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Please help me to start over

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JaxLady
New Member

Please help me to start over

Hi all, I am new to the board and I hope that you can help me. I had bad/fair credit (660 Equifax) a few years ago until I had some really bad things to happen to me financially. I had several lines of credit including Penney’s, Sam’s club, 2 Capital ones and 2 Orchard’s. I also as a result of my auto wreck owe about 2k to my credit union for an auto (Gap didn’t pay because I was past due). So yes I am a financial wreck but I am ready and able to get back on my feet. I plan on paying the credit union off in December. My question is what to do about the cc’s. I want to pay them as well but should I try and settle? Some of the balances are almost double what the credit limits were due to the excess fees that they have charged. The balances have since been sent to CA’s but both are showing balances. Should I go back to the CC’s or deal with the CA’s. I haven’t heard from either in a couple of years.

 

I am ready to get on with my life, get this bad credit behind me and get my scores up. I know I sound like a complete deadbeat but I assure you that I am not. Any assistance that you may offer would be very helpful.

Scores in the 500's but trying to rebuild.
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LIGHTNIN
Senior Contributor

Re: Please help me to start over

HI and Welcome to the forums,

 

Congrats to YOU on getting your finances in order.Credit repairing and rebuilding does take time,you'll have up's and down's along the way but it will all be worth it.

 

Words of advice...Live below your means.And never charge more then you can pay off,by the end of the month.

 

Start an emergency fund, it will save you money so when you have those emergencies, you are not grabbing that CC and paying interest doesn't make sense paying more money for the emergency.

 

If you didn't have an emergency fund when the emergency happens and you use the money you have, that means the car payment will be late or the CC. Oh then if it's the CC then there's more late fees.You maybe stealing from peter to pay paul for months.Then with the 30 day lates with the CC's or car payments the FICO score takes a huge hit. So by putting money aside will save money your CS and alot of heartaches.

 

OK with that said now for your homework....

You will be doing alot of reading, asking questions,looking over prior posts Oh and did I say alot of reading LOLSmiley Wink

learn or make a copy of the common abbreviations, so you'll understand how we all talk around here. lol

 

Start with getting your current CR's,you can get FREE CR's once every 12mos from each of the CRA's at annualcreditreports.com

Hint don't buy the CS they are what we call FAKO's, save your money.

 

Important dates you need to know are the DoFD (date of first default) on the OC (original creditor) account.

EQ will have the actually DoFD, EX and TU will have the date of removals.

 

The other date has nothing to do with Credit reporting, it's your state SOL (statue of limitation) it varies state to state.

It's the legal time limit, a creditor has to take you to court and win. People always confuse SOL with CRTP (credit reporting time period).CRTP is the time period an item has to report on a CR.

 

Suggested reading Credit Scoring 101 and What Steps Do I Take?Do I DV?PFD? to start with, then you can move on to the stickys.

Sorry for the long post. I know it maybe confusing at first, but the more you read and comprehend the more you'll understand it.

 

Glad you decided to join usSmiley Wink Look forward to see you around, on the boards Lightnin

 

 

FICO's May 2015 EQ764 ~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
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