Help Please

[Anonymous]

I posted this in rebuilding credit but haven't gotten any help was hoping to have more luck here.  Thanks

I am in the process of trying to rebuild my credit like many others here. I need to know which to pay off first.

I had lost my job and things spiraled out of control and now I need to get them fixed. Now I am in position to do so. I know things won't happen overnight but I have to start somewhere.

I have a CO of 1979 with Cap1 and as of July 11' it was at 2600. I tried to call and work things out with them and they would not so unfortunately I made the mistake of letting it just go and now its a big baddie on my credit. Its scheduled to record until 2016 but I want to get it off and buy a house or try to make a settlement amount or something to improve my scores.

I have a Closed Band of america card it was nearly maxed out at 4,952 of a 5k balance. I pay on this monthly and have two late payments of 90 days on the history and have not been late in over a year and a half and owe 1800 on it now.

I have a Discover Card that was over the credit limit of a 1000 with a high balance of 1479 and now only owe 400.This account was closed by them due to a 180 day late payment history.

I got a Kay Jewler Card in June of 11 with a 500 limit and never used it.

I have am a Co signer on a Helberg diamond card that I owe 1500 on had a limit of 5500 and used 3500 of it. I had this card since dec 2010, however it is not reporting to transunion or experian. I know I can send a letter requesting it be reported as I am making all the payments on time and have never been late.

I have student loans in good standing but are in deferment status right now. One I owe 977 on but it shows up twice on my report but it is the same account number and I have another balance with the same company that also shows up twice as 433. I believe this is eating up my credit line since it shows up twice.

I have about 6000 dollars cash to work with right now to get things in motion to pay off, ptd, whatever I need to do in order to get my credit improved but I'm not sure what my best options are.

I greatly appreciate any help.

My scores are trans: 602, experian 551, and equifax 613.

[Anonymous]

I am in the process of trying to rebuild my credit like many others here. I need to know which to pay off first.

I had lost my job and things spiraled out of control and now I need to get them fixed. Now I am in position to do so. I know things won't happen overnight but I have to start somewhere.

I have a CO of 1979 with Cap1 and as of July 11' it was at 2600. I tried to call and work things out with them and they would not so unfortunately I made the mistake of letting it just go and now its a big baddie on my credit. Its scheduled to record until 2016 but I want to get it off and buy a house or try to make a settlement amount or something to improve my scores.

I have a Closed Band of america card it was nearly maxed out at 4,952 of a 5k balance. I pay on this monthly and have two late payments of 90 days on the history and have not been late in over a year and a half and owe 1800 on it now.

I have a Discover Card that was over the credit limit of a 1000 with a high balance of 1479 and now only owe 400.This account was closed by them due to a 180 day late payment history.

I got a Kay Jewler Card in June of 11 with a 500 limit and never used it.

I have am a Co signer on a Helberg diamond card that I owe 1500 on had a limit of 5500 and used 3500 of it. I had this card since dec 2010, however it is not reporting to transunion or experian. I know I can send a letter requesting it be reported as I am making all the payments on time and have never been late.

I have student loans in good standing but are in deferment status right now. One I owe 977 on but it shows up twice on my report but it is the same account number and I have another balance with the same company that also shows up twice as 433. I believe this is eating up my credit line since it shows up twice.

I have about 6000 dollars cash to work with right now to get things in motion to pay off, ptd, whatever I need to do in order to get my credit improved but I'm not sure what my best options are.

I greatly appreciate any help.

My scores are trans: 602, experian 551, and equifax 613.

[john398]

what is your goal? to pay off bills or raise your score?

[bichonmom]

---

@Anonymous wrote:

I posted this in rebuilding credit but haven't gotten any help was hoping to have more luck here.  Thanks

I am in the process of trying to rebuild my credit like many others here. I need to know which to pay off first.

I had lost my job and things spiraled out of control and now I need to get them fixed. Now I am in position to do so. I know things won't happen overnight but I have to start somewhere.

I have a CO of 1979 with Cap1 and as of July 11' it was at 2600. I tried to call and work things out with them and they would not so unfortunately I made the mistake of letting it just go and now its a big baddie on my credit. Its scheduled to record until 2016 but I want to get it off and buy a house or try to make a settlement amount or something to improve my scores.

I have a Closed Band of america card it was nearly maxed out at 4,952 of a 5k balance. I pay on this monthly and have two late payments of 90 days on the history and have not been late in over a year and a half and owe 1800 on it now.

I have a Discover Card that was over the credit limit of a 1000 with a high balance of 1479 and now only owe 400.This account was closed by them due to a 180 day late payment history.

I got a Kay Jewler Card in June of 11 with a 500 limit and never used it.

I have am a Co signer on a Helberg diamond card that I owe 1500 on had a limit of 5500 and used 3500 of it. I had this card since dec 2010, however it is not reporting to transunion or experian. I know I can send a letter requesting it be reported as I am making all the payments on time and have never been late.

I have student loans in good standing but are in deferment status right now. One I owe 977 on but it shows up twice on my report but it is the same account number and I have another balance with the same company that also shows up twice as 433. I believe this is eating up my credit line since it shows up twice.

I have about 6000 dollars cash to work with right now to get things in motion to pay off, ptd, whatever I need to do in order to get my credit improved but I'm not sure what my best options are.

I greatly appreciate any help.

My scores are trans: 602, experian 551, and equifax 613.

---

If you add up your 3 delinquent balances, it comes to $4800, so you're in a position to PFD. I would write letters -- if you search the forum, you should find some info -- and try to get them to remove the delinquent info in exchange for payment in full. I'm not saying not to pay them at all, but if you pay w/o a PFD agreement, it isn't going to help your credit situation. A paid collection scores the same as unpaid.

That leaves you $1200. Since your student loan is in deferment, you might want to look into opening a secured credit card and possibly a secured installment loan. You can get the loan with a deposit that the bank holds, and then take that money and deposit it for a secured credit card. I'm not sure if a bank or CU would approve even a secured loan/CC with open CAs, though. So, you might want to try and take care of those first. In the meantime, I'd contact your local bank and some CUs and tell them your situation and see if someone is willing to work with you and set up secured loans/CCs.

I'm not familiar w/SLs, so you might want to post just about that issue on the SL section of the forum. It seems like you should be able to write a letter to the OC and ask them to remove the duplicate entry. You'll probably have better luck going that route rather than disputing w/CRAs. They usually just come back verified, even when they aren't accurate.

[bichonmom]

I am in the process of trying to rebuild my credit like many others here. I need to know which to pay off first.

I had lost my job and things spiraled out of control and now I need to get them fixed. Now I am in position to do so. I know things won't happen overnight but I have to start somewhere.

I have a CO of 1979 with Cap1 and as of July 11' it was at 2600. I tried to call and work things out with them and they would not so unfortunately I made the mistake of letting it just go and now its a big baddie on my credit. Its scheduled to record until 2016 but I want to get it off and buy a house or try to make a settlement amount or something to improve my scores.

I have a Closed Band of america card it was nearly maxed out at 4,952 of a 5k balance. I pay on this monthly and have two late payments of 90 days on the history and have not been late in over a year and a half and owe 1800 on it now.

I have a Discover Card that was over the credit limit of a 1000 with a high balance of 1479 and now only owe 400.This account was closed by them due to a 180 day late payment history.

I got a Kay Jewler Card in June of 11 with a 500 limit and never used it.

I have am a Co signer on a Helberg diamond card that I owe 1500 on had a limit of 5500 and used 3500 of it. I had this card since dec 2010, however it is not reporting to transunion or experian. I know I can send a letter requesting it be reported as I am making all the payments on time and have never been late.

I have student loans in good standing but are in deferment status right now. One I owe 977 on but it shows up twice on my report but it is the same account number and I have another balance with the same company that also shows up twice as 433. I believe this is eating up my credit line since it shows up twice.

I have about 6000 dollars cash to work with right now to get things in motion to pay off, ptd, whatever I need to do in order to get my credit improved but I'm not sure what my best options are.

I greatly appreciate any help.

My scores are trans: 602, experian 551, and equifax 613.

[Anonymous]

Thank you for the advice. I am trying to raise the score as quickly as possible. I hope they are willing to do the pfd I know there's a good chance I will need to be persistant in sending them out.

[Anonymous]

---

@Anonymous wrote:

Thank you for the advice. I am trying to raise the score as quickly as possible. I hope they are willing to do the pfd I know there's a good chance I will need to be persistant in sending them out.

---

Make sure you get something from them in writing regarding the PFD - otherwise you really have no recourse if you pay and they don't delete it! But yes, paying those off and making sure they get removed from all your reports will definitely help your credit profile.

Like recommended above, you should also get the duplicate student loan removed. In *theory*, in the long term, it could be beneficial for your AAOA if you had it reporting as duplicate, but right now it's not really helping you. Then again, installment loan balances don't seem to count towards your score nearly as much as revolving balances.

Other than that, the secured card route does seem like your best choice. Of course, if you wait until all the baddies are removed from your report, you might be able to qualify for an unsecured card.

What you really want to focus on is getting the chargeoff removed completely. With the late payments from BofA and Discover, I'd see if they'll agree to delete the baddies but still keep the tradelines as reporting - even if they're closed, if there's no negatives showing anymore, it'll be good towards your credit profile. The main danger I see is if all 3 agree to PFD and actually delete the whole tradelines, you won't have much of anything showing up on your credit file at that point.

[Anonymous]

That's the one thing that I've been worried about is deleting all of my history. I know that would be probably worse than having them on them. I'm going to give the pfd on just the late payments and hopefully keep the tradlines reporting.

Would it be beneficial to open the BoA card back up? There's a very good possiblility that I could get that to happen especially if I paid off the balance, but I'd rather do a 2 for 1 open it back up and pfd on the negatives in exchange for full payment if that will help even more.

[smc733]

---

@Anonymous wrote:

Would it be beneficial to open the BoA card back up? There's a very good possiblility that I could get that to happen especially if I paid off the balance, but I'd rather do a 2 for 1 open it back up and pfd on the negatives in exchange for full payment if that will help even more.

---

BofA probably won't re-open an account that is delinquent.  

[Walt_K]

You can try anything, but generally it is PFD which gets rid of the entire tradeline, or GW, which gets rid of just the negatives, yet still could result in deletion of the entire tradeline.  If you have a chargeoff with CapOne, I think you're going to be in better shape getting rid of the entire tradeline.  If they'll agree to that, that's a win for you.  An account where you have only a couple late payments and they are several years old might be worth holding on to, but I would think you'd want to get rid of collections and charge offs.  My scores are in the 700s and I have several accounts with late payments including several reaching 120 and 150 days late.  They are all over 3 years old now.  I saw major jumps when they hit the two year mark. 

[Chris123nTx]

I agree with others in most respects about offering a pay for deletion. You are in a position where worrying about losing history should not be a concern at all. Whatever you can get rid of by paying and getting them deleted is all to the good.

Having said that, i would tell you to pay off the student loans first and in full. I know they are in deferment, but as you probably know, nothing short of you dying can remove the liability of a student loan. As you have found out, life and choices happen and can get in the way of a good plan. Credit cards, loans, cars, etc can all, worst case, be handled in a BK court; not so with student loans.

Just my opinion of course. Smart debt management might contrdict me, but, read the student loan forums here and you will see how quick they can get out of control.