What to do about my baddies (advice needed)

[twisted2ru]

Alright, I just started rebuilding last year Aug. I got some secured and store CC cards.  A couple days ago got approved for my BofA to be unsecured and CLI.

Every card is has been paid in full and I have been leaving a small balance on one. Now it's time to work on the bad!!!

Inquiries in the last 2 years 5

length of credit history 14 years

AAOA 3 years 8 months

Credit Management LP

Placed for collection 4/18/08

Past due $111

Fall of date 1/15

CBA Collection Bureau

Placed for collection 2/29/08

Past due $145

fall off date 12/14

Midland funding LLC

placed for collection 07/07/2010

past due $1111

fall off date 07/14

Trident Asset Management

Placed for collection 11/17/2011

Past due $319

fall off date 06/15

Penn Credit Corp..

Placed for collection 11/1/2010

Past due amount $319

fall off date ?????  This account seems to be the same one as above, Experian has it on my report as two different accounts.

TD Auto Finance/ Chrysler financial on Experian and Equifax

Date closed 08/11/2008

Past due $8839

Fall off date 03/15

I have a Tax lien for $21,000 as well

How should I start going about these....... The smaller balanced ones $1100 and under I could pay them all in full, If that's the route I should take?????

This $21,000 tax lien and the car repo for $8,839 have got me really worried. I don't have the $28, 000

I'm ready to start working on these tomorrow. 

I feel like I need some sort of plan, Any advise you guys have for me is greatly appreciated.

Thanks in advance

[RobertEG]

The biggest issue, in my opinion, is the tax lien.

Tax lens are treated different from other reported derogs, in that the 7 year exclusion peirod does not even begin to run until it is paid.

If you cant pay, then it can remain in your CR for a long, long time.

As for the unpaid collections, you can certainly wait for them to be excluded, and thus gain some score improvement, but as long as the tax lien remains, you will remain in a bad scoriing category in payment history, and exclusion of the collectins will provide less bang for the buck.

Additionally, until  paid, the continued presence of unpaid, delinquent debt can still be an issue, even after credit report exclusion of the reported collections.

While others may not be able to become aware of the unpaid debt simply by pulling your CR and seeing an unpaid collection, if they ask for disclosure of any unpaid delinquent debt, having multiple such debts could be a real show-stopper in their decision making.

Personally, since you apparently cannot address the tax lien at this point, I would pay the unpaid debts that are under collection, and thus get rid of that unpaid debt.

Then, when able, address the tax lien.

[twisted2ru]

Well, I pretty much figured as much.....

Should I try the pfd on all the accounts? Or try and settle or what?

IRS I'm sure will put me on a payment plan.

[randyrhodes]

IMHO you'd be best served approaching this situation with a "snowball" plan. Start with your smallest debt and pay it and roll the ball. Some will agree to PFD and some won't. Those that won't...pay and GW the dickens out of them. RobertEG is a master at this stuff....I'd take any advice he deems willing to add to anything and run with it.

[twisted2ru]

Ok, Snowball is rolling

I'm dealing with midland right now... They apparently won't do a PFD. I think I have some leverage here seems how the debit is due to fall the 7th of this year

Called them today,They said they would settle for $700, then $500....... Should I try and squeeze harder? should I let it fall off? Should I pay in full?

I want to do whats right, But I need to do what's best for my credit..... Help me, Oh Great Ones!