Starting Over, Lord Help Me

[hotsauce]

I just joined myfico after being turned down for a home loan. I've had all the ups and down one might imagine. But now its time to buckle down and get this thing working again. So here are my questions: I have access to ~30k in cash, so do I pay off collections and if so which ones? The most current, oldest, all of them? I also have several account from like 1999, 2001 and 2002 that were charged off as bad debit, what should I do about those?? I also have a a tax lien from 2001 that went to Judgment and I plan on paying it off next week. Is this the right choice?? My current FICO with TU is 517, and I have to say I'm embarrassed as one can be considering how much money I make. I'm open to any and all suggestions, and I'm even willing to PM my info to someone for advice. Thanks advance!!!!

[pattycake]

Welcome to the forums!!!

Keep lurking, asking questions, and posting and you'll bring up your score by following the advice of these good people.

Do you have current copies of all your CRs?

[hotsauce]

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@pattycake wrote:
Welcome to the forums!!!

Keep lurking, asking questions, and posting and you'll bring up your score by following the advice of these good people.

Do you have current copies of all your CRs?

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Hey Patty! Thanks for the quick response. I have the one from TU. I thought I signed up for the one that gave me all three but I was so excited I chose the quarterly monitoring.

[Anonymous]

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@hotsauce wrote:
I just joined myfico after being turned down for a home loan. I've had all the ups and down one might imagine. But now its time to buckle down and get this thing working again. So here are my questions: I have access to ~30k in cash, so do I pay off collections and if so which ones? The most current, oldest, all of them? I also have several account from like 1999, 2001 and 2002 that were charged off as bad debit, what should I do about those?? I also have a a tax lien from 2001 that went to Judgment and I plan on paying it off next week. Is this the right choice?? My current FICO with TU is 517, and I have to say I'm embarrassed as one can be considering how much money I make. I'm open to any and all suggestions, and I'm even willing to PM my info to someone for advice. Thanks advance!!!!

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Welcome. Need a little more info to try and help you.

1. I do not own a home and never tried so I have to ask, do they want them paid or off your CR. Paid collections are just as bad as unpaid. Sometimes it can even hurt to pay them.

2. Are all of these valid debts?

3. What state are you in, what are the. DOFD/DOLA?

[Anonymous]

Hi hotsauce. welcome to the forums!

First I would wait until your scores & all collections are paid OR off your CR!! It will not happen overnight! But yes it can be done. (not easy or fast)

Know your SOL

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

SOL v CRTP

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

FICO treats paid & unpaid collections as the same....so if you PIF a collections it will stay on your CR until the drop date and it will read paid....no score jump

What we need to know is who is reporting the OC  CA or both......also the DOFD/DOLA  or when your CR says it will drop from CR.   This tells us how & who to start with.

The collections from 1999 should not be on your CR!!!!  that is past CRTP.....look at your EX and TU CR...it will say  will remain on CR until  month/year......or words to that effect.  If you can't find them call the CRAs and ask the date that it will drop.

We send DV letters to CAs   but never an OC!!!!      All letters go CMRRR

Any dispute with the CRAs  will update the TL and FICO will see the report date as a new baddie.

I would try a PFD to whoever has the judgment.....its worth a chance that they will accept payment and have it vacated.  A paid judgment will remain on your CR for 7 years fron date of payment!!!

Message Edited by HappyDays on 04-21-2008 11:24 PM

[fishbjc]

Hi hotsauce and Welcome!  You'll be back on track in no time at all!  Follow the sound advice you'll find here.  Definitely work on those collections....pfd absolutely!!!!!

[Anonymous]

Hey Hotsauce,

You can do it.......just think positive and read as many posts and articles as you can find within this forum!!! 

I started a few years back and have increased my Credit Scores from the 530's all the way up to 677 for one CR (EQ), it is current at 637 now as I just bought a car so the inquires for that and the new loan made it drop....the others CR (TU & EX) are above 600 but climbing slowing. 

Most of my badies were dated back between 1999-2003 so many have come off after "7" years and helped my score increase quite a bit after that happened.  I have a few remaining that will come off within the next few years that I have tried to get removed disputing with the CRA's by DVing without luck!  Sometimes DVing can back fire on you as they will just send the collection to another CA if they can not validate it and that starts the process all over again.....

In my experience and opinion...........I WOULD NOT............pay off any debts that are in collections, charge off or severally past due as another poster said it will just show as paid but will not help your credit score and will stay on your CR longer, from the date you paid it off, as that updated your DOLA!!!  For example, I have a CC that is charged off with a DOLA of 2/2003 and will come off my CR in 2010, however if I paid it off today it would update the DOLA to 4/2008 and wouldn't come off my CR until 2015!  Paying off old debts can hurt you I have found and heard many times!!! 

Though I would recommend if you have bad debt that is more recent or not in as bad of standing........to call and talk to the CC's (only).....never talk to CA's..........about working out a payment plan and seeing if you can get the negative items on your CR's removed if you pay them off or work out some sort of arrangement with them.  Sending GW letters to them is always a good idea!  This worked for me for two (2) student loans that were very behind..........I made a pay off arrangement with them and got in writting that they would remove all negatives from my CR's.......which helped my score a lot!

You should also invest in Credit Score monitoring for all your CR's if you can (this website has some very good ones.......I love Score Power)!  Also, do a through check of all three (3) of your CR in detail and fix any mistakes immediately (wrong names, dates, employer's).

Do you have a good balance of revolving credit accounts (CC's) and installment loans (car loans, personal loans)?  Is your UTI below 30%........if not work on getting that down right away........but make sure you still leave a little UTI, at least 10%, and always pay those bills on time............Paying Ontime & UTI are the biggest factors of your credit score!!!

Post as much detail (without personal information of course) as you can on this forum and you will get some great advice from many experts on what to do!

GOOD LUCK!!!  =)

[Anonymous]

There is nothing to be embarrassed about.

You should be proud that you have made it through tough times.

Keep reading the boards, folks here know their stuff and give excellent advice, but remember changes won't happen overnight, you gotta give it time.

Wounds take time to heal - so does your credit.

[hotsauce]

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@hotsauce wrote:
I just joined myfico after being turned down for a home loan. I've had all the ups and down one might imagine. But now its time to buckle down and get this thing working again. So here are my questions: I have access to ~30k in cash, so do I pay off collections and if so which ones? The most current, oldest, all of them? I also have several account from like 1999, 2001 and 2002 that were charged off as bad debit, what should I do about those?? I also have a a tax lien from 2001 that went to Judgment and I plan on paying it off next week. Is this the right choice?? My current FICO with TU is 517, and I have to say I'm embarrassed as one can be considering how much money I make. I'm open to any and all suggestions, and I'm even willing to PM my info to someone for advice. Thanks advance!!!!

---

OK Team here is my info, I have no idea where to start. What does "Unrated or bankruptcy mean? I've never filed bankruptcy. I've listed both Accounts and what I guess are "active" collections. I truly appreciate all your comments and advice I've received up to this point!!! Accounts Listed and Status Company Date opened Balance Status Ge Money Bank/Chevron Pl 7/2007 $238 Paid or paying as agreed Bank Of America 6/2007 $3,409 Paid or paying as agreed Capital One Bank Usa Na 7/2001 $2,052 Charged off as bad debt American Express 1/2004 $1,891 Collection account Capital One Bank Usa Na 3/2001 $1,344 Charged off as bad debt Applied Bank 5/2001 $899 Charged off as bad debt Hsbc Bank 6/2001 $0 Charged off as bad debt Washmtl/Prov 1/1999 $0 Charged off as bad debt Credit Card Chevron 7/2007 $0 Paid or paying as agreed Navy Federal Cr Un 3/2003 $0 Unrated or bankruptcy Mortgage Wells Fargo 9/2000 $0 Paid or paying as agreed Mortgage Litton Loan 7/1999 $0 Paid or paying as agreed Mortgage Ocwen Loan 5/2002 $0 Unrated or bankruptcy Vehicle Loan Gmac 9/2000 $0 Paid or paying as agreed Vehicle Loan Bmw Financial 11/2000 $0 Unrated or bankruptcy Vehicle Loan Ford Motor 1/2007 $33,044 Paid or paying as agreed Vehicle Loan Primus Finan 8/2001 $4,983 Paid or paying as agreed Vehicle Loan Wells Fargo 3/1994 $0 Payment after charge off/collection This account has late payments in the past Vehicle Loan Automobile Ac 10/2002 $0 Paid or paying as agreed Vehicle Loan Americredit 2/2001 $0 Paid or paying as agreed Vehicle Loan Regional Acce 2/1999 $0 Paid or paying as agreed ----------------------------------------------------------------------------- Collection Accounts: Collection on debt to: 01 Era Acquisitions Inc The collection agency "Elite Rcy Sv" was hired to collect a debt of $1,172 originally owed to "01 Era Acquisitions Inc" on account number "XXX6350". Collection agency [?] Elite Rcy Sv Original balance [?] $1,172 Current balance [?] $1,172 Status [?] Not Reported Date assigned [?] Jan 04, 2007 Date reported [?] Mar 15, 2008 Date last active [?] Not Reported Date paid [?] Not Reported Date closed [?] Not Reported Original lender [?] 01 Era Acquisitions Inc Account number [?] XXX6350 Type of account [?] Not Reported Account holder [?] Individual Type of credit [?] Not Reported Payment status [?] Not Reported Largest past balance [?] Not Reported Amount past due [?] Not Reported Account descriptions [?] Not Reported Collection on debt to: 10 Cox Communications Chantilly The collection agency "Crdt Ctrl Co" was hired to collect a debt of $331 originally owed to "10 Cox Communications Chantilly" on account number "XXXXXX0789". Collection agency [?] Crdt Ctrl Co Original balance [?] $331 Current balance [?] $331 Status [?] Not Reported Date assigned [?] Mar 12, 2007 Date reported [?] Jul 19, 2007 Date last active [?] Not Reported Date paid [?] Not Reported Date closed [?] Not Reported Original lender [?] 10 Cox Communications Chantilly Account number [?] XXXXXX0789 Type of account [?] Not Reported Account holder [?] Individual Type of credit [?] Not Reported Payment status [?] Not Reported Largest past balance [?] Not Reported Amount past due [?] Not Reported Account descriptions [?] Not Reported Collection on debt to: Med1 02 Radiologic Assoc Of Fred Lt The collection agency "Fcb" was hired to collect a debt of $79 originally owed to "Med1 02 Radiologic Assoc Of Fred Lt" on account number "XXXXXXXXXXXXX0111". Collection agency [?] Fcb Original balance [?] $79 Current balance [?] $79 Status [?] Not Reported Date assigned [?] May 18, 2005 Date reported [?] Jul 18, 2005 Date last active [?] Not Reported Date paid [?] Not Reported Date closed [?] Not Reported Original lender [?] Med1 02 Radiologic Assoc Of Fred Lt Account number [?] XXXXXXXXXXXXX0111 Type of account [?] Not Reported Account holder [?] Individual Type of credit [?] Not Reported Payment status [?] Not Reported Largest past balance [?] Not Reported Amount past due [?] Not Reported Account descriptions [?] Not Reported Collection on debt to: 01 Tonys Westside Athletic Club The collection agency "Union Cr Alb" was hired to collect a debt of $414 originally owed to "01 Tonys Westside Athletic Club" on account number "XX3729". Collection agency [?] Union Cr Alb Original balance [?] $414 Current balance [?] $414 Status [?] Not Reported Date assigned [?] Mar 22, 2004 Date reported [?] May 21, 2004 Date last active [?] Not Reported Date paid [?] Not Reported Date closed [?] Not Reported Original lender [?] 01 Tonys Westside Athletic Club Account number [?] XX3729 Type of account [?] Not Reported Account holder [?] Individual Type of credit [?] Not Reported Payment status [?] Not Reported Largest past balance [?] Not Reported Amount past due [?] Not Reported Account descriptions [?] Not Reported Collection on debt to: Mitchell Electric Membership The collection agency "Crburswga" was hired to collect a debt of $463 originally owed to "Mitchell Electric Membership" on account number "XXX2261". Collection agency [?] Crburswga Original balance [?] $463 Current balance [?] $463 Status [?] Not Reported Date assigned [?] Sep 23, 2003 Date reported [?] Nov 30, 2003 Date last active [?] Not Reported Date paid [?] Not Reported Date closed [?] Not Reported Original lender [?] Mitchell Electric Membership Account number [?] XXX2261 Type of account [?] Not Reported Account holder [?] Individual Type of credit [?] Not Reported Payment status [?] Not Reported Largest past balance [?] Not Reported Amount past due [?] Not Reported Account descriptions [?] Not Reported Collection on debt to: Med1 Practice Plus Of Swga The collection agency "Crburswga" was hired to collect a debt of $121 originally owed to "Med1 Practice Plus Of Swga" on account number "XXX3646". Collection agency [?] Crburswga Original balance [?] $121 Current balance [?] $121 Status [?] Not Reported Date assigned [?] Sep 08, 2003 Date reported [?] Oct 31, 2003 Date last active [?] Not Reported Date paid [?] Not Reported Date closed [?] Not Reported Original lender [?] Med1 Practice Plus Of Swga Account number [?] XXX3646 Type of account [?] Not Reported Account holder [?] Individual Type of credit [?] Not Reported Payment status [?] Not Reported Largest past balance [?] Not Reported Amount past due [?] Not Reported Account descriptions [?] Not Reported Collection on debt to: Med1 Practice Plus Of Swga The collection agency "Crburswga" was hired to collect a debt of $90 originally owed to "Med1 Practice Plus Of Swga" on account number "XXX1038". Collection agency [?] Crburswga Original balance [?] $90 Current balance [?] $90 Status [?] Not Reported Date assigned [?] Jun 01, 2003 Date reported [?] Aug 01, 2003 Date last active [?] Not Reported Date paid [?] Not Reported Date closed [?] Not Reported Original lender [?] Med1 Practice Plus Of Swga Account number [?] XXX1038 Type of account [?] Not Reported Account holder [?] Individual Type of credit [?] Not Reported Payment status [?] Not Reported Largest past balance [?] Not Reported Amount past due [?] Not Reported Account descriptions [?] Not Reported

[hotsauce]

Here is a repost that I hope looks a lot better. These are my Accounts. I will post my collections next.

Capital One Bank Usa Na
Status as of [?] Apr, 2008
Date opened [?] Jul, 2001
Date of last activity [?] Aug, 2002
Date paid out [?] Not Reported
Date closed [?] Jun, 2003
Account number [?] XXXXXXXXXXXX
Loan type [?] Credit Card
Credit limit [?] $200
Largest past balance [?] $902
Terms [?] Not Reported
Account Type [?] Revolving Account
Account holder [?] Individual Account
Scheduled payment amount [?] Not Reported
Account status [?] Account is Closed
Descriptions [?]

* Canceled by credit grantor

American Express
Status as of [?] Sep, 2006
Date opened [?] Jan, 2004
Date of last activity [?] May, 2005
Date paid out [?] Not Reported
Date closed [?] Sep, 2005
Account number [?] XXXXXXXXXXXXXXXXXX
Loan type [?] Credit Card
Credit limit [?] Not Reported
Largest past balance [?] $1,891
Terms [?] Not Reported
Account Type [?] Open Account
Account holder [?] Individual Account
Scheduled payment amount [?] Not Reported
Account status [?] Account is Closed
Descriptions [?]

* Canceled by credit grantor

Capital One Bank Usa Na
Status as of [?] Apr, 2008
Date opened [?] Mar, 2001
Date of last activity [?] Aug, 2002
Date paid out [?] Not Reported
Date closed [?] Apr, 2003
Account number [?] XXXXXXXXXXXX
Loan type [?] Credit Card
Credit limit [?] $200
Largest past balance [?] $650
Terms [?] Not Reported
Account Type [?] Revolving Account
Account holder [?] Individual Account
Scheduled payment amount [?] Not Reported
Account status [?] Account is Closed
Descriptions [?]

* Canceled by credit grantor

Applied Bank
Status as of [?] Nov, 2006
Date opened [?] May, 2001
Date of last activity [?] Aug, 2002
Date paid out [?] Not Reported
Date closed [?] Dec, 2002
Account number [?] XXXXXXXXXXXX
Loan type [?] Credit Card
Credit limit [?] $400
Largest past balance [?] $899
Terms [?] Not Reported
Account Type [?] Revolving Account
Account holder [?] Individual Account
Scheduled payment amount [?] Not Reported
Account status [?] Account is Closed
Descriptions [?]

* Profit and loss writeoff

Hsbc Bank
Status as of [?] May, 2005
Date opened [?] Jun, 2001
Date of last activity [?] Aug, 2002
Date paid out [?] Aug, 2002
Date closed [?] Feb, 2003
Account number [?] XXXXXXXXXXXX
Loan type [?] Credit Card
Credit limit [?] $0
Largest past balance [?] Not Reported
Terms [?] Not Reported
Account Type [?] Revolving Account
Account holder [?] Individual Account
Scheduled payment amount [?] Not Reported
Account status [?] Account is Closed
Descriptions [?]

* Purchased by another lender

Washmtl/Prov
Status as of [?] Sep, 2004
Date opened [?] Jan, 1999
Date of last activity [?] Sep, 2004
Date paid out [?] Sep, 2004
Date closed [?] Mar, 2003
Account number [?] XXXXXXXXXX
Loan type [?] Credit Card
Credit limit [?] $2,900
Largest past balance [?] $4,321
Terms [?] Not Reported
Account Type [?] Revolving Account
Account holder [?] Individual Account
Scheduled payment amount [?] Not Reported
Account status [?] Account is Closed
Descriptions [?]

* Purchased by another lender

Wells Fargo Financial
Status as of [?] Nov, 2004
Date opened [?] Mar, 1994
Date of last activity [?] Not Reported
Date paid out [?] Not Reported
Date closed [?] Nov, 2004
Account number [?] XXX
Loan type [?] Automobile
Credit limit [?] Not Reported
Largest past balance [?] $14,108
Terms [?] 60 Monthly
Account Type [?] Installment Account
Account holder [?] Individual Account
Scheduled payment amount [?] $388
Account status [?] Account is Closed
Descriptions [?]

* Paid profit and loss