topic Re: The final push... in Rebuilding Your Credit

The final push...

Superk88 — Fri, 12 Aug 2022 19:05:03 GMT

80k paid off...25 to go.

I'm planning on finishing out some active late accounts with a NFCU loan.

My question is...I have some accounts that are Charge offs...I have not hurd from anyone and as far as I know they have not sold the debt...it's been 8months to a year.

Should I reach out and try to settle?

Reason I'm asking as I have somone working to help clean up my credit report. They advise me then when they attempt to dispute these accounts it may rustle their feathers and they may try to collect.

Re: The final push...

FireMedic1 — Fri, 12 Aug 2022 19:11:43 GMT

@Superk88 wrote:
80k paid off...25 to go.

I'm planning on finishing out some active late accounts with a NFCU loan.

My question is...I have some accounts that are Charge offs...I have not hurd from anyone and as far as I know they have not sold the debt...it's been 8months to a year.

Should I reach out and try to settle?

Reason I'm asking as I have somone working to help clean up my credit report. They advise me then when they attempt to dispute these accounts it may rustle their feathers and they may try to collect.

They are correct in disputing a accurate CO comment will come back verified which looks like new to FICO and there goes some points. I would contact the OC's of the CO's very soon before CA's start to pop up on your file. There goes more points. Work out a payment plan with the settlement offer they give you. Congrats on what you've done so far. Disputes are for inaccurate info only. And yes your freind is right. Dont poke the bear. Good Luck!

List out your baddies as :

Creditor Name/Credit line/ Balance

Then the gang can help you out.

Re: The final push...

Superk88 — Fri, 12 Aug 2022 19:19:23 GMT

So on the charge offs just leave them be until they call me?

Trying to purchase a house next July and need a minimum score of 640...currenlty at 580

Re: The final push...

Superk88 — Fri, 12 Aug 2022 19:24:08 GMT

Name	Amount	Settlement
calling/collections
midland/sporttruck	1602.84	1202
NETCREDIT	13000.00	5409.00
PORTFOLIE/A&E	387.00	329.24
WAYPOINT/COX	322	150
AFFIRM	429	250
TOTAL	15311.84	7340.24


charge off..no call no collection
ACIMA	841
RISE	3425
REGIONAL	2962
AVADIAN	1149
CREDIT FIRST/FIRESTONE	1844
	10221

Re: The final push...

FireMedic1 — Fri, 12 Aug 2022 22:13:09 GMT

@Superk88 wrote:
So on the charge offs just leave them be until they call me?

Trying to purchase a house next July and need a minimum score of 640...currenlty at 580

Thanks for posting the extra info. Since your going to be in the market to purchase a home under a year out. The Mortgage UW's will want to see no outstanding debts. That includes CO balances or any Collections. They'll all have to be settled/paid. Yes work with the OC's and get the CO's taken care of soon. As upthread. You dont want CA's added to your reports at all. Stop them in their tracks before that happens. Once the CO's are settled. You'll see a score rise. CO's are factured into your aggregate or overall revolving util %'s. Util % goes down. Scores go up. Interest rate goes down. See saw!

Re: The final push...

Superk88 — Sat, 13 Aug 2022 16:42:11 GMT

University Lending who done my wifes morgage in Florida told us for the VA loan charge offs would not have to be paid.

They refered me to a credit "repair" person they use. Was very skeptical about that. I have a bk7 but its 8 years old.

I'm not sure which route I wanna go. I have a spare car I could sell...maybe increase the nfcu loan..and pay/settle with everyone.

Re: The final push...

gdale6 — Sat, 13 Aug 2022 19:39:28 GMT

If they are updating monthly settle ASAP to stop that update as per CRA rules once an account that is closed reaches 0 balance it is to no longer be updated and the longer something derog ages back in time before your home loan pulls the better for you. Fico goes off the date of "last updated" to score an account.

Re: The final push...

Superk88 — Mon, 15 Aug 2022 18:59:22 GMT

So the charge offs that are not updating monthly should I mess with or leave for last.

Re: The final push...

Superk88 — Thu, 18 Aug 2022 21:15:03 GMT

So with a co signer we were approved for the loan.

Tomrrow I'm going to settle every single charge off and collection. The collections agreed to pay for delete and two of the charge offs agree to report paid in full instead of settled.

Hoping this improves scroes and paying this loan on time for a year will help mortgage chances

Re: The final push...

FireMedic1 — Fri, 19 Aug 2022 10:43:19 GMT

Settle or PIF results with the same thing. $0 Balance. Thats the goal. Congrats!

Re: The final push...

Superk88 — Fri, 19 Aug 2022 12:32:42 GMT

Thank you. Even thought thr accounts are charges iff i know thry can legally haunt me and i dont want that.

So everhthing settled...i am authorized user on a cc and this consolidation loan. Is there anything else i can do to help improve credit.

And with all the charge offs settled and paid i should lool better to lenders in the future

Car advice.

Superk88 — Wed, 12 Oct 2022 14:29:23 GMT

So wife is a stay at home mome...2 year old and 1 due in march.

We have 3 debts.

Mortgage $695

Wifes car $480

My debt 13k left $280

After all of our bills we have on average of 2k left per month for savings, groceries and gas.

Im trying my best to stay out of a car payment

I have 2 vehicles both 97 modes and honda accord and a silverado. The silverado means alot to me becuase it was my grandads.

I drive 90 miles a day and the honda is about to cost some repairs right now I'm looking at spending lmost 800 bucks.

Should I just sell the car and drive the chevy until my debt is paid off.

I could fix minor issues with the chevy and roll it for a few months. but being 25 year old I'm nervous about going to 1 car.

Re: Car advice.

FireMedic1 — Wed, 12 Oct 2022 15:02:41 GMT

I would. You still have things to take of in the final push thread.

Re: Car advice.

Superk88 — Tue, 18 Oct 2022 18:22:23 GMT

It sucks because both vehicles really need work...but the honda isn't really big enough for a car seat. The truck is.

Car needs a minimum of clutch replaced and tires..a little over 1k.

I can get 1500 for it and throw abot 700 into the truck for repairs and pocket 700.

Re: The final push...

JM761 — Tue, 18 Oct 2022 22:57:02 GMT

Glad you are getting CO paid. That is my recommendation. They would end up popping up on collections at some point, if they haven't already. By getting them paid off, they will update with new info ($0 balance, paid in full/settled with a recent date of oct 2022). The recent update may cause an initial drop in score but it will wear off in time. Better to tackle it now than have to pay the charge offs right before you are looking for a home. The price dip at that point will hurt more. Congratulations!

Re: The final push...

Superk88 — Thu, 20 Oct 2022 14:09:16 GMT

So just to update...still waiting on 1 account to report correctly and update

Before all my fico 8s were 550 and below This morning...

Fico 8s are

Experian 606

Transunin 600

Equifax 626

My experian

Morrtgage fico 2 670

fico auot score 2 647

Re: The final push... UPDATED

Superk88 — Tue, 22 Nov 2022 14:34:26 GMT

So Avadian finally updated my account to paid as charge off but it dropped my equifiax back to 599...I feel like after they report in december it will go back up. But they had two months of good payments then back to charge off . They have been a thorn in my side. Can they do it this way thought.

[img]https://i.imgur.com/sawgv9K.jpg[/img]

Should I just let it go and see what december reports as or try to get november removed as charge off since the account was paid in August.

Also the rest of my fico scores are all over the place. Should I try to open a new card to rebuild or still give them another month or two. I have a installment loan reporting on time to except to experian and then i'm a AU on my wife NFCU card.

[img]https://i.imgur.com/TZUPL4A.jpg[/img]

I'm just glad my mortgage score is higher that was the whole reason from clean up.