how do i start

[Anonymous]

Hello every one,

I been reading this site for the past week and gain the courage to try and take back my score from were i messed it up in my mid 20's. The problem is i dont have a clue were to start or even how to start.

I have 3 loans that fall of next year, the problem is, that i have not paid anything to them, so do they still fall off or will they stay up there longer. then i have 5 collection account account. which are:

1. Verizon the collection holder is National recovery

$1251 year is 2009

2. Baja cable collection holder is Credit protection association

$491 year is 2008

3. Tri county light comapany collection holder  Interstate credit collection

$140 year 2008

4. Progress energy collection holder is Online collection

$300 year 2007

5. Doctor bill

130 year 2007

then i have two 30's lates on my truck note which is own by well fargo dealer services

with this infomation could some one help me and tell me were to start or how to start.

[mauve]

The first thing to do is to find out the statute of limitations in your state, aka SoL.

Then figure out how much money you have available to work with - do you have a lump sum available, do you have a certain amount per month?

Keep current on all of your current bills. 

Decide what time line is important to you, and what your goal is.  Is it a clean credit report ASAP?  High score ASAP?  To pay the least you can to get there?  Avoid prosecution for past debts?

Any items that are past SoL, you should send goodwill letters to.  These will be more effective if the debt is paid or if it's for a late when you're now current.  A typical format is "I take my debts seriously / I had an oversight (or whatever reason) / This is why it won't happen again / Please change this reporting favorably." 

Paying on debts does NOT re-set reporting timelines - i.e., paying on a debt that you defaulted on 6 years ago will NOT make the entry not fall off at 7-7.5 years.  Depending on your state, it MAY re-set the statute of limitations.  You'll want to know that. 

For debts that are within the SoL for which you have payment in full available, you can send pay-for-delete letters.  I personally recommend sending a DV letter first, CMRRR.  Sometimes you'll get a deletion without paying.  I also had more luck getting responses to DVs than to PFDs.  (DVs are not legally binding beyond 30 days from receiving notice - unless you live in Texas). 

Anyway, I hope that gives you SOME sense of where to start.