Ready to dive in and repair

[NewSeason]

Hi everyone,

I pulled my free reports back in early Jan 09 and just ready to start on the recovery road. Yep, made bad decisions and found out the "ignore and hope it goes away" approach doesn't work. I have 3 Collection Agencies calling and I am NOW ready to start. Below is my credit history.

Experian

Civil Claim Judgement

Discover Bank

date filed = 8/21/2003

claim amount = $2,610

status details = this item is scheduled to continue on record until Aug 2010

Arrow Financial Service

Original Creditor = Premier Bankcard

Collection Account $503 past due as of Jan 2009

Status Details = this item is scheduled to continue on record until Jan 2013

Type= Collection

credit limit/original amount = $354

Collection as of Jan 2009, Dec 2008

Capitol Credit Services

Original Creditor = CIty of Rehoboth Beach

Collection Account $50 past due as of Dec 2008

Status Details = this item is scheduled to continue on record until Jul 2013

Type= Collection

credit limit/original amount = $50

Collection as of Dec 2006

First Atlantic FCU

Repossession/Account charged off $4,020 written off

Status Details = this item is scheduled to continue on record until Mar 2012

Type= Installment

credit limit/original amount = $7,975

charge off as of Feb 2006 to Apr 2006

First Premier Bank

Account charged off $354 written off

Status Details = this item is scheduled to continue on record until Feb 2013

Type= Revolving

credit limit/original amount = $250

charge off as of Sep 2006 to Oct 2008

Then there are 3 student loans that I am NOT ready to start with yet.

[LIGHTNIN]

 Welcome to the forums,I'm still learning , so while you are waiting on the pro's here.

Take the time and read Credit Scoring 101, What Steps Do I Take?Do I DV? andFrequently Requested Threads......

Use the links below or  the stickys at the top of this board.

To help answer your questions, need to know the state you live in? And the state where you obtain the orginal  credit.

Because you will need to know the SOL for each of your debts.

SOL is the length of time in which a creditor may sue you over a delinquent debt. Since it varies by state. You may want to check out the stickys at the top of the page(State Resources). You'll find helpful information that you will need.

BTW, very good typed post...........Hang in You can do this 

[NewSeason]

Thanks Lightnin for the encouragement. The debt occurred in NJ, sorry I didn't post that information. I have read some of the stickies and will continue reading them. 

My plan of rebuilding is to start with the 1st CA listed and go down the list. 

One question, since there is an OC listed as well as the CA the debt was referred, should I contact the OC or the CA in that regard?

[Anonymous]

Once an OC charges off an account, it's unlikely that they will accept payment for it.  Most likely, you will have to PFD with Arrow.  Interestingly, I was able to get 2 FP cards 3 years after a FP charge off.  Then, after 6 months of good payments, I sent a GW letter to FP and they deleted the CO! 

I would definatley recommend starting out with a PFD for your $50 account.  That should be an easy one to get off your CR.

Be careful with your judgment.  The SOL in NJ is 20 years.  Even if it drops from your CR, it is still enforceable and has probably accrued interest not shown on your CR.  It can also be renewed.

[Anonymous]

Welcome to the forums!

I am also fairly new here, but have learned SO much just by reading and asking questions. Everyone here is very helpful, and there is a wealth of information right in this very forum to get you started.

I think your approach is right - tackle one at a time. Those small victories will feel like mountains you have climbed!

You might want to get a current credit report so that you are up to date before you start tackling anything.

One thing I have learned (the hard way) is to try and keep track of everything - keep some sort of file, even if it is just a filing folder with all of your "Credit Repair" information in it. Keep copies of letters, emails, credit reports, anything related to your credit. That way you have everything in one place should you need it.