Am I On The Right Track?

[Anonymous]

Hey guys,

I’m on the path to rebuilding and this forum has been a great help so far. I’ve never posted and was hoping to get some feedback even if it’s “stay the course.”

Currently 551 through Experian. Here are my accounts:

Discover it: $1300 limit and $656 balance. I use this card solely for whatever 5% rotation it is on (groceries, gas, etc). All purchases are PIF plus an additional $200ish per month. Entire account will be PIF by May.

Bank of America Cash Rewards: $1000 limit and $635 balance. Goal is to have zero balance by June.

Capital One Secured: $200 limit and zero balance. I just opened this based on advice I received from a trusted friend. I’m not sure this was the best idea but it will be PIF every month.

Navy Federal Rewards: $15,300 limit and $13,600 balance 17.9% APR. NFCU closed this account when the card expired. There are zero late payments. The interest kills me on this card but the balance is moving slowly. Calling them today to see if I have options for temporary interest reduction or something along those lines.

Now for the super fun stuff.

Capital One Neiman Marcus: $700 limit and $155 balance. Closed and will be PIF to original creditor this month. 150+ days late

AMEX Gold: Closed and PIF to AMEX. 150+ late.

Barclays Apple: $3,205 Charged off but not showing as a collections account. I haven’t received any correspondence on this yet and do not know who owns the account now.

Collections:

Portfolio Recovery: $894 put on pay to delete payment plan. Will be PIF in June.

Portfolio Recovery: $1,238. Have not negotiated anything with them yet and this is not on my credit report, YET.

Midland Funding: $1,222 have not contacted to resolve.

KLS financial: $835 medical debt. Have not contacted to resolve.

Medicredit: $635 medical debt. Have not contacted to resolve but can PIF using my HSA and leaning towards doing that if they will agree to delete.

So I have 4 collections showing on my credit and a total of 14 lates. I’m thinking saturation method letters to try and get some of the lates knocked off and then pay for delete on the collections of accepted. Am I generally on the right path here or are there other things to consider? Thank you all in advance!

[Anonymous]

As a quick update:

-Settled with KLS for 70% of the amount owed and a deletion.
-Midland and Medicredit both said no to PFD. Unsure of my next steps there.
-Set a payment plan for the second Portfolio Recovery account and that will also be deleted once PIF. This one will take me close to a year to pay off but that’s okay.
-Spoke with Navy Federal and they are going to give me options for interest rate reduction and possible balance reduction.

Still feeling a bit overwhelmed but I do feel a little less stressed.

[simplegirl]

Midland funding deletes it if its 2 years old or older. They state that on the website so what did they say no to? The settlement offer?

[Anonymous]

They said they would request deletion 2 years AFTER it was PIF

[simplegirl]

---

@Anonymous wrote:
They said they would request deletion 2 years AFTER it was PIF

---

That’s weird but people that have paid them debts were older than 2 years and they deleted them 30 days after the payment was processed. Well I dunno I’m not paying them until my debt is 2 years old so I can’t say for sure.

[Priory_Man]

I would you say you are making progress for sure, you have laid all the ground work and you are showing you are willing to pay most if not all of your debt.
It will take a little while, getting a decent credit score is not something that is done overnight, slow and steady, keep your end goals in sight and use those as a focus.
Good luck and jump in here every once in a while and let us know how you are progressing.