Please Help!!! I'm Desperate

[Anonymous]

Hello, This is my first as I just signed on to MyFico today.

I have been trying to get my credit repaired after many years of abuse. It was slowly starting to creep up last year until I lost my job due to a medical issue.it has now fallen to the following: EXP- 486 TU-466 EQ-510. I have a car loan that I have been current on for the last 3 years. when I lost my job, (May 2014) the loan went 30,60,90 days past due.It is now current however I am behind in the service charges and late fees. I have three credit cards, two of them have $300.00 limits which are in good standing now but again have gone 30,60 days late because of the job loss. The third well...It was a first premier card with a  $700.00 limit that now has been defaulted on and closed for the same reason. Enough said about First Premier.I have Three major Charge offs that have been paid and satisfied but the companies will not remove.they indicate on the reoport that they have been satisfied. The rest are collections for medical bills. I need to get my Fico score up to 620 by May/June My question is this: Is this possible? I was thinking that I would pay off all of the collections,Make on time payments and fees with the car, keep my credit card usage to 20-30% of the total limit every month and make the two CC payments on time every month. I just dont know if that will be enough. Any advise or ideas would be greatly appreciated. Thank you in advance.

[midwestgirl44]

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@Anonymous wrote:

Hello, This is my first as I just signed on to MyFico today.

I have been trying to get my credit repaired after many years of abuse. It was slowly starting to creep up last year until I lost my job due to a medical issue.it has now fallen to the following: EXP- 486 TU-466 EQ-510. I have a car loan that I have been current on for the last 3 years. when I lost my job, (May 2014) the loan went 30,60,90 days past due.It is now current however I am behind in the service charges and late fees. I have three credit cards, two of them have $300.00 limits which are in good standing now but again have gone 30,60 days late because of the job loss. The third well...It was a first premier card with a  $700.00 limit that now has been defaulted on and closed for the same reason. Enough said about First Premier.I have Three major Charge offs that have been paid and satisfied but the companies will not remove.they indicate on the reoport that they have been satisfied. The rest are collections for medical bills. I need to get my Fico score up to 620 by May/June My question is this: Is this possible? I was thinking that I would pay off all of the collections,Make on time payments and fees with the car, keep my credit card usage to 20-30% of the total limit every month and make the two CC payments on time every month. I just dont know if that will be enough. Any advise or ideas would be greatly appreciated. Thank you in advance.

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I have a car loan that I have been current on for the last 3 years. when I lost my job, (May 2014) the loan went 30,60,90 days past due.It is now current however I am behind in the service charges and late fees.

- I would send a GW letter pointing out your on time record and the reason for the late payments due to job loss. The service charges and late fees don't show up on your CR so just pay those as soon as you can.

I have three credit cards, two of them have $300.00 limits which are in good standing now but again have gone 30,60 days late because of the job loss.

- I would also send GW letters to the CCC with the same info to be sent to whomever you have the car loan through. Not sure about First Premier though. Possibly GW letter, but if someone else would like to weigh in.....

The rest are collections for medical bills. 

- Google the 'HIPAA Collection Process' and follow it to remove the medical collections.

You're looking for a 100+ point jump in less than 6 months....not sure that's possible, but it certainly can't hurt to try to resolve some of these baddies asap.

[IamB2]

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@Anonymous wrote:

Hello, This is my first as I just signed on to MyFico today.

I have been trying to get my credit repaired after many years of abuse. It was slowly starting to creep up last year until I lost my job due to a medical issue.it has now fallen to the following: EXP- 486 TU-466 EQ-510. I have a car loan that I have been current on for the last 3 years. when I lost my job, (May 2014) the loan went 30,60,90 days past due.It is now current however I am behind in the service charges and late fees. I have three credit cards, two of them have $300.00 limits which are in good standing now but again have gone 30,60 days late because of the job loss. The third well...It was a first premier card with a  $700.00 limit that now has been defaulted on and closed for the same reason. Enough said about First Premier.I have Three major Charge offs that have been paid and satisfied but the companies will not remove.they indicate on the reoport that they have been satisfied. The rest are collections for medical bills. I need to get my Fico score up to 620 by May/June My question is this: Is this possible? I was thinking that I would pay off all of the collections,Make on time payments and fees with the car, keep my credit card usage to 20-30% of the total limit every month and make the two CC payments on time every month. I just dont know if that will be enough. Any advise or ideas would be greatly appreciated. Thank you in advance.

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I totally get the desire to get the score up to the 620 mark. After all, credit is very important. However, instead of worrying about paying off collections, unless the risk of getting a judgment against you is imminent, I would create a "safety net" and create a "rainy day" fund. Life is such nowadays, that you can be only one small step from losing your job again - just like all of us are. What is the point of working so hard on your credit if it is possible to find yourself in a similar situation again. Get yourself a safety net of about 3-6 months (minimum) of bills (car payment, rent, light bill, phone bill, car insurance and food) in the reserves. Once you get that, worry about paying your collections. This will minimize the risk of being back in the same situation again.

Just my 2 cents

[midwestgirl44]

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@IamB2 wrote:

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@Anonymous wrote:

Hello, This is my first as I just signed on to MyFico today.

I have been trying to get my credit repaired after many years of abuse. It was slowly starting to creep up last year until I lost my job due to a medical issue.it has now fallen to the following: EXP- 486 TU-466 EQ-510. I have a car loan that I have been current on for the last 3 years. when I lost my job, (May 2014) the loan went 30,60,90 days past due.It is now current however I am behind in the service charges and late fees. I have three credit cards, two of them have $300.00 limits which are in good standing now but again have gone 30,60 days late because of the job loss. The third well...It was a first premier card with a  $700.00 limit that now has been defaulted on and closed for the same reason. Enough said about First Premier.I have Three major Charge offs that have been paid and satisfied but the companies will not remove.they indicate on the reoport that they have been satisfied. The rest are collections for medical bills. I need to get my Fico score up to 620 by May/June My question is this: Is this possible? I was thinking that I would pay off all of the collections,Make on time payments and fees with the car, keep my credit card usage to 20-30% of the total limit every month and make the two CC payments on time every month. I just dont know if that will be enough. Any advise or ideas would be greatly appreciated. Thank you in advance.

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I totally get the desire to get the score up to the 620 mark. After all, credit is very important. However, instead of worrying about paying off collections, unless the risk of getting a judgment against you is imminent, I would create a "safety net" and create a "rainy day" fund. Life is such nowadays, that you can be only one small step from losing your job again - just like all of us are. What is the point of working so hard on your credit if it is possible to find yourself in a similar situation again. Get yourself a safety net of about 3-6 months (minimum) of bills (car payment, rent, light bill, phone bill, car insurance and food) in the reserves. Once you get that, worry about paying your collections. This will minimize the risk of being back in the same situation again.

Just my 2 cents

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+1 That is very true! In reality you really can't rush these things. They take time, grooming, etc. so in the meantime I'd follow this advice too!

[gdale6]

Just paying off collections does nothing for your score as they will update to paid and look new in the eyes of Fico keeping your score depressed. I strongly suggest you use the HIPAA Process for your medical collections and welcome to My Fico