topic Re: myFICO Community Help! in Rebuilding Your Credit

myFICO Community Help!

Anonymous — Sat, 04 Feb 2012 19:36:08 GMT

Ok.. So both of these companies are willing to receive payment for deletion my question is, is it worth me paying the $1,100 give or take and get both these negatives off my reports. my score if 553 ex fako and I plan on taking out a secured card either with citi or boa. or should I ride out the seven years, save my money and increase my credit with the secures???? will these negatives keep my credit from going up from the secured cards??? this is how it looks on my report....

CBCS

Potentially Negative Closed

888-413-0093

Mailing Address: PO BOX 164089 COLUMBUS, OH 43216

Account Name

CBCS

Account #

91XXXX

Account Type

Collection Department / Agency / Attorney

Balance

$741.00

Date Opened

10/1/2011


	Account Status	Closed
	Mo. Payment
Close Account Details	Past Due	$741.00
	Payment Status	Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department
	High Balance
	Limit
	Terms	1 Month
	Comments

PAUL MICHAEL MARKETING

Potentially Negative Closed

718-740-1401

Mailing Address: 18609 UNION TPKE FLUSHING, NY 11366

Account Name

PAUL MICHAEL MARKETING

Account #

579XXXX

Account Type

Collection Department / Agency / Attorney

Balance

$329.00

Date Opened

10/1/2010


	Account Status	Closed
	Mo. Payment
Close Account Details	Past Due	$329.00
	Payment Status	Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department
	High Balance
	Limit
	Terms	1 Month
	Comments

Re: myFICO Community Help!

Guava — Sat, 04 Feb 2012 19:46:34 GMT

If it were me, I'd pay them in exchange for deletion. 7 years is a long time; in the future, you may want prime cards or auto loan and having 2 collections off your report will help (collections hurt lots!) and there's a possibility the company will pursue legal action against you.

Re: myFICO Community Help!

RobertEG — Sat, 04 Feb 2012 20:56:55 GMT

Putting the issue of FICO scoring aside for the moment, having a CR that shows unpaid bad debt is strong warning to new potential creditors that the consumer does not pay debt.

That alone could kill any request for new credit.

Both were referred for collection within the past two years, implying that there may be years to run before they reach 7 years plus 180 days from the DOFD on the OC account. What are the DOFD's?

A side issue pertains to what they may do, as opposed to what you do. They may choose not to just forget the debt. What is the SOL status on each?

Re: myFICO Community Help!

llecs — Sat, 04 Feb 2012 21:16:07 GMT

OP, I'd take it for reasons mentioned already. While these CAs are cool about accepting a PFD, they might sell it to another down the road who might not accept PFDs. As Robert hinted, if there's an SOL issue they can sue too. I'd leap at the chance. Be sure to get it in writing.

Re: myFICO Community Help!

pizzadude — Sat, 04 Feb 2012 21:25:57 GMT

@Guava wrote:
If it were me, I'd pay them in exchange for deletion. 7 years is a long time; in the future, you may want prime cards or auto loan and having 2 collections off your report will help (collections hurt lots!) and there's a possibility the company will pursue legal action against you.

+1. I would pay it once you secure a PFD agreement in writing. Collections will ding your FICO score in a significant way for as long as they are on your reports.

Re: myFICO Community Help!

LS2982 — Sat, 04 Feb 2012 22:30:51 GMT

@Anonymous wrote:
Ok.. So both of these companies are willing to receive payment for deletion my question is, is it worth me paying the $1,100 give or take and get both these negatives off my reports. my score if 553 ex fako and I plan on taking out a secured card either with citi or boa. or should I ride out the seven years, save my money and increase my credit with the secures???? will these negatives keep my credit from going up from the secured cards??? this is how it looks on my report....

CBCS
Potentially Negative Closed
888-413-0093
Mailing Address: PO BOX 164089 COLUMBUS, OH 43216

Account Name CBCS
Account # 91XXXX
Account Type Collection Department / Agency / Attorney
Balance $741.00
Date Opened 10/1/2011

Account Status Closed
Mo. Payment
Close Account Details Past Due $741.00
Payment Status Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department
High Balance
Limit
Terms 1 Month
Comments

PAUL MICHAEL MARKETING
Potentially Negative Closed
718-740-1401
Mailing Address: 18609 UNION TPKE FLUSHING, NY 11366

Account Name PAUL MICHAEL MARKETING
Account # 579XXXX
Account Type Collection Department / Agency / Attorney
Balance $329.00
Date Opened 10/1/2010

Account Status Closed
Mo. Payment
Close Account Details Past Due $329.00
Payment Status Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department
High Balance
Limit
Terms 1 Month
Comments

If they are willing to do the PFD by all means DO IT!! Get those off of your reports they are easily worth 30-40 points FICO if removed!

Make sure you get them to send you written acceptance of the PFD.

Re: myFICO Community Help!

Anonymous — Sun, 05 Feb 2012 02:54:49 GMT

definitely going to do it then. cbcs told me once its pay they will give me a conformation number and i will get the letter of deletion for my records within a week, the other told me to come in and pick up the letter and bring my payment with me. 30-40 points just for them being deleted??????? no way!!!!!! if so im siked... im pretty grateful to have found this forum you guys have no idea.. at 24 years i would have no idea on these decision if it werent for this community thanks guys...

Re: myFICO Community Help!

Anonymous — Sun, 05 Feb 2012 02:57:02 GMT

robert thanks alot for your input, definitely going to jump on the oppurtunty even though its gonna cause me a grand.. you kind of lost me with the acronyms could you elaborate not to familiar with the lingo lol.. DOFD's, SOL???

Re: myFICO Community Help!

proudnavymom — Sun, 05 Feb 2012 03:03:43 GMT

DOFD-date of first delinquency--this is the date the CRA's go by to determine when the 7-7.5 years is up for a negative to drop off your CR

SOL--Statue of Limitations--if a debt is still within the SOL, you can still be sued. If is outside the SOL, you can still be sued, but you can use the defense that it is outside of SOL.

I hope I have explained it correctly.

Re: myFICO Community Help!

Anonymous — Sun, 05 Feb 2012 03:56:15 GMT

you did thanks alot. well since these arent that old that means they can still sue. but like many in here said, its not worth me waiting seven years for them to drop off especially if I will be trying to obtain credit prior to then. so just going to pay it and get them deleted. question, lets say I pay next week how will I be able to see if they are off if I already got my annueal report for this year????/ and if they do get deleted does my score really go up like someone mentioned earlier??

Re: myFICO Community Help!

LS2982 — Sun, 05 Feb 2012 04:04:47 GMT

@Anonymous wrote:
you did thanks alot. well since these arent that old that means they can still sue. but like many in here said, its not worth me waiting seven years for them to drop off especially if I will be trying to obtain credit prior to then. so just going to pay it and get them deleted. question, lets say I pay next week how will I be able to see if they are off if I already got my annueal report for this year????/ and if they do get deleted does my score really go up like someone mentioned earlier??

With them being recent your score should* (YMMV) go up significantly.

Re: myFICO Community Help!

proudnavymom — Sun, 05 Feb 2012 04:14:08 GMT

I cannot speak about if your score will go up or not, as I don't know. I have read posts on here from other people that sound like they had a written agreement with a creditor to PFD, and as soon as the account was paid it was deleted very quickly. So far I have only 1 PFD from ProCollect that I paid in December and it has still not been deleted or updated to paid. When I spoke to them the other day, they said to give them until the end of February to have it reflected on my CR. They said they reported it to the CRA the 1st of January and sometimes it can take up to 60 days to reflect on a CR. That seems like a long time to me, but I do have the written agreement, so will give it until the end of February before I contact them again.

Re: myFICO Community Help!

Anonymous — Sun, 05 Feb 2012 14:29:56 GMT

thanks everyone. well hopefully mind will be deledted immediately and my score does go up that would definitely be a win win situation

Re: myFICO Community Help!

Anonymous — Sun, 05 Feb 2012 15:40:41 GMT

FWIW,

Having 5+ yr old late payments deleted improved my score.

Re: myFICO Community Help!

Anonymous — Mon, 06 Feb 2012 03:59:39 GMT

nicee