So confused dont know where to start help please

[Anonymous]

Hello All,

                 I found this site and love it allready. But i am a real screwup and want to straighten myself out and make my fico better for the future. Well to begin with i filed a joint chapter 7 on 4/2005 and was dischaged 8/2005. Now stupid me i recieved offers for credit cards a few months after that and took them and lost my job. So now they are all negative and i went to court on 2 of them so far and making payments. I have about 6 others that are calling but no court summons yet. However they are reporting charged off and whatnot 120 to 160 days late. These card were given to me back in 2006 and 2007 id say like 4 or so and says some was purchased and then those people are reporting the same too. So My original capital one card reports me 180 days and debt sold and the people that bought that account are reporting me 180 late too on the same account. that doesnt seem fair. Well on one of my capital one cards the attorny bought it and took me to court and i have been making payments on it. Well guess what in 12/2009 i got 2 more capital one accounts and some hsbc accounts again however i have been making my payments on time but i am using 80%+ of my credit line.My blaze account is like 1 year and 8 months old and i never missed a payment. what should i ddo? Or where should i start? I got a copy of my credit reports in 2/24/2010 my scores are equifax 630   experian 525  TU  587  So any ideas or help would be appreciated. I am done savataging myself and want to better my credit but it just looks so bad and i dont know where to start besides paydown my current cards and stop usimg them..  thankyou

[JM-AM]

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@Anonymous wrote:

Hello All,

                 I found this site and love it allready. But i am a real screwup and want to straighten myself out and make my fico better for the future. Well to begin with i filed a joint chapter 7 on 4/2005 and was dischaged 8/2005. Now stupid me i recieved offers for credit cards a few months after that and took them and lost my job. So now they are all negative and i went to court on 2 of them so far and making payments. I have about 6 others that are calling but no court summons yet. However they are reporting charged off and whatnot 120 to 160 days late. These card were given to me back in 2006 and 2007 id say like 4 or so and says some was purchased and then those people are reporting the same too. So My original capital one card reports me 180 days and debt sold and the people that bought that account are reporting me 180 late too on the same account. that doesnt seem fair. Well on one of my capital one cards the attorny bought it and took me to court and i have been making payments on it. Well guess what in 12/2009 i got 2 more capital one accounts and some hsbc accounts again however i have been making my payments on time but i am using 80%+ of my credit line.My blaze account is like 1 year and 8 months old and i never missed a payment. what should i ddo? Or where should i start? I got a copy of my credit reports in 2/24/2010 my scores are equifax 630   experian 525  TU  587  So any ideas or help would be appreciated. I am done savataging myself and want to better my credit but it just looks so bad and i dont know where to start besides paydown my current cards and stop usimg them..  thankyou

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Hi and welcome to the forums.

I am going to be a little blunt here and I hope it doesn't offend you or any one else. If it does my apologies in advance.

You obviously have a problem with purchasing things that you really can not afford. More then likely you do not have very much if anything to show for what you spent the money on. You went into debt and couldn't recoup the 1st time and filed BK. You were given a chance to rebuild your credit again after BK and proceeded to take advantage again by living beyond your means. Now presently you obtained some new credit again and are almost at the point of maxing it out also and still being in the same boat as earlier. IMO you and credit do not mix unless you are going to be completely honest with yourself and change your habits. Okay enough about that as I really do not want to offend you or anyone else.

You mention your credit scores, are they FICO scores or FAKO scores?

Where did you obtain your scores from?

Are you employed now?

Approximate income?

How many lates and are they showing 30, 60, 90,120,150,180 days late?

How many collections and are they paid or unpaid?

How many judgements and are they paid or unpaid?

How many charge-offs and are they paid or unpaid?

Who is reporting the debt the OC, CA or both?

Also need a complete breakdown of all owed debt and mention if the account is closed or open and what the payment arrangements are if you have them. With-out more information it is not very easy for others to voice their opinions and experiences and what may be the best course of action.

Your credit profile is in bad shape as you know and the very first thing I will warn you is it will take a lot of patience, time, and work to slowly improve it. You can turn it around but do not expect it to happen over night.

Good luck and have a Merry Christmas

[RobertEG]

You apparently have a very large number of delinquencies and derogs on your CR, so wihthout a full list of each and every drog, it is kinda hard to give advice.

Take an example account, with the heirarchy of how continued debt can escalate in the number and severity of derogs,

1. 30-day late

2. 60-day late

3. 90-day late

4. 120-day late

5. 150-day late

That is already 5 derogs, each with their own separate CR fall-of dates,at 7 years from the date of reporting of each individual derog.

6. Then the OC reports a charge-off  That derog separately remains for 7 1/2 years from the DOFD on the OC account.

7. Then the OC assigns or sells the debt to a debt collector, who then post a separate CA

8. Then legal action is taken, and a separate judgment is obtained. (note that legal action could be taken anytime after step 1)

That would result in a total of 8 derogs based on the same original creditor debt.

Where to start with any account is to first determine where you currently stand in this heirarchy of progressive prior reporting.  That tells how to address prior derogs.  It also tells you what, in the future possible  heirarchy of possible reporting, what further damage may be looming..

To just focus on only what has been reported to date might set you up for escalating future derogs.

Where I suggest you start is to take eacfh OC account, and itemize each and every derog currently in your CR.  Look at where it falls in the heirarchy.You can stop any escalation by doing a PIF.  If you dont want to PIF without a prior PFD agreement, then you take the risk that they wont accept, and that further escaltion may occur.

Aways keep in mind that whereever you are in the heirarchy, the creditor can bring legal action at any point.  So,when evaluating escalation potential, it is wise to know if your state statute of limitations has expired.

Finally, the above all assumes that the reported derogs were accurate.  If any is not considered to be accurate, then you have the separate matter of disputing the item.

Until you have a comprehensive list of derogs, it is, in my opinion, not possible to determine where to even start.