topic Re: Bad Credit Question in General Credit Topics

Bad Credit Question

Anonymous — Fri, 09 Oct 2020 16:01:57 GMT

Hello everyone-

currently have about 12 collections/charge offs on CR- Reports show that they will fall off report Mid 2023. Have about 3 good standing low limit credit cards. Is BK an option now or just wait for all the negatives to fall off? Current scors range between 575-632 depending if i carry balances. Thanks for all the help!

Re: Bad Credit Question

Girlzilla88 — Fri, 09 Oct 2020 16:13:31 GMT

In all honesty if you can avoid a BK I would 2023 isn't that far out and you may be ablet to get rid of some of those sooner. If you do a BK it will stay ANOTHER 7-10 years on your information and hinder certain chances depending on what Chapter you file and stipulations etc.

Re: Bad Credit Question

Anonymous — Fri, 09 Oct 2020 16:16:18 GMT

Thx so much for the response! I feel you are right. I've tried in the past to remove some of the negative but most came back as being validated so I may just wait it out now.

Re: Bad Credit Question

OmarGB9 — Fri, 09 Oct 2020 16:24:59 GMT

Well another option is, of course, to pay/settle if you can. How much do you owe? How much can you pay monthly?

Re: Bad Credit Question

Anonymous — Fri, 09 Oct 2020 16:30:32 GMT

Long story. Spouse lost job so I paid rent and food instead of cc's. Owe roughly 14K-kinda hard to pay or settle at this point with smaller income. Thank you

Re: Bad Credit Question

Brian_Earl_Spilner — Fri, 09 Oct 2020 16:34:06 GMT

You should list out who the collections and chargeoffs are with along with the amounts. We may be able to help you speed up your rebuild depending on who they are.

Re: Bad Credit Question

Anonymous — Fri, 09 Oct 2020 16:36:37 GMT

Wow you guys are awesome. I will. Will do it in a bit. Thank you so much.

Re: Bad Credit Question

Anonymous — Fri, 09 Oct 2020 17:15:15 GMT

ok- here is the list of all the negatives:

Portfolio(USBank) $5931

Portfolio(USBank)$2588

Portfolio(Synchrony) $449

Portfolio(Synchrony)$407

Midland Funding(Citibank)$1313

Midland Funding(Synchrony)$1153

Midland Funding(Synchrony)$669

Target/TD Bank $1359 -shows as closed acct/CO

Shell/Citibank$475-shows as closed/CO

USBANK $2399 LOC/ shows as closed/CO

All disputed but meet FCRA requirements report says.

Every single trade still reports as current.

thanks guys for any help!

Re: Bad Credit Question

OmarGB9 — Fri, 09 Oct 2020 17:37:37 GMT

@Anonymous wrote:
ok- here is the list of all the negatives:

Portfolio(USBank) $5931
Portfolio(USBank)$2588
Portfolio(Synchrony) $449
Portfolio(Synchrony)$407
Midland Funding(Citibank)$1313
Midland Funding(Synchrony)$1153
Midland Funding(Synchrony)$669
Target/TD Bank $1359 -shows as closed acct/CO
Shell/Citibank$475-shows as closed/CO
USBANK $2399 LOC/ shows as closed/CO
All disputed but meet FCRA requirements report says.
Every single trade still reports as current.
thanks guys for any help!

Well, the good news is 7 of those will PFD whether settled or paid in full. Portfolio (assuming you mean Portfolio Recovery Associates?) and Midland delete.

Also, yes disputing will do nothing but further ding your scores. You know the debts are valid, and the creditors do too, so there is nothing to dispute.

Do you have any extra income to put towards debts? Possibility of a second job/spouse finding a new job?

Re: Bad Credit Question

sccredit — Fri, 09 Oct 2020 17:40:32 GMT

Are these all past SOL? If so bankruptcy makes no sense. I agree with PFD at some point but your main focus has to be paying bills today and going forward.

Re: Bad Credit Question

Anonymous — Fri, 09 Oct 2020 17:42:41 GMT

thank you for your response.
pfd? Sorry newb here. At the moment I can't pay any of them. I'd like to but can't. Barely working enough to live lol

Hoping to pay some off starting next year will that start the clock again? Will they still falloff even if I pay into them? Thanks

Re: Bad Credit Question

Girlzilla88 — Fri, 09 Oct 2020 17:44:28 GMT

@Anonymous Another good thing is 4 of those are around the 500 price which is a LOT doable start with baby steps knock one off at a time so you can also see progress and growth They recommend shooting for 60% or more when asking for a PFD, but for the lower amounts it may be best to see if you can PIF one at a time. You can do it!!

Re: Bad Credit Question

Anonymous — Fri, 09 Oct 2020 17:45:22 GMT

I think most are honestly. What is pfd?
I would like to eventually pay off somehow. Maybe a loan or something. I'm sure once they are no longer on my CR I will still have them lingering so will def need to find a way to payoff

thank you so much.

Re: Bad Credit Question

Anonymous — Fri, 09 Oct 2020 17:46:46 GMT

So true. I can definitely pay of those smaller ones.
how you suggest I go about it? Contact collection agency? Or creditor directly?

Re: Bad Credit Question

Girlzilla88 — Fri, 09 Oct 2020 17:47:15 GMT

@Anonymous PFD is Pay for Delete, so the ones you PIF or (if they agree to an amount to remove it completely) Just be sure to get in writing via email or snail mail ((I do recommend email)) lol that they will remove it from ALL 3 of your CB's that way you have that documentation to fall back to if for whatever reason it pops back up after being removed. ^^ They may depending on who you speak with ask that you pay before they send out the email (which may be scary I know) but stay on the phone with them while you pay and wait for the email to show up and also be sure to get the direct line the name and the supervisors name of the person so you can reach them back directly if there is an issue or you are disconnected etc.

Re: Bad Credit Question

Girlzilla88 — Fri, 09 Oct 2020 17:48:56 GMT

@Anonymous Now it can also take 1-3 months for it to fall off of 1/2 or even all 3 but I would say a good rule is usually by 3 months after the month you asked you should see it gone gone

Re: Bad Credit Question

Anonymous — Fri, 09 Oct 2020 17:49:07 GMT

Ahh pay for delete! Got it. Thank u!

so call midland or portfolio directly? Not original creditor right? Won't that extend the falloff date? Just curious about that

Re: Bad Credit Question

Brian_Earl_Spilner — Fri, 09 Oct 2020 17:52:16 GMT

@Anonymous wrote:
Ahh pay for delete! Got it. Thank u!
so call midland or portfolio directly? Not original creditor right? Won't that extend the falloff date? Just curious about that

You don't even have to call midland. Just go to their website and it will list all of the collections and give you settlement options. You can then call in if you want to negotiate.

Re: Bad Credit Question

Anonymous — Fri, 09 Oct 2020 18:01:20 GMT

Ok thank you. Will look into doing that for sure. Paying off won't extend my 7 year period for falloff? Thx again

Re: Bad Credit Question

jgabriel2020 — Fri, 09 Oct 2020 18:08:31 GMT

Hi, this is in no way in relation to your question and I apologize for that. But we've all been new here and I see you were asking about meanings of PFD... this saved my life when I first joined lol I'm sure you'll find it helpful @Anonymous

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458