Feel like there is no hope

[crazynurse123]

I will freely admit I was very irresponsible with my credit in the past, however the past several years I have been working hard to improve my credit standing. I was even dumb enough to pay $600 for a credit repair company to 'fix' my credit when they did they exact same things I could have done on my own. Since I have found this site and have learned so much thru my lurking I've taken an even stronger stance on trying to fix things.  I recently pulled my 3 Bureau report and here's the ugly truth.

TU 507

Currently reporting 5 negative accounts and 4 collections(I know, I know). The crazy thing is 3 of the collections were paid off years ago, but they started reporting this year!

EQ 476

Reporting 8 negative acounts

EXP 542

Reporting 6 negative accounts.

I have been able to bring all past due accounts current since the last time I pulled my reports, except for one Bank of America credit card balance of $5500, plus an additional $1000 in interest and fees. This account has been charged off already, and I am currently working on preventing any other accounts from being charged off.

I hope to improve my scores enough in the next year or two to hopefully buy a home in two years. Is this an unrealistic goal?

Message Edited by crazynurse123 on 08-25-2007 03:08 PM

Message Edited by crazynurse123 on 08-25-2007 03:10 PM

Message Edited by crazynurse123 on 09-11-2007 05:07 PM

[cadavis0609]

Dispute the 3 collections that just started reporting with the CRA. It should report DOLA, not begin reporting this year, and while having them on your report is not good, the effects that they are having on your reports should be diminishing by now, not just beginning. Then once they get that fix, see if you can GW the companies, did you settle? Try a PFD.

[crazynurse123]

The only account I settled was a Discover acct,and I did that with the company prior to it falling into collections. The other collections are from an old apt complex and and old cable bill and telephone bill. I had moved, thought I was paid in full and once I realized my error paid both immediately. I have tried sending GW letters out for the first time this week, so now I am playing the waiting game.

[Anonymous]

Hi,

I am in somewhat the same situation. I neglected my bills in the past and its come back to haunt me.

However, the last several months I have made it a priority to keep my bills paid on time and have started paying off collections. My goal is to have them all paid off either by tax time or if anything I will pay the remainder with my taxes, then I will only have the issue of rebuilding my credit and from what I have done so far that is way harder because now I have the task of taking on extra responsibility such as a credit card pymnt or my loan pymnt. But I have spoken with my banker and she has given me some insight basically dont take on to many debts (which I think I have done ) and certainly dont over spend and above all make sure you make your pymnts on time and add a lil extra each month to bring down the amount owed. So far I have done this but again I think i have taken on to many extra responsibilities, so Im going to pay the 2 loans off I got and this will help with my increase income.LOL. Then I will have basically my credit card, my auto loan and an unsecured loan. I am hoping that after the 1st of the year all will be takin care of then I can just let everything sit and watch the score go up. Then in two years Im hoping to have a good report. I know all the stuff that I have paid off will be there on my report but when I apply for credit they will see that I have paid off my collections and that for two years I have been paying everything on time.

Anyhow, just my opinion but no I dont think its unrealistic to think you can accomplish your goals, you have to start somewhere, this is areally good site for information and support.

[Anonymous]

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crazynurse123 wrote:

The only account I settled was a Discover acct,and I did that with the company prior to it falling into collections. The other collections are from an old apt complex and and old cable bill and telephone bill. I had moved, thought I was paid in full and once I realized my error paid both immediately. I have tried sending GW letters out for the first time this week, so now I am playing the waiting game.

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what are the DOFD on all your CC?

The date the CA reported are not inportant BUT the date from the OC is.

baddies stay on your CR for 7-7.5 years from DOFD....If transferred or sold to a CA the date DOFD  does not change.

Post all your accounts...discover/CL/UTIL    open or closed

Date stated on CR for collections from apt.and utilities?

Know CRTP and SOL    this gives you an idea how to handle late bills.

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

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

[Anonymous]

---

thecrew74 wrote:

Hi,

I am in somewhat the same situation. I neglected my bills in the past and its come back to haunt me.

However, the last several months I have made it a priority to keep my bills paid on time and have started paying off collections. My goal is to have them all paid off either by tax time or if anything I will pay the remainder with my taxes, then I will only have the issue of rebuilding my credit and from what I have done so far that is way harder because now I have the task of taking on extra responsibility such as a credit card pymnt or my loan pymnt. But I have spoken with my banker and she has given me some insight basically dont take on to many debts (which I think I have done ) and certainly dont over spend and above all make sure you make your pymnts on time and add a lil extra each month to bring down the amount owed. So far I have done this but again I think i have taken on to many extra responsibilities, so Im going to pay the 2 loans off I got and this will help with my increase income.LOL. Then I will have basically my credit card, my auto loan and an unsecured loan. I am hoping that after the 1st of the year all will be takin care of then I can just let everything sit and watch the score go up. Then in two years Im hoping to have a good report. I know all the stuff that I have paid off will be there on my report but when I apply for credit they will see that I have paid off my collections and that for two years I have been paying everything on time.

Anyhow, just my opinion but no I dont think its unrealistic to think you can accomplish your goals, you have to start somewhere, this is areally good site for information and support.

---

CC payment history weighs more then any other form of credit on FICO scores. Your length of history also weighs in. If you do not have

When paying CC or auto or any loan. examp. CC     due date 1/30  $150..... When you first get your bill or online..when the new billing shows...make payment on 1/10...this cuts out 1 month of int. OR what I do

I can not afford to always pay at 1 time....I make partial payments every week   BUT always pay more then min.pmt. before due date.