Ok I have info now! Advice plz? :)

[Anonymous]

Ok, FICO scores, 590 EX, 587 TU, 590 EQ. I have lots of collections, some say open and some say closed. What's the difference? Sorry, just starting and I don't know much. I don't know what a charge off is. Says 0 public records. No missed payments. Few current accounts. No credit card activity. No revolving activity. Installment balances.

[Anonymous]

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@Anonymous wrote:
Ok, FICO scores, 590 EX, 587 TU, 590 EQ. I have lots of collections, some say open and some say closed. What's the difference? Sorry, just starting and I don't know much. I don't know what a charge off is. Says 0 public records. No missed payments. Few current accounts. No credit card activity. No revolving activity. Installment balances.

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Pay off the lowest collections and work your way to the highest amount of collections. Try for a PFD ( Paid in Full Delete). Also, see if you can get a Cap1 card to open some good standing account, that would help your scores. 

[RonM21]

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@Anonymous wrote:

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@Anonymous wrote:
Ok, FICO scores, 590 EX, 587 TU, 590 EQ. I have lots of collections, some say open and some say closed. What's the difference? Sorry, just starting and I don't know much. I don't know what a charge off is. Says 0 public records. No missed payments. Few current accounts. No credit card activity. No revolving activity. Installment balances.

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Pay off the lowest collections and work your way to the highest amount of collections. Try for a PFD ( Paid in Full Delete). Also, see if you can get a Cap1 card to open some good standing account, that would help your scores. 

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+1

[Anonymous]

This is good news!! You are actually in okay shape with the start of your rebuild (meaning very close to 600s) vs being at 525 ..... so a charge off is a number of things. In simplistic terms, it is when you miss so many consecutive payments that the creditor belives they will not be able to collect the money from you & will soon (if not already) sell your debt to a collection agency. If it is not yet in collections, handle this charge off FAST. 

CLOSED COLLECTIONS: either have been paid, settled, or sold to another agency. These affect your credit score. You want to get them REMOVED.

OPEN COLLECTIONS: have not been paid, settled, or sold to another agency. These affect your score. You want to pay/settle them IF you can get them REMOVED.

......Try to apply for a Capital One Secured Card & Fingerhut. Once you get your collections straightened out a bit, go for the Cap1 unsecured lines of credit to get some revolving history. 

[Anonymous]

Thank you so much!!!! Should I call some of these collections and try to get them to settle for less? Will they for sure remove it?

[Anonymous]

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@Anonymous wrote:
Ok, FICO scores, 590 EX, 587 TU, 590 EQ. I have lots of collections, some say open and some say closed. What's the difference? Sorry, just starting and I don't know much. I don't know what a charge off is. Says 0 public records. No missed payments. Few current accounts. No credit card activity. No revolving activity. Installment balances.

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Also, try to come up with a Plan, and create a sense of Organization.

I can say that it is easy to get over-whelmed with this information, and sometimes confused.

I have information copied and pasted (based upon my needs) into documents, and I have them in electronic file folders, and I update that information when I come across new or more correct information.

And just when I think I am getting a solid knowledge base on one topic, another one pops up!

I also use the "search" function for different topics such as Ch 13 or NFCU's credit card. The amount of information and exceptional advice here is endless. But I find I have to keep it organized so that if I have to update my Strategy and Timeline, I can.

Part of my strategy includes what card I will apply for, and when. As well as other types of loans both for my benefit, and for the rebuilding of my credit and credit score. Why do I mention this? Because different vendors each has their preferred Credit Agency they use, and then also if it will be a HP or SP, Hard Pull or Soft Pull. Yep, it can appear a bit complicated at times, and my creation of a matrix for myself helps keep me on track.

Be Patient!

[Anonymous]

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@Anonymous wrote:
Thank you so much!!!! Should I call some of these collections and try to get them to settle for less? Will they for sure remove it?

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No it is not for sure that they will remove it particularly if you try to settle for less than the full amount owed.