topic Re: Where do I start in Rebuilding Your Credit

Where do I start

Anonymous — Sat, 02 Mar 2013 13:26:28 GMT

I'm new to the board and have been reading a few things and I don't know where to start.

My TU = 587 Eq= 522

I have a mortgage that since 5/12 no lates, new auto loan, about 10 open Credit mostly GECRB cards highest limit $1000, two 0 bal, CapitalOne Sec $450, most average limit 300-500 60-70% balance, 6 of them open in the last 3 months, all pay on time. A bunch of student loans that are deferred, and two medical collections, and a old auto loan c/o.

I have these negative:

Macys $945 c/o open 4/97 last activity 1/07 closed 4/07

Meta Bank 1460 c/o open 8/07 last act. 1/08 closed 10/08

Salute $894 c/o open 1/07 lact. 12/08 closed 8/08

First Premier 490 c/o open 1/08 lact 6/08 closed 10/08

First premier 403 c/o open 1/07 lact 6/08 closed 10/08

Hsbc 0 c/o open 6/06 lact 9/06 closed 1/07

Boa closed (paid as agreed) open 1/03 lact 1/07

I'm afraid that if I try and tackle my old stuff I won't be able to keep up with my current stuff.

I don't have any plans or need for immediate jumps in my score so can I wait for this old bad stuff to fall off.

Thanks

Re: Where do I start

LIGHTNIN — Sat, 02 Mar 2013 13:41:15 GMT

Look at what is hurting your score the most. Are the medical collections recent?

Re: Where do I start

Anonymous — Sat, 02 Mar 2013 13:54:14 GMT

The medical are under $100 from 2008. I guess I could pay those easily.

Equifax is show some other collections. Should I start there?

Re: Where do I start

LIGHTNIN — Sat, 02 Mar 2013 14:04:16 GMT

Like you said the old stuff is going to fall off soon.

I would look a the PFD Letter, Pay for delete is a win-win, you pay for the CA (collection agency) agreeing to delete.

Some CA's will agree to a PFD letter and other will not.

Check out the Common Abbreviations , so you'll understand how we talk around here.lol

Keep reading, Knowledge is Power

Re: Where do I start

dodfire — Sat, 02 Mar 2013 14:08:19 GMT

Most of your negatives will drop off soon. Start with your most recent. And as previously stated use the PFD on your collections.

Re: Where do I start

Anonymous — Sat, 02 Mar 2013 14:15:36 GMT

Start with the most recent collection or charge off IF you have money to pay it. If you don't, keep your head low and keep paying on your cards.

Every month:

- keep cards current

- see how much you have left over

- choose the newest derogatory that you have the money to pay

- send that creditor a debt validation letter certified mail return receipt requested

- if they validate, offer them a PFD. It is up to you if you want to offer them the full amount. You should have the full amount available in case you're within the statute of limitations and they threaten to come after you.

- send goodwill letters to anyone that you don't owe money to or are now in good standing with to request that they remove derogatories

Rinse, repeat.