topic Re: I NEED to be reborn...into "good credit bliss". in General Credit Topics

I NEED to be reborn...into "good credit bliss".

Anonymous — Tue, 22 Apr 2008 16:38:38 GMT

Hello All,

I am a long time lurker, and hoping to get some advice and/or words of encouragement regarding my specific situation. Just to give a little background on myself, I am an manager for a manufacturing company and make just over $50K per year. Therefore, theoretically, I make enough to be somewhat comfortable and keep my finances together in the same instance. However, in the past 4 years after graduating from school, I have mostly screwed around, and haven’t really done everything I should have to make sure my credit rating is sufficient to own a home. To add to the matter, I also took graduate school courses, and paid out of pocket which also kind of hurt my finances.

Well now, I’m done with school (for the time being), and I am really hoping to be able to make an investment on a home within the next 9-12 months. Currently my credit scores are as follows

EQ 511 (

TR 547 (

EX 606 |

Here are all of my open current accounts that have issues:

- I have a vehicle loan through my credit union in which I have 5 lates (5 total at 30 days – most recent delq being 2/08) on ($17900 balance)

- My undergraduate student loans have countless lates (20 total ranging up to 120 days – most recent delq being in 3/07) ($11900 balance)

- Capital One CC is maxed at $500, I can get that cleared up quickly (2 total lates at 30 days – most recent delq being 10/07)

- HSBC Bank – Orchard Bank maxed at $500, I can also get this one cleared up (1 total late at 30 days – most recent delq being 8/07)

These accounts are now current, but I’m not sure I am seeing any increase in my credit score. I would assume that would be due to previous late payments.

Now onto the collections:

Portfolio Recovery Systems (Old Best Buy account) - $1398. I am in the middle of weekly payments of $291 to get this totally paid off. They said after I make my final payment (which will be on May 10th) that it would no longer be reported as a collection account (opened 5/07) In Collection

Time Warner Cable - $126. I will clear this after the Portfolio is taken care of. (opened 9/07) In Collection

AMEX previously in collections, but I have paid off the total balance to a collection company. Paid Chargoff

Public Works (Utilities) - Charge off (I am sure I paid this off though?!?!?!)

HSBC/Best Buy - Charge off (I’m basically paying this off through portolio)

JB Robinson - Paid Chargoff

SC Elec/Gas – Paid Chargoff

WFNNB/EXST – Paid Chargoff

CPW (Utilities) - Chargoff

***Please let me know if I need to provide any additional information***

Are these problems so insurmountable? Is there a chance that I could have all 3 of my scores above 620 by December? Besides making payments on time, what else can I do to proactively make an effort to improve my credit scores? Any advice is appreciated!

Thanks,

Re: I NEED to be reborn...into "good credit bliss".

Anonymous — Tue, 22 Apr 2008 17:34:49 GMT

Nothing is insurmountable, it just takes time and patience.

On each account, provide a DOFD/DOLA?

What state are you in?

Do you dispute the validity of any of these debts?

As far as the lates on your current accounts, you can send a GW asking them to be removed. Some of them are very new and really hurt your score. You have a better chance since they are current, but really plead your case, paing my own way through college etc. They can deny but keep sending them and do not be late anymore

The paid CO you can also send GW.

Re: I NEED to be reborn...into "good credit bliss".

Anonymous — Tue, 22 Apr 2008 19:44:55 GMT

Thanks so much for the reply!

Here goes:

1. DOFD's & DOLA's

- Federal Credit Union (Auto Loan)

DOFD: 07/07

DOLA: 10/07

- US Dept. of Education

DOFD: 09/04

DOLA: 01/08

- Capital One

DOFD: 07/07

DOLA: 02/08

- HSBC (Orchard Bank)

DOFD: 08/07

DOLA: 02/08

2. I am in South Carolina

3. I have never disputed anything. Even though, there are 3 charge offs 2 utility charge offs that I know I paid off, because my credit union required I pay them before they gave me a vehicle loan. The 3rd which is the old Best Buy Account, which I am now paying a collections account (will be done on May 10th). How should I go about this? Please advise, I've gotta get my ish together!

Thanks again!

Re: I NEED to be reborn...into "good credit bliss".

Anonymous — Tue, 22 Apr 2008 20:13:29 GMT

I am having difficulty finding your states SOL. Too many versions. I do know they run from 3 - 10 years and making a payment restarts it.

The items that are open and current, try not to miss any payments. Late payments kill your score. You can do good will letters to each and see if they will remove the lates. You may need to bare your soul and grovel but all they can do is say no. Just keep sending them.

I need more info on the paid COs and collections. DOLA and DOFD

Does the OC still own the accounts, sold to a CA or just sent to a CA?

Any that you are currently paying on or are willing to pay, ask for a PFD and get it in writing. You can speak with an OC but never a CA.

Re: I NEED to be reborn...into "good credit bliss".

Anonymous — Tue, 22 Apr 2008 20:17:26 GMT

Those baddies are still recent enough--and numerous enough--to be exerting a substantial drag.

My first recommendation would be to pay down your CC balances. Your high utilization is probably costing you dozens of FICO points...I'll bet your score would bounce at least 30 points if you paid that down.

Re: I NEED to be reborn...into "good credit bliss".

Anonymous — Tue, 22 Apr 2008 20:35:40 GMT

Good point. I should know since I am at 95% utilization!