Newbie needs advice!!

Anonymous · ‎10-01-2007

I have been a lurker for the past few months and finally decided to air out my dirty laundry and seek some advice. I have already read many of the posts that sound like mine; however, I was wondering if I could get more specific advice if I put out my specifics.

Anyway, all my debt comes from a very indulgent four years in college, and when I realized it was bad I decided to just ignore it until graduation...well now I have a real paying job and I'm facing the mistakes I've made.

So here's the specifics of my 7yr. Credit history.

102 Late payments (the last one was a year ago 9/06)

1 Repo!

Owed 4K left on the loan was $750 late didn't think I could ask my Parents for help.

5 accts paid/charged off (They all went to collections and I have paid all of them off!!)

2 accts still in collection and on payment plan. Didn't bargain with them to get them removed from report ( 1. $850, 2. $300)

2 accts I closed, paid in full, but it still shows on my report when I missed the payments

2 revolving accts open 1 is at 70% Util and the other is at 90% Util

12 Student loan accounts totaling 40K 8 of which I have applied for consolidation

I've been tracking my FICO scores and this is where I am at:
JULY TU: 574 EXP: 557 EQU: 575

OCT TU: 581 EXP: 587 EQU: 584

I am also looking to obtain financing for a car loan in Nov. Is it possible to get financing in my situation?

Any input would be great! Thanks in advance.

CreditDrama85 · ‎10-01-2007

when was the repo? my advice would be to start there....dispute it will all CRAs saying you paid the amount before the vehicle was repo'd or something to that affect?

wait the 30 days and see what they come back with.

if it is verified, try a GW with the lender of the repo.

if that does not work, send the a DV letter.

if all these methods have failed, request a re-investigation with the CRAs and hope they dont resolve your issue in 30 days (in which case they would have to delete the disputed accounts)

send all letters CMRRR , so that you have proof of when the clock starts ticking on your investigations.

other than this, my advice would be to not take on a lot of debt and make student loan payments on time.

you might want to try applying for one secured card, or the capital one "needs improvement card" to get some new tls.

hope i helped. good luck.

Anonymous · ‎10-01-2007

ncarruda wrote:
I have been a lurker for the past few months and finally decided to air out my dirty laundry and seek some advice. I have already read many of the posts that sound like mine; however, I was wondering if I could get more specific advice if I put out my specifics.

Anyway, all my debt comes from a very indulgent four years in college, and when I realized it was bad I decided to just ignore it until graduation...well now I have a real paying job and I'm facing the mistakes I've made.

So here's the specifics of my 7yr. Credit history.

102 Late payments (the last one was a year ago 9/06)
1 Repo! Owed 4K left on the loan was $750 late didn't think I could ask my Parents for help.
5 accts paid/charged off (They all went to collections and I have paid all of them off!!)
2 accts still in collection and on payment plan. Didn't bargain with them to get them removed from report ( 1. $850, 2. $300)
2 accts I closed, paid in full, but it still shows on my report when I missed the payments
2 revolving accts open 1 is at 70% Util and the other is at 90% Util
12 Student loan accounts totaling 40K 8 of which I have applied for consolidation

I've been tracking my FICO scores and this is where I am at:
JULY TU: 574 EXP: 557 EQU: 575
OCT TU: 581 EXP: 587 EQU: 584

I am also looking to obtain financing for a car loan in Nov. Is it possible to get financing in my situation?

Any input would be great! Thanks in advance.

dates are important!!!!!!! lates hurt less as they age (years) You can always send GW letters.

accounts that went to collections & PIF...they should drop 7-7.5 years from DOFD not payment.

You can send them GW also.

2 accounts on pmt plan...who is the plan with the OC or CA....was it a CO??? what year?

abbrevs link if needed

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=38534

Get your UTIL on CC WAY DOWN!!!

for best results keep below 10% UTIL

what is your SOL?

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

Message Edited by HappyDays on 10-01-2007 08:11 PM