Need help...what should I do next???

[mtigger23]

Hi, I have been lurking on these boards for the past several weeks, and finally decided it is time for me to “come out”! I am 26 years old and I my credit stinks. I have been able to get some of my debts deleted from my report by disputing, but am still stuck with the following:

HSBC NV- Orchard CC in good standing

Golden 1 Credit Union - Auto loan in good standing

Crescent Jewelers - Paid off account, never late in good standing

Credigy Receivables $3525 (I have no ides what this is from, still comes back verified after dispute) stays on file till Jan 2008

Schools Financial Credit Union - $4117 (Auto loan charge off from not having gap insurance)

Stays on file till July 2008

1st National CC - Reporting at zero balance collection/charge off (I have no ides what this is from, still comes back verified after dispute)

Plains Commerce Bank - $422 collection/charge off . Stays on file till 7/2010

Dept of Education - Reporting at zero balance , I paid this way before it went to collections, but they keep verifying it.

AL Financial - $2721 Auto Loan Charge off, stays on file till 3/2011 (only on Experian)

Verizon - $0.00 Collection/Charge off

Fingerhut - Paid Collection Stays on file till 8/2008

Zenith Acquisition -$422 (have no idea what this is, just popped up, and I just disputed it)

What else can I do??? Any insight will be appreciated.

Trans Union only has one of my accounts on their file, so it wont generate a score for me.

Experian is 508

Equifax is 572

These scores are so embarrassing, no one I know, knows the situation I am in.

I would like to raise my scores as quickly as possible!

[Anonymous]

From what I have learned on here, I would suggest getting a secured credit card (I think BOA offers a good one) aside from your HSBC card. You need some more good credit to wipe out the bad... The collections that will come off next year I would leave alone because I dont think they are really affecting your score that much anymore. I would try GW on the collections/charge-offs that are paid and if it were me, I would get MOV on the collections that were verified but you don't know what they are. However, I don't know what your SOL is so I would look that up first.

Maybe someone will come along that can be more help than me, good luck!

[SmartCookie]

Hi there!

Don't be embarrassed... be proud you are on top of it at 26!  And you don't know what situation *they* are in.

My thoughts:

No new CCs right now, you don't need the denials or hard pulls.  Try to keep your HSBC at a good utilization.  Consider asking for a CL increase around January when Credigy drops if you have cleaned up some other stuff here.  Use it as a credit tool at the moment and pay cash where you can unless your util can handle it.  Make sure you do at least charge something small on it every month and pay it off as soon as the new bill generates.

Zenith Acquisition is the collector for Plains Commercial Bank it seems.  Chances are they haven't sold it yet so I suggest a PFD ASAP to Plains to settle that.  Make sure in the PFD that they agree to have Zenith remove their entry.

Work backwards date wise for other PFDs to attempt to clear the ones that will stay on for more years.  Do the smaller $ amounts first so you can get more cleared faster.  Attempt to get a settlement for less than the full amount on your PFD offers.

GW letters to the paid off OCs and CAs.  Repeat as needed every 60 days.

Again, you're doing great for 26.  That was the age I was messing up the best!

[Anonymous]

What is your SOL???

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

updated & more detail SOL

http://www.fair-debt-collection.com/SOL-by-State.html#7

Credigy Receivables $3525 (I have no ides what this is from, still comes back verified after dispute) stays on file till Jan 2008   send a DV  CMRRR

1st National CC - Reporting at zero balance collection/charge off (I have no ides what this is from, still comes back verified after dispute)     This could be related to Credigy      Send a letter to OC..also on TU and EX it will tell you what drop off date is

Fingerhut - Paid Collection Stays on file till 8/2008        send GW letters

Zenith Acquisition -$422 (have no idea what this is, just popped up, and I just disputed it)  If this doesn't drop        DV  CMRRR       they can sue if not past SOL  be careful

AL Financial - $2721 Auto Loan Charge off, stays on file till 3/2011 (only on Experian)    This is new and could be within SOL........they might sue if it is yours!

Verizon - $0.00 Collection/Charge off       check CR for drop off date...this could go with one of the CA  also           

Remember you need to know your SOL when dealing with anything that doesn have a date

[SmartCookie]

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HappyDays wrote: 

Remember you need to know your SOL when dealing with anything that doesn have a date

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Excellent point.

HappyDays... you don't think s/he should just wait out the Credigy at this point?  I'd be afraid to touch that one with only  14 or so weeks to go till deletion.

Edit: typo

Message Edited by SmartCookie on 09-26-2007 11:33 PM

[mtigger23]

Thanks for all your replys!

I'm in California, the SOL is 4 years.

[Anonymous]

I think you should apply for credit cards right now. Some of your bad stuff is going to drop off in the next couple of years, and since your credit rating is shot right now anyway, now IS the time to apply. Start building some good credit now, and begin to add to your payment history and your overall available amount of credit. Think of it in terms of "in two years I will be in a much better position" and if you establish some good payment patterns now, the whole thing is like taking your medicine: pay off what you can (in writing, do not sign your name, in exchange for ACTUALLY taking the baddies off the credit report), wait out the rest, and in the meantime build what you can. Don't sit around waiting for everything to be perfect again before you begin rebuilding.