Advice on Where to Begin...

[Anonymous]

Hi all! I could use some help on where to begin clearing up all this, as well as organizing the priorities of what's most important. I've been reading up on this for months, and can't seem to quite find the best answer for my particular situation.

OK, back in college had bad cards, blahblah usual problems, etc. The long and short of it is that all my old cards have fallen off my CR. Original student loan handler has fallen off, too (although US Dept of Ed still records the loan, as usual). I had a bad marriage shortly after school and blahblah usual problems. I ended up with a repossesion on my car.

Current CR shows
1- auto loan paid in good standing
1- reposession of another auto
1- random $30 collection that isn't mine, jan 2006
1- collection for 5.5 year old Credit Card X (one of those that had a $250 limit and $200 in initial fees.)
1- collection from Collection Agency A for this same 5.5 year old cc. $860.

I just got a letter from a *new* Collection Agency B saying that they bought the debt from Agency A. I can only assume that this means that Collection Agency B will have a collection listed on my CR shortly as well.

I have no current revolving credit, no mortgage, no auto loans. In short, NO POSITIVES. Recently declined for Target Red Card. (no positives and too many delinquincies were the reasons given.)

Scores were running EQ 589
TU 614
EX 599

I'll be headed back to college soon, and I have to get my student loans out of default so that I can get grants, etc. So, very shortly, also add US Dept of Ed with about $7500 listed on a loan default.

My CR shows addresses that are old, an employer that I haven't worked at for over 10 years, and the agencies won't let me fix them unless I snail mail in all kinds of paperwork, copies, etc. proving who I am and that I've moved. Don't know how this affects my scoring.

My boyfriend is willing to put me on as an AU on his M/C, but now I've just read about the AU not counting now.

I need a credit card or twelve to begin building. I have been 3 years without a car and need to get one (I live in L.A. With no car. Yikes.). I don't make a ton of money as a waitress, but I can learn to manage what I have. Can't do that with no cards. I don't want a ton of inquiries, and I also don't have a ton of money to stock away in secured cards. I'm also afraid to get secured cards now and close them later, as that might not look good on my account. When I graduate, I want to be able to get a mortgage. I also am trying to start a business, and am getting NOWHERE since my personal scores are so low.

So, what's my first step? What's the most important thing to fix? What is a way I can get some small credit to make positive payments so that I show some positives? I realize that just this small thing will help immensely, but I just can't make it happen.

Thanks for your help!

[Anonymous]

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Jennabean wrote:
Hi all! I could use some help on where to begin clearing up all this, as well as organizing the priorities of what's most important. I've been reading up on this for months, and can't seem to quite find the best answer for my particular situation.

OK, back in college had bad cards, blahblah usual problems, etc. The long and short of it is that all my old cards have fallen off my CR. Original student loan handler has fallen off, too (although US Dept of Ed still records the loan, as usual). I had a bad marriage shortly after school and blahblah usual problems. I ended up with a repossesion on my car.

Current CR shows
1- auto loan paid in good standing
1- reposession of another auto
1- random $30 collection that isn't mine, jan 2006
1- collection for 5.5 year old Credit Card X (one of those that had a $250 limit and $200 in initial fees.)
1- collection from Collection Agency A for this same 5.5 year old cc. $860.

I just got a letter from a *new* Collection Agency B saying that they bought the debt from Agency A. I can only assume that this means that Collection Agency B will have a collection listed on my CR shortly as well.

I have no current revolving credit, no mortgage, no auto loans. In short, NO POSITIVES. Recently declined for Target Red Card. (no positives and too many delinquincies were the reasons given.)

Scores were running EQ 589
TU 614
EX 599

I'll be headed back to college soon, and I have to get my student loans out of default so that I can get grants, etc. So, very shortly, also add US Dept of Ed with about $7500 listed on a loan default.

My CR shows addresses that are old, an employer that I haven't worked at for over 10 years, and the agencies won't let me fix them unless I snail mail in all kinds of paperwork, copies, etc. proving who I am and that I've moved. Don't know how this affects my scoring.

My boyfriend is willing to put me on as an AU on his M/C, but now I've just read about the AU not counting now.

I need a credit card or twelve to begin building. I have been 3 years without a car and need to get one (I live in L.A. With no car. Yikes.). I don't make a ton of money as a waitress, but I can learn to manage what I have. Can't do that with no cards. I don't want a ton of inquiries, and I also don't have a ton of money to stock away in secured cards. I'm also afraid to get secured cards now and close them later, as that might not look good on my account. When I graduate, I want to be able to get a mortgage. I also am trying to start a business, and am getting NOWHERE since my personal scores are so low.

So, what's my first step? What's the most important thing to fix? What is a way I can get some small credit to make positive payments so that I show some positives? I realize that just this small thing will help immensely, but I just can't make it happen.

Thanks for your help!

---

You say the 30.00 colection isnt yours send a DV letter and have them prove that it is.  If it is offer a pay for delete since paying it will not remove it from your reports.

If comp B bought the debt from Comp A you can look forward to another entry on your report if you dont PFD or settle now. 

Student loans. If they are federal call immediately and ask for  reduced forebearance or a deferral depending on which you wual for and start repaying until you get back in school where you can put them into an in-school deferment.  They are generally pretty easy to work with.

All employers and addresses are listed on you file and will be updated by your creditors.  The easiest way to do this is by getting that Dept of Ed loan straight and updating your info with them, they will in turn update with the bureaus when they report.

The 5.5 year old collection should fall off your reports in 1.5 years even if you do nothing at all.

[Anonymous]

What is your SOL?

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

more detail

1- reposession of another auto     

        when  month & year?

1- random $30 collection that isn't mine, jan 2006

      file a dispute will all CRA  that report it     as NOT MINE

1- collection for 5.5 year old Credit Card X (one of those that had a $250 limit and $200 in initial fees.)
1- collection from Collection Agency A for this same 5.5 year old cc. $860.

What is DOFD      look at CR   TU and EX will show when it will drop   If you can't find it call CRA and ask........this date is very important!!!!

[Anonymous]

In response to Brammy:::

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@Anonymous wrote:

You say the 30.00 colection isnt yours send a DV letter and have them prove that it is.  If it is offer a pay for delete since paying it will not remove it from your reports.

If comp B bought the debt from Comp A you can look forward to another entry on your report if you dont PFD or settle now. 

Student loans. If they are federal call immediately and ask for  reduced forebearance or a deferral depending on which you wual for and start repaying until you get back in school where you can put them into an in-school deferment.  They are generally pretty easy to work with.

All employers and addresses are listed on you file and will be updated by your creditors.  The easiest way to do this is by getting that Dept of Ed loan straight and updating your info with them, they will in turn update with the bureaus when they report.

The 5.5 year old collection should fall off your reports in 1.5 years even if you do nothing at all.

---

Thanks Brammy! Just a note to clarify, the student loan defaulted so long ago that the original creditor has fallen off my CR. The mention of it here is that when I call the Dept of Ed, I expect that a new listing on my CR will pop up, and it will state that I have a defaulted loan. Buh-bye crappy score, hello crappier one.

I am going to ride out the 5.5 year credit card and deal with the CA's. The DV letter will go out as soon as my address corrections hit, etc.

I guess it makes sense that my creditors would update addresses & such, but I wasn't employed at that place for ANY of the items listed on my file. Weird.

*****

And for HappyDays reply....

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@Anonymous wrote:

What is your SOL?

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

more detail

1- reposession of another auto     

        when  month & year?

1- random $30 collection that isn't mine, jan 2006

      file a dispute will all CRA  that report it     as NOT MINE

1- collection for 5.5 year old Credit Card X (one of those that had a $250 limit and $200 in initial fees.)
1- collection from Collection Agency A for this same 5.5 year old cc. $860.

What is DOFD      look at CR   TU and EX will show when it will drop   If you can't find it call CRA and ask........this date is very important!!!!

---

DOFD = about 5.5 years ago on the card. Never even bothered with CA A, nor have I talked with CA B yet. Neither of them have a payment date, period.

I will be disputing the $30 guy, of course.

Reposession was Nov 2004.

Hope this helps!

[Anonymous]

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@Anonymous wrote:

What is your SOL?

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

more detail

---

Oh, forgot to answer this part...

When I incurred these debts, I was in GA, so
Georgia
6 yrs written contracts
4 yrs oral contracts
6 yrs promissory notes
4 yrs open accounts / CCards

If it changes anything, I now live in CA, so now it's
California
4 yrs written contracts
2 yrs oral contracts
4 yrs promissory notes
4 yrs open accounts / CCards

How exactly does that affect me?

Thank you again!

[Anonymous]

the differance between SOL and CRTP

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=17466

SOL is the time in which a creditor can file a lawsuit.

In your case,because 2 states are involved, They can sue in either state.

The repo. should be at least 6 years SOL......remain on CR 7-7.5 years  The only thing that you can do is send a PFD    Which means pay what ever is owed...otherwise   do nothing & wait for it to drop

The CCC and CA  are past SOL.....can't sue.....dispute both with all CRAs that are reporting

CA   send a DV  CMRRR   to both the new & the old.  They must answer within 30 days or stop reporting!!

NEVER NEVER  talk to a CA or sign a DV or anything going to a CA

letter to send to CA       make all changes needed   send CMRRR!!!!!!!

August 26, 2007

Jones Collection Agency

222 1st Street

Noplace, FL33333

Re:      Account #:                   5555555

            Original Creditor:         Smith & Smith Corp

Dear Sir or Madam:

This letter hereby notifies you that the validity of this debt is in dispute. In an attempt to validate this debt, I am requesting evidence of this debt, specifically the alleged contract or other instrument bearing my signature, as well as proof of your authority in this matter. Absent such substantiation, under federal and state law you must correct any erroneous reporting to any and all credit reporting agencies

In accordance with Section 809 of the Fair Debt Collection Practices Act, Fair Credit Reporting Act and corresponding case law, please provide me, in writing, the following information:

1. A copy of the alleged original contract or other instrument bearing my signature
2. Complete account history, including, all statements, records of all activity, payments, collection attempts, and any charges added for collection activity; In short, any and all documentation pertaining to this account
3. Evidence of your authorization under 15 USC 1692(e) and 15 USC 1692(f) in this alleged matter
4. Evidence that your company is registered as a consumer collection agency in the State of Cali.

Additionally, until full validation is provided, all representatives of your company, or any affiliated company, must immediately cease & desist all attempts to collect the aforementioned debt. Failure of your company to comply with this request will be a violation of the Fair Debt Collection Practices Act and will directly result in a complaint filed with the Federal Trade Commission and the State Of Ca. Attorney General's office. Please be advised, should this request be violated, I will pursue all criminal and civil claims, including any and all punitive damages, allowable by federal and state law against your company.

Failure to respond, in writing, and in a timely manner, will serve as a waiver to any and all of your claims in this matter and that this matter is permanently closed. Please provide the requested information or correct your records and immediately request the removal of this invalid debt from all sources to which you may have reported.

For the purposes of 15 USC 1692 et seq., this Notice has the same effect as a dispute to the validity of the alleged debt and a dispute to the validity of your claims. This Notice is an attempt to correct your records, and any information received from you will be retained should further action become necessary. This is a request for information only, and is not a statement, election, or waiver of status.

I look forward to your timely response.

Best regards,

TYPE NAME    DO NOT SIGN!!!!

[Anonymous]

Happy Days,

I noticed that the end of your sample DV letter, you have DO NOT SIGN.  Is this to ensure that the creditor doesn't try to copy your signature??   Or is there a legal reason.  Would this be advisable for a PFD (which I'm not disputing is valid)?

[Anonymous]

Thanks Happy Days for your advice. I'll be jumping right on that, since I need to correct some issues and get positive credit soon.

However, I'd like to know more about the not signing thing, too. Why is that?

Thanks again!

[silly34]

*Bump*

I found this and am curious about the signature thing too.

B.

[Anonymous]

Sign something for me - I can generate just about anyrhing over your signature - and an expert would say it is your signature (well it is, scanned and pasted into who knows what)

Message Edited by Lady_Scarlet on 10-19-2007 10:10 AM