Rebuilding Your Credit

[mrmackdaddy]

Hello all! Thru the grace of God I have found this site. I have about $3000.00 in debt that has gone to collections. I will be obtaining a good sum of money soon and would like to do PFD's on all of my collections accounts. However I have a dilemma. In the past, I was turned down for credit because of a lack of a credit history. After reading some of these posts on here, I have begun to wonder if the CA's delete my tradeline, would my credit scores in fact go down lower because of a lack of credit? Is there a way to pay the amount in full in exchange for the re-opening of the account in good standing? I apologize if this question has been asked before, but i REALLY need help on this one guys Thank You All

[cw81]

Welcome to the boards I will take a stab at this Depending on how old the TL is I dont know how much its hurting or helping you If its a collection account I dont think its helping so IMO I would have it deleted if I could. In order to reopen the acct It will have to go to the OC who can decide to do that. So you would have to talk to the OC have them pull it back and convince them to reopen the account. Depending on who it is I don't see it as likely.


If you want to build credit you could start with a secured credit card from either your local CU, BofA, WAMU or National City etc that way you are building positive history while cleaning up your negatives. Target is quite easy to get, Crown Jewelers is another way to go Its a store card that approves you without a credit check and you have to make a purchase and pay a down payment for it to start reporting if you do a search you can find some more details here.

I believe your scores and the number of derogs on your CR will ultimately determine which path is best for you. The above suggestions are what I have based on the limited information I have. I hope this helps

[guiness56]

Welcome. Are these collection accounts still owned by the OC or were they sold to the CA?

What is the DOFD and your states SOL?

If the OC still owns the accounts they could reopen if you PIF. That would depend on the individual OC.