First of all, time heals ALL wounds -- credit "wounds" included. While your credit stinks now, it won't always. Honestly.
@Anonymous wrote:
hi so im new to the forum and have major credit problems: my current scores are TU:485,EX:515,EQ:462
I have Major collection accounts
TCF $899 DO 11/1/06 DOLA same
Comcast paid collection
Enterprise 621 Date assigned 9/1/07 Date Reported 9/1/08 DOLA 3/1/07
What is Enterprise? Is it a credit card account? Installment loan? Medical collection?
It matters!
**BTW, we REALLY need to know what state you currently reside in, and what state you resided in when the debts were incurred.**
Medical bill 416 DA 6/1/06 DR 11/1/08 DOLA 11/1/03
This you can handle in one of two ways: Either leave it alone, since it'll fall off next year, or you can pay it and use the HIPAA process to remove it (PAID medical collections MUST be removed by HIPAA law as it's a violation of your right to medical privacy).
Orchard 2076 DA 2/1/07 DR 2/1/08 DOLA 8/1/06
XCEL 1600
Sprint was 1306 Paid off DA 6/29/08 DR 11/05/08
Allied was 360 still showing balance but paid in nov 08
I have a repossesion with GMAC from Aug 07
@I currently own a house still owe 202,000 locked in @ 6.25% bought for 230,000 in may 2006 approximatly 12 months of lates due to unemployment pulled it out of foreclosure in June 2008
Start writing GW (Goodwill request) letters for those lates.
You'll probably get shot down at first, but you have, have, have to keep trying! Too many people have had success with persistence for you not to!
I have 6300 in one student loan currently in deferrment and another for 28000 also in defer full time student at this time
Oh and last but not least 1st premier two cards that are charged off as bad debt $520 DO 9/2006 DOLA 2/2007
DC Dec 2006 and $421 DO Jan 2005 DOLA Feb 2007 DC Dec 2006
I had a bankruptcy in April 2003 DC in July 2003
After the bankruptcy I was doing really good then in 2006 my husband was in a unfortunate accident and in ICU I fell behind on everything was able to salvage my house but my car was a loss
Now with all of this should I even bother paying off the collections and if I pay off the charged off credit cards will that make a difference at all??
No, unfortunately. FICO sees paid and unpaid collections the same. Worse, though, is if you DO pay them, once the CAs update the tradelines as "paid," FICO will "see" them as NEW collections and will ding you further.
Soooo ... what you NEED to do is offer/negotiate PFDs for those COs and collection accounts. A PFD is an agreement between you and the creditor/CA that states that if you pay the account (sometimes in full, sometimes a fair settlement offer), they'll remove the entry from your CRs altogether. Like GWs, sometimes it takes oodles of letters to be successful. But it's WORTH it!
Is there anything I can do to salvage this pitiful credit
Now, before you run off and start writing those PFD letters, we need to know what state you're in (and where the debts were incurred, if not your present state). Why? Because unless you KNOW that the debts are outside of the SoL and you offer a PFD, you run the risk of being sued -- since you'd be waking up a cranky dragon with a very pointy stick. :/
The SoL is a set of state rules that determine how long a creditor (or CA) has in which to sue you in a court of law for a recovery of a debt. They range in length from 2 years all the way to 10 years. If you're still under SoL for any of these debts, it's best to do two things: 1) leave them alone and 2) keep an eye out for a summons to court.
Holler back with that info!!
