topic Re: Where do I began? I just want to be free! in Rebuilding Your Credit

Where do I began? I just want to be free!

Anonymous — Wed, 23 May 2018 03:00:48 GMT

I purchased my first home in 2013. The day after purchasing my home, I went havoc and opened up a bunch of credit cards to finance renovations and furniture for house. A year later my job placed me in a department that cut my hours substantially. I struggled to pay my credit card payments and eventually I gave up. Now, I've been promoted and I am making good money again. I need to start fixing my credit. My goal is to 1. To never get myself in this situation again. 2. Fix my credit score 3. sell my home and buy another in 1.5 years. I would appreciate the guidance. I am new to this forum and I thank everyone in advance for any knowledge they can direct my way.

My credit score is 503 Experian 518 Equifax 524 Transunion ( Credit scores obtained from experian.com)

Payment History | Poor
Late Payments 9
Collections 7
Negative Public 0

Credit History Length | Fair
Average Age 4 yrs 1 mo
Oldest Account 7 yrs 3 mos

Collections

Account Name
AFNI, INC.,106616XXXX
Original Creditor
SPRINT
Open Date
Jul 1, 2017
Balance
$516
Debt
$516
Contact Information
PO BOX 3097,BLOOMINGTON, IL 61702,(888) 216-2408
Account Name
CONVERGENT OUTSOURCING,504147XX
Original Creditor
COX COMMUNICATIONS
Open Date
Sep 1, 2017
Balance
$289
Debt
$289
Contact Information
800 SW 39TH ST,RENTON, WA 98057,(888) 871-2279
Account Name
MIDLAND FUNDING,857693XXXX
Original Creditor
COMENITY CAPITAL BANK
Open Date
Jun 1, 2017
Balance
$2,622
Debt
$2,622
Contact Information
2365 NORTHSIDE DR STE 30,SAN DIEGO, CA 92108,(844) 236-1959
Account Name
MIDLAND FUNDING,857778XXXX
Original Creditor
CITIBANK N.A.
Open Date
Sep 1, 2017
Balance
$6,283
Debt
$6,283
Contact Information
2365 NORTHSIDE DR STE 30,SAN DIEGO, CA 92108,(844) 236-1959
Account Name
PORTFOLIO RECOV ASSOC,523914XXXXXXXXXX
Original Creditor
SYNCHRONY BANK
Open Date
May 1, 2017
Balance
$1,428
Debt
$1,428
Contact Information
120 CORPORATE BLVD STE 1,NORFOLK, VA 23502,(757) 519-9300
Account Name
PORTFOLIO RECOV ASSOC,601919XXXXXXXXXX
Original Creditor
SYNCHRONY BANK
Open Date
Jun 1, 2017
Balance
$1,397
Debt
$1,397
Contact Information
120 CORPORATE BLVD STE 1,NORFOLK, VA 23502,(757) 519-9300
Account Name
SEQUIUM ASSET SOLUTION,273708XX
Original Creditor
COX COMMUNICATIONS
Open Date
Mar 1, 2018
Balance
$913
Debt
-
Contact Information
1130 NORTHCHASE PKWY, ST,MARIETTA, GA 30067,(877) 362-8766

Additional info:
My morgage is marked 30 days past due 7 times last year and 2 time this year.
I'm an authorized user on my dad's credit card that's been paid on time for the past 7 years.

I was sued for two accounts , with court date for June 12th
I settled those two accounts today.
One is for comenity bank/overstock for 2622
That account was purchased by midland. I settled for 1500 and paid today.
The other is walmart for about 1400 that was sold to portfolio recovery. I settled and paid 973.00
Hopefully they will both keep word and dismiss courtdate.

other closed accounts
home depot sold to midland with a balance of 12,662
Ashley furniture 1492 sold to portfolio recovery
Verizon 659

Re: Where do I began? I just want to be free!

Anonymous — Wed, 23 May 2018 03:59:59 GMT

It sounds like your file is pretty rough. All you can really do to try and get your scores up is to attempt to get as many negative items removed from you report as possible. In order to do that you need to contact the creditors and basically ask for forgiveness. It's referred to as asking for an act of Goodwill. Usually they'll say no, but sometimes you'll get a yes, especially with persistence. Good luck.

Re: Where do I began? I just want to be free!

Anonymous — Wed, 23 May 2018 04:03:12 GMT

Thank you for my first reply! I know it rough.. and overwhelming but im sure that it won't last forever. What would you recommend starting with? Do you know if any of the creditors I listed have done pfd in the past?

Re: Where do I began? I just want to be free!

Jnbmom — Wed, 23 May 2018 04:07:16 GMT

The accounts you settled with prior to your court date will be dismissed , but always check with your local courthouse online to make sure.

The home depot debt is pretty high, I would think midland would be very aggressive with collecting this. I don't believe your mortgage lates will come off, majority of lenders will stick with the reporting lates unless it was an isolated incident.

Not sure if you are trying to settle with more of the your creditors? If you can I would focus on paying/or trying to settle your debts first and then worry about your credit.

Re: Where do I began? I just want to be free!

Anonymous — Wed, 23 May 2018 04:50:02 GMT

I'm planning on going to the court date to make sure.

I agreed to settlment for Ashley furniture which was sold to portfolio recovery. The agreed upon amount is 641 from 1400. The account will be paid and settled in 6 payments.

I plan to aggressively tackle as much debt as possible. With midland, what do you mean by aggressive?

Re: Where do I began? I just want to be free!

Anonymous — Wed, 23 May 2018 04:50:57 GMT

which would you recommend to tackle first...the home depot?

Re: Where do I began? I just want to be free!

Jnbmom — Wed, 23 May 2018 04:55:07 GMT

@Anonymous wrote:
I'm planning on going to the court date to make sure.

I agreed to settlment for Ashley furniture which was sold to portfolio recovery. The agreed upon amount is 641 from 1400. The account will be paid and settled in 6 payments.

I plan to aggressively tackle as much debt as possible. With midland, what do you mean by aggressive?

Meaning Midland will most likely sue you.

Re: Where do I began? I just want to be free!

beutiful5678 — Wed, 23 May 2018 05:23:50 GMT

@Jnbmom wrote:
@Anonymous wrote:
I'm planning on going to the court date to make sure.

I agreed to settlment for Ashley furniture which was sold to portfolio recovery. The agreed upon amount is 641 from 1400. The account will be paid and settled in 6 payments.

I plan to aggressively tackle as much debt as possible. With midland, what do you mean by aggressive?
Meaning Midland will most likely sue you.

Midland also has one of the easiest policies with respect to those who are looking to rebuild - once a collection is paid and two years old, they'll drop it from your report. They do it to encourage people to pay the collections account. This policy is explicitly on their website.

Re: Where do I began? I just want to be free!

Anonymous — Wed, 23 May 2018 20:13:13 GMT

I would recommend starting with any "easy" ones as mentioned above. After that, you want to go after the most severe negative items and/or the most recent, as those are the ones that will take the longest to naturally fall off.

Re: Where do I began? I just want to be free!

Anonymous — Wed, 23 May 2018 20:25:56 GMT

okay! I really appreciate all the advice. I will tackle the easier ones and keep everyone updated on my progress.

Re: Where do I began? I just want to be free!

Anonymous — Thu, 16 Aug 2018 02:34:18 GMT

I am not a lawyer. I'm just stating my experience. Although I can't guarantee you will have the same results, this method worked for 2 of my friends before I did it, and has worked for several friends and family members sinceI did it.

Now let's get down to business. I was in a very similar situation. I got terrible advice from so called 'debt consolidation' companies. Then I got great advice from lawyers. Take advantage of free consultations from some reputable bankruptcy lawyers in your area. Take any money you were giving away to these creditors and put it in a shoe box (NOT a bank account). Use that shoe box money for the lawyer fees and Bankruptcy filing fees. Filing immediately stops these predatory creditors often illegal tactics of trying to collect from you. They will not be allowed to contact you. If they do, you refer them to your lawyer. Once the bankruptcy is discharged, you'll be surprised how fast the credit offer start rolling in and how fast your score will rise. Take a little bit of that shoe box money and put it towards a secured credit card which will help your credit drastically. Don't be tempted to jump on the first credit card offers you receive. Do not Apply for any cards with an annual fee or Application or Start up fees. If you have a bank account & a job with direct deposit, Close that bank account and go back to receiving a check. Places like Walmart and others cash checks cheaply or for free. You could also have direct deposit to prepaid card accounts like Green Dot Visa/MasterCard . If your debt involves furniture, electronics, etc., return those items to the predators (creditors). Do not pay Furniture stores, electronic stores, etc. BK laws are in place for a reason, there is absolutely no shame in filing. The money saved by not paying these predators is money that can be spent to cover the bankruptcy and to get back on your feet. You can find great furniture on Craigslist for cheap, or even better often for free. You would be surprised at what people give away when they're moving, when they buy new items, etc. All of this was the greatest advice I've ever received. The best thing it did was relieve the stress of these vulture like predators harassing me. My credit is now 679, 691, & 719. That's with a bankruptcy discharge and only 2 small credit cards ( W/ low limits of $300 and $500). This is not Legal advice, but these mrthods worked for me and others. If anything, it doesn't hurt to talk to a couple bankruptcy lawyers and get their advice. They are professionals and can give you advice based on your situation. Be wary of Biased Advice from debt consolodation companies or pencil pushers in the credit departments or debt collection agencies. Explore all remedies available to you. Good luck. Keep your head up, things will get better sooner than you think. God bless

Re: Where do I began? I just want to be free!

Anonymous — Thu, 01 Nov 2018 20:56:17 GMT

Updated credit score is 561 experian. Almost a 40 point increase!

I've made some progress on 4 of those collections/chargeoff with 2 of them being removed completely from credit report.

Applied and approved for Discover it credit card.
I will be funding it with 200.00 this week.
I'm excited that I'm making progress!

Re: Where do I began? I just want to be free!

Anonymous — Fri, 02 Nov 2018 00:16:05 GMT

I correct that.. almost a 60 point increase!

Re: Where do I began? I just want to be free!

Anonymous — Sun, 06 Jan 2019 01:45:34 GMT

That is awesome! Which ones did you tackle?

Re: Where do I began? I just want to be free!

Anonymous — Sun, 06 Jan 2019 03:27:05 GMT

I paid off the portfolio revovery walmart, commenity, verizon and wellsfargo. My score is currently 610 experian which is a 92 point increase! I also opened a discover credit card account with 200.00 limit in November.

Re: Where do I began? I just want to be free!

Anonymous — Sun, 06 Jan 2019 04:05:14 GMT

Did any of those delete off of your report or did they update as settled?

Also, although it's not one of the ones you paid have you made any headway on the sequeium one? I have a recent collection from them on my report and don't know if they are communicative or not as I was going to try for a pfd.

And congrats on an over 90 point increase! Wow. Way to go.