After some mistakes, I am taking steps to rebuild starting now. My Fico scores range from 530-570. I have a few charge offs. Here is what I am looking at:
Peer to Peer Lender- $11,000 charge off
BofA CC - $11,000 Charge off
BofA CC - $3,000 charge off
Discover - $5,000 balance, current and in good standing
Chase CC - $3,000 balance, current and in good standing
Chace CC - $2,5000 balance, current and in good standing
Barclays CC - $6,000 delinquent
Barclays CC - $2,300 charge off
Store card - $900 balance, current and in good standing
No collections or judgments
Obviously, these are large balances. However, the good news is that I make a good income and can expect to get a cash inflow of about $40,000 in March 2017. I can also devotee about $10,000 towards paying these balances between now and March 2017.
Here is my plan of action:
1. Contacts Barclays to make sure the $6,000 CC is not charged off
2. Pay off Barclays $2,300 and BofA $3,000 before end of the year. Try to get Barclays to do a "pay for delete":
3. Pay off Barclays $6,000 CC by March 2017
4, In March, call Peer to Peer Lender and offer Pay for Delete for entire $11,000 balance
5. Pay down balances on open cards (Discover and Chase) by 50% of more. My only worry is that these banks then reduce credit limits, effectively killing the utililization benefit
6. Try to get the BofA $11,000 resolved positively (from what I understand, they don't do Pay for Delete)
Any suggestions? I am looking to up my score to high 600s / low 700s by next summer if possible.
