topic Re: Need help building credit in Rebuilding Your Credit

Need help building credit

ragensk8r — Tue, 13 May 2014 03:01:47 GMT

I looked at my CR for the first time about 2 years ago and noticed most of it was medical bills when I didn't even know what credit was.

I need some advice in building my credit.. Any help will be appreciated.

my credit report details

10 credit inquires

2 state tax leans released

1 revolving account- USAA Secured CC 950/1000

3 installment accts- WV Air National Guard (Car) opened 1/1/2014, $3492 Current,

WV Air National Guard (Car) opened 8/1/2013, $24240 Current

Crescent Bank and Trust (Car) opened 10/1/2012, Closed Paid Satisfactorily

9 collection accts - Eastern Acct System (Comcast Cable) opened 12/1/2013, $168

EOS CCA (AT&T) opened 8/1/2012, $427

NCO Financial (Medical) opened 11/1/2011, $402

NCO Financial (Medical) opened 8/1/2011, $321

NCO Financial (Medical) opened 11/1/2010, $284

NCO Financial (Medical) opened 3/1/2011, $416

NCO Financial (Medical) opened 7/1/2009 $149

PENN Credit Corp. (Gas) opened 11/1/2013, $693

Eastern Acct System (Comcast Cable) opened 2/1/2011, paid, closed Nov 2012

I haven't paid anything off because i've heard it's better to let them fall off but that's why I'm here, I need advice from people who have actually been in my position and have succeeded in building credit. I would really like to buy a home in the near future, again any help will be very appreciated.

Re: Need help building credit

Shogun — Tue, 13 May 2014 03:51:14 GMT

Well,, the idea of just letting things fall off can be a bit of a problem. First off, it might be awhile before that happens. Then there's the calling, harassing from the CAs. There's the chance of getting a judgement if they are within the SOL.

I prefer to handle the problem like an adult. First off, do you owe them? If so, then I would take care of them if possible.

The collections aren't really that much. Can you afford to pay them? I'd try to pay/settle if possible, and try it as a PFD if at all possible.

Re: Need help building credit

ragensk8r — Tue, 13 May 2014 04:14:21 GMT

Yes I can afford to pay them I was just unsure how it would effect my score.

Re: Need help building credit

Shogun — Tue, 13 May 2014 10:45:33 GMT

Oh my, could you tell it was late and I was tired when I answered your last post? I do believe I came off a bit snarky there, sorry about that.

Best case would be to try and get PFDs for these. Pay/settle/negotiate with the CAs for removal of the the collections.

Since several of those are with NCO, I'd see about bundling all those up and making an offer on those, maybe you can get a discount. I'd offer a % for deletion, see what they say, maybel they will accept or counter offer.

Re: Need help building credit

ragensk8r — Wed, 14 May 2014 01:05:13 GMT

Just curious, but if i got the collections PFDs would that hurt my score by getting rid of the history? Im new to this and trying to do it the best way possible.

Re: Need help building credit

Whitneyy — Wed, 14 May 2014 01:44:20 GMT

@ragensk8r wrote:
Just curious, but if i got the collections PFDs would that hurt my score by getting rid of the history? Im new to this and trying to do it the best way possible.

It's hurting your score by being a current negative collection that will probably report again next month.

Re: Need help building credit

Whitneyy — Wed, 14 May 2014 01:46:56 GMT

Everyone swears by this "hippa method" that we cannot discuss on this forum, but you can google it for help.

I on the other hand, I deal with the CA directly. I start with the smaller debts, and set up payments to pay them off, as long as they are willing to delete. I pay, you delete. Most of them DO especially medical collections. They aren't always going to want to give you something in writing, that's the only tricky part about the whole thing. So beware of that, I have had deletions once I paid as promised. It's all worth a try.

Good luck.

Also, paying down your credit card will help a score boost and getting at least one more revolving line, like maybe a secured card from capital one or bank of america.

Re: Need help building credit

ragensk8r — Wed, 14 May 2014 01:50:47 GMT

all of my collections are potential negative closed idk if that helps

Re: Need help building credit

Whitneyy — Wed, 14 May 2014 01:55:05 GMT

@ragensk8r wrote:
all of my collections are potential negative closed idk if that helps

Just because they're closed doesn't mean you don't owe the debt or anything. Does it show last date reported or anything?

Re: Need help building credit

ragensk8r — Wed, 14 May 2014 03:21:40 GMT

This is one of my collections.

Balance $427.00

Date Opened 8/1/2012

Account Status: Closed

Past Due $427.00

Payment Status Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department

Terms 1 Month Comments

24 MONTH PAYMENT HISTORY

2011 2012 2013

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

KD KD KD KD ND KD

Re: Need help building credit

Shogun — Wed, 14 May 2014 17:45:51 GMT

They stopped updating last year. How old is it? Is it past the SOL of your state?

Re: Need help building credit

ragensk8r — Thu, 15 May 2014 01:25:18 GMT

Oral Contract: 5 years

Written Contract: 10 years

Promissory Note: 6 years

Open-Ended Accounts: 5 years

Re: Need help building credit

ragensk8r — Sat, 17 May 2014 01:09:08 GMT

One more question, if all of my collections are still in SOL is it a bad idea to try PFD or GW letters?

Re: Need help building credit

ragensk8r — Fri, 23 May 2014 01:11:09 GMT

Almost all of my collections are medical bills, has anyone had any luck with teh HIPPA method?

Re: Need help building credit

Whitneyy — Fri, 23 May 2014 01:22:59 GMT

@ragensk8r wrote:
Almost all of my collections are medical bills, has anyone had any luck with teh HIPPA method?

We are not allowed to discuss such method on this board.

Re: Need help building credit

ragensk8r — Fri, 23 May 2014 02:09:51 GMT

I understand, Iwas just curious if anyone has had any luck with it.. I know the process.

Re: Need help building credit

Shogun — Fri, 23 May 2014 04:05:56 GMT

@ragensk8r wrote:
I understand, Iwas just curious if anyone has had any luck with it.. I know the process.

There are several that have had success with that process, and if it works, then I say go for it. myFICO has no problem with the HIPPA method, but the originator of the process claimed it was property of his and therefore discussion of the topic isn't allowed on the boards.