Rebuilding credit

[schjones1978]

Hello,

I have decided that it's time to clean up my credit. I currently have 12 accounts that are charged off/repo/collection and they all are within SOL.

Cap1 2011 $0

Cap1 2012 $0

Merrick Bank 2012 $0

Credit One Bank 2012 $0

IBM Credit Union 2010 $14,200 -Repo

Farmers Furniture 2013 $1,488

Fingerhut 2014 $0

National Credit Systems 2013 $3,198

Enhanced Recovery 2014 $77

Santander 2013 $26,000 

LVNV Funding 2013 $540 for Credit One

Chapter 7 Discharge 2007

Chapter 13 Dismissed 2013

On the flip side the positives are:

Chase 2006

USAA 2015

I would like some suggestions on the course of action. I'm also considering a Chapter 7 and just start over.

[Anonymous]

This is certainly a tough one. with $45K of unpaid debt, CH 7 may be an option, but I would not consider it until you are up against the wall with creditors suing and trying to garnish your wages or sieze assets. You've already got one Ch 7 on there, plus the dismissed 13. Multiple BKs in a ten year period *might* put you in a really bad scoring bucket...

Do you know what your current scores are?

The Repo - is that the deficiency after sale of the vehicle?

Santander - is that for another vehicle?

How are you set up with regards to paying these off - what kind of income are you currently making and how stable are you now?

[schjones1978]

According to this site, EQ 495 TU 513 EX 485 

When a Credit Union pulled my EX it was 540- 01/15.

I earn 47-50K yearly give or take. Yes, it's another repo. (Santander )There is nothing like depression. I basically hid from the world. Now that i'm coming out of the fog, I'm attempting to put up the pieces.

[Anonymous]

OK, in regards to the repos - is the amounts listed the entire unpaid loan balance at the time of the repos, or has the balance(s) been offset by the sale of the vehicles?

[schjones1978]

The IBM Credit Union Repo is the balance after the sale. Santander has not been sold. I'm in possession of the vehicle. 

[Anonymous]

Whats the retail value of the vehicle you are still in possession of? Is it possible that a private sale could pay it off entirely?

[Anonymous]

Op, congrats on taking the first step in managing this situation. You will learn a lot from the contributors on this site. You got this, one step at a time and hopefully this will be your last low.

No where to go but up! 8-)

[schjones1978]

KBB says the value is about $14,800. 

[Anonymous]

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@schjones1978 wrote:

KBB says the value is about $14,800. 

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And you owe $26K...ouch. Yeah, they got ya by the short hairs on this one.

I would try to find out about getting caught up on it - is that a possibility at all?

If not, try to get PFDs for smaller recent items, and let the two big ones sit there and see if you can ride them out past SOL. Keep enough cash available so you can file a Ch7 if they hit you for them in court.

[schjones1978]

Thanks, Norman