SamsungHDTV Credit Rebuilding Log

[SamsungHDTV]

Log started: 3/28/2012

In this log I hope to find information and suggestion from others. I also hope others will find helpful information and motivation here.

I love to read logs, they are a great source of motivation and information for me. Decided to log my process in hopes it will provide motivation or help others dealing with similar situations. Also, if you have any suggestions or information that will help me, I would greatly appreciate it. I love this forum, I even refer my clients here. 

I use mycreditkeeper  and I am aware of the scores being FAKOs. Provides updates on changes to my CR, updates my report/score at the end of each month. $10/month? Not bad.

Current Scores (as of 2/29/12): Here's the starting point. I have yet to send out my first DV or PFD. 

Experian - 679

Equifax - 608
TransUnion - 624

Revolving Accounts:

Authorized User on both:

Chase Bank: $5500CL  

Chase Bank: $4600CL

Derogatory Summary: (2/29/12)

EXPERIAN:

(2/29/12)

Inquiries: 0

Collection Accounts: 3

Current Delinquencies: 4

EQUIFAX:

(2/29/12)

Inquiries: 7

Collection Accounts: 2

Current Delinquencies: 7

TRANSUNION:

(2/29/12)

Inquiries: 5

Collection Accounts: 4

Current Delinquencies: 4

My general Action Plan:

1. Request to be joint owner on both Chase accounts.

2. Apply for Capital One secured card.

3. Many of my accounts have SOLs that expire this year, so I will wait those out.

4. I will call, email, snail mail GWs to all accounts that are PIF until they either remove it or the TL removes itself on my CR. 

5. Dispute some inquiries, that I do not recognize. 

6. After SOL expires, save money to negotiate PFDs, send DVs to CAs before offering PFDs. (one CA at a time)

I will regularly post the date of action, what action I've taken, and results of the action itself. It will be specific as to which OC or CA I'm dealing with. 

[Anonymous]

I love that you are keeping a log with your goals and I look forward to seeing your progress over time.  Good luck

[SamsungHDTV]

Action taken:

1. Drafted a GW letter to WF Student Loan and Texas Guaranteed Student Loan and will send them off tomorrow.

I had a student loan that CO at WF, TGSL garnished until account was PIF. Will update regarding GW letters.

2. Drafted a DV letter to Enhanced Recovery Company LLC regarding a comcast bill. Comcast is not reporting. Will send via CMRRR soon.

I'm actually a little hesitant regarding this one. I don't want the CA to request media from comcast and then comcast report again.

3. Drafted dispute letter to Experian regarding two inquiries I did not recognize. Will send them tomorrow.

At this point in the game, inquiries aren't a big deal. But worth a shot.

4. Sent off requests to be added as a joint owner instead of AU on both Chase accounts. 

I heard that although they may check your credit, they normally dont. I wonder how joint accounts versus an AU accounts. 

5. Used "See if you're Pre-Qualified" tool at Cap1, was pre-qualified for a cash rewards with AF of $39. Eyes got big so I apped and got declined. Opted for secured card and was approved. Will be calling backdoor number to recon on the cash rewards card...worth a shot.

Lesson learned, probably not a good idea to use pre-qualified tools while you're trying to rebuild credit. Will update regarding recon. 

*unspecific actions: Research HIPAA process regarding one med CO. Wait out SOL on AMEX, and WF coming to expire this year. Wait out (2) TLs to fall off report early next year. Might change some of these actions depending if needs change. As of yet, no credit needs but would love any kind of rewards CC. 

Current Scores (as of 3/30/12): Experian went down because a couple CAs popped up. They were already popped up on other CRAs so not a big deal at this point.

Experian - 650 (-29)

Equifax - 608 (no change)
TransUnion - 624 (no change)

Revolving Accounts:

Authorized User on both:

Chase Bank: $5500CL  

Chase Bank: $4600CL

Cap1 Secured: (not sure about CL and has not yet showed up CRA)

Derogatory Summary: (03/30/12)

EXPERIAN:

Inquiries: 1 (+1 from starting point)

Collection Accounts: 5 (+2 from starting point)

Current Delinquencies: 3 

EQUIFAX:

Inquiries: 8 (1+ from starting point)

Collection Accounts: 2 

Current Delinquencies: 7 

TRANSUNION:

Inquiries: 6 (+1 from starting point)

Collection Accounts: 4

Current Delinquencies: 4

Summary: I don't have any current needs to buy a car or house. At the point I have time on my side. My short term goal, own a rewards credit card. I'm strong advocate on always being on some type of rewards system. 

[annielorie]

A little tip from experience( the cra can do nothing with the inquiry removal)except in the case of identity theft/ contact the company that pulled your credit ask for physical proof in the form of a signed contract  signature etc.snail mail and in letter let them know you expect it to be deleted immediately if they cant confirm . But if they have proof your hdjf out of luck!

[rckstrscott]

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@annielorie wrote:

A little tip from experience( the cra can do nothing with the inquiry removal)except in the case of identity theft/ contact the company that pulled your credit ask for physical proof in the form of a signed contract  signature etc.snail mail and in letter let them know you expect it to be deleted immediately if they cant confirm . But if they have proof your hdjf out of luck!

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+10101010101010101020192089423984723984789234728934612736812736

Do NOT try to get inquiries removed. The damage they do to your credit score is minimal, and as you will come to find out, the more you try to push deletion of INQ for the couple points you will get, the more phone calls your will consistently have to make to the CRA's to kindly ask for the removal of initial fraud alerts.

I probably wasted, a LEGIT 10 man hours on the phone trying to remove fraud alerts. I sent out GW notices and dispute style letters to all of the hard INQS on my credit file a year ago, and it was one of the worst credit repair choices I could have made.

Secondly, where did you get your scores from?!

-scott

[rckstrscott]

I don't think you have to worry about Comcast reporting. They already washed themselves (possibly completely, but at least administratively) of this debt, that is why they went outside. They don't want to put anymore time into it. They provided Enhanced with the information needed to validate; and if they didn't, Enhanced will just act like they did ha

You also don't have to worry about them going after more 'media' to validate, because they don't need to provide you anything aside from what is defined in the FDCPA. That does NOT include bills and statements and everything. The only time they would need to bring that to the table is in a lawsuit setting. You are fine in my opinion to try handling the account now.

-scott