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Contributor
Posts: 80
Registered: ‎11-27-2012
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Next best steps to repair credit?

I've just recently started taking steps to repair my credit. Prior to finding these boards I opened two secured credit cards: $300 USAA secured AMEX and $500 USAA secured Mastercard (this month.) I also disputed a few things on credit reports and a couple of inaccurate lates were removed, and a couple of accounts that were not mine were removed. I don't have the money to PIF/PFD all the accounts I owe on, but am hoping to tackle one or two a month. Credit score is low 500s. Hoping to buy a house several years down the road.

 

I'll list what's left below and perhaps someone has some insight in how to "triage" so I can pay off those impacting me the most first? I know a judgement will need to be paid before getting a mortgage, though I'm guessing it won't help my credit. Here goes:

 

Equifax:

--Judgment from Capital One charge off for $968, Filed 3/2008

--Adventist Hospital, owe $50, opened 8/2007, reported 9/2012 (reporting in loans section for some reason, listed as 120+ late)

--Nelnet (student loan) $29,484 Open. Over 120 days past due. Opened 4/2007 (Numerous lates up to 180 days, mostly 2010-2012, disputed some lates should have been in forebearence, deferred currently)

--Nelnet (student loan) $25,402 Open. Over 120 days past due. Opened 4/2007 (Numerous lates up to 180 days, mostly 2010-2012, disputed some lates should have been in forebearence, deferred currently)

(Both of those have a couple of lates but are now back in forebearence)

--Nelnet (student loan) $5,500 paid/closed. Opened 10/2000, last reported 5/2007 (60, 120 and 150 days late one time in 2006)

--Nelnet (student loan) $3,120 paid/closed. Opened 10/2000, last reported 5/2007 (60, 120 and 150 days late one time in 2006)

--KY Higher Education (student loan) $4,250 paid/closed. (refinance) (60, 120 and 150 days late one time in 2006) opened 2/2002, last reported 5/2007

--KY Higher Ed $5,000 paid/closed (student loan with same dates and lates as above)

--KY Higher Ed $8,500 paid/closed (student loan with same dates and lates as above)

--KY Higher Ed $10,000 paid/closed (student loan with same dates and lates as above)

--Enhanced Recovery Corp; Collection Reported 06/2010; Assigned 04/2010; Creditor Class - Cable/Cellular; Client - Sprint; Amount - $790 ; Status as of 06/2010 - Unpaid; Date of 1st Delinquency 02/2008; Balance as of 06/2010 - $790

--Financial Control Services; Collection Reported 05/2012; Assigned 02/2012; Client - Tcep Seton SW Health Center; Amount - $295 ; Status as of 05/2012 - Unpaid; Date of 1st Delinquency 09/2011; Balance as of 05/2012 - $295

--Credit Systems; Collection Reported 10/2012; Assigned 04/2012; Creditor Class - Utilities; Client - Texas Gas Service; Amount - $123 ; Status as of 10/2012 - Unpaid; Date of 1st Delinquency 03/2012; Balance as of 10/2012 - $123

--I.C. System Inc.; Collection Reported 09/2012; Assigned 07/2012; Creditor Class - Medical/Health Care; Client - Seton Healthcare Network; Amount - $1,375 ; Status as of 09/2012 - Unpaid; Date of 1st Delinquency 09/2011; Balance as of 09/2012 - $1,375

--Numerous inquiries

 

 

Experian:

--Same Capital One judgment mentioned above

--Credit Protection Association, Bright House Cable bill for $133, date opened is 8/2011, reported 8/2011

--Credit Systems International, Texas Gas Service bill for $123, date opened 4/2012, reported 4/2012

--Financial Control Services, $295 emergency room doctor bill, opened 2/2012, reported 5/2012

--IC Systems INC, $1375 Seton Hospital bill, opened 7/2012, reported 9/2012

--KY Higher Education (student loan) $4,250 paid/closed. (refinance) (60, 120 and 150 days late one time in 2006) opened 2/2002, last reported 5/2007

--KY Higher Ed $5,000 paid/closed (student loan with same dates and lates as above)

--KY Higher Ed $8,500 paid/closed (student loan with same dates and lates as above)

--KY Higher Ed $10,000 paid/closed (student loan with same dates and lates as above)

--Nelnet (student loan) $5,500 paid/closed. Opened 10/2000, last reported 5/2007 (60, 120 and 150 days late one time in 2006)

--Nelnet (student loan) $3,120 paid/closed. Opened 10/2000, last reported 5/2007 (60, 120 and 150 days late one time in 2006)

--Nelnet (student loan) $29,484 Open. Over 120 days past due. Opened 4/2007 (Numerous lates up to 180 days, mostly 2010-2012, disputed some lates should have been in forebearence, deferred currently)

--Nelnet (student loan) $25,402 Open. Over 120 days past due. Opened 4/2007 (Numerous lates up to 180 days, mostly 2010-2012, disputed some lates should have been in forebearence, deferred currently)

--RJM Acquisitions, $328 for charged off Target card, opened 9/2009, reported 10/2009

 --Numerous inquiries

 

Now that I've typed all that I can't seems to find the Transunion one. It's not that different than the above though. I'll add that one when I locate it. Thanks in advance for any help.

My thought had been to start with making settlement payments for the Cap1 judgment, pay off the $50 hospital bill and setlle the charged off Target card with RJM. Then to do the cable and gas bill next.

 

 

Valued Contributor
Posts: 1,541
Registered: ‎08-30-2012
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Re: Next best steps to repair credit?

For the CA's, send a DV first. You may get lucky with a couple that can't verify. With the open student loans, start the GW process to try and get the lates removed.


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Frequent Contributor
Posts: 305
Registered: ‎04-26-2012
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Re: Next best steps to repair credit?

If you are going to do any PFD, I would start with the newest first since they have more of an impact on your score and then work your way down to the older ones.  I would also start with GW letters for the student loans.  It will likely take several letters to each of them, so be persistant and patient.

 

Good luck.

Contributor
Posts: 80
Registered: ‎11-27-2012
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Re: Next best steps to repair credit?

Thanks for the advice. Should I also start making payments on the judgment right away? I know it won't really help my credit, but that it needs to be paid.

Frequent Contributor
Posts: 305
Registered: ‎04-26-2012
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Re: Next best steps to repair credit?


dmorey wrote:

Thanks for the advice. Should I also start making payments on the judgment right away? I know it won't really help my credit, but that it needs to be paid.


If they will allow you to make payments - absolutely.  Otherwise, pay when you can; in advance of applying for any mortgage, of course.  If you can pay it all at once, you can still try to PFD, even if it is a judgment.

Contributor
Posts: 80
Registered: ‎11-27-2012
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Re: Next best steps to repair credit?

So, best to send Cap1 a letter asking to make payments, such as $100 a month? Worried they would decline and PIF would be rough right now. Just want to make sure I don't cause myself new problems since I haven't heard from them in many years.

Frequent Contributor
Posts: 305
Registered: ‎04-26-2012
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Re: Next best steps to repair credit?

Judgment is already filed, so damage is already done.  Best you can hope for is to either get it paid so that it at the very least shows it being paid, or get a PFD.  However, if you set up a payment plan with them, make sure that you follow through with it.  Good luck!

Established Member
Posts: 74
Registered: ‎07-10-2012
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Re: Next best steps to repair credit?

My opinion from working in a law firm regarding judgments (although not an attorney), Cap1 will accept payments although you probably won't receive the settlement you are looking for. They have a judgment so they can Levy your bank accounts and garnish your wages. If you had the ability to come up with 60-75% of it in lump sum, ask to settle it and perhaps Cap1 will be open to vacating the judgment??? Regardless, start setting aside money to pay that off. Also wouldn't recommend trying for a secured card with them until thats paid. They'll Levy the account you set up your initial deposit with. I would work on some of those recent collections. Dispute and see whats sticks. Then offer some PFDs at 50% Some will take some time to negotiate with so start them all at the same time. Jump right in. Good luck and keep us posted. Im in the same boat as you!
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