You helped me before - hope you can again.

[Sobo]

Last year I came here for help - and it was greatly appreciated. I took a lower credit score, got my utilizaiton corrected - eventually got a 780 FICO - American Express, which I use responsibly, etc.

My boyfriend has some serious credit issues. He has ignored them, partly because of embarrassement and being overwhelmed on where to start. We intend on getting married, but we have to get these issues fixed. If he starts now, we can get a lot of this taken care of. So he was honest, he had me pull a credit report for him, and honestly - it's worse than I thought. So I am coming here for help. I will give you as much information as I can. I am unsure which accounts we need to pay - let drop off - etc. I know many of you do, so I am here for your help.

His FICO: 497

Serious delinquency

Missed payments and deorgatory descriptions

Few accounts in good standing (he has NO current accounts and 0% of on time payments)

Heavy use of revolving credit

Total Past Due: 38,799

Credit History: 6 Years

Accounts with negative indicators: 12

14 total accounts

7 with balances

2 opened in last year

3 recent inquiries

0 collections

0 public records

Accounts:

HSBC Bank - opened 7/2008 - transferred to another office

Cap One - opened 8/2008 - Unpaid balance reported as a loss by credit grantor - $3,036

1st Financial Bank - 8/2007 - Unpaid balance reported as a loss by a credit grantor - $799

Dept of Ed - 8/2008 - Account seriously past due date/account assigned to attorney/CA - $8,398

USA Funds (student) - 2/2013 - Account seriously past due date/account assigned to attorney/CA - $7,430

USA Funds (student) - 2/2013 - Account seriously past due date/account assigned to attorney/CA - $5,725

Dept of Ed - 8/2008 - Account seriously past due date/account assigned to attorney/CA - $4,451

Dept of Ed/Sallie Mae - 2/2008 - Transferred ($0)

Dept of Ed/Sallie Mae - 2/2008 - Transferred ($0)

Sallie Mae - 10/2007 - Transferred ($0)

Sallie Mae - 10/2007 - Transferred ($0)

Sallie Mae - 8/2008 - Transferred ($0)

Sallie Mae - 8/2008 - Transferred ($0)

LVNV Funding - 4/2009 - Account seriously past due date/account assigned to attorney/CA - $8,960 (wrecked motorcycle he stopped paying on in 2009)

On the accounts that have been transferred to another office - do those fall off after 7 years? How can I determine when they were transferred? Do the accounts fall off 7 years after the last payment/contact? I don't know if we can even get the lates removed....there are so many. How do we determine what accounts to contact on, what to write, how to pay? I'm trying to get a list done so he knows what to pay going forward. I considered - after a while - making him an AU on my good accounts for a slight boost to help obtain a small balance/pre-paid card so he can responsibly use credit. He will be going back to school - so on the student loans, can he call, get a deferrment while he is in school? We have to get this fixed - it's partly due to his youth/ignorance. No one ever showed him how to use credit and he was careless. He feels ridiculously upset about all of it - but I told him he has done the most important step in looking at it so we can form a gameplan.

Any and all advice would be greatly appreciated.

[notfancy]

---

@Sobo wrote:

Last year I came here for help - and it was greatly appreciated. I took a lower credit score, got my utilizaiton corrected - eventually got a 780 FICO - American Express, which I use responsibly, etc.

My boyfriend has some serious credit issues. He has ignored them, partly because of embarrassement and being overwhelmed on where to start. We intend on getting married, but we have to get these issues fixed. If he starts now, we can get a lot of this taken care of. So he was honest, he had me pull a credit report for him, and honestly - it's worse than I thought. So I am coming here for help. I will give you as much information as I can. I am unsure which accounts we need to pay - let drop off - etc. I know many of you do, so I am here for your help.

His FICO: 497

Serious delinquency

Missed payments and deorgatory descriptions

Few accounts in good standing (he has NO current accounts and 0% of on time payments)

Heavy use of revolving credit

Total Past Due: 38,799

Credit History: 6 Years

Accounts with negative indicators: 12

14 total accounts

7 with balances

2 opened in last year

3 recent inquiries

0 collections

0 public records

Accounts:

HSBC Bank - opened 7/2008 - transferred to another office

Cap One - opened 8/2008 - Unpaid balance reported as a loss by credit grantor - $3,036

1st Financial Bank - 8/2007 - Unpaid balance reported as a loss by a credit grantor - $799

Dept of Ed - 8/2008 - Account seriously past due date/account assigned to attorney/CA - $8,398

USA Funds (student) - 2/2013 - Account seriously past due date/account assigned to attorney/CA - $7,430

USA Funds (student) - 2/2013 - Account seriously past due date/account assigned to attorney/CA - $5,725

Dept of Ed - 8/2008 - Account seriously past due date/account assigned to attorney/CA - $4,451

Dept of Ed/Sallie Mae - 2/2008 - Transferred ($0)

Dept of Ed/Sallie Mae - 2/2008 - Transferred ($0)

Sallie Mae - 10/2007 - Transferred ($0)

Sallie Mae - 10/2007 - Transferred ($0)

Sallie Mae - 8/2008 - Transferred ($0)

Sallie Mae - 8/2008 - Transferred ($0)

LVNV Funding - 4/2009 - Account seriously past due date/account assigned to attorney/CA - $8,960 (wrecked motorcycle he stopped paying on in 2009)

On the accounts that have been transferred to another office - do those fall off after 7 years? How can I determine when they were transferred? Do the accounts fall off 7 years after the last payment/contact? I don't know if we can even get the lates removed....there are so many. How do we determine what accounts to contact on, what to write, how to pay? I'm trying to get a list done so he knows what to pay going forward. I considered - after a while - making him an AU on my good accounts for a slight boost to help obtain a small balance/pre-paid card so he can responsibly use credit. He will be going back to school - so on the student loans, can he call, get a deferrment while he is in school? We have to get this fixed - it's partly due to his youth/ignorance. No one ever showed him how to use credit and he was careless. He feels ridiculously upset about all of it - but I told him he has done the most important step in looking at it so we can form a gameplan.

Any and all advice would be greatly appreciated.

---

First: Congratulations on your upcomming wedding! I hope that you and your future husband can get this all worked out at least somewhat by then.

The HSBC account was likely transfered to Capital One and there isn't much you can do with that. They are a tough nut to crack.

I'd look in the Student Loan subforum here, and see if he can get his loans "rehabbed" there is information there on how to do so, I believe  and that should be able to take his accounts from negative to eventually positive. I don't know if student loans fall off after 7 years, but I don't think that they do. It is good that you're trying to take care of this now, because it would be better than them taking him to court and getting judgements.

How much can you both afford to pay off currently?

[randyrhodes]

I may get blasted for saying this but....has he considered filing chapter 7 or 13 bankruptcy? The student loans can't be dismissed in BK. That motorcycle for 9 Gs would have me a nervous wreck. No pun intended. That could turn messy in a hurry. Is any of the other debts past the SOL so he can't be sued?

[Sobo]

Honestly - we just pulled this last night. He wants to take care of this because it is "his burden".... so I'm lending support via information and helping him. For instance....him doing his taxes wrong for the last 4 years out of ignorance and not knowing. I will be graduating in November and will have my own student loans, so right now we are trying to get a handle on this and at least see where we are and what we will be able to tackle.

Please explain the SOL - I can check the dates.  I paid for the credit reports and I have two. Equifax is 497. Transunion is 564.

The LVNV Funding LLC account for the motorcycle is as follows:

Status as of January 2014

Date opened: April 2009

Last Activity - NA

Loan Type - Credit extension/Review/Collection

Term: 1 month

Account Type: Installment

Account Holder: Individual

Industry: Bulk Purchase Finance

$8,960

30 days late - 0

60 days late - 0

90+ days late - 26 )these are occurring as recently as last month. His payment history on that is CO going back 2 years.)

[notfancy]

What state do you live in?

[notfancy]

---

@Sobo wrote:

Honestly - we just pulled this last night. He wants to take care of this because it is "his burden".... so I'm lending support via information and helping him. For instance....him doing his taxes wrong for the last 4 years out of ignorance and not knowing. I will be graduating in November and will have my own student loans, so right now we are trying to get a handle on this and at least see where we are and what we will be able to tackle.

Please explain the SOL - I can check the dates.  I paid for the credit reports and I have two. Equifax is 497. Transunion is 564.

The LVNV Funding LLC account for the motorcycle is as follows:

Status as of January 2014

Date opened: April 2009

Last Activity - NA

Loan Type - Credit extension/Review/Collection

Term: 1 month

Account Type: Installment

Account Holder: Individual

Industry: Bulk Purchase Finance

$8,960

30 days late - 0

60 days late - 0

90+ days late - 26 )these are occurring as recently as last month. His payment history on that is CO going back 2 years.)

---

What does Equifax show as the Date of first delinquency?

[Sobo]

He is in Louisiana.

The report shows the first delinquent as December 2011.

[notfancy]

---

@Sobo wrote:

He is in Louisiana.

The report shows the first delinquent as December 2011.

---

Okay, that sucks. Louisiana's SoL is 10 years, except for credit cards which is 3 years. What this means is that on pretty much all of his accounts right now, he can be sued for those debts for up to 10 years.

This link offers more detailed information about the Statute of Limitations : http://credit.about.com/od/statuteoflimitations/a/entirestatesol.htm

You said "he" lives in LA. Does that mean you do not? Quite frankly, if that's the case and he could live in Mississippi or TX, he'd be better off lol. I say that some what tongue in cheek because I know credit is stressful,  but really, he is in one of the more harsh states for consumer debt.

[Sobo]

More info -

He wrecked the motorcycle pretty badly. He fixed it out of pocket. Then it was stolen. His insurance had a clause that prevented him from getting a settlement - so he just stopped paying. The monthly payment is just under $100.00 - which he can afford.

So - does he just start paying it on time? Does he send a goodwill letter explaining his ignorance/bad decisions and start paying on time?

[Sobo]

---

@notfancy wrote:

---

@Sobo wrote:

He is in Louisiana.

The report shows the first delinquent as December 2011.

---

Okay, that sucks. Louisiana's SoL is 10 years, except for credit cards which is 3 years. What this means is that on pretty much all of his accounts right now, he can be sued for those debts for up to 10 years.

This link offers more detailed information about the Statute of Limitations : http://credit.about.com/od/statuteoflimitations/a/entirestatesol.htm

You said "he" lives in LA. Does that mean you do not? Quite frankly, if that's the case and he could live in Mississippi or TX, he'd be better off lol. I say that some what tongue in cheek because I know credit is stressful,  but really, he is in one of the more harsh states for consumer debt.

---

He lives in Louisiana - but will be relocating out here to Texas where I am. Does it only go based on where he lives currently? And not where the debt originated?