topic Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit in General Credit Topics

Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

Anonymous — Fri, 20 Jul 2007 21:41:44 GMT

Hi,

I read alot of the myfico.com forum discussions, but have not yet seen an answer to one of my other questions.. Which strategy is best when trying to rebuild your credit. I currently have a little over 5K left in collections that I am currently paying off with monthly payments (i pay more if my budget allows me). My scores are as follow: TU - 603, EQ - 562 and EX-614.

Here is my breakdown:

total accounts: 8

open accounts: 3 (1 is identity theft which i have disputed and reported)

closed accounts: 5 (2 are identity theft which i have disputed and reported)

delinquent: 1 (not sure, but i think this is referring to a closed account that is an identity theft account)

derog: 5 ( 1 is not mine, 1 i am still currently paying, and 2 showing as paid, 1 i paid, but still showing derog)

inqueries: 11 (i had bought a car, and all the places the dealershiped tried to get me a loan all showed up), however 3 are from identity theft which i have disputed and reported)

My question, at what time is it good to begin opening CCs? After I pay off my debt completely or while i'm paying off my debt? Or can any one help me create a plan of action for myself to follow. My goal is to of course get a score above 700. I will have $1000 saved by the end of this year and plan to save $1000 each year from now on.

I appreciate everyone's help and sympathy!!

Thanks!

Alexis

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

fused — Fri, 20 Jul 2007 21:45:21 GMT

Hi There! I would begin with this thread courtesy of Moderator Tuscani.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

Anonymous — Fri, 20 Jul 2007 21:56:08 GMT

I've read that already. the first threat i ever read actually. i understand all that, but thanks! maybe someone else can offer advice?

Thanks!

Alexis

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

Anonymous — Fri, 20 Jul 2007 22:01:57 GMT

one place to start is GW letters to the 2 accounts you have paid but showing derogatory..

Can't help much else as I am new also..

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

Anonymous — Fri, 20 Jul 2007 22:03:19 GMT

Thanks, actually I have already written them out and mailing today. I'll let everyone know how that goes =)

thanks for all the feedback everyone!!!

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

fused — Fri, 20 Jul 2007 22:51:40 GMT

alexismae wrote:
Hi,

I read alot of the myfico.com forum discussions, but have not yet seen an answer to one of my other questions.. Which strategy is best when trying to rebuild your credit. I currently have a little over 5K left in collections that I am currently paying off with monthly payments (i pay more if my budget allows me). My scores are as follow: TU - 603, EQ - 562 and EX-614.

Here is my breakdown:

total accounts: 8
open accounts: 3 (1 is identity theft which i have disputed and reported)
closed accounts: 5 (2 are identity theft which i have disputed and reported)
delinquent: 1 (not sure, but i think this is referring to a closed account that is an identity theft account)
derog: 5 ( 1 is not mine, 1 i am still currently paying, and 2 showing as paid, 1 i paid, but still showing derog)

inqueries: 11 (i had bought a car, and all the places the dealershiped tried to get me a loan all showed up), however 3 are from identity theft which i have disputed and reported)

My question, at what time is it good to begin opening CCs? After I pay off my debt completely or while i'm paying off my debt? Or can any one help me create a plan of action for myself to follow. My goal is to of course get a score above 700. I will have $1000 saved by the end of this year and plan to save $1000 each year from now on.

I appreciate everyone's help and sympathy!!

Thanks!
Alexis

1.) All of the ID theft TLs, I assume they are still under investigation? I assume you disputed as not mine with the CRAs?

2.) Also, you have two open TLs that are yours, what are they? I need the balances and if they are CCs their CLs.

3.) Of the four derogs that are yours, what are they? CCs, installments? what are the balances and/or CLs?

4.) What state do you live in, this is for the puroses of ascertaining your SOL?

5.) How many inqs on each CR?

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

Anonymous — Fri, 20 Jul 2007 23:39:00 GMT

Hi thank you for responding..

1) Yes, I have disputed. These identity theft TLs however are only showing on my transunion CR.

2) a. Collection Agency for old cell phone plan. Balance =$1409.30

b. Car Payment Plan Balance = $12,583.14

3) Derog 1: also listed above as Collection Agency for old cell phone plan. Balance = $1409.30

Derog 2: Collection Agency for old home long distance plan. Paid Balance= $164

Derog 3: Collection Agency for utility bill. Paid Balance = $55

Derog 4: Collectioni Agency for Gym Membership. Paid Balance = $930

4) California

5) TU=11 (but 3 are not mine, which i am disputing)

EQ=10 (all mine)

EX=9 (all mine)

Thank you so much for taking the time to review my history!!

Alexis

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

fused — Sat, 21 Jul 2007 00:12:33 GMT

The SOL in Cali is 4 years. Do you believe any of these derogs that are yours are past the SOL?

Message Edited by fused111 on 07-20-2007 02:12 PM

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

fused — Sat, 21 Jul 2007 00:31:43 GMT

1.) These should be removed, do you have any indication they will be.

2.) I see you sent out GW letters on the 3 paid collections, good. If they don't work the first time, send em again , be persistent but also friendly and be sure the recipient is a decision-maker not some CSR punching bag. The unpaid collection for $1,409.30, get working on a PFD and make an initial offer of 30% of this balance. They might say no we don't delete, or ask for more then delete or they might just agree to the PFD. Again be persistent but also friendly. If they agree make sure it is clearly stated on the CAs letterhead.

4.) still waiting for your reply, are still under the SOL for these 4 accounts?

5.) consider signing up for a credit monitoring service like TC (truecredit), you can pull all three of your reports daily. Just disregard the scores and remarks at this site, they're ridiculous.

Your scores are not that bad! I think your should try and apply for an Orchard, First Premiere or even a BOA 99/500 secured card. Other than your auto TL, you have nothing positive reporting, getting a card or two will help in the long run.

As far as the auto loan, just keep paying on time, never be late. No big points are gained by paying this type of TL down quickly but you do save money on interest.

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

Anonymous — Sat, 21 Jul 2007 03:59:10 GMT

Hi!!

thanks for the info.

1) just got a letter in the mail that the CRA said they were all verified and NOT CHANGED!! do i send copies of my police report to the creditor and the cra??

2) thanks! I will remember to do that!

3) Derog 1: cell phone - was during my stay in Washington state. date opened 9/30/2004

Derog 2: long distance plan - in California. date opened 1/22/02 (what do i do now? dispute via FCRA?)

Derog 3: utility bill - during stay in Washington state. date opened 1/28/04

Derog 4: gym membership - in California. date opened 5/18/01 (what do i do now? dispute via FCRA also?)

5.) I signed up today for Costco's Credit Monitoring Services, sounds similar to the truecredit you described.

Thanks for your words of encouragement and support lol..Although my score paperwork tells me I rank 5% higher than the rest of the nation (uggg) lol..I will listen to you cuz it makes me feel better lol. I will go ahead and take a look at the cards you mentioned. Thanks again for your help. I'll fill every one in soon!

Message Edited by alexismae on 07-20-2007 08:51 PM

Message Edited by alexismae on 07-20-2007 08:59 PM

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

Anonymous — Sat, 21 Jul 2007 03:42:51 GMT

Hi!!

thanks for the info.

1) just got a letter in the mail that the CRA said they were all verified and NOT CHANGED!! do i send copies of my police report to the creditor and the cra??

2) thanks! I will remember to do that!

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

MercyMe — Sat, 21 Jul 2007 17:25:55 GMT

fused111 wrote:
Hi There! I would begin with this thread courtesy of Moderator Tuscani.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Fused, this is a bit off topic but, you crack me up with your lolly, lolly! I've been homeschooling the kids for some 8 years, now -- which is why they test out at least 3 grade levels ahead of their peers -- so we know all about lolly!

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

fused — Sat, 21 Jul 2007 17:30:39 GMT

MercyMe wrote:

fused111 wrote:
Hi There! I would begin with this thread courtesy of Moderator Tuscani.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Fused, this is a bit off topic but, you crack me up with your lolly, lolly! I've been homeschooling the kids for some 8 years, now -- which is why they test out at least 3 grade levels ahead of their peers -- so we know all about lolly!

No worries! I'm a stay-at-home dad and work out of my home office. My two year old daughter seems to get a real kick out of the old school stuff, schoolhouse rock RULES. It was my fav back in the 70's.

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

MercyMe — Sat, 21 Jul 2007 17:31:04 GMT

alexismae wrote:
Thanks, actually I have already written them out and mailing today. I'll let everyone know how that goes =)

thanks for all the feedback everyone!!!

Alexismae, can you give me a bit more info on the identity theft? When, and under what circumstances, did you realize your identity had been stolen? Did you notify the CRAS and the Attorney General's office? Have any charges been filed against anyone?

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

MercyMe — Sat, 21 Jul 2007 17:33:22 GMT

alexismae wrote:
Hi!!

thanks for the info.

1) just got a letter in the mail that the CRA said they were all verified and NOT CHANGED!! do i send copies of my police report to the creditor and the cra??

2) thanks! I will remember to do that!

3)

Yes! And whatever other information you have to support the identity theft claim.

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

MercyMe — Sat, 21 Jul 2007 17:36:27 GMT

fused111 wrote:

MercyMe wrote:

fused111 wrote:
Hi There! I would begin with this thread courtesy of Moderator Tuscani.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Fused, this is a bit off topic but, you crack me up with your lolly, lolly! I've been homeschooling the kids for some 8 years, now -- which is why they test out at least 3 grade levels ahead of their peers -- so we know all about lolly!

No worries! I'm a stay-at-home dad and work out of my home office. My two year old daughter seems to get a real kick out of the old school stuff, schoolhouse rock RULES. It was my fav back in the 70's.

Ha! Accessible only online. Darn.

Re: Debt PIF 1st, or obtain cc? Goal = Rebuild Credit

Anonymous — Wed, 01 Aug 2007 02:18:11 GMT

Hi,

Just wanted to update everyone on what I've been working on the past 10 days:

* identity theft items that I have disputed have been deleted! AYYAAY, however when I received my updated CR, it showed a NEW identity theft item that I am now again currently disputing.

* you mentioned SOL for my Derogs...do any of my derogs qualify to be deleted due to SOL? I have listed the state they originated from in my previous message if someone could help me with that =)

* I am getting ready to apply for a secured card, but am worried about being denied. I was thinking Orchard, first. Doees anyone know if they have ever denied anyone because of their bad credit history? I don't want to waste my time if anyone would know the answer to that. In the past I have already applied for a secured card with my credit union I am currently with and THEY denied me...so that was depressing.

I have not seen any progress yet from my GW letters, but I do know that they have received them already as my certified return receipt has been sent back to me. Just from reading this forum, I have hopes they will be taken off. Keep your fingers crossed everyone!

Thanks everyone!