topic Re: Advice on how to build better. Apply or don't apply? in Rebuilding Your Credit

Advice on how to build better. Apply or don't apply?

Anonymous — Tue, 19 Oct 2021 00:25:35 GMT

Hello everyone, I'm new here and looking for advice. Currently attempting to rebuild my credit and honestly I was never educated about credit so that led me to following the advice of someone that had zero respect for credit and led me down the wrong road. so let me fill you in on my credit history.

Prior to now I had a bunch of credit cards, mostly secured, that I eventually defaulted on all of them. I don't remember which ones. Seven years has since passed and they are no longer on my report.

Currently my experian score is 730. I see everyone here has scores from all three bureaus so I know my first step should be to get the other scores.

Currently I have 5 credit cards and one store card.

Open sky secured card 300 limit opened 2014 never late.

5/3 bank secured card 1000 limit opened 2014 late one time when I thought I put it on autopay

Merrick bank card 1600 limit opened 2015 never late

Verve Mastercard 800 limit opened 2015 never late, I can't remember if this is secured

Capital one 2750 limit opened 2016 never late. This card was just changed to quicksilver as they said I switch to earn rewards. I haven't gotten card yet.

Victoria secret 600 limit opened 2018 never late. This is the only store card I've ever had or applied for.

My overall credit usage is 20%. I've been working to pay everything down as I read below 30% is best

I have an auto loan through Wells Fargo for $43000. Balance of $15000. Opened 2017. Never late. High interest rate! I didn't know better.

Zero inquiries. I haven't ran my credit in over 2 years.

Now for the bad. I have 2 auto repos. Did a dumb favor for a man that bit me in the ass. Chase bank repo, opened 2014. Original amount $51000, balance $4900.

Harley Davidson repo, opened 2015. Original amount $41000, balance $20000. I know at some point I have to try and make good on this. Do this fall off after 7 years? I wish, that would be good. I should have never signed for that stuff.

I also have student loans that report good standing approximately $50000.

I've been getting numerous preapproval offers from American express, wells Fargo, citibank, discover. I just trash it figuring I'd never get it.

Please help me. How do I move foward? Should I get rid of these low limit cards and try for other ones? I know a lot of inquiries aren't good, that's why I never do it. Plus I'm figuring that I won't be approved. I've been reading and reading posts here just trying to find my way.

Any advice would be appreciated and please forgive me for such a long post.

Thank you!

Re: Advice on how to build better. Apply or don't apply?

HowDoesThisAllWork — Tue, 19 Oct 2021 04:43:16 GMT

@Anonymous

Welcome to the forums!

First order of business is to access your three credit reports via https://www.annualcreditreport.com. Get all three of them. We are - due to COVID-19 - allowed to get our Credit Reports every seven days now. This is valid (unless/until they change it) through April, 2022.

I usually suggest that you list out all of the open accounts (good or bad) and all of the closed accounts (good or bad). Do that on one report. Then take that sheet of paper and compare it to the other two. The goal here is to ensure that we have everything (I think that it is fair and safe to say this....and this is a VERY general comment: people assume way toooooooooooo much and do not 'fact check'. So, let's not assume anything here and let's fact check).

Once you see every account that you have (and on which CRA it is reporting....it *should* be on all three, but that is not always the case) then you have a REALLY good foundation.

If there should be any negagtive items (which can be a 30-day late payment that you did not know about/forgot about, a collections, a charge-off, the two repossessions, whatever it/they might be) then we formulate a plan of attack. Said plan of attack might be different for different 'baddies'.

This is definitely the right place to learn about credit. Lots and lots of very smart, experienced people.

It really sounds like you are taking the correct steps.

One of the things that you asked.....should I get rid of these low limit cards? At this point I would suggest not. Why? Because of their age. You have had them for some six, seven years! That is huge! And is helping you a lot.

Another thing that you can do is to implement AZEO (All Zero Except One). Have you done that? Have you heard of that?

Re: Advice on how to build better. Apply or don't apply?

FireMedic1 — Tue, 19 Oct 2021 07:28:45 GMT

@Anonymous wrote:
Hello everyone, I'm new here and looking for advice. Currently attempting to rebuild my credit and honestly I was never educated about credit so that led me to following the advice of someone that had zero respect for credit and led me down the wrong road. so let me fill you in on my credit history.

Prior to now I had a bunch of credit cards, mostly secured, that I eventually defaulted on all of them. I don't remember which ones. Seven years has since passed and they are no longer on my report.
Currently my experian score is 730. I see everyone here has scores from all three bureaus so I know my first step should be to get the other scores.
Currently I have 5 credit cards and one store card.
Open sky secured card 300 limit opened 2014 never late.
5/3 bank secured card 1000 limit opened 2014 late one time when I thought I put it on autopay
Merrick bank card 1600 limit opened 2015 never late
Verve Mastercard 800 limit opened 2015 never late, I can't remember if this is secured
Capital one 2750 limit opened 2016 never late. This card was just changed to quicksilver as they said I switch to earn rewards. I haven't gotten card yet.
Victoria secret 600 limit opened 2018 never late. This is the only store card I've ever had or applied for.

My overall credit usage is 20%. I've been working to pay everything down as I read below 30% is best

I have an auto loan through Wells Fargo for $43000. Balance of $15000. Opened 2017. Never late. High interest rate! I didn't know better.

Zero inquiries. I haven't ran my credit in over 2 years.

Now for the bad. I have 2 auto repos. Did a dumb favor for a man that bit me in the ass. Chase bank repo, opened 2014. Original amount $51000, balance $4900.
Harley Davidson repo, opened 2015. Original amount $41000, balance $20000. I know at some point I have to try and make good on this. Do this fall off after 7 years? I wish, that would be good. I should have never signed for that stuff.

I also have student loans that report good standing approximately $50000.

I've been getting numerous preapproval offers from American express, wells Fargo, citibank, discover. I just trash it figuring I'd never get it.

Please help me. How do I move foward? Should I get rid of these low limit cards and try for other ones? I know a lot of inquiries aren't good, that's why I never do it. Plus I'm figuring that I won't be approved. I've been reading and reading posts here just trying to find my way.

Any advice would be appreciated and please forgive me for such a long post.

Thank you!

For now the number 1 thing will be get these taken care of. Looking for better/more credit can wait. You have $24,900 owed from charge offs. Co-signers on here always get the well you know. Amounts that high wont go peacefully in the night. You posted the open dates. Need the closed or DoFD date. Thats where the 7 yr clock starts.

The internet is loaded with that 30% fluff. As posted above. You need to practice AZEO. Each dollar you put out in interest could go to save up to pay those CO's. Dont know your income. Though your going to have to find a way to settle them. You didnt list any collections. That may be their next step. Sell the debt and then CA's will hit your reports. And the 20k may go legal. Yes its worst case scenario. Sorry you got taken. Once its done. You can go sue them. What goes around comes around.

Re: Advice on how to build better. Apply or don't apply?

Anonymous — Tue, 19 Oct 2021 13:04:45 GMT

Thank you so much for responding. I will definitely print out all 3 reports as you've suggested. I definitely want to fact check and not assume!

I've never heard of AZEO. I've never done/heard of that. Sounds like paying everything to zero except one card?

Re: Advice on how to build better. Apply or don't apply?

Anonymous — Tue, 19 Oct 2021 13:21:58 GMT

Thank you for responding! I really appreciate any advice.

The Harley was repossessed in Jan 2016, listed as charge off Mar 2016. I have received a few letters from collection agencies asking for payment or to make arrangements for a payment plan.

The Chase account (Chevy pickup) was repossessed May 2018, listed as charge off June 2018. I have also received a couple letters, directly from chase, asking for payment.

As you've said, I have to pay this stuff, I know. Honestly, I was being stubborn and just didn't want to pay as these were things I never wanted the bills for anyway.

Do these places ever negotiate for a lower amount? 20 grand is a lot of money!

My income is $65000 gross.

Yes, dude definitely took me for a ride, but I'm wiser now and working on teaching myself this credit stuff.

Re: Advice on how to build better. Apply or don't apply?

FireMedic1 — Tue, 19 Oct 2021 15:33:57 GMT

@Anonymous wrote:
Thank you for responding! I really appreciate any advice.
The Harley was repossessed in Jan 2016, listed as charge off Mar 2016. I have received a few letters from collection agencies asking for payment or to make arrangements for a payment plan.
The Chase account (Chevy pickup) was repossessed May 2018, listed as charge off June 2018. I have also received a couple letters, directly from chase, asking for payment. In a way thats good. It hasnt come to a CA placed on your file.
As you've said, I have to pay this stuff, I know. Honestly, I was being stubborn and just didn't want to pay as these were things I never wanted the bills for anyway.
Do these places ever negotiate for a lower amount? 20 grand is a lot of money!
My income is $65000 gross.
Yes, dude definitely took me for a ride, but I'm wiser now and working on teaching myself this credit stuff.

When you call to arrainge a settlement. Start low like 30%. Explain you were just the co-signer and trusted someone. It may help or may not. Wheres the other one you co-signed for? I'd be all over them. Help me pay this stuff. They are kinda older so they may go low. Keep us updated. Yes AZEO is only have 1 card report <8% each month the rest 0. If you have reward cards. Use them for the perks. But stay AZEO like a debit card. Keep us updated and best of luck.

*When you want to quote someone. Hit reply on the post that you want to respond to directly. Text box will load. Hit quote top right. It will load the post and type at the bottom.

Re: Advice on how to build better. Apply or don't apply?

Anonymous — Tue, 19 Oct 2021 15:46:32 GMT

@FireMedic1 wrote:
@Anonymous wrote:
Thank you for responding! I really appreciate any advice.
The Harley was repossessed in Jan 2016, listed as charge off Mar 2016. I have received a few letters from collection agencies asking for payment or to make arrangements for a payment plan.
The Chase account (Chevy pickup) was repossessed May 2018, listed as charge off June 2018. I have also received a couple letters, directly from chase, asking for payment. In a way thats good. It hasnt come to a CA placed on your file.
As you've said, I have to pay this stuff, I know. Honestly, I was being stubborn and just didn't want to pay as these were things I never wanted the bills for anyway.
Do these places ever negotiate for a lower amount? 20 grand is a lot of money!
My income is $65000 gross.
Yes, dude definitely took me for a ride, but I'm wiser now and working on teaching myself this credit stuff.
When you call to arrainge a settlement. Start low like 30%. Explain you were just the co-signer and trusted someone. It may help or may not. Wheres the other one you co-signed for? I'd be all over them. Help me pay this stuff. They are kinda older so they may go low. Keep us updated. Yes AZEO is only have 1 card report <8% each month the rest 0. If you have reward cards. Use them for the perks. But stay AZEO like a debit card. Keep us updated and best of luck.

*When you want to quote someone. Hit reply on the post that you want to respond to directly. Text box will load. Hit quote top right. It will load the post and type at the bottom.

Thank you for telling me how to properly reply. I was wondering if I was doing that right. Thanks again for your help. I'm working to get everything to zero, after which I'll keep one in use. I don't use them for anything, I try to pay cash for most items. The capital one quicksilver is the only one with rewards, still waiting for it to arrive.

Unfortunately this dude basically told me to eat the debt. So it's just on me to pay, he's no help. I'm definitely gonna try to get them to lower it. I'll start low like you suggested.

Re: Advice on how to build better. Apply or don't apply?

MileHigh96 — Tue, 19 Oct 2021 15:54:11 GMT

@Anonymous wrote:
@FireMedic1 wrote:
@Anonymous wrote:
Thank you for responding! I really appreciate any advice.
The Harley was repossessed in Jan 2016, listed as charge off Mar 2016. I have received a few letters from collection agencies asking for payment or to make arrangements for a payment plan.
The Chase account (Chevy pickup) was repossessed May 2018, listed as charge off June 2018. I have also received a couple letters, directly from chase, asking for payment. In a way thats good. It hasnt come to a CA placed on your file.
As you've said, I have to pay this stuff, I know. Honestly, I was being stubborn and just didn't want to pay as these were things I never wanted the bills for anyway.
Do these places ever negotiate for a lower amount? 20 grand is a lot of money!
My income is $65000 gross.
Yes, dude definitely took me for a ride, but I'm wiser now and working on teaching myself this credit stuff.
When you call to arrainge a settlement. Start low like 30%. Explain you were just the co-signer and trusted someone. It may help or may not. Wheres the other one you co-signed for? I'd be all over them. Help me pay this stuff. They are kinda older so they may go low. Keep us updated. Yes AZEO is only have 1 card report <8% each month the rest 0. If you have reward cards. Use them for the perks. But stay AZEO like a debit card. Keep us updated and best of luck.

*When you want to quote someone. Hit reply on the post that you want to respond to directly. Text box will load. Hit quote top right. It will load the post and type at the bottom.
Thank you for telling me how to properly reply. I was wondering if I was doing that right. Thanks again for your help. I'm working to get everything to zero, after which I'll keep one in use. I don't use them for anything, I try to pay cash for most items. The capital one quicksilver is the only one with rewards, still waiting for it to arrive.

Unfortunately this dude basically told me to eat the debt. So it's just on me to pay, he's no help. I'm definitely gonna try to get them to lower it. I'll start low like you suggested.

Have you considered taking the individual to small claims court to try and at least recoup something?

Re: Advice on how to build better. Apply or don't apply?

Anonymous — Tue, 19 Oct 2021 16:08:24 GMT

@MileHigh96 wrote:
@Anonymous wrote:
@FireMedic1 wrote:
@Anonymous wrote:
Thank you for responding! I really appreciate any advice.
The Harley was repossessed in Jan 2016, listed as charge off Mar 2016. I have received a few letters from collection agencies asking for payment or to make arrangements for a payment plan.
The Chase account (Chevy pickup) was repossessed May 2018, listed as charge off June 2018. I have also received a couple letters, directly from chase, asking for payment. In a way thats good. It hasnt come to a CA placed on your file.
As you've said, I have to pay this stuff, I know. Honestly, I was being stubborn and just didn't want to pay as these were things I never wanted the bills for anyway.
Do these places ever negotiate for a lower amount? 20 grand is a lot of money!
My income is $65000 gross.
Yes, dude definitely took me for a ride, but I'm wiser now and working on teaching myself this credit stuff.
When you call to arrainge a settlement. Start low like 30%. Explain you were just the co-signer and trusted someone. It may help or may not. Wheres the other one you co-signed for? I'd be all over them. Help me pay this stuff. They are kinda older so they may go low. Keep us updated. Yes AZEO is only have 1 card report <8% each month the rest 0. If you have reward cards. Use them for the perks. But stay AZEO like a debit card. Keep us updated and best of luck.

*When you want to quote someone. Hit reply on the post that you want to respond to directly. Text box will load. Hit quote top right. It will load the post and type at the bottom.
Thank you for telling me how to properly reply. I was wondering if I was doing that right. Thanks again for your help. I'm working to get everything to zero, after which I'll keep one in use. I don't use them for anything, I try to pay cash for most items. The capital one quicksilver is the only one with rewards, still waiting for it to arrive.

Unfortunately this dude basically told me to eat the debt. So it's just on me to pay, he's no help. I'm definitely gonna try to get them to lower it. I'll start low like you suggested.
Have you considered taking the individual to small claims court to try and at least recoup something?

Please don't judge me, but honestly I'm afraid to go that route. I've just decided to deal with it on my own. It may be costly, but it's the quieter route.

Re: Advice on how to build better. Apply or don't apply?

FireMedic1 — Tue, 19 Oct 2021 16:19:35 GMT

@Anonymous wrote:
@FireMedic1 wrote:
@Anonymous wrote:
Thank you for responding! I really appreciate any advice.
The Harley was repossessed in Jan 2016, listed as charge off Mar 2016. I have received a few letters from collection agencies asking for payment or to make arrangements for a payment plan.
The Chase account (Chevy pickup) was repossessed May 2018, listed as charge off June 2018. I have also received a couple letters, directly from chase, asking for payment. In a way thats good. It hasnt come to a CA placed on your file.
As you've said, I have to pay this stuff, I know. Honestly, I was being stubborn and just didn't want to pay as these were things I never wanted the bills for anyway.
Do these places ever negotiate for a lower amount? 20 grand is a lot of money!
My income is $65000 gross.
Yes, dude definitely took me for a ride, but I'm wiser now and working on teaching myself this credit stuff.
When you call to arrainge a settlement. Start low like 30%. Explain you were just the co-signer and trusted someone. It may help or may not. Wheres the other one you co-signed for? I'd be all over them. Help me pay this stuff. They are kinda older so they may go low. Keep us updated. Yes AZEO is only have 1 card report <8% each month the rest 0. If you have reward cards. Use them for the perks. But stay AZEO like a debit card. Keep us updated and best of luck.

*When you want to quote someone. Hit reply on the post that you want to respond to directly. Text box will load. Hit quote top right. It will load the post and type at the bottom.
Thank you for telling me how to properly reply. I was wondering if I was doing that right. Thanks again for your help. I'm working to get everything to zero, after which I'll keep one in use. I don't use them for anything, I try to pay cash for most items. The capital one quicksilver is the only one with rewards, still waiting for it to arrive.

Unfortunately this dude basically told me to eat the debt. So it's just on me to pay, he's no help. I'm definitely gonna try to get them to lower it. I'll start low like you suggested.

Congrats. Use you Cap1 card as a debit card so you can get the 1.5% on everything you'd pay cash for. Then pay it down to <8%. Let it report and then PIF before the due date. Repeat each month. Leave the others alone once $0 balance. Use them 1 time every 6 months to aviod closure. But pay them before statement date. Sorry you dont want anything to do with this clown. They wont be so tough when handed court papers. Love it when its Bike Week. All these tough bikers loaded with tattoos become whimps when its IV time.

Re: Advice on how to build better. Apply or don't apply?

Anonymous — Tue, 19 Oct 2021 17:15:17 GMT

@FireMedic1 wrote:
@Anonymous wrote:
@FireMedic1 wrote:
@Anonymous wrote:
Thank you for responding! I really appreciate any advice.
The Harley was repossessed in Jan 2016, listed as charge off Mar 2016. I have received a few letters from collection agencies asking for payment or to make arrangements for a payment plan.
The Chase account (Chevy pickup) was repossessed May 2018, listed as charge off June 2018. I have also received a couple letters, directly from chase, asking for payment. In a way thats good. It hasnt come to a CA placed on your file.
As you've said, I have to pay this stuff, I know. Honestly, I was being stubborn and just didn't want to pay as these were things I never wanted the bills for anyway.
Do these places ever negotiate for a lower amount? 20 grand is a lot of money!
My income is $65000 gross.
Yes, dude definitely took me for a ride, but I'm wiser now and working on teaching myself this credit stuff.
When you call to arrainge a settlement. Start low like 30%. Explain you were just the co-signer and trusted someone. It may help or may not. Wheres the other one you co-signed for? I'd be all over them. Help me pay this stuff. They are kinda older so they may go low. Keep us updated. Yes AZEO is only have 1 card report <8% each month the rest 0. If you have reward cards. Use them for the perks. But stay AZEO like a debit card. Keep us updated and best of luck.

*When you want to quote someone. Hit reply on the post that you want to respond to directly. Text box will load. Hit quote top right. It will load the post and type at the bottom.
Thank you for telling me how to properly reply. I was wondering if I was doing that right. Thanks again for your help. I'm working to get everything to zero, after which I'll keep one in use. I don't use them for anything, I try to pay cash for most items. The capital one quicksilver is the only one with rewards, still waiting for it to arrive.

Unfortunately this dude basically told me to eat the debt. So it's just on me to pay, he's no help. I'm definitely gonna try to get them to lower it. I'll start low like you suggested.
Congrats. Use you Cap1 card as a debit card so you can get the 1.5% on everything you'd pay cash for. Then pay it down to <8%. Let it report and then PIF before the due date. Repeat each month. Leave the others alone once $0 balance. Use them 1 time every 6 months to aviod closure. But pay them before statement date. Sorry you dont want anything to do with this clown. They wont be so tough when handed court papers. Love it when its Bike Week. All these tough bikers loaded with tattoos become whimps when its IV time.

That sounds like a great idea. I have 3 left to zero then I'll utilize my Cap One. Thanks for the 6 month advise. I was wondering about that. Question. I have everything on autopay for the due dates. Do you suggest changing it to pay before the due date?

I definitely understand about the tattoos and IVs, like come on buddy you got all this ink. But yea, although I've got a lot to recover from this dude I still feel like I'm dodging a bullet. So I'll just bite the bullet and pay ☹

Thanks again!

Re: Advice on how to build better. Apply or don't apply?

Anonymous — Tue, 19 Oct 2021 18:03:18 GMT

@Anonymous wrote:
Thank you for responding! I really appreciate any advice.
The Harley was repossessed in Jan 2016, listed as charge off Mar 2016. I have received a few letters from collection agencies asking for payment or to make arrangements for a payment plan.
The Chase account (Chevy pickup) was repossessed May 2018, listed as charge off June 2018. I have also received a couple letters, directly from chase, asking for payment.
As you've said, I have to pay this stuff, I know. Honestly, I was being stubborn and just didn't want to pay as these were things I never wanted the bills for anyway.
Do these places ever negotiate for a lower amount? 20 grand is a lot of money!
My income is $65000 gross.
Yes, dude definitely took me for a ride, but I'm wiser now and working on teaching myself this credit stuff.

Prior to paying the repos, I'd suggest reading this > https://www.consumer.ftc.gov/articles/vehicle-repossession and making sure that whatever they got for the vehicles through the auction/sale was applied to the outstanding balance.

Re: Advice on how to build better. Apply or don't apply?

Anonymous — Tue, 19 Oct 2021 21:30:48 GMT

@Anonymous wrote:
@Anonymous wrote:
Thank you for responding! I really appreciate any advice.
The Harley was repossessed in Jan 2016, listed as charge off Mar 2016. I have received a few letters from collection agencies asking for payment or to make arrangements for a payment plan.
The Chase account (Chevy pickup) was repossessed May 2018, listed as charge off June 2018. I have also received a couple letters, directly from chase, asking for payment.
As you've said, I have to pay this stuff, I know. Honestly, I was being stubborn and just didn't want to pay as these were things I never wanted the bills for anyway.
Do these places ever negotiate for a lower amount? 20 grand is a lot of money!
My income is $65000 gross.
Yes, dude definitely took me for a ride, but I'm wiser now and working on teaching myself this credit stuff.
Prior to paying the repos, I'd suggest reading this > https://www.consumer.ftc.gov/articles/vehicle-repossession and making sure that whatever they got for the vehicles through the auction/sale was applied to the outstanding balance.

Thank you! I'll definitely read the article. New to all this and appreciate all the advice!

Re: Advice on how to build better. Apply or don't apply?

FireMedic1 — Tue, 19 Oct 2021 21:47:48 GMT

@Anonymous wrote:
@FireMedic1 wrote:
@Anonymous wrote:
@FireMedic1 wrote:
@Anonymous wrote:
Thank you for responding! I really appreciate any advice.
The Harley was repossessed in Jan 2016, listed as charge off Mar 2016. I have received a few letters from collection agencies asking for payment or to make arrangements for a payment plan.
The Chase account (Chevy pickup) was repossessed May 2018, listed as charge off June 2018. I have also received a couple letters, directly from chase, asking for payment. In a way thats good. It hasnt come to a CA placed on your file.
As you've said, I have to pay this stuff, I know. Honestly, I was being stubborn and just didn't want to pay as these were things I never wanted the bills for anyway.
Do these places ever negotiate for a lower amount? 20 grand is a lot of money!
My income is $65000 gross.
Yes, dude definitely took me for a ride, but I'm wiser now and working on teaching myself this credit stuff.
When you call to arrainge a settlement. Start low like 30%. Explain you were just the co-signer and trusted someone. It may help or may not. Wheres the other one you co-signed for? I'd be all over them. Help me pay this stuff. They are kinda older so they may go low. Keep us updated. Yes AZEO is only have 1 card report <8% each month the rest 0. If you have reward cards. Use them for the perks. But stay AZEO like a debit card. Keep us updated and best of luck.

*When you want to quote someone. Hit reply on the post that you want to respond to directly. Text box will load. Hit quote top right. It will load the post and type at the bottom.
Thank you for telling me how to properly reply. I was wondering if I was doing that right. Thanks again for your help. I'm working to get everything to zero, after which I'll keep one in use. I don't use them for anything, I try to pay cash for most items. The capital one quicksilver is the only one with rewards, still waiting for it to arrive.

Unfortunately this dude basically told me to eat the debt. So it's just on me to pay, he's no help. I'm definitely gonna try to get them to lower it. I'll start low like you suggested.
Congrats. Use you Cap1 card as a debit card so you can get the 1.5% on everything you'd pay cash for. Then pay it down to <8%. Let it report and then PIF before the due date. Repeat each month. Leave the others alone once $0 balance. Use them 1 time every 6 months to aviod closure. But pay them before statement date. Sorry you dont want anything to do with this clown. They wont be so tough when handed court papers. Love it when its Bike Week. All these tough bikers loaded with tattoos become whimps when its IV time.
That sounds like a great idea. I have 3 left to zero then I'll utilize my Cap One. Thanks for the 6 month advise. I was wondering about that. Question. I have everything on autopay for the due dates. Do you suggest changing it to pay before the due date?
I definitely understand about the tattoos and IVs, like come on buddy you got all this ink. But yea, although I've got a lot to recover from this dude I still feel like I'm dodging a bullet. So I'll just bite the bullet and pay ☹
Thanks again!

I'm not an auto pay fan. Got messed over years ago. And its never their fault. The only auto pay I have is auto insurance for the discount and utilities. I like to handle my own money and not trust a computer. To stay at AZEO once there. You'll have to pay on the cards that are going to report a $0 balance if you use them before the statement date. But having it as a back up is fine. The one that will report. You can pay it before auto pay kicks in. But. Thats just me.

Re: Advice on how to build better. Apply or don't apply?

Anonymous — Tue, 19 Oct 2021 22:21:20 GMT

@Anonymous wrote:
Thank you for responding! I really appreciate any advice.
The Harley was repossessed in Jan 2016, listed as charge off Mar 2016. I have received a few letters from collection agencies asking for payment or to make arrangements for a payment plan.
The Chase account (Chevy pickup) was repossessed May 2018, listed as charge off June 2018. I have also received a couple letters, directly from chase, asking for payment.
As you've said, I have to pay this stuff, I know. Honestly, I was being stubborn and just didn't want to pay as these were things I never wanted the bills for anyway.
Do these places ever negotiate for a lower amount? 20 grand is a lot of money!
My income is $65000 gross.
Yes, dude definitely took me for a ride, but I'm wiser now and working on teaching myself this credit stuff.

Actually also before even contacting them I'd research what statute of limitations (sol) applies to the harley and chevy (chase) debt. If either one or both are beyond the sol as long as the sol doesn't get reset, legally you should be in the clear as far as them suing you (bear in mind, as I'm not a lawyer, this is not legal advice just my opinion). Credit wise it'd be a few years. Morally, I leave that up to you.

a few more articles from the ftc:

https://www.consumer.ftc.gov/blog/2015/09/tick-tock-goes-clock-old-debts

https://www.consumer.ftc.gov/articles/debt-collection-faqs

https://www.consumer.ftc.gov/blog/2015/10/when-dead-debt-comes-back-life

Given that the amount is somewhere around 20k I would probably see an attorney first to get actual legal advice before doing anything.

Re: Advice on how to build better. Apply or don't apply?

Anonymous — Tue, 19 Oct 2021 22:31:21 GMT

@Anonymous wrote:
@Anonymous wrote:
Thank you for responding! I really appreciate any advice.
The Harley was repossessed in Jan 2016, listed as charge off Mar 2016. I have received a few letters from collection agencies asking for payment or to make arrangements for a payment plan.
The Chase account (Chevy pickup) was repossessed May 2018, listed as charge off June 2018. I have also received a couple letters, directly from chase, asking for payment.
As you've said, I have to pay this stuff, I know. Honestly, I was being stubborn and just didn't want to pay as these were things I never wanted the bills for anyway.
Do these places ever negotiate for a lower amount? 20 grand is a lot of money!
My income is $65000 gross.
Yes, dude definitely took me for a ride, but I'm wiser now and working on teaching myself this credit stuff.
Actually also before even contacting them I'd research what statute of limitations (sol) applies to the harley and chevy (chase) debt. If either one or both are beyond the sol as long as the sol doesn't get reset, legally you should be in the clear as far as them suing you (bear in mind, as I'm not a lawyer, this is not legal advice just my opinion). Credit wise it'd be a few years. Morally, I leave that up to you.

a few more articles from the ftc:
https://www.consumer.ftc.gov/blog/2015/09/tick-tock-goes-clock-old-debts
https://www.consumer.ftc.gov/articles/debt-collection-faqs
https://www.consumer.ftc.gov/blog/2015/10/when-dead-debt-comes-back-life

Given that the amount is somewhere around 20k I would probably see an attorney first to get actual legal advice before doing anything.

Can you tell me what you mean by, as long as the sol doesn't get reset? I'm going through my experian report and the Chase account hasn't been updated since 2018. The Harley updates monthly, sometimes missing a few months. Does that mean each time they report it resets?

Re: Advice on how to build better. Apply or don't apply?

Anonymous — Tue, 19 Oct 2021 22:55:04 GMT

@Anonymous wrote:
<snip>

Can you tell me what you mean by, as long as the sol doesn't get reset? I'm going through my experian report and the Chase account hasn't been updated since 2018. The Harley updates monthly, sometimes missing a few months. Does that mean each time they report it resets?

Again not a lawyer so not legal advice but first you need to know what statute of limitations applies here so you can see both length and what would actually reset the sol. For my state (Florida) in general the sol is around 5 years, and my understanding is any of the following actions would reset the sol:

Acknowledging that the debt is yours
Agreeing to a payment or a payment plan
Making a payment

So taking any of those actions would reset the sol's date to the date that you took that action.

i.e. Let's say I have an old chargeoff from 2010 that I never acknowledged or paid or did anything with, and let's assume the creditor never filed suit then in 2015 the sol would have expired. However if I were to do any of the above actions right now then the sol's clock starts fresh from the date that I took that action. Or in other words they would have another 5 years time in which they could sue me, and I wouldn't be able to dismiss it by saying it's past the sol.

Your situation though seems more complicated, which is why I suggested seeing an attorney, as I don't know if the other person that you cosigned for was to take an action that would reset the sol, if that would also reset it for you.

Edit - also bear in mind each jurisdictions sol time can be different, as well as what can reset the clock on the sol. So again I'd highly suggest an attorney in your case.

Second edit -

Also no it's my understanding that in general, the sol begins ticking from the moment that the first payment that led up to the charge off was missed. Although again it would vary by jurisdiction.

Re: Advice on how to build better. Apply or don't apply?

Anonymous — Tue, 19 Oct 2021 22:54:02 GMT

@Anonymous wrote:
@Anonymous wrote:
<snip>

Can you tell me what you mean by, as long as the sol doesn't get reset? I'm going through my experian report and the Chase account hasn't been updated since 2018. The Harley updates monthly, sometimes missing a few months. Does that mean each time they report it resets?
Again not a lawyer so not legal advice but first you need to know what statute of limitations applies here so you can see both length and what would actually reset the sol. For my state (Florida) in general the sol is around 5 years, and my understanding is any of the following actions would reset the sol:
Acknowledging that the debt is yours
Agreeing to a payment or a payment plan
Making a payment
So taking any of those actions would reset the sol's date to the date that you took that action.

i.e. Let's say I have an old chargeoff from 2010 that I never acknowledged or paid or did anything with, and let's assume the creditor never filed suit then in 2015 the sol would have expired. However if I were to do any of the above actions right now then the sol's clock starts fresh from the date that I took that action. Or in other words they would have another 5 years time in which they could sue me, and I wouldn't be able to dismiss it by saying it's past the sol.

Your situation though seems more complicated, which is why I suggested seeing an attorney, as I don't know if the other person that you cosigned for was to take an action that would reset the sol, if that would also reset it for you.

Ok ok I understand, thank you so much. I'm in Ohio so I'll have to look up the sol....so many new abbreviations to learn 😆. There's no cosigner. It's just me on the loan. He was my boyfriend and I signed for him to get those two items. So I'm the only responsible party. But I've never agreed to any payment arrangements or made any payments. I do remember talking to someone about the Harley maybe a year or so ago. They called with a local area code and I answered.

Re: Advice on how to build better. Apply or don't apply?

Borealis — Wed, 20 Oct 2021 04:43:22 GMT

@Anonymous Sorry you got stuck bailing yourself out of a leaky boat. At least the woodpecker that put all the holes in it has flown off so that's good! There is a ton of great advice to be had on these forums so you have come to the right place. If you are puzzled by some of the abbreviations around here, check out this thread, I found it very helpful:

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

Re: Advice on how to build better. Apply or don't apply?

FireMedic1 — Wed, 20 Oct 2021 07:50:43 GMT

Ohio's statute of limitations is six years regardless of the type of debt. The time limit is counted from when a debt became overdue or when a borrower last made a payment, whichever happened more recently. If it's been more than six years, a creditor cannot sue a debtor for debt collection purposes.

What resets the statute of limitations on debt collection?

Making a payment on an old debt, whether in full or part, revives it, essentially restarting the clock on old debt.

Agreeing to pay: If you acknowledge that the debt is yours and agree to pay, the statute of limitations on your debt will start over.

So look up the last payment on the Harley. You might be right on the edge with this one or passed it. If repo'ed in Jan. Last payment is before that.

Same apllies with Chase.