Where do i start

[Anonymous]

Hi all

First of all i would like to say that this is a great forum. It has been very informative.

Now to my questions...My scores horrible they are from FICO - 437 and from Freecredit report Exp:527, Equ & Trans:547

1. What score should i take as my true score the Freecredit score or FICO score i am confused?
2.   I have 10 collection accts listed. They are not high balances but for a car repossesion which is about 5k. I plan on beginning all the payments. Hopefully tackle one each month and eventually the repossesion. I also notice that i have accounts that are listed negative but  without a balance. Should i concern myself with those?
3.   Should i request for PFD's for all my collection accts?
4.  I plan on opening two secured cards $1k and $500 in the next month to somewhat re establish my credit. The idea is to use and pay off monthly.
5.  Lastly i need some encouragement. I would really like to raise this score to at least 650 in a year...how reasonable is that from your experiences?

[guiness56]

Hi and welcome to the forums.

To get your FREE reports, and I do mean free, go to https://www.annualcreditreport.com/cra/index.jsp  This is the only place you can get one free report from each CRA once per year.

These reports are directly from the CRAs and contain much more detailed information than 3rd party sites.  And they are free.

The scores from freecreditreport are not true FICO scores.  The only place those can be purchased are on this site and Equifax.com and Transunioncs.com.  You cannot buy your EX score anywhere.  They are only available through a lender and/or creditor or some CU in PA.

Know what the DoFD and your states SOL are before you do anything.  Unless you plan on a PFD.

If you have the money to pay, you can ask for a PFD.  The CA may or may not agree.  Some are harder to deal with.  If they agree, get it in writing.

Don't ask for a PFD unless you can immediately pay.  Especially if they are within SOL.

You can also go the DV route.  It makes the CA prove you owe the debt.  If the account is within SOL, don't send a DV unless you can pay.

Just paying a collection and/or CO will not improve your score.  They are looked at in the same negative way.  They would need to be removed to help.

A negative account with a 0 balance could be a sold account.

You can list your accounts to get help with them.  I would break them up in a couple of posts so it will not be an extremely long post.

[RobertEG]

Here is where I would start.

Lay out your account and CR records for each individual OC account.

Under each OC account, list each monthly delinquency that occured on the OC account while it was still open.

Each 30, 60, 90, 120+ late. These each remain for 7 years from their individual dates of delinquency.

90+ lates are major derogs that hurt almost as much as a CO or CA.

From there, use your OC account records to determine the date of first delinquency on each OC account.

That will usually be the date of the last reported 30-day late.  That is your DOFD. That date determines how long any CO of CA can remain in your CR.

For each CO or CA, then list the DOFD on the OC account, add 7 1/2 years from that date, and that determinines the normal fall-off date of the resulting CO or CA.

Those dates establish what will normally fall off, with no action on your part.

Until you have all of that info, it is haphazard to determine which derogs to address first, either by dispute, PFD offer, or GW request.

[rwanjuhi]

i have one capital one acct and the first delinquency was 11/2003 - 30 days. Does this mean that this will drop off about 7.5 years from  that date?

[RobertEG]

No.

The fall-off date provisions apply only to indiv derogs.  It does not apply, at all, to any account deletion.

The fall off provisions do not even prohibit credit reporting by an OC or CA, all they do is restirct what a CRA can inlude in a credit report that they issue based on your credit file. 

Monthly delinquencies on an open OC account drop from credit reporting, but not from your credit file,, under FCRA 605(a)(5), after 7 years from their individual dates of delinquency.

A 30-day OC late in 11/2003 can no longer appear in your credit report as of 12/2010.

DOFD is totally meaningless on delinquencies on open, OC accounts   The 7 1/2 year drop off date only applies to charge-offs or collections reported to your credit file.

And that 7 1/2 year period for CO or CA drop off goes back to only one date-certain, which is the date of your first delinquency (DOFD) on the OC account, not any later delinquencies aflter your 30-day late.  FCRA 605(c).

[rwanjuhi]

Thank you all for all your helpful information. I still have some questions as i am still trying to understand this credit thing better. I have been trying to analyze my credit reports very keenly as i want to try to take the route that will really help me out. My goal is to be able to try to purchase a home sometime in the next 2 yrs. I have several collection accts 

AD ASTRA  RECOVERY  $250 and the drop  of date is 7/2016 

CREDIT BUREAU SERVICES $ 592 and the drop date is not mentioned

COLLECTION CO OF AMERICA $1144 and the drop of date is 9/2014

LVNV FUNDING $700  & $900 and the drop off date for both  is 2/12 ....the $900 has offered me a settlement of $375  ---haven't paid yet

NCA $2502 and the drop off date is 3/12

ZENITH ACQUISITION $ 462 drop off date is 2/12

CBA  $148 drop off date is 12/2014

I still have more but these are the ones i want to target first.  I know all these debts and  even though they are valid they have obviously gained alot of fees.

My thoughts are to settle the accts that are scheduled to drop off in  2012 (and make sure that i get this in writing). I am scared that if i don't get these settled the CA's will reage these accts or sell them somewhere and they keep moving on. Then i am thinking of requesting PFD's for the other accts. What do you guys think?Also have any of you dealt with any of these companies, i would be glad to hear any helpful information that you would share.

My other question is that several of these accts are listed  twice once from the OC (now showing a $0 balance) and then again by the CA. Is there a way to delete one of the entries and does it benefit me in any way?

Also i have some accts that i paid off and closed (for lack of better knowledge) but they are listed as negative accts because at some point i was late even though they never charged off. What dates should i look for if i want to request to remove them and does it benefit me to remove them?

Thank you all i really appreciate all the input that i am receiving from here...Hopefully i will get to those good scores soon too

[Anonymous]

Personally, I would work on the newest ones first as I think those hurt more.

[guiness56]

The OC and one CA can report the same debt at the same time.  With the OC reporting a 0 balance it means they sold the debt but, they are still allowed to report.

Before you do anything, unless you intend to PIF, make sure these are out of your states suing SOL.  It can keep you from getting sued in the future.

I agree to start on the newer ones first.  They are causing the most damage right now.

If an account is negative only due to lates, the lates will come of individually 7 years from the date the late occured.  Once the last late comes off, the account will become positve and stay 10 years from the date closed.

You can send GW letters asking if they will remove the lates.  Removing the entire TL could lose you points.

Anything that is already paid, send GW letters for those also.

[rwanjuhi]

Thanks guys you don't know how much i appreciate your input. i will be starting with the new ones first...

On the negative ones i have a quick question. If the accts are already closed by myself or the credit grantor can i still send GW  letters to adjust lates?

[guiness56]

Yes you can.  It does not matter who closed the account.