Here's a surprise OP. When you turn 29, and 30....your credit scores will be way higher than they are now. Read the forums. Take notes, follow advice and you're well on your way. Don't beat yourself up about this!!!! People MAKE MISTAKES. What is most important here: You're learning now and won't be repeating them in the future.
Forgive yourself, only then can you move forward in a positive light. I recently found a p/t 'job' from home that nets me a ton of $$ each months. I've paid of $6700 worth of debt in just a few months. You CAN do it also.
I agree with all of the contributors before me . In the last 6 months I have been learning patience and disipline and my scores have jump from 500 to 600 without any credit repair . The advice here has been amazing. I have considered credit repair but really agree that the pay for delete doesn't work if rarely .....
The cards in my signature below have all been attained this year and now i'm gardening for about a year to continue to grow the score. I pay the balances in full so I don't pay any interest on these subprime cards and I will keep the ones with no annual fee to grow my positive history .
I hope this inspires you or anyone will to read this and I will also continue to learn for others successes...
I think you're off to a good start by coming to these forums for advice. There is a lot of help here.
First of all, if things haven't changed (and I don't believe they have), you're in a state that is on your side when it comes to debt/collections/reporting.
In Texas, the Texas Finance Code trumps a lot of things. For example:
Any of those collection agencies that are reporting collection accounts to your reports, must be bonded and licensed in the state of Texas to do so. There are some good example letters around here somewhere, you can put Texas Finance Code Letters in the search bar. If they are not bonded and/or licensed in the state of TX to collect in the State of TX, then they will have to remove their reporting and send it back to the original creditor. If you know that it is your debt, then as soon as the collection agency pulls it, then pay the Original Creditor directly and usually that will keep it from popping up on your reports again, otherwise, there is a good possibility that they will send it to a CA who is qualified to collect in TX.
There is really no time frame for debt validation under the Texas Finance Code which means that, if they can not validate that the debt is yours, they have to pull it from reporting. (If you know the debt is yours, you should still pay it, just not to that collection agency, once they pull it for not being able to validate, send the Original Creditor a letter and payment and in your letter, explain that you are not in anyway admitting that it's your debt, but that you just want to be done with the headache that it causes.
I agree 100% with the others about getting your credit reports and going through them with a fine tooth comb. Any mistakes that you can easily prove are errors, dispute them.
Start sending letters to the collection agencies who are reporting the smallest debts, the ones you are able to pay now, if they are yours. In your first correspondence, ask for proof of their bond and license to collect in TX. There are sample letters that you can use for this. Keep these correspondece simple and to the point. Mail them Certified, return receipt and keep your stubs in a safe place.
I would imagine the reason these collections are hurting you so much still, is because the Collection Agencies are probably updating every month or every month or two. Just when your score might go up a point or two for time, they will update and tank it again. Real frustrating, but it's their strategy unfortunately.
Look into the Texas Finance Code and double check these codes, it has been 3 or 4 years since I helped someone else and at that time, all of the above was accurate. Good Luck
Update: capital one finally updated my new balance. My score is now 585. I just opened up a secured card with us bank and that should appear on my credit profile within the next month. I will keep everyone updated!
Congrats on the approval. I would refrain from opening any new credit cards. Right now you should focus on cleaning up your report (collections, deliquent balances, inquiries, etc). Also keep in mind that the idea is to have good credit, not to have a lot of credit cards.
Which collections do you currently have? Can you list who they are with, the balance, how old they are, etc?
Which accounts in your credit currently show delinquent balances (past due) and what are the balances?
Credit Repair Tracker: Don't get discouraged: 220pts gained to 780!
MYFICO Proud Garden Club Member:
Dont forget that you can work 40 hrs for 6 weeks, than work a part-time week, and than start over at 40 hours again. This will net you full-time pay without the full-time status. You just have to sometimes be willing to work in the depts that no one else wants to work in.
Join Credit Repair-Free Professional Advice (CRFPA) on Facebook. The admins on there are all certified professionals and will guide you on your credit rebuilding journey. There is hope, my scores were also in the lows 400's. I have been successful in getting 3 of my collection accounts deleted and my scores have jumped up about 33 points in just one month. It isn't a quick process, and you will have to put in the effort to clean up the damage but it will be worth it. Wish you much success!