pastDetails
OtherCiti 12/2004$0Pays account as agreedNoDetails
OtherCap One 3/2005$0Pays account as agreedNoDetails
OtherAmex 8/2004$0Pays account as agreedNoDetails

 

 

Thanks for any feedback!

Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Newbie with a few questions

Hi illlili, and welcome to the forums, I would suggest getting your credit reports from www.annualcreditreport.com and compare all 3. List your most recent collections/charge-offs/liens if any and we can tackle them one by one :smileywink:

 

Community Leader, 

 

Dabears

New Member
illlili
Posts: 4
Registered: ‎07-26-2013
0

Re: Newbie with a few questions

Thank you so much for your reply!  great community here!

 

I just pulled my experian, however transunion says I have already checked which I dont recall but must have.

 

So with the data from equifax and experian should I be looking to put an order between the two reports of negative strikes from most recent to oldest? 

Credit Items:    Select the account name to review details
ASSET ACCEPTANCE   

Date Opened: 12/2012 
Status: Collection account.

Date Opened: 
12/2012
Date of Status: 
02/2013
Reported Since: 
02/2013
Last Reported Date: 
07/2013

Type: 
Debt Buyer
Terms: 
1 Months 
Monthly Payment: 
$0
Responsibility: 
Individual 

Credit Limit: 
$3,452
High Balance: 
N/A 
Recent Balance: 
$3,531
Recent Payment: 
$0

 

BANK OF AMERICA   

Date Opened: 03/2006 
Closed. $3,452 written off.

Date Opened: 
03/2006
Date of Status: 
02/2010
Reported Since: 
04/2006
Last Reported Date: 
12/2012

Type: 
Credit card
Terms: 
N/A 
Monthly Payment: 
$0
Responsibility: 
Individual 

Credit Limit: 
$3,500
High Balance: 
$3,787 
Recent Balance: 
$0
Recent Payment: 
$0

 

 
New Member
illlili
Posts: 4
Registered: ‎07-26-2013
0

Re: Newbie with a few questions

CAPITAL ONE   

Date Opened: 08/2003 

status: 
Account charged off. $945 written off. $945 past due as of Jul 2013.

 

Date Opened: 
08/2003
Date of Status: 
12/2010
Reported Since: 
08/2003
Last Reported Date: 
07/2013

Type: 
Credit card
Terms: 
N/A 
Monthly Payment: 
$0
Responsibility: 
Individual 

Credit Limit: 
$500
High Balance: 
$945 
Recent Balance: 
$945
Recent Payment: 
$0

Creditor's Statement: 
Account closed at credit grantor's request.

CHASE BANK USA   

Date Opened: 10/2007 

Status: 
Closed. $3,168 past due as of Jul 2011.
 
 

Date Opened: 
10/2007
Date of Status: 
07/2011
Reported Since: 
10/2007
Last Reported Date: 
07/2011

Type: 
Credit card
Terms: 
N/A 
Monthly Payment: 
$0
Responsibility: 
Individual 

Credit Limit: 
$3,000
High Balance: 
$3,374 
Recent Balance: 
N/A
Recent Payment: 
N/A

 

 
New Member
illlili
Posts: 4
Registered: ‎07-26-2013
0

Re: Newbie with a few questions

CHASE BANK USA   

Date Opened: 12/2006 

Status: 
Account charged off. $3,324 written off. $3,324 past due as of Jul 2013.
 
 

Date Opened: 
12/2006
Date of Status: 
03/2011
Reported Since: 
01/2007
Last Reported Date: 
07/2013

Type: 
Credit card
Terms: 
N/A 
Monthly Payment: 
$0
Responsibility: 
Individual 

Credit Limit: 
$3,000
High Balance: 
$3,324 
Recent Balance: 
$3,324
Recent Payment: 
$0

 

DISCOVER FINANCIAL SVCS LLC   

Account Number:  xxxxxxxxx.... 
Date Opened: 08/2006 
Status: Account charged off.

status: 
Account charged off. $2,696 written off. $2,018 past due as of Jul 2013.
 
 

Date Opened: 
08/2006
Date of Status: 
02/2011
Reported Since: 
08/2006
Last Reported Date: 
07/2013

Type: 
Credit card
Terms: 
N/A 
Monthly Payment: 
$0
Responsibility: 
Individual 

Credit Limit: 
$3,000
High Balance: 
$3,189 
Recent Balance: 
$2,696
Recent Payment: 
$0

 

GECRB/LOWES   

Date Opened: 01/2008 

Status: 
Closed. $730 written off.
 
 

Date Opened: 
01/2008
Date of Status: 
05/2011
Reported Since: 
01/2008
Last Reported Date: 
05/2011

Type: 
Charge Card
Terms: 
N/A 
Monthly Payment: 
$0
Responsibility: 
Individual 

Credit Limit: 
$438
High Balance: 
$730 
Recent Balance: 
$0
Recent Payment: 
$25

Creditor's Statement: 
Purchased by another lender.

PORTFOLIO RECOVERY ASSOCIATES   

Date Opened: 05/2011 

Status: 
Collection account. $840 past due as of Jul 2013.
 
 

Date Opened: 
05/2011
Date of Status: 
08/2011
Reported Since: 
08/2011
Last Reported Date: 
07/2013

Type: 
Debt Buyer
Terms: 
1 Months 
Monthly Payment: 
$0
Responsibility: 
Individual 

Credit Limit: 
$730
High Balance: 
N/A 
Recent Balance: 
$840
Recent Payment: 
$0

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Newbie with a few questions

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

 

 

If I had those, this is what I would do:

 

On your first post, do not mess with any account that is not showing a red flag. This means that FICO sees it as a positive account. Anything with a red flag means that FICO sees it as a negative account.

 

For BofA, Chase (10/2007), and Lowes, send GW letters. 

 

For Discover, Chase (10/2006), and CapOne, you could try sending PFD letters. If they agree in writing to the PFD and you pay it, then they'll delete.

 

One word of caution on GWs and PFDs...know your AAoA (average age of accounts) and know how it works. AAoA is the average age of ALL of your OC accounts. Having old accounts removed can potentially lead to a FICO decrease if they were older than your AAoA. However, sometimes the negative aspects of the accounts far outweigh the positive benefits of the age of that account, hence removing baddies most usually helps. If you had to focus on any individual accounts, do the newest ones first.

 

Finally, there's zero benefit in having AAC (asset acceptance) and Portfolio reporting. Send both DV letters. If they verify and you agree, then send a PFD.

 

Aside from the above, make sure either SOL expired on any given unpaid debt -OR- make sure you have 100% saved up for that debt before tackling it. If you start sending letters on unpaid debts then they can decide to sue if they wanted to and you could always pay it off to avoid a judgment.

 

 


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