multiple charge offs

[dertrommler]

Hi guys,

I was hoping someone could help point me in the right direction.  I've been doing a lot of research on how to repair my credit score (494 yeah...) and am getting a lot of mixed opinions.  I've recieved a lot of advice regarding pay for deletes, but have realized that basically no institution will even consider this approach since the credit bureaus are cracking down on this.  I have about $17,000 worth of debt (student loans, credit cards, phone bills, etc) none of which is current (other than the studen loans, but only as of recently) since when I first moved out on my own at 19 I just completely stopped paying on all of it (oh the mistakes we make).  So basically I have quite a few charged off accounts.  I have been fortunate enough to land a great job and am in a position to pay off all of these old debts in the next 6 months.

My question is this...  Ive heard that settling can be more damage than good in some cases.  Since I am in a unique position to pay off all of this old debt, but none of it is current I'm finding it hard to know what the best route would be to raise my credit score.  Any help or suggestions on what the best approach would be is very appreciated.

Thanks in advance!

Adam

[Burned2manybridgesB4]

Welcome to the forums. Give me a few, and I'll compile a nice little list of links for you to read. That's what this is all about....learning, reading, repairing...

[Burned2manybridgesB4]

Get busy. Then come back with more questions. There are a variety of things that can be tried, in order to accomplish debt payment, while benefitting your reports.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Guide-To-Common-Abbreviations/m-p/224988?jump...

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/What-Steps-Do-I-Take-Do-I-DV-PFD/td-p/337142

http://ficoforums.myfico.com/t5/General-Credit-Topics/Frequently-Requested-Threads/m-p/10675

[dertrommler]

Thanks for the fast response and the articles!  They did raise some questions.  I had a car that was repossesed about 2.5 years ago.  There wasn't much left on the loan ($5,000) so i paid the entire balance off.  On my credit report however, it does show a $0 balance, but the current status says "120+ days past due" shouldn't it say "Paid in full" or something along those lines?  Should I submit a DV?

[guiness56]

DVs don't go to the CRA or the OC, only a 3rd party debt collector.

Current status should not say 120 days late it should say PIF.  Contact the OC and see if they will fix it.