How should I proceed with collection accounts if I want to buy a home in Mar/Apr 2008?

[Anonymous]

I currently have the following FICO scores:

TU 675

EQ 652

EX 644

I just paid all down to 10% Util last Fri and will pay down to 0% Util in the 2nd wk of November.

I would like to buy a home/condo in Mar/Apr 2008 and need advice as to how to handle my collection accounts.

1.Corporate Collections: $83 from 05/03 (old RCN cable account)

2.Credit Protection Associates: $110 from 10/04 (old Comcast account)

3.F&W LLC: Shows balance $419 but it is really the $110 from the above old Comcast account?

4.Lord & Taylor: Charge off from 04/05 (account status: collection)

5.LVNV Funding: $370 from 09/05 (old MCI account)

Should I send PFD letters? or call them? Does it help that I want to clear these before the end of this year?

Any advice would be greatly appreciated.

[John060675]

DO NOT CALL THEM!  Only in writing.  Offer the PFD option.  Only deal with them in writing, and do not settle for anything else.  They might try calling you, but do not speak to them.  Say you will deal only in writing.

Also, there was a post earlier this week with the poster giving an example of a PFD response that was unclear.  I cannot find it now, but it is a good example of the crap they will try to pull.  Make sure it is clear in their writing that they will delete upon payment.

Good luck!  Keep us posted!

[Anonymous]

Thanks again "Thumbs Up" John,

Got it - Do I offer the full amount for each or a certain % when I send the PFD's?  

[John060675]

You best chance would be with a full payment, but I have heard about people getting a PFD for less.  You might want to try with the oldest ones, since it could be past the SOL.  They might be willing to work with you a little.  I doubt the most recent ones would budge.

Since you are looking for a house upcoming, I would try to get it off your record ASAP by not offering less.  This is my thought.

Good luck!

[John060675]

Sorry, thank you for the "thumbs up".  I am a little slow in thinking sometimes

[Anonymous]

I'm going to type the PFD letters now.

I have a few older paid collections that will not fall off until later in 2008 & 2010 (Now I know I should have done PFD letters but what happened in the past is water under the bridge .....).

Should I then send GW letters for these?  

What if only 1 CRA is reporting each of these - will this cause the others to put them back on my credit reports?

[John060675]

It is possible that they could report to the other 2 CRA's, but in my situation they did not.  In fact, I have had fairly good luck in old collections getting them removed by GW letters.

The only one I have not had luck with is Cap 1.  I am on my 7th or 8th GW letter, and no luck so far.  I will not give up though, and neither should you!

[Anonymous]

I'll keep my fingers crossed.

How should I handle the same account reported twice by 2 different CA's? (see below)

2.TU/Credit Protection Associates: $110 from 10/04 (old Comcast account)

   Balance date shows: 05/05

3.TU/F&W LLC: Shows balance $419 but it is really the $110 from the above old Comcast account?

    Balance date shows: 09/06

I hope and pray that the $110 didn't turn into $419 in this amount of time ......

Any advice?

[Anonymous]

bump