Where to start...

[runjerseygirl]

I'm hoping you can help me.  I'm listing the bad items I have on my CR's with the hope that someone can help me figure out where to start.  Yes, there are a lot, but I'm determined to turn my credit (and afterwards, my life) around.

A-1 - Paid, last reported 4/2008

BoA - Paid in settlement, last reported 9/2008

Berks - $149,  last reported 11/2013

Berks - $166, last reported 11/2013

Berks - Paid, last reported 7/2013

CACH - $455, last reported 12/2013

Cap1 - $645 WO, last reported 6/2013

Cap1 - "Account charged off, $1360 written off, $1391 past due as of 12/2013" last reported 12/2013

Cap1 - "Account charged off, $647 written off, $647 past due as of 12/2013" last reported 12/2013

EAS -  $122 past due as of 9/2009" last reported 9/2009

GECRB - $455 WO, last reported 11/2011 (I think this is the OC for the CACH account)

Lazarus - $54, last reported 9/2013

Macy's - "Account charged off, $466 written off, $466 past due as of 11/2009" last reported 11/2009

Plains Commerce - $1807 WO

Please help me!

[OneDay_750]

Welcome!  Assuming that are items are valid, I would begin by sending some pay-for-delete (PFD) letters to whoever owns the debt right now (either the original creditor, OC, or the collection agency, CA).  be sure to send a letter that is 100% non-confrontetional.  There is a lot of good info about PFDs in the Rebuilding Your Credit folder.  

[runjerseygirl]

Should the PFD request be for the full amount?  One time payment?  Can it be on a settlement or payment arrangement?

[guiness56]

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@runjerseygirl wrote:

Should the PFD request be for the full amount?  One time payment?  Can it be on a settlement or payment arrangement?

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It can be for whatever you want to offer.  Keeping in mind they may require more to delete.

Yes, you can ask for a settlement or payment arrangements.

[Startome]

PFD can be any amount really, but they're obviously far more likely to work with you if it's for the full amount, but I've seen them settle for less on here before that's for sure.

And always make sure you get an agreement to delete in writing before you pay. Pop it on here to make sure it seems legally binding.

[OneDay_750]

I believe you should pay in full (PIF), if you can. Otherwise, offer a realistic settlement on your PFD letters. They will be more likely to play ball if you offer to PIF. I have good results with paying one lump sum. Recommend you save the money before pulling the trigger on paying accounts in full.

EDIT:  Sorry, Did not mean to repeat.  I got beat to the punch.  Great advice, like always.

[Startome]

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@OneDay_750 wrote:
I believe you should pay in full (PIF), if you can. Otherwise, offer a realistic settlement on your PFD letters. They will be more likely to play ball if you offer to PIF. I have good results with paying one lump sum. Recommend you save the money before pulling the trigger on paying accounts in full.

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+1

[runjerseygirl]

Thank you!  What about the ones that are CO or WO?  Should I bother with those?

[runjerseygirl]

Also, what about the ones that are showing a last reported date of 2009, or similar?  Should I leave those alone?

[OneDay_750]

You will still need to address them, even if they are CO.  I would begin with the most recent ones, since they hurt you the most right now.  

About the 2009 COs, keep in mind that even if those baddies fall off after 7+ years, the account will not be deleted from your CR.  A future creditor might be able to see those unpaid balances during a manual review of your CR.  The bottom line is that if you incurred the debt, you should make every effort to make good on them either by PIF of through settlement.