topic Re: Overwhelmed Newbie in Rebuilding Your Credit

Overwhelmed Newbie

Ineed2speed — Mon, 19 May 2008 18:52:26 GMT

Hey guys I'm a newbie and I'm in debt due to some bad mistakes as young a kid. I started a business that ate my money up and I wasn't able to pay my credit cards which were wracked with college debt. Ugh. I've now got a stable job with a stable income and would like to start paying off my debt.

I signed up with experian to get my credit report and found a few were in collections.

A Providian/Wamu card that I owe $839
Payment states states: Account transferred to another office

A Chase card that I owe $3,895.00.
Payment status states: Charge-Off

I also received a letter from J.A. Cambece Law Office a few days ago stating I have a current balance of $4,850.66 owed to Citibank. It has the full account number in the letter. I do remember having a Citibank credit card but the funny thing is that it does NOT show up on the experian credit report. Do I even need to communicate with these guys at all? What should I do?

Re: Overwhelmed Newbie

Anonymous — Mon, 19 May 2008 19:39:14 GMT

Just because it doesn't show on Experian doesn't mean it's not...if you recently received a letter..means they are going to report within 30 days..you need to try and get you free credit reports from:

www.annaulcreditreport.com

If you have already got your reports for the year..I would cancel the Experian...and sign up for Truecredit...

You need ALL reports...to know exactly what is on there...whatever is not on the reports..and you have a letter for..I would pay ASAP..to avoid reporting..

Next, work on the charge-offs...that have not been sent to a CA yet...try to PFD...if not PIF...and GW later...I've read that charge-offs with a balance affects you scores...

Re: Overwhelmed Newbie

Anonymous — Mon, 19 May 2008 20:18:12 GMT

You need all 3 of your CR!!

You need to know what your SOL is....so that you don't get sued

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

This is the thread for newbies. It has all the abbrevs that we use and the frequently requested thread that is full of info!

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=38534

You are dealing with federal and state laws SOL(state) CRTP federal

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17466

Most states use DOLA for SOL.......it starts with DOFD but if you make any kind of payment it may restart it.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=8713

The amount that you owe or the report date, CO date do not tell us much. What we need is the DOFD/DOLA dates. Look at your CR TU and EX for something that says will remain on CR until month/year....may be different words but means the same thing.

Re: Overwhelmed Newbie

Ineed2speed — Thu, 22 May 2008 06:20:35 GMT

Ok guys I purchased all 3 credit reports through myfico.com and I'm even more confused now.

For each of the bureaus, under collections, none of the ones that should be there are in there. The one I got the letter for the Citibank balance of $4800+ is not in ANY Of the three listings in accounts or collections tab.

I have two other credit cards that should be in collections because I had to stop making payments for personal reasons. They do not show up in the collections tab but have bad comments in the account section. I can't see who's the collection agency to contact.

I started NOT paying my credit cards I believe in 06 and I live in California so I think I'm still within my SOL. I can't make sense of any of this. Do I just PFD for the big Citibank one?

Message Edited by Ineed2speed on 05-21-2008 11:19 PM

Message Edited by Ineed2speed on 05-21-2008 11:20 PM

Re: Overwhelmed Newbie

Ineed2speed — Thu, 22 May 2008 21:32:47 GMT

Bump. Anyone able to make sense of this?

Re: Overwhelmed Newbie

Ceejay1978 — Thu, 22 May 2008 22:08:55 GMT

Im not an expert but i believe that you should DV citibank before you PFD. Especially if you dont think its yours. It not showing on any report does sound kind of fishy to me also.

The SOL and whether they are your or not should determine how you move foward with the other CCs. If you are stil within the SOL I would PFD them and keep your fingers crossed.

Re: Overwhelmed Newbie

Anonymous — Thu, 22 May 2008 23:56:33 GMT

If Citibank is the OC..you can't DV...

Re: Overwhelmed Newbie

Ceejay1978 — Fri, 23 May 2008 00:02:14 GMT

Thank you. (I am still learning... I will not go back to my corner)

Sorry... DV Cambese....

Message Edited by Ceejay1978 on 05-22-2008 05:01 PM

Message Edited by Ceejay1978 on 05-22-2008 05:02 PM

Re: Overwhelmed Newbie

Ineed2speed — Fri, 23 May 2008 04:29:51 GMT

I'm pretty sure I had this citibank credit card a few years ago. I just find it REALLY WEIRD that it doesn't show on ANY of the three credit bureaus. It has the full account #. Should I still send a DV letter to them?

Re: Overwhelmed Newbie

Anonymous — Fri, 23 May 2008 04:42:46 GMT

An attorney that does collections on a regular basis is treated as a CA.......Send them a DV CMRRR

Be ready to PIF BUT it looks as though they have added fees which could be legal.

IF they file suit BE THERE!!!!! some time they do not show up & you can then ask the judge to dismiss it!