Help!! 25 year old trying to repair/rebuild for 1st time!!

Anonymous — Wed, 09 Dec 2015 18:41:01 GMT

Hello, I am new to the forums and have been doing some research the past week in regards to trying to improve/rebuild my credit. I have never attempted to fix my credit that I destroyed due to some bad decisions from 18-22 y/o. A little background info on me, my name is Jason I am 25 years old, I have a beautiful baby girl who will be 3 in February (need to fix score for her so I will be able to get a mortgage in the near future!) I finished with my AA and due to scholarship I was able to pay a lower fee for tuition, so no student loans (thank God!) Did not complete BA due to baby and needed to work. My FAKO (from Credit Karma, will be paying for actual FICO once I start settling/paying accounts) score is down to 519

Reason for this post:
I would like to devise a plan (6-12 months) to rebuild credit
Would like tips and any useful information that the users on this forum can offer based on their own personal experiences.
Not spend money hiring someone when all the information I need is at my fingertips!

Credit Report information (to
the best of my knowledge, if any information is missing please just let me know and I will try to get it)

3 Accounts

Best Buy

Creditor Name CAP1/BSTBY
Account Type Charge Account
Account Status Closed - Derogatory
Opened Date Jun 15, 2010
Closed Date Feb 14, 2013
Limit $1,405
Highest Balance $2,845
Payment Status Collection/Charge-Off
Date of Last Payment Nov 11, 2012

Macys
Last Reported Aug 25, 2015
Creditor Name DSNB MACYS
Account Status Closed - Derogatory
Opened Date Nov 18, 2010
Closed Date Nov 18, 2012
Payment Status Collection/Charge-Off
Highest Balance $202
Date of Last Payment Dec 18, 2011

Nordstram

Last Reported Nov 26, 2015
Creditor Name NORDSTM/TD
Account Status Closed - Derogatory
Opened Date Apr 18, 2011
Closed Date Mar 27, 2012
Limit $1,000
Highest Balance $571
Payment Status Collection/Charge-Off
Date of Last Payment Dec 23, 2011

COLLECTIONS (TransUnion)

BERKS CC
Nov 04, 2013
Last Reported Nov 04, 2015
Collection Agency BERKS CC
Original Creditor MED1 02 MEDICAL PAYMENT DATA
Opened Date Nov 04, 2013
High Balance $271

CACH LLC
Jul 19, 2013
Last Reported Oct 15, 2015
Original Creditor BestBuy HSBC BANK NEVADA N A ITS A
Opened Date Jul 19, 2013
High Balance $2,845

PORTFOLIO RC
CC WITH $1,000 LIMIT
Jan 28, 2013
Last Reported Nov 08, 2015
Original Creditor U S BANK NATIONAL ASSOCIATION
Opened Date Jan 28, 2013
High Balance $1,336
Remarks Dispute resolved; customer disagrees (CONFUSED ABOUT THIS)

Inquiries:
Equifax shows 1 hard inquiry on 1/14/14 CAPITAL ONE BANK
There was 1 other inquiry I know of on 10/15/15 for Hotel/Casino but it is not showing for some reason now.

As of Dec 08, 2015, you had no inquiries on your credit report.

As of Dec 08, 2015, you had no public records on your credit report.

Credit Karma also says Equifax is reporting I have 1 open account (NORDSTROM) that is in delinquent status

Where to start? Should I start preparing PTD for the collections?
I'm assuming the Macy's and Nordstrom handle their own collections and that is why they are not listed twice? (with OC and CA?)
Also, the WSFS CC that is now owned Portfolio Recovery, is not listed by the OC. Why?
What is a good percentage to offer in PTD letter, so it will not be ignored? I read 25% is a solid number to start at.
In all reality I can pay these off, hopefully within the first 6 months of 2016. How long after I pay/settle debt (assuming I successfully get them to remove items from credit report) will I start to see change in my FICO score? (I plan on signing up for a moonitoring program once I put this all in motion)
Last question (will add more as I go through this journey)
Do I calculate the 7 years it will take to drop off my credit from the last payment made date or a different date? I also read somewhere that 48 months after a charge-off the OC can report to remove the charge-off from credit report?

All input/tips/advice on my current situation would be much appreciated be my family and I!! I do not want to have to rent an apartment forever and never have assets! I want to get this taken care of ASAP because I have put it on the back burner for WAY too long. I thank you in advance!

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!

gdale6 — Sat, 12 Dec 2015 20:26:43 GMT

ttt

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!

Anonymous — Sat, 12 Dec 2015 20:27:31 GMT

What is ttt?

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!

Anonymous — Sat, 12 Dec 2015 20:49:15 GMT

First off - pull all three full free reports from annualcreditreport.com. Those full raw reports will show the estimated removal dates for each item.

The ones you should address first are ones that have the possibity of worsening - the charged off OC accounts with no associated collections.

Pay for delete offers usually need to be for the full amount. Settlement offers can be for reduced amounts in the range you mentioned depending on the age of the debt.

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!

Anonymous — Sat, 12 Dec 2015 21:55:00 GMT

7 day trial on creditchecktotal.com will give you all three fico scores and reports btw... if you cancel after 7 days they'll offer you the service for 15 a month and you'll get a new experian score and report everyday and the other two once a month, we'll worth 15 a month for someone in your situation

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!

Anonymous — Sat, 12 Dec 2015 22:25:34 GMT

Got it.

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!

gdale6 — Sat, 12 Dec 2015 22:33:07 GMT

@Anonymous wrote:
What is ttt?

to the top same effect as bump

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!

Anonymous — Sat, 12 Dec 2015 22:52:28 GMT

Thanks.

topic Re: Help!! 25 year old trying to repair/rebuild for 1st time!! in Rebuilding Your Credit

Help!! 25 year old trying to repair/rebuild for 1st time!!

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!

Re: Help!! 25 year old trying to repair/rebuild for 1st time!!