topic Re: Help Please in Rebuilding Your Credit

Help Please

davir3351 — Tue, 07 Jul 2009 01:21:48 GMT

I have 4000 dollarsw to invest in building my credit I was thinking of getting 4 secured ccs 1000 each please give me some suggestions my credit score is 405 i have 6 baddies on there and i just started paying 2 back. Tell me how you would invest 4 grand if u were in the same situation.

Re: Help Please

Anonymous — Tue, 07 Jul 2009 02:19:28 GMT

For what its worth, I might consider paying off any CAs with PFDs, chalk things up to experience and wait out the time. Otherwise, even if you're like me where you a fighting a CA who has a bogus debt, you don't have to worry YEARS down the road. My issue right now is that a collection that I had an issue with and have been fighting (successful so far, thanks to DVs and God) is up for SOL deadline next month. But I'm in a catch 22: If they file suit and I pay before trial, then that will reset the CRA reporting clock, meaning what should have been a 7 year process would become 14 years because of the payment. But had I caved in and just paid, I'd be free and clear to continue building positive credit now. But alas, I will have to watch the mail for the next month or so...

Re: Help Please

aquatic1 — Tue, 07 Jul 2009 02:25:42 GMT

@Anonymous wrote:
For what its worth, I might consider paying off any CAs with PFDs, chalk things up to experience and wait out the time. Otherwise, even if you're like me where you a fighting a CA who has a bogus debt, you don't have to worry YEARS down the road. My issue right now is that a collection that I had an issue with and have been fighting (successful so far, thanks to DVs and God) is up for SOL deadline next month. But I'm in a catch 22: If they file suit and I pay before trial, then that will reset the CRA reporting clock, meaning what should have been a 7 year process would become 14 years because of the payment. But had I caved in and just paid, I'd be free and clear to continue building positive credit now. But alas, I will have to watch the mail for the next month or so...

Paying a bill off will not reset the reporting time on your CR. If the bill you have is scheduled to come at a particular time and it has reached the 7-71/2 year mark it will come off your report. The DOFD cannot be changed. Its a violation if that happens. I am sure a more experienced person will come along and explain it better!

Re: Help Please

RobertEG — Tue, 07 Jul 2009 06:06:25 GMT

I dont think the OP issue was DOFD or falloff date,. They appear to be solid debts within SOL.

Get the baddies under control, through PFDs, etc.

Dont let the baddies escalate from delinquencies to COs, then to CAs, and then to legal suits,

I dont see that apps for new credit will help FICO.