Newbie here.....Just looking to possibly get some insight

Anonymous — Wed, 20 Oct 2010 20:35:10 GMT

Hi. Quick introduction: my credit repair began in July of this year after being tired of dreaming about buying a house. Being 30 years old, and a renter, made me realize I needed to do something. So I did. I first signed up for a credit repair company to fix my problems, and within the first month, I cancelled. I should have done some research BEFORE signing up, but oh well...can't change that now. I have been semi successful in the last 3 1/2 months. I've had several "popular" CA's removed, so I hope I will be able to help with what I have done.

I would like to recap what I have remaining on my 3 credit reports and what my plan is for each one, and maybe if one of you has some additional advice, I would greatly appreciate it. I am not sure if I can post the CA's names or not, so for now I will be safe and "hide" them.

TU, EX, EQ AFN1 (Old cable bill) $4xx

TU, EX, EQ Rec Man Grp (old hospital bill) $5xx Completed Hipaa process, waiting on some info from OC on this one

TU, EX, EQ Amer H0nda (repo) $9xxx Still in SOL - Plan to leave alone for now

TU, EX, EQ HSBC (chargeoff Orchard) $5xx Still in SOL - Plan to leave alone for now

TU, EX, EQ T@rgett (chargeoff) $8xx Still in SOL - Plan to leave alone for now

EX, EQ Dat@trac (dentist bill) $1xx Need to begin Hipaa process

EX, EQ Dat@trac (utility bill) $4xx

EQ, Dat@trac Duplicate as utility bill above In dispute currently due to being a duplicate

EX SC@ Collections (medical) $3x Need to pay via Hipaa process

EX, EQ Sp@rtan Financial (medical) $1xx Need to pay via Hipaa process

EX North @merican (medical) $2xx Completed Hipaa - no response from OC - Sent FTC complaint

EX Cred1t central $9xx

and then a few 30 day lates Need to goodwill these

I have one secured CC that I opened last month, currently at $450 credit limit, plan on increasing when I can until it's at $1000

When I began, my FICOs were in the LOW 500's. I'm in the mid 500's now. I have had ALOT removed, but most were old accounts.

So if anyone has any advice for me, I would sure appreciate it!

Re: Newbie here.....Just looking to possibly get some insight

RobertEG — Thu, 21 Oct 2010 03:15:39 GMT

Hi, and welcome to the forums!

My opinion on how to both understand FICO scoring, and prioritize your plan of action. Focus on derogs, and not on accounts.
Reformat your CR data in a way that focuses on FICO scoring derogs.

It will take an hour, but will give you what a FICO plan needs.

First get your most complete credit reports. annualcreditreport.com is not only free once a year, but also the most comprehensive credit report you can get as a consumer. . Most commercial credit reports will totally confuse you.

Concentrate first on original creditor (OC) account reporting.... Deal with collections only after assessing your OC accounts.

You dont start with a plan for dealing with collections without knowing their OC account history.

Get out a piece of blank paper, and label out five colums.

Col 1 Col 2 Col 3 Col. 4 Col. 5

OC1 date of reported 30-day late date of any 60-day late dates of all 90+ lates ever a CO or CA? (just the CA name)

OC2 date of reported 30-day late date of any 60-day late dates of all 90+ lates ever a CO or CA ? (just the CA name)

OC3 date of reported 30-day late date of any 60-day late dates of all 90+ lates ever a CO or CA? (just the CA name)

. etc....

That, in my mind, is the data source for all basic, relevant credit reporting data based on original credtior accounts and collections.

Ignore DOLAs, and dates of charge-offs or collections.

Then, know your state SOL: both date of commencement, and date of running, for each debt (maybe a Col 6!)

That simple table tells you which account debt is outside of SOL and when each indiv delinquency on each OC account will drop from your CR, due to its own age, should you take no action to secure earlier deletion.

Col 2, 3 and 4 entries drop at 7 years from their reported dates. Col 2 entries are the least significant. They are minor derogs

Col 5 Collectons/COs drop at 7 1/2 years usually, from the Col 1 date of first delinquency on the OC account These are major derogs.

With that format of info, you know on one page the age, severity and drop off date of all revolving credit derogs in your CR.

Then just come back here for specific advice on earlier removal of any of these derogs.

topic Re: Newbie here.....Just looking to possibly get some insight in Rebuilding Your Credit

Newbie here.....Just looking to possibly get some insight

Re: Newbie here.....Just looking to possibly get some insight