topic Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly in Rebuilding Your Credit

PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

blackswan22 — Mon, 19 Sep 2011 21:24:04 GMT

Hello everyone,

I just signed up for monitoring of my score and as of now my TU score is 543. I'm kinda bumed out but READY to take the steps to get to a higher credit score. I would REALLY appreciate everyones help on what would be the best way to get these off of my credit report. I am ready to pay them and start my 30's on the right foot!! One of the biggest balance is $4,502 which is my car that was repo'd. I can afford to pay for everything else over a course of four months not including this amount. WHAT DO I DO???? Is there no hope for me?????

These are my issues at hand:

1.Collection Gulf Cst Col original balance 404 current balance 404 date assigned 12/03/04 (medical)

2.Collection Ffcc-Clvland original balance 272.00 current balance 272 date assigned 05/04/08(medical)

3.Collection Nationwd Rec original balance 640 current balance 640 date assigned 11/29/11 (medical)

4.Collections Focus Fin original balance 250 current balance 250 date assigned 10/27/09 (medical)

5.Collections Credit Coll original balance 300 current balance 300 date assigned 03/17/06 (geico casualty company)

6.Collections Portfolio Rc original balance 535.00 current balance 0. ****if this is a zero balance why does it still show negative on my credit report??***

7.Macys dept store date opened 01/2004 date of last activity 9/2009 date closed 4/2010 revolving account closed by credit grantor in the amount of 272.00

8.City county credit union date opened Dec, 1999 date of last activity 12/2009 date closed 12/2009 charged off as bad debt in the amount of 542.00. I had this account for almost 6 years and it charged off when I lost my job.

9.HSBC date opened Aug, 2008 date of last activity 10/2010 date closed 4/2011 crdit limit 300 charged off as bad debt 777. credit card

10.Space coast credit union date opened Jan, 2005 date of last activity 5/2008 date closed 3/2007 automobile unpaid balance charged off in the amount of 4,502

Any and all help would be greatly greatly appreciated!!

Blackswan

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

llecs — Mon, 19 Sep 2011 22:28:47 GMT

Check these out:

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

For #1-6, mail a DV. If they verify and you agree, then mail a PFD. If they agree in writing, then pay it and they'll delete.

For #7, 9, & 10, mail a PFD. If after 1-2-3 tries they still say "no", then PIF and GW at a later date.

For #8, this is your oldest TL by 5 years. Removing it could possible hurt more than help. I'd PIF.

Watch for your SOL. SOL varies by state and ranges anywhere from 3-15 years depending on where you live and the debt type. I don't know FL's laws on restarting SOL, but SOL starts at the DOFD of the debt (found by pulling your 3 reports from annualcreditreport). If you don't have the money to PIF in one payment or if SOL had not expired, then do nothing. Wait until SOL expires.

For the medical CAs, IME sending DVs then PFDs have worked best. An alternative would be the HIPAA process, but you'd have to google for more info.

For Portfolio, there is absolutely nothing you can do to get a this CA (or any CA as far as that goes) to report as a positive. It doesn't matter if you owe $0 or $10,000, the damage to FICO is equal. The only way to improve with collections is to get it deleted.

Check your source for your score. The only product anywhere that monitors your TU FICO is FICO Quarterly Monitoring. Any other product can monitor TU, but it would provide a FAKO. I say that just in case your TU FICO might be higher. However, if you have no open accounts, then you wouldn't have a TU FICO anyway. BTW, adding a secured CC would be a good start if you have no CCs.

I bet you can get your FICO scores into the mid-600s at least within the next 6-8 months....with some work and effort and a lot of visits to the post office.

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

Booner72 — Tue, 20 Sep 2011 03:08:33 GMT

What about the car repo?

Can a settlement offer made in installment payments be accepted? If so, would they stop adding interest and fees once the first payment of the installment hits? If so, just write to them and make an offer? Call ??

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

blackswan22 — Tue, 20 Sep 2011 14:55:09 GMT

I'm going to take your advice. Any suggestions on what I should do in regards to the repo???

Blackswan

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

blackswan22 — Tue, 20 Sep 2011 15:03:50 GMT

I Live in FL and the SOL is 4 years for credit cards and oral contracts and 5 years for written contracts and promissory notes.

Does this mean that my collection accounts older than 4 years I can fight to have them removed??

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

MarineVietVet — Tue, 20 Sep 2011 22:01:49 GMT

@blackswan22 wrote:
I Live in FL and the SOL is 4 years for credit cards and oral contracts and 5 years for written contracts and promissory notes.

Does this mean that my collection accounts older than 4 years I can fight to have them removed??

I think you might be confusing SOL and CRTP. SOL is set by each state and says how long a creditor has to bring a lawsuit for unpaid debt.

The CRTP (Credit Reporting Time Period) is federal law and detemines how long negative items can be reported. For collections and charge offs the CRTP is up to 7.5 years from the DoFD (Date of First Delinquency) on the OC account that led to the collection or CO.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

blackswan22 — Thu, 22 Sep 2011 16:39:08 GMT

any suggestions on what I should do about the repo???

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

llecs — Thu, 22 Sep 2011 18:07:34 GMT

If SOL expired, then save up and send a PFD when ready. If not expired, wait and save for a PFD or if reporting isn't as important, then get on a payment arrangement with them. Ideally you'd want to wait until SOL expires before doing anything just in case they reject the offer and sue for 100%.

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

blackswan22 — Thu, 22 Sep 2011 18:50:25 GMT

if the car has been repo they can sue me???

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

blackswan22 — Thu, 22 Sep 2011 18:58:00 GMT

I live in FL and the SOL for witten contracts and promissory notes is 5 years , the SOL for oral accounts (credit cards) and oral contracts is 4 years.

Which category would a car loan fall under???

on my TU date opened is Jan 2005, Date of last activity is May 2008, and Date closed is March 2007.

Which date would determine my SOL

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

MarineVietVet — Thu, 22 Sep 2011 19:06:52 GMT

@blackswan22 wrote:
I live in FL and the SOL for witten contracts and promissory notes is 5 years , the SOL for oral accounts (credit cards) and oral contracts is 4 years.

Which category would a car loan fall under??? That would be a written contract.

on my TU date opened is Jan 2005, Date of last activity is May 2008, and Date closed is March 2007.

Which date would determine my SOL You need the DoFD (Date of First Delinquency). Reports from third party sites (including myFICO) often don't have the most complete information. If you pull your free reports from annualcreditreport.com Experian and Transunion will have the drop off dates. The Equifax report will show the actual DoFD.

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

llecs — Thu, 22 Sep 2011 19:12:34 GMT

If a balance is owed, they can come after it. When a car is repo'd they will take it and auction it at a cheap price. They'll apply that towards the balance you owed at the time of the repo and come after the difference.

It would be a promissory note since the car is used as collateral on the loan which has a fixed rate and terms. The SOL (and CRTP) clock would start at the DOFD (so, none of the above). TU doesn't list DOFD, but if you have your full report from the CRA, it'll list a drop off date. Subtract 7 years to get a rough DOFD. DOFD is the date you first went late and never recovered.

ETA....I've got slow typing skills

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

blackswan22 — Thu, 22 Sep 2011 19:15:46 GMT

ok thank you. I have my equifax report I will look on there to get the date.

The collection I want to send DV letters whats the best way of getting there addresses?? Thir names are all shortening on my TU report...I dont see why they would do that

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

llecs — Thu, 22 Sep 2011 19:17:58 GMT

If you get your CRs directly from the CRA (or annualcreditreport), then there is a section for addresses and you can get it that way. An alternative would be to google exactly as printed and you can ewasily find the name by which to get more info.

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

MarineVietVet — Thu, 22 Sep 2011 19:19:31 GMT

@blackswan22 wrote:
ok thank you. I have my equifax report I will look on there to get the date.

The collection I want to send DV letters whats the best way of getting there addresses?? Thir names are all shortening on my TU report...I dont see why they would do that

Unfortunately that also is often what you find with third party reports. The full reports from annualcreditreport.com should have all the information you need.

ETA: Now llecs out typed me!

Re: PLEASE PLEASE HELP!!!!! I would like to rebuild my credit badly

blackswan22 — Thu, 22 Sep 2011 19:19:21 GMT

ok thank you all so much....Im determined to get my credit together one way or another