Starting for the Bottom. I Need Major Help

[Cyeron]

I  have seen many post and I noticed that the more information I add the better results I will get on sound advice. I want to increase my score to at least a 600 so that I can be a real partner with my wife and by a home together

TU- 507
EQ- 474

My account breakdowns

Collections TU and EQ
Columbia Gas - $169 Date assigned Dec 2010 Unpaid
Dish Network - $263 Date Assigned Oct 2011 Unpaid
RCN - $686 Date Assigned Mar 2011 Unpaid
Medical Bill - $192 Date Assigned May 2009 Unpaid
Visa Credit Card – Collections Original Balance - $531 Current Balance $639 date Assigned Nov 2011 Unpaid

Accounts TU
1. CoretrustBank Credit Card – ChargedOff as bad debt  $479
opened Jul 2008 Date Closed Sept 2009
2. Ally Bank – Balance $0 Status:Collection Account I am paying Weltman Weinberg and Reis
but this account does not update and WWR does not show on my reports.
3.  Wells Fargo AutoFinance Balance $0 Status: 30 days Past Due
4. WellsFargo Dealer Services(formally Wellsfargo AutoFinance) Balance $5,980. 60 days Past Due - $943

Accounts EQ
1. CoretrustBank Credit Card – ChargedOff as bad debt  $479
2. Amergmacbk – Balance $0 contact member for status
3. LHR Collection- Visa Credit Card – Balance $633 120+ Days past due past due amount 531
4. Wells Fargo AutoFinance Balance $0 Status: Pays account as agreed
5. WellsFargo Dealer Services(formally Wellsfargo AutoFinance) Balance $5,980. 60 days Past Due - $943

On both TU and EQ I have had some past lates on my student loans. They are all up to date now.
I have been able to save money and think I should just pay off all my collections and accounts at once. I want my score to increase but I don’t know how to do it. Can somebody anybody please help me.

[taskforce971]

There's no easy fix to this situation. The best approach you should take to the collections is asking the collection agencies for a PFD agreement, "Pay For Delete." Basically you mail them a letter stating that you are willing to pay the balance in exchange for deletion of the derogatory account from your reports. Collection agencies are known to be very hard to work with but you have to be persistent and convince them that this is the only way they will get paid. Always get it in writing if they agree! As far as the charge-off's go, well if they're still with the original creditor you could try the same approach. If that doesn't work you could try paying it and sending a goodwill adjustment letter afterwards. Remember that bouncing back from credit problems is a long and arduous process that takes time and dedication! Good luck!

[llecs]

Ditto to the above, and I'll add for the CAs only (not the OCs), I recommend sending a DV letter first. I recommend a DV because DVs help establish the amount owed (just in case the balance reported is wrong) and also establishes debt ownership. Sometimes CAs will sell a debt and not delete like they do.

For Ally Bank, once you finish payment arrangements with the CA, send a GW to Ally. I personally would hold off before...I hate to rock boats when the CAs aren't reporting.

For the unpaid WF Auto loan, if indeed you are only 60 days past due right now, and 60 days ago you were current, just pay the past due now, but do so ASAP or they will take your car. If they are misreporting, and you last paid months/years ago, then a PFD is in order.

Finally, watch out for your state's SOL. This is the time frame a creditor has to sue. If inside SOL, make sure you have 100% saved up before sending any letter, otherwise collection activity can increase and they can sue. If you have 100% saved up, then at least you can stop a judgment from appearing. You can always offer less if you wanted to in your PFDs.

Also, look in your FICO reports. On pages 2 &3 you'll see the items that hurt/help. Those are ranked in order. So, look at the #1 neg. impact and that's what is hurting the most. Also look in the Accounts page. There's a red flag column. Any account with a red flag next to it is a negative as view by FICO. Absent the red flag, don't touch it.

[Cyeron]

Thanks for the help. I started to look into this.

[Duncanrr]

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@llecs wrote:

Also, look in your FICO reports. On pages 2 &3 you'll see the items that hurt/help. Those are ranked in order. So, look at the #1 neg. impact and that's what is hurting the most. Also look in the Accounts page. There's a red flag column. Any account with a red flag next to it is a negative as view by FICO. Absent the red flag, don't touch it.

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Thanks for this info...I didnt realize that the accounts were in order of most negative impact to least.  First report I pulled was TU and those are not in order and I ranked mine based on what I thought was the order I needed to address them.  (good to know that I ranked them in about the same way by FICO did.)

Duncan

[RebuildingForTheFuture]

I would PFD with the CA - but definitely get this in writing before you pay anything!  I am dealing with a medical CA that was PIF to be deleted but I paid before I received anything - still haven't received anything, disputed with EX (the only CBA that has the acct listed) and they updated it to paid, but it's still listed!!