topic Re: Not sure what to do.... in Rebuilding Your Credit

Not sure what to do....

Anonymous — Mon, 25 Mar 2013 03:39:24 GMT

Ok here's the deal.... I have about 25 different student loans on my credit report and for several years I would let them become late then put them in forbearance. As you can imagine that destroyed my credit because they don't take retroactive lates off my credit report. I have paid all but 2 accounts off on my credit report. This is an accomplishment for me because I had several. I got quite a few deleted as well.Now I have a Target and Cap one ( Cap one will be paid off this Friday) that were charge offs. I plan on taking care of Target very soon since it's only 455 that I owe.

Now since signing up for ScoreWatch I have only had a 7 point increase by paying these debts and getting them deleted. I really don't know what to do next. I don't have any credit cards I have applied to BoA for a secured credit card and was denied. I don't want to keep applying for cards when I take the chance of getting a denial. I only have a car payment and the student loans which are now current and have been for almost a year. I have applied to consolidate these loans so it will only be 1 bill. I have 3 defaulted loans that I recently rehabbed and was repurchased on Friday so I'm waiting on those to fall off and the new tradeline to show up.

Anyone have any suggestions on what I can do next? My credit score is currently 555 through SW and me and hubby really want a house by July but it's not looking good for us at the moment. I need some help!

I edited your post,but I didnt change the contents, I hope you don't mind.

Having spaces/phargraphs it's easier to read,you may see more replies this way.
If you wish to "edit", click on options (upper right corner of your message) then click on edit. --Lightnin-myFICO mod

Re: Not sure what to do....

Anonymous — Mon, 25 Mar 2013 03:31:48 GMT

Have you tried GWs to the SLs to remove the lates or some of the paid TLs?

Re: Not sure what to do....

Anonymous — Mon, 25 Mar 2013 03:36:04 GMT

No the SL's are with Nelnet and they were with FedLoans and I have been looking on the SL forum and I haven't found anyone with any luck with those two companies. The collection accounts that are still there are Asset Acceptance, Online Collections, Fox Collections and Portfolio. Asset and Online Collections flat out said no. I will send one to the other two tomorrow. The original accounts are First Premier, Cap 1, Target, and HSBC they are all coming up as charge offs. Not sure if I could ask them to remove it. FP and HSBC have been paid. Working on the other two.

Re: Not sure what to do....

Anonymous — Mon, 25 Mar 2013 03:41:37 GMT

Do you know if the OCs still own any of those debts? Maybe you could pay them and have the accounts recalled.

Re: Not sure what to do....

Anonymous — Mon, 25 Mar 2013 03:45:48 GMT

The only ones who still own the debt are Target and Cap 1. They don't have a CA listed. HSBC sold the debt to Portfolio and First Premier sold the debt to Asset Acceptance which is paid as well. Both OC and CA are reporting a 0 balance. Like I said I don't know what my next move should be lol.

Re: Not sure what to do....

Anonymous — Mon, 25 Mar 2013 03:55:47 GMT

For Target and Cap1, they are both probably reporting a balance and a CL. This is factored into your utilization and dropping your score, along with the CO itself. But if you paid them they would no longer be factored into your utilization. You could possibly see a bump in score for that. The CO would still get dinged though.

Re: Not sure what to do....

Anonymous — Mon, 25 Mar 2013 04:03:09 GMT

Well the CO has been reported like that since 2008 so that really shouldn't still hurt my credit score right now would it? I have paid half of Cap 1 but it's with an attorney as they were getting ready to take me to court in June so I have set up an arrangement with them and the other amount is due by 4/15 but I intend on paying them this Friday to get this account done and over with. Also, I made the mistake of getting a credit repair company to "fix" my credit. Of course they didn't now most of my tradelines have a comment that I disputed them. Now is that damaging my credit as well? How can I get those comments removed or can I?

Re: Not sure what to do....

Anonymous — Mon, 25 Mar 2013 04:28:55 GMT

Unfortunately, a CO is a major derogatory and will likely negatively impact your score for nearly 7 years.

As soon as the Cap 1 is paid make sure they report it.

You can call the CRAs and tell them to remove the dispute comments from your accounts. The disputes comments themselves have no impact to your score but lenders and creditors do not like seeing them. Most lenders will require they be removed.

Re: Not sure what to do....

Anonymous — Mon, 25 Mar 2013 04:35:39 GMT

*sigh* ok thank you for helping! I will call them in the morning and have them removed.

Re: Not sure what to do....

Anonymous — Mon, 25 Mar 2013 04:42:06 GMT

I've been doing some reading and have found that though Nelnet tells you no at first, if you are persistent in sending the GW letters, the lates just kind of disappear.

Re: Not sure what to do....

madmann26 — Mon, 25 Mar 2013 11:09:44 GMT

Guiness is right,

If the CO has a balance, it is being factored into util. That was killing my score when I started rebuilding and once the CO's reported a $0, I gained 79 points.

With Cap1, they updated my balance 2x, which is ok with me since I tend to think that 2 payments are better being reported then 1.

Re: Not sure what to do....

Anonymous — Mon, 25 Mar 2013 12:37:49 GMT

Now I see why my util is sitting at 109%! My target limit was 200 but it's 455 and my cap 1 was 500 limit but it's now 1500. I honestly thought it was my SL's that made it like that! Thank you both so much for the information!