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What are my best next steps? A little stuck.

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Anonymous
Not applicable

What are my best next steps? A little stuck.

Quick Background:   Rough 2011-2014.   Began my rebuild in December 2015 and have made tremendous progress thanks to the community here.  Single/Renter.  At this point, I have 3 revolving credit card lines, a positive auto loan, a personal loan with self-lender starting in may ($1,100), and will detail some accounts below.  Of my negatives, I've DVd every account where appropriate, and have PFD ones outside of SOL, some successfully.  My overall question for the forum is whether I should sit tight and continue to have positive months/build history, or take action with debt that's still inside the SOL in CA, 4 years.  That debt is clearly holding my score back.

 

I would love any input into what my next steps should be.  None of the bad debt below is paid whatsoever.  I could close the secured and open a QS1.  I could try to work on 2-year old debt inside SOL but pay off.   If you had a top-3 priorities, what's the list?  

 

  • FICO 8: Experian:  605 -- Transunion -- 609 -- Equifax -- 636
  • Length of Credit History:  14 years, 4 months
  • Avg Account Age:  6 years
  • Total Accounts:  15
  • Last Late: 1 year 11 months
  • Inquiries: 4 -- two fall off in June 2016
  • Income: $100,000+ with little obligation other than this debt.  Budget to lump sum pay on repair is $5,000 in Q2 and $5,000 for rest of 2016.

 

Open (Positive) Credit:

  • Capital One Quicksilver -- $2,300 Limit -- $5 balance -- CLI of $1500 this month signifies credit improvement.  PCd from Platinum MC.  opened 2014
  • Capital One Secured Platinum MC -- $501 Limit -- $0 balance -- Just reported in 4th month
  • Fingerhut -- $500 Limit -- $0 balance -- just crossed 3rd month.
  • Santander -- $15,000 -- no missed payments - opened 2013.  Payment $400
  • Self-Lender -- $1,100 -- begins in May.

 

Collections:

  • Calvalry Portfolio Services -- $2,802 -- (amount is incorrect should be $2,704 -- response from dispute was:  "Account information disputed by consumer, meets FCRA requirements" -- DOFD:  3/2013 -- it also says 08 citibank as the OC and that is likely untrue as it's from an old HSBC/Best Buy card that ended up at Cap One?  I'm a bit confused about what exactly to dispute next, or all of it.  I defintely need help with this
  • Real Time RS -- $2,095 DOFD: 9/2014 -- check n go reports every month.   

 

Bad or Charge-Off Debt:

  • 2 BofA credit card charge-offs totalling $11,500 -- OPEN -- DOFD:  8/2012 -- contacted by Sunrise Collection Services for it in February but they do not appear on my CR and it still has balances on BofA for now on all 3 bureaus.
  • Cashcall - $2,233 - DOFD: 8/2014 OPEN
  • Lending Club: $2,750 - DOFD: 6/2014 OPEN
  • Infiniti-Nissan:  $4,700 charge-off Repo - DOFD 9/2011 -- negotiating PFD with Nissan right now as I'm outside SOL and am clear on next steps here.

 

If you made it this far I like you as a human being.

 

 

 

2 REPLIES 2
RonM21
Valued Contributor

Re: Looking for feedback: what are my best next steps?


@Anonymous wrote:

Quick Background:   Rough 2011-2014.   Began my rebuild in December 2015 and have made tremendous progress thanks to the community here.  Single/Renter.  At this point, I have 3 revolving credit card lines, a positive auto loan, a personal loan with self-lender starting in may ($1,100), and will detail some accounts below.  Of my negatives, I've DVd every account where appropriate, and have PFD ones outside of SOL, some successfully.  My overall question for the forum is whether I should sit tight and continue to have positive months/build history, or take action with debt that's still inside the SOL in CA, 4 years.  That debt is clearly holding my score back.

 

I would love any input into what my next steps should be.  None of the bad debt below is paid whatsoever.  I could close the secured and open a QS1.  I could try to work on 2-year old debt inside SOL but pay off.   If you had a top-3 priorities, what's the list?  

 

  • FICO 8: Experian:  605 -- Transunion -- 609 -- Equifax -- 636
  • Length of Credit History:  14 years, 4 months
  • Avg Account Age:  6 years
  • Total Accounts:  15
  • Last Late: 1 year 11 months
  • Inquiries: 4 -- two fall off in June 2016
  • Income: $100,000+ with little obligation other than this debt.  Budget to lump sum pay on repair is $5,000 in Q2 and $5,000 for rest of 2016.

 

Open (Positive) Credit:

  • Capital One Quicksilver -- $2,300 Limit -- $5 balance -- CLI of $1500 this month signifies credit improvement.  PCd from Platinum MC.  opened 2014
  • Capital One Secured Platinum MC -- $501 Limit -- $0 balance -- Just reported in 4th month
  • Fingerhut -- $500 Limit -- $0 balance -- just crossed 3rd month.
  • Santander -- $15,000 -- no missed payments - opened 2013.  Payment $400
  • Self-Lender -- $1,100 -- begins in May.

 

Collections:

  • Calvalry Portfolio Services -- $2,802 -- (amount is incorrect should be $2,704 -- response from dispute was:  "Account information disputed by consumer, meets FCRA requirements" -- DOFD:  3/2013 -- it also says 08 citibank as the OC and that is likely untrue as it's from an old HSBC/Best Buy card that ended up at Cap One?  I'm a bit confused about what exactly to dispute next, or all of it.  I defintely need help with this
  • Real Time RS -- $2,095 DOFD: 9/2014 -- check n go reports every month.   

 

Bad or Charge-Off Debt:

  • 2 BofA credit card charge-offs totalling $11,500 -- OPEN -- DOFD:  8/2012 -- contacted by Sunrise Collection Services for it in February but they do not appear on my CR and it still has balances on BofA for now on all 3 bureaus.
  • Cashcall - $2,233 - DOFD: 8/2014 OPEN
  • Lending Club: $2,750 - DOFD: 6/2014 OPEN
  • Infiniti-Nissan:  $4,700 charge-off Repo - DOFD 9/2011 -- negotiating PFD with Nissan right now as I'm outside SOL and am clear on next steps here.

 

If you made it this far I like you as a human being.

 

 

 


You have a lot going on, but good job with the effort you made so far! To answer your first question, I'd do both. Continue to build positive history, but not give up on tackling the issues that are still hurting your profile. If it were me my top 3 would be to continue to dispute the 2 collections, or maybe offer a pay for deletion deal. See if they'll let you pay a portion of or the whole balance in exchange for deletion from the credit bereau. Then, I'd also work on the 2 BoA charge offs. If they are not reporting officially yet as being charged off, there may still be time to work out something with them before that happens and damages you further.  Once that stuff hits it's another 7 years of damage ti your report that you do not need. I certainly am no expert, but I have rebuilt my own credit issues. Maybe someone else has more insight they can give you. Best of luck to you!!



Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 2 of 3
Anonymous
Not applicable

Re: Looking for feedback: what are my best next steps?

thank you very much.  to be clear the bofa debt is already a charge off; I'm confused bc a collector got in touch with me , and it's less than a year to go in SOL, and it hasn't showed up on my CR as being sold by bofa yet in 2 months.  I definitely want to settle or offer a PFD but if they sue it's going to be a pain ($11k at once)

 

 

Message 3 of 3
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