Bad Credit Question

[Anonymous]

Hello everyone-

currently have about 12 collections/charge offs on CR- Reports show that they will fall off report Mid 2023. Have about 3 good standing low limit credit cards. Is BK an option now or just wait for all the negatives to fall off? Current scors range between 575-632 depending if i carry balances. Thanks for all the help!

[Girlzilla88]

In all honesty if you can avoid a BK I would 2023 isn't that far out and you may be ablet to get rid of some of those sooner.     If you do a BK it will stay ANOTHER 7-10 years on your information and hinder certain chances depending on what Chapter you file and stipulations etc.

[Anonymous]

Thx so much for the response! I feel you are right. I've tried in the past to remove some of the negative but most came back as being validated so I may just wait it out now. 

[OmarGB9]

Well another option is, of course, to pay/settle if you can. How much do you owe? How much can you pay monthly?

[Anonymous]

Long story. Spouse lost job so I paid rent and food instead of cc's. Owe roughly 14K-kinda hard to pay or settle at this point with smaller income. Thank you 

[Brian_Earl_Spilner]

You should list out who the collections and chargeoffs are with along with the amounts. We may be able to help you speed up your rebuild depending on who they are.

[Anonymous]

Wow you guys are awesome. I will. Will do it in a bit. Thank you so much. 

[Anonymous]

ok- here is the list of all the negatives:

Portfolio(USBank) $5931

Portfolio(USBank)$2588

Portfolio(Synchrony) $449

Portfolio(Synchrony)$407

Midland Funding(Citibank)$1313

Midland Funding(Synchrony)$1153

Midland Funding(Synchrony)$669

Target/TD Bank $1359 -shows as closed acct/CO

Shell/Citibank$475-shows as closed/CO

USBANK $2399 LOC/ shows as closed/CO

All disputed but meet FCRA requirements report says.

Every single trade still reports as current.

thanks guys for any  help!

[OmarGB9]

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@Anonymous wrote:

ok- here is the list of all the negatives:

Portfolio(USBank) $5931

Portfolio(USBank)$2588

Portfolio(Synchrony) $449

Portfolio(Synchrony)$407

Midland Funding(Citibank)$1313

Midland Funding(Synchrony)$1153

Midland Funding(Synchrony)$669

Target/TD Bank $1359 -shows as closed acct/CO

Shell/Citibank$475-shows as closed/CO

USBANK $2399 LOC/ shows as closed/CO

All disputed but meet FCRA requirements report says.

Every single trade still reports as current.

thanks guys for any  help!

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Well, the good news is 7 of those will PFD whether settled or paid in full. Portfolio (assuming you mean Portfolio Recovery Associates?) and Midland delete.

Also, yes disputing will do nothing but further ding your scores. You know the debts are valid, and the creditors do too, so there is nothing to dispute.

Do you have any extra income to put towards debts? Possibility of a second job/spouse finding a new job?

[sccredit]

Are these all past SOL? If so bankruptcy makes no sense. I agree with PFD at some point but your main focus has to be paying bills today and going forward.