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Red1Blue
Super Contributor

Any suggestions

I know rebuilding the score is a long process. Probably will take months to years. I know the lates are hard to get them out and will take several GW attempts. I'll keep trying and eventually clean every thing up. While I am doing what are the most important next steps to start boosting the scores.

 

I have two accounts listed as collections. combining $7k. should I make PFD and get them out of the report ?

I have 24 charge off accounts but balance is showing on them. Does it help if I start paying them off and show the amounts as zero?

Out of 24 charge off accounts I have 4 accounts totaling $80k and I could settle for less and reduce the outstanding debt by 80k.

I do have 4 small charge off accounts totaling $2k and if settle them will it help the score.

What is the next step? Collections or large charge offs or small charge offs. What sequence to get score boost.

Message 1 of 8
7 REPLIES 7
jons998877
Regular Contributor

Re: Any suggestions

How close to 7 years are all of these chargeoffs????

Begin of Journey ( 9/2018) EX 508 TU 506 EQ 498






Message 2 of 8
mikesonthemend
Valued Contributor

Re: Any suggestions


@Red1Blue wrote:

I know rebuilding the score is a long process. Probably will take months to years. I know the lates are hard to get them out and will take several GW attempts. I'll keep trying and eventually clean every thing up. While I am doing what are the most important next steps to start boosting the scores.

 

I have two accounts listed as collections. combining $7k. should I make PFD and get them out of the report ?

I have 24 charge off accounts but balance is showing on them. Does it help if I start paying them off and show the amounts as zero?

Out of 24 charge off accounts I have 4 accounts totaling $80k and I could settle for less and reduce the outstanding debt by 80k.

I do have 4 small charge off accounts totaling $2k and if settle them will it help the score.

What is the next step? Collections or large charge offs or small charge offs. What sequence to get score boost.


Not trying to be flippant, but there is a reason we have bankruptcy laws in this country. I appreciate not wanting to go there, and I have no experience with it, but I see all kinds of post BK success stories.

 

Having said that, you are going to need to provide a helluva lot more information before you can hope to get usefu advice.

 

Best of luck!




Living through Darwinism is so much worse than learning about about it in school.
Message 3 of 8
FireMedic1
Community Leader
Mega Contributor

Re: Any suggestions

It's hard to tell how deep in debt you are. Just from what you posted so far its $89,000. That leaves 20 other charge offs and no amount on those are known.  So what is the total debt and income to pay these all down? Might be time to look into a fresh start just from the writing on the wall so far without knowing more details. Sorry about your situation.


Message 4 of 8
Red1Blue
Super Contributor

Re: Any suggestions

 


@FireMedic1 wrote:

It's hard to tell how deep in debt you are. Just from what you posted so far its $89,000. That leaves 20 other charge offs and no amount on those are known.  So what is the total debt and income to pay these all down? Might be time to look into a fresh start just from the writing on the wall so far without knowing more details. Sorry about your situation.


Total debt it shows as 124k. I am chipping it away by making settlements and pay it off.

Message 5 of 8
FireMedic1
Community Leader
Mega Contributor

Re: Any suggestions


@Red1Blue wrote:

 


@FireMedic1 wrote:

It's hard to tell how deep in debt you are. Just from what you posted so far its $89,000. That leaves 20 other charge offs and no amount on those are known.  So what is the total debt and income to pay these all down? Might be time to look into a fresh start just from the writing on the wall so far without knowing more details. Sorry about your situation.


Total debt it shows as 124k. I am chipping it away by making settlements and pay it off.


Well if you can handle it. Good Luck. The scores will go up a little bit at a time until the last one is paid and then the SOL's will take care of the rest of the points once they all fall off your reports. I see your a Super Contributor. So you know basically already what needs to be done. I wish you the best on your road to recovery. And congrats on doing it w/o BK. It can only get better not worse from here on out!


Message 6 of 8
Red1Blue
Super Contributor

Re: Any suggestions


@FireMedic1 wrote:

Well if you can handle it. Good Luck. The scores will go up a little bit at a time until the last one is paid and then the SOL's will take care of the rest of the points once they all fall off your reports. I see your a Super Contributor. So you know basically already what needs to be done. I wish you the best on your road to recovery. And congrats on doing it w/o BK. It can only get better not worse from here on out!

Thanks FireMedic1. I have been a member of Fico forums for last 17 years and contributed and helped FICO forum members. Recently, I had rough times and went under financially and I am trying to bounce back. At this time in my life, I want to put things behind and settle and move on with my life. I am not looking for new credit at this time. Just improve my scores for better job opportunities and settle the existing obligations so I can have peace of mind and spend quite relaxed time with my kids. I could go for BK but I am trying to settle things amicably with out BK. We will see. Thanks for your help.

Message 7 of 8
Remedios
Credit Mentor

Re: Any suggestions


@Red1Blue wrote:

@FireMedic1 wrote:

Thanks FireMedic1. I have been a member of Fico forums for last 17 years and contributed and helped FICO forum members. Recently, I had rough times and went under financially and I am trying to bounce back. At this time in my life, I want to put things behind and settle and move on with my life. I am not looking for new credit at this time. Just improve my scores for better job opportunities and settle the existing obligations so I can have peace of mind and spend quite relaxed time with my kids. I could go for BK but I am trying to settle things amicably with out BK. We will see. Thanks for your help.


 

You will bounce back. I think what's being suggested  is to look at all available options. BK is one of the few legal protections afforded to a consumer and while it should not be taken lightly, it would accomplish same goals you stated above as gradual cleanup. 

 

I think you should at least talk to BK attorney and see if going through it would make more sense financially and life wise in general. 

 

That way you'd have all the fact before committing to either to paying off/settling debt or go BK route. 

 

 

 

 

Message 8 of 8
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