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What should I do and will it help?

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mrordinary
New Contributor

What should I do and will it help?

Hi...I have been reading all about DV  and PFDs. I have a few specific questions and would like some insight.

 

1) My Equifax FICO is 620/Transunion FAKO is 657. Only collection is a Macy's card sold to LVNV for about $1800. This reports monthly and is impacting my score. I would assume I need to PFD. But should I DV the CA first??

2) My wife's Equifax FICO/Transunion FICO are 559/558. She has 4 collections: 1 medical-paid in 2011, 1 $6 (!) overdraft charge paid in 2006, and 1 CA reporting a $206 AT&T bill (last reported 2010). The one collection that is reporting monthly is a LVNV collecting for a Wells Fargo CC $1800. For the overdraft we will GW, the AT&T I will DV, because I swear I settled with them 2 years ago.... What about the LVNV? I can't PIF, I probably need to settle. Will LVNV PFD with a lump sum settlement?

3) Will having the collections even help my wife's scores? They are all older, except the Wells Fargo. Her one open CC is reporting 55% utilization. We will have that paid off in 2 weeeks. Hopefully this will get 20-30 points.

 


My ultimate goal is to get her mid-score to 640 by July...I think mine can be there easily by then. .I hope I get some help!!

 



Starting Score: 620
Current Score: 649EQ/640EX/642TU
Goal Score: 700


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Message 1 of 3
2 REPLIES 2
IOBA
Senior Contributor

Re: What should I do and will it help?

Good luck!  Smiley Happy

Message 2 of 3
llecs
Moderator Emeritus

Re: What should I do and will it help?


@mrordinary wrote:

1) My Equifax FICO is 620/Transunion FAKO is 657. Only collection is a Macy's card sold to LVNV for about $1800. This reports monthly and is impacting my score. I would assume I need to PFD. But should I DV the CA first??

2) My wife's Equifax FICO/Transunion FICO are 559/558. She has 4 collections: 1 medical-paid in 2011, 1 $6 (!) overdraft charge paid in 2006, and 1 CA reporting a $206 AT&T bill (last reported 2010). The one collection that is reporting monthly is a LVNV collecting for a Wells Fargo CC $1800. For the overdraft we will GW, the AT&T I will DV, because I swear I settled with them 2 years ago.... What about the LVNV? I can't PIF, I probably need to settle. Will LVNV PFD with a lump sum settlement?

3) Will having the collections even help my wife's scores? They are all older, except the Wells Fargo. Her one open CC is reporting 55% utilization. We will have that paid off in 2 weeeks. Hopefully this will get 20-30 points.



1) Always send a DV and await a response before sending a PFD.

 

2) Are you out of SOL? If not, save 100% before doing anything to that debt. If you only have enough to settle, they can deny a PFD request and sue for the full amount instead. And since sending anything to them will wake them up, your odds of being sued increase. Always save up if within SOL.

 

3) There is no beneft for a CA to report. In some situations, an OC CO'd account can help if the open date of that account was older than your AAoA or is your oldest account. But this isn't always the case. It depends on how it reports and your overall credit. IMO, I'd rather have a cleaner report. BTW, instead of a PFD, you can always modify the PFD to ask them to remove the lates and CO comments. Long shot.

Message 3 of 3
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