topic Newbie Questions in Rebuilding Your Credit

Newbie Questions

Anonymous — Sun, 28 Dec 2008 20:18:27 GMT

So I'm starting my credit journey this month. I've DV'd all of my creditors some have been deleted, others are remaining, and a few are still within the 30 day waiting period. As it stands right now I have 35 baddies *cringe* and I'm now in a position where I can take care of all of them over the next 3 months. I want to send PFDs, but I have two questions concerning the method:

1. Is it better to send PFD CMRRR?

2. Has settling for delete ever worked for anyone?

3. What's the standard time to wait for a response on a PFD?

4. After the first PFD and there is no response, is it wise to call or just send out another PFD?

I'm really hoping to have everything paid and deleted by the end of March 2009. I'm not anticipating buying a home or a car, but I want solid credit- something I've never had. I do have student loans and they're all deferred (25,000). I just cancelled all future payments because now I'm looking to diversify. If anyone can direct me to an area on the forum that explains all of this that would be great.

Thanks!

Re: Newbie Questions

Ned505 — Sun, 28 Dec 2008 20:31:42 GMT

Mommy_L,

What is your fico score now? And where do you want to be? In my opinion a big change by 3/09 is not very likely. I am at 571 up from 522 since starting repair mission in November of 2007.

I would suggest spending a good week reading on this forum and especially the moderator's threads at the top of the forum.

GL!

It grows like a forrest and comes down like an avalanche!

Re: Newbie Questions

Anonymous — Sun, 28 Dec 2008 20:40:20 GMT

@Ned505 wrote:
Mommy_L,

What is your fico score now? And where do you want to be? In my opinion a big change by 3/09 is not very likely. I am at 571 up from 522 since starting repair mission in November of 2007.

I would suggest spending a good week reading on this forum and especially the moderator's threads at the top of the forum.

GL!

It grows like a forrest and comes down like an avalanche!

My credit score for EQ is 505. I haven't checked the other scores, but I've pulled all of my CRs. I don't mind the slow increases, it would just be a relief to no have any debt hanging over my head and I'd like to benefit from any deletion that I can get. Ideally I would like to see at least a 620 within the next 6 months or so, but I'll take what I can get.

I'm planning to spend some time today and tomorrow pouring of this forum since I have these two days off! There's a lot to take in, but I'm ready!

Re: Newbie Questions

Anonymous — Sun, 28 Dec 2008 22:23:52 GMT

Mommylicious wrote:
So I'm starting my credit journey this month. I've DV'd all of my creditors some have been deleted, others are remaining, and a few are still within the 30 day waiting period. As it stands right now I have 35 baddies *cringe* and I'm now in a position where I can take care of all of them over the next 3 months. I want to send PFDs, but I have two questions concerning the method:

1. Is it better to send PFD CMRRR? No
2. Has settling for delete ever worked for anyone? Yes
3. What's the standard time to wait for a response on a PFD? 30-45 days
4. After the first PFD and there is no response, is it wise to call or just send out another PFD? Send another addressed to different person or look for an email address to the head person.

I'm really hoping to have everything paid and deleted by the end of March 2009. I'm not anticipating buying a home or a car, but I want solid credit- something I've never had. I do have student loans and they're all deferred (25,000). I just cancelled all future payments because now I'm looking to diversify. If anyone can direct me to an area on the forum that explains all of this that would be great.

Thanks!

Are the accounts beyond SOL?

Have you DV'd the accounts you are going to send PFDs for?

What is the DOFD on the accounts?

What state do you live in?

Re: Newbie Questions

Anonymous — Sun, 28 Dec 2008 23:53:34 GMT

@Anonymous wrote:
@Anonymous wrote:
So I'm starting my credit journey this month. I've DV'd all of my creditors some have been deleted, others are remaining, and a few are still within the 30 day waiting period. As it stands right now I have 35 baddies *cringe* and I'm now in a position where I can take care of all of them over the next 3 months. I want to send PFDs, but I have two questions concerning the method:

1. Is it better to send PFD CMRRR? No
2. Has settling for delete ever worked for anyone? Yes
3. What's the standard time to wait for a response on a PFD? 30-45 days
4. After the first PFD and there is no response, is it wise to call or just send out another PFD? Send another addressed to different person or look for an email address to the head person.

I'm really hoping to have everything paid and deleted by the end of March 2009. I'm not anticipating buying a home or a car, but I want solid credit- something I've never had. I do have student loans and they're all deferred (25,000). I just cancelled all future payments because now I'm looking to diversify. If anyone can direct me to an area on the forum that explains all of this that would be great.

Thanks!
Are the accounts beyond SOL?

Have you DV'd the accounts you are going to send PFDs for?

What is the DOFD on the accounts?

What state do you live in?

Sidewinder,

None of the accounts are beyond SOL. I have sent DVs and they all came back with proper documentations. I had about 10 that have been deleted to the CA not being able to verify and realizing that the accounts weren't mine. I live in Kentucky, but these accounts are from when I once lived in Georgia. The DOFD range from 06/2008 to 10/2008.

Re: Newbie Questions

Anonymous — Sun, 28 Dec 2008 23:57:32 GMT

Do you know if the CA owns the account? One way to check is to see if the OC is reporting a balance still.

If these are CC accounts, seeing as they went delinquent very recently, IF you can PIF, contact the OC and ask about rehabbing the account. This would be your best option. They would remove from collections, and let you keep the accounts open/reopen them and then you could later GW them to remove the lates/negatives on the accounts once you gain a steady payment history with them.

Can you PIF all of them?

Any of them medical?

Re: Newbie Questions

Anonymous — Mon, 29 Dec 2008 00:11:12 GMT

@Anonymous wrote:
Do you know if the CA owns the account? One way to check is to see if the OC is reporting a balance still.

If these are CC accounts, seeing as they went delinquent very recently, IF you can PIF, contact the OC and ask about rehabbing the account. This would be your best option. They would remove from collections, and let you keep the accounts open/reopen them and then you could later GW them to remove the lates/negatives on the accounts once you gain a steady payment history with them.

Can you PIF all of them?

Any of them medical?

Fast replies! I can PIF. None of them are medical. They're mostly old utility bills and such.

Re: Newbie Questions

Anonymous — Mon, 29 Dec 2008 00:12:03 GMT

@Anonymous wrote:
@Anonymous wrote:
Do you know if the CA owns the account? One way to check is to see if the OC is reporting a balance still.

If these are CC accounts, seeing as they went delinquent very recently, IF you can PIF, contact the OC and ask about rehabbing the account. This would be your best option. They would remove from collections, and let you keep the accounts open/reopen them and then you could later GW them to remove the lates/negatives on the accounts once you gain a steady payment history with them.

Can you PIF all of them?

Any of them medical?
Fast replies! I can PIF. None of them are medical. They're mostly old utility bills and such.

Oh should I contact the OC to see if they still own the accounts before I send out a PFD?

Re: Newbie Questions

Anonymous — Mon, 29 Dec 2008 00:15:43 GMT

If they are just old utility bills being reported by just the CA, then I would just PFD them.

If they won't PFD, then contact the OC about removing from collections and allowing you to PIF.