Yes, paying off all your charge offs would be a great first step. Then you could attempt to write goodwill letters to all those creditors (once they get the money and the payoffs are reflected on your credit reports) and ask that they remove the accounts from your reports altogether. It's highly unlikely they'll do so, but it's worth a try.
Quick question for clarification:
Those two scores - by chance that they are from Credit Karma?
When people mention both Transunion and Equifax (and not Experian) that smells suspiciously like a Credit Karma (or similar) origin.
If this is true, then please note that the two scores are *NOT* FICO scores but Vantage Score 3.0 (which no one really uses). Additionally, these scores are very likely to be higher than FICO scores.
Not trying to be a turd, but it is an important distinction.
Starting Score: Exp 627
@Anonymous wrote:Goodwill letter over a pay for deletion deal?
I am dealing with Midland Management, Portfolio Recovery and RMP.
Yes, that is what Omar is suggesting. Contact each of the Collection Agencies and discuss a so-called PfD (aka, Pay for Delete). Just be 100% ready and capable of following through on your agreements.
Additionally, there might be some requirements BEFORE a CA will be willing to discuss a PfD (one such common requirement - and I use that word loosely - is that an account be at least two years old).
For a list of Collection Agencies that are open to a PfD, please consider the below link:
Collection Agencies that do Paid for Delete
Removing ALL of your collections accounts from all of the CRAs on which they appear will have a HUGE positive effect.
Okay...
For some reason my old eyes saw "Collections". You have Charge Offs. Different Animal.
So, to be clear (and please forgive me for being "that guy"): all of the accounts that are deliquent - they all show up as Charge - Offs, correct?
Have you looked at your credit report? It seems pretty clear that you have, but I like to ask (I am not smart enough to assume anything).
And, if you want a FICO score, then I might suggest creating a free account at Experian. That will show you your credit report and will have EVERYTHING listed (well, to be clear, everything that is reported to Experian. While it is a safe starting point to assume that all "financial instituations" report to all three Credit Bureaus, it is a dangerous assumption).
If you want to be 100% sure, then I might suggest going to Annual Credit Report (aka, annualcreditreport.com) and getting all three. Due to COVID-19, we are allowed to get a weekly report from each of the three Bureaus through April, 2022!
So, I would create the free account with Experian for the FICO score and would go to annualcreditreport.com for all three Credit Reports. That way you are 100% sure that you have the latest and greatest information.
Once all the CO's are paid you'll see a score change for the better. They are being used against you for util %'s. CO deletions from GW's wont happen. JMO. Getting things cleaned up and investing all you can to get a home should be priority one. Once it all updates after payoffs. Get your FICO scores from here or credit.com. You'll want to look at your FICO Mortgage scores. Yes a card or 2 in your name will do more than AU's. But on the other hand. Lenders dont care for getting new credit in the 1 yr before applying for a mortgage. Fix whats broken first. Post it here and we can help you reach your home ownership goals.
