2nd Chance for Rebuilding

[Anonymous]

I filed for chapter 7 in 2014 (And burned all the majors in the process with the exception of American Express) and had a clean slate and got in to my old ways of going crazy on the applications. Eventually, I defaulted on my cards and had my car repossessed. 

This is where I currently stand. Just for giggles, my lowest point was in November 18 with a FAKO of 548.

• Experian 604 - FICO 8
• TransUnion 606 FAKO
• Equifax 624 FAKO
• Lendup Card (11 months)-  $1,500 CL $1,259 Utilization
• Credit One Bank (14 months) - $700 CL - $608 Utilization
• Selflender - $1,000 (Completed)
• Jeweler Club (2 months) - $5000 CL $35 Utilization

I spent the morning talking to the baddies to negotiatethe numbers down. 

The Baddies:

• Portfolio Recovery - $3,548 - Negotiated down to $2,600 broken up in to 2 payments (Should complete by early July)
• Cavalry Portfolio - $3,004 - Made a negotiated single payment of $1,652.50 - They said it should be deleted in 30-60 days
• Ally - Repo $12,276.69 -  Four monthly payments of $1.075 for a total of $4,300

I will be paying the Credit One and Lend Up down to $0 next week so hoping to get a 15-20 point bump from this.

My roommate was in the Navy and since I live with him, I'm eligible to open an account so will be doing this shortly,. 

Any constructive feedback? How do you think I'm doing?

[Remedios]

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@Anonymous wrote:

I filed for chapter 7 in 2014 (And burned all the majors in the process with the exception of American Express) and had a clean slate and got in to my old ways of going crazy on the applications. Eventually, I defaulted on my cards and had my car repossessed. 

This is where I currently stand. Just for giggles, my lowest point was in November 18 with a FAKO of 548.

• Experian 604 - FICO 8
• TransUnion 606 FAKO
• Equifax 624 FAKO
• Lendup Card (11 months)-  $1,500 CL $1,259 Utilization
• Credit One Bank (14 months) - $700 CL - $608 Utilization
• Selflender - $1,000 (Completed)
• Jeweler Club (2 months) - $5000 CL $35 Utilization

I spent the morning talking to the baddies to negotiatethe numbers down. 

The Baddies:

• Portfolio Recovery - $3,548 - Not negotiated yet 
• Cavalry Portfolio - $3,004 - Made a negotiated single payment of $1,652.50 - They said it should be deleted in 30-60 days
• Ally - Repo $12,276.69 -  Four monthly payments of $1.075 for a total of $4,300

I will be paying the Credit One and Lend Up down to $0 next week so hoping to get a 15-20 point bump from this.

My roommate was in the Navy and since I live with him, I'm eligible to open an account so will be doing this shortly,. 

Any constructive feedback? How do you think I'm doing?

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Hi and welcome to the forums! 

The good news is, portfolio recovery will delete too, once it's paid off. 

Joining NFCU is great, if you can snag a card, that would be even better. Pay down baddies, and then stop applying for additional credit. Let what you have age. Once your collections and repo stop reporting, your scores can start recovering. 

After 6 months to a year you will be in a lot better position when it comes to apps. 

Good luck! 

[Anonymous]

I'm very happy that a good chunk of these robocallers will stop now.

[Remedios]

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@Anonymous wrote:

I'm very happy that a good chunk of these robocallers will stop now.

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I remember those days 

It will be okay, you're working on it and doing great. 

[Anonymous]

Forgot my password so had to create a new account.

Current updates:
-Calvary showed paid in about 10 days and dropped off completely with no effect on score
-Cards are paid off but have not yet reported

Side note...I totally spaced out and though Calvary was the CA for an account I burned with Capital One (which is true), but it appears I have another account with CO that starts with the same first 6 digits and the balance due was off by $4. This account is showing as charge off status with Capital One. Or they were not reporting the balance properly? It's been a long week...

Is it odd that 2/3 accounts when to collections, but they are still maintaining one? They all went in to default at the same time.

[Anonymous]

Your scores aren't horrible under the circumstances.  Get the utilization down, along with those "baddies" resolved and you're on your way.

Keep the optimism and you're "golden"...

[Anonymous]

Updates as of 7/9:

Experian FICO 8: Starting score 604 - Current score 608

TransUnion FAKO: Starting score 606 - Current score 604

Equifax FAKO: Starting score 624 - Current score 622

Lendup Card (11 months)- $1,500 CL $0 Balance

Credit One Bank (14 months) - $700 CL - $0 Balance

Selflender - (12 months) - $1,000 paid off Dec 2018 - $0 Balance

Jeweler Club (2 months) - $5000 CL - $22 Balance

The Baddies:

Portfolio Recovery - $3,548 - Trying to negotiate a bigger discount. They want over 75%.

Cavalry Portfolio - $3,004 - Made a negotiated single payment of $1,652.50 - They said it should be deleted in 30-60 days. They were true to their word. It popped up as a zero balance and was deleted in less than 3 weeks. 

Ally - Repo $12,276.69 - Four monthly payments of $1,075 for a total of $4,300

I had an old account (2005) with perfect payment history that was zeroed out so it was not IIB that dropped off my report. Wondering if this hurt me?