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Valued Member
MMAYFIELD0309
Posts: 40
Registered: ‎08-10-2011
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TO PAY OR NOT TO PAY THESE COLLECTIONS? DON'T KNOW. PLEASE HELP!

Hi MYFICO community! This is my 1st post, finally! Found this website about 5 weeks ago now and since i've been hooked! Been learning as much as I can as quick as I can and just when I think I figured things out, there's so much more to learn! The puzzling picture is appearing clearer nonetheless.  

 

Okay, soooooooo..... Long quick story. When I was 17, 6 years ago (23 now) I was really into "establishing credit" and trying to get a head start so I wouldn't be in the same situation I've seen my mom, dad and sister in as far as being "limited" to their "options" when it came to credit. So I received early approvals (before the age of 18) on charge accounts like Daniels Jewerly and was even able to get a credit card (500cl) with my credit union Wescom that I was with since I was 13. On my 18th bday I applied for a credit card with Bank of America (2nd credit card) and was approved for a 3,500 credit limit (had 10k in my savings, not sure if that helped). As time went on I added in a few other credit cards from capital one, hsbc and express fashion account and continued with my payments.

 

Keep in mind, @ this time I really didn't know exactly how to build good credit, I just knew that having credit and making payments established a good history and just to avoid being late at all cost.

 

Also a few months before turning 18 I went into the insurance business with my cousin and based off of my production I was able to make a nice monthly income considering my age, that allowed me extend myself to these credit cards, apartments, cars, ect.....

 

Eventually.......eventually.... Since I was young and dumb (or not too smart) :smileyhappy: I got into trouble when it came to paying my debts. Something came up where I had to stop working completely and I was going thru some things that I got to a point where I just said forget about everything now.....i'll take care of it later!! (big mistake) All the money I made I spent! Either going out having fun, gambling (huge downfall) and just spending spending spending. I never saved! I was also really never taught and never taught myself, MONEY MANAGEMENT and the value of money, where I believe it all starts. 

 

So now, fast forward a few years. I'm older, more experienced and responsible (or atleast I'd like to believe) and I'm working really hard to get things in order again. My credits bad, but I have got a couple increases as of recently for bringing down the utilization on the 1 and only secured credit card that I got back in june. Credit is now @ 616 EQ and 607 TU  as of a few days ago.

 

Okay so my point of this ENTIRE message is.....

 

I have these collections here below and have been making arrangements by phone with creditors to get these settled in full. The accounts are a few years old and there making my revolving credit amount higher. My question is.....after all the arrangements that I made, none are willing to PFD by phone, the payments are scheduled to be made soon and I want to know if you guys think I should pay them and GW. Or should I just ignore the arrangements and send PFD 1st? Or..... just completely all together forget about all of them and just work on re-establishing and let them fall off when that time comes around? I know if I pay, they say it makes recent activity on bad accounts so it can hurt. They also say if you bring down the revolving credit usage it increases your score? Didn't know all of this before I started negotiating with the credit agency's.

 

I'm stuck! Please help!

 

P.S. I was able to get a PFD for "MONEY CONTRO" in writing, which is said and done and should appear on my updated credit score soon. Curious to see the bump in credit score since that is the most recent collection I have as of 1 year and 1 month ago, everything else is 3+ years old, since I have not really touched or done anything to my credit since my downfall.

 

Thanks!!!!!!! And sorry for the long chaotic post!!!! @ work trying to do too much @ once. Thanks again! 

            Collection on debt to: 12 Capital One

The collection agency "Pin Cred Ser" was hired to collect a debt of $1,435
originally owed to "12 Capital One" on account number "XXXXXXX".

Collection agency [?] Original balance [?] Current balance [?] Date assigned [?] Original lender [?] Account number [?] Account holder [?] Account descriptions [?]
Pin Cred Ser
$1,435
$1,869
Nov 20, 2009
12 Capital One
XXXXXXX
Individual
Account information disputed by consumer
Collection on debt to: Bank Of America

The collection agency "Midland Cred" was hired to collect a debt of $3,761
originally owed to "Bank Of America" on account number "XXXXXX7997".

Collection agency [?] Original balance [?] Current balance [?] Date assigned [?] Original lender [?] Account number [?] Account holder [?] Account descriptions [?]
Midland Cred
$3,761
$3,761
Nov 10, 2009
Bank Of America
XXXXXX7997
Individual
Account information disputed by consumer
Collection on debt to: 01 Express Structure World Fina

The collection agency "Asset Accept" was hired to collect a debt of $817
originally owed to "01 Express Structure World Fina" on account number
"XXXXXXXX".

Collection agency [?] Original balance [?] Current balance [?] Date assigned [?] Original lender [?] Account number [?] Account holder [?] Account descriptions [?]
Asset Accept
$817
$1,006
Nov 26, 2008
01 Express Structure World Fina
XXXXXXXX
Individual
Account information disputed by consumer
Collection on debt to: Med1 02 City Of West Covina

The collection agency "Money Contro" was hired to collect a debt of $78
originally owed to "Med1 02 City Of West Covina" on account number
"XXXXXXXX".

Collection agency [?] Original balance [?] Current balance [?] Date assigned [?] Original lender [?] Account number [?] Account holder [?] Account descriptions [?]
Money Contro
$78
$88
Aug 30, 2010
Med1 02 City Of West Covina
XXXXXXXX
Individual
Placed for collection
Collection on debt to: 09 The Irvine Company Apt Communi

The collection agency "Kimballtirey" was hired to collect a debt of $4,316
originally owed to "09 The Irvine Company Apt Communi" on account number
"XXXXXXXX".

Collection agency [?] Original balance [?] Current balance [?] Date assigned [?] Original lender [?] Account number [?] Account holder [?] Account descriptions [?]
Kimballtirey
$4,316
$2,977
Jan 16, 2008
09 The Irvine Company Apt Communi
XXXXXXXX
Individual
Placed for collection
Collection on debt to: 04 San Diego

The collection agency "Allianceone" was hired to collect a debt of $417
originally owed to "04 San Diego" on account number "XXXXXXXX".

Collection agency [?] Original balance [?] Current balance [?] Date assigned [?] Original lender [?] Account number [?] Account holder [?] Account descriptions [?]
Allianceone
$417
$392
Nov 20, 2008
04 San Diego
XXXXXXXX
Individual
Placed for collection
Collection on debt to: 04 San Diego

The collection agency "Allianceone" was hired to collect a debt of $804
originally owed to "04 San Diego" on account number "XXXXXXXX".

Collection agency [?] Original balance [?] Current balance [?] Date assigned [?] Original lender [?] Account number [?] Account holder [?] Account descriptions [?]
Allianceone
$804
$0
Feb 15, 2008
04 San Diego
XXXXXXXX
Individual
Paid collection
Collection on debt to: 04 San Diego

The collection agency "Allianceone" was hired to collect a debt of $1,301
originally owed to "04 San Diego" on account number "XXXXXXXX".

Collection agency [?] Original balance [?] Current balance [?] Date assigned [?] Original lender [?] Account number [?] Account holder [?] Account descriptions [?]
Allianceone
$1,301
$0
Jan 03, 2008
04 San Diego
XXXXXXXX
Individual
Paid collection

Starting Score: TU FAKO: 565 - EQ FICO: 598 - EX FAKO: 545
Current Score: TU FICO: 632 - EQ FICO: 646 - EX FAKO: 661
Goal Score: 700


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Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: TO PAY OR NOT TO PAY THESE COLLECTIONS? DON'T KNOW. PLEASE HELP!

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

 

 

Here's a point by point commentary based on the order of your post.....

 

Never ever never make arrangements or agreements with OCs or CAs over the phone. Never. They have a convenient way of forgetting. Always get it in writing before paying anything (assuming the account is bad). Never set up PFD agreements over the phone. Keep it via mail.

 

Avoid setting up payment plans. Always do the one payment plan if you aren't under a threat of a judgment. If a promise was already made to pay in installments, then follow through.

 

Paying down or paying off most CC COs will impact util which can cause your score to change.

 

Congrats on the PFD in writing!

 

Be sure to pull your reports via annualcreditreport.com. Those have more info like the full names of the OCs and CAs, vs. "Pin Cred Ser" ,and have contact info too. Those reports will also direct you to the DOFD which is necessary in fixing credit.

 

For all of your CAs- send a DV. If they verify and you agree, then mail a PFD.

 

Finally, keep an eye on SOL. If your state's SOL had not expired or you don't have the $$$ to PIF, then do nothing and wait until SOL expires. Doing anything inside SOL could get you sued, but if you have the $$$ set aside, then you can pay them (or settle) and the course case wouldn't go ahead.

 


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