Avenues to Pursue

[Anonymous]

So here is my Experian credit report as of 05/29/2012:

NEGATIVE INFO:

California Business Bureau - $931 ( Date first reported 06/2006)  UCSD Medical Center Medical Collection

GECRB/Funancing - $20,204 (Date first reported 11/2007)  I cosigned for a friend and now it is a charge off.

GMAC - Vehicle financed 11/2003 paid closed 08/2009 $31,721.  2 30 day lates (07/2007, 11/2007) 1 60 day late (12/2007)

Midland Funding - 1,368 ( Date first reported 08/2011) T- Mobile original creditor

Plains Commerce Bank - $0 balance (date first reported 08/2007) Closed Purchased by another lender

Progressive management systems - $71 (Date first opened 09/2011) Medical Collection

GOOD STANDING:

Bank Of America opened 11/2011 CL $5,000 Balance $4,300 Never Late

Bank Of America opened 04/2007 CL $21,400 Balance $14,500 Never Late

Plains Commerce Bank opened 05/2002 CL $730 Balance $0 Paid closed never Late

With that My experian FAKO is 610.  How will it be possible to Raise the score to 650.  What action should I take first?  Any hekp will be appreciated. 

[rckstrscott]

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@Anonymous wrote:

So here is my Experian credit report as of 05/29/2012:

NEGATIVE INFO:

California Business Bureau - $931 ( Date first reported 06/2006)  UCSD Medical Center Medical Collection -- I would attempt to contact the OC and see if they will work out a payment directly, and remove the collection from the equasion; if not I would attempt a PFD on this account, or possibly attempt a HIPAA after it is paid.

GECRB/Funancing - $20,204 (Date first reported 11/2007)  I cosigned for a friend and now it is a charge off. -- Does this show a balance? What is the SOL for this kind of debt in your state?

GMAC - Vehicle financed 11/2003 paid closed 08/2009 $31,721.  2 30 day lates (07/2007, 11/2007) 1 60 day late (12/2007) - You can send good will letter in an attempt to remove the late payments, although those 30 day lates are no longer impacting your score.

Midland Funding - 1,368 ( Date first reported 08/2011) T- Mobile original creditor - Attempt a PFD? I have never worked with Midland but people here have; I don't know if they are easy to PFD or not.. What is the DOFD on the account? Not the date reported but the date you went deliquent? Is this within the SOL?

Plains Commerce Bank - $0 balance (date first reported 08/2007) Closed Purchased by another lender

Progressive management systems - $71 (Date first opened 09/2011) Medical Collection - Attempt a PFD

GOOD STANDING:

Bank Of America opened 11/2011 CL $5,000 Balance $4,300 Never Late

Bank Of America opened 04/2007 CL $21,400 Balance $14,500 Never Late

Plains Commerce Bank opened 05/2002 CL $730 Balance $0 Paid closed never Late

With that My experian FAKO is 610.  How will it be possible to Raise the score to 650.  What action should I take first?  Any hekp will be appreciated. 

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Ok -- well, you can get a lot of point boosting from paying down your credit cards.. revolving balances are a large portion of FICO scoring, and your UTIL is pretty high, 19k of 26k.... idealy, you want this below 10 percent to see the most points..

What is the purpose for raising to 650? getting a mortgage?

-scott

[Eberron]

If it were me the first thing I would do is I would send a letter to GMAC and ask them to remove the lates. 

Then I would send a PFD to Midland funding and try and get them to settle for a lesser amount. I would also do that with California business Bureau. 

I would also send a letter to Plains Commerce Bank and ask them to delete. 

Call Progressive Management systems and ask them to do a pfd as well. Even though things under a $100 don't affect your score all that much, its important to get rid of all of the negs. 

The GECRB/Financing you will have to decide what you want to do with that. You could do a PFD but thats quite a bit of money. I guess it depends on how important it is to you to clean up your credit. It will fall off eventually. 

[rckstrscott]

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@Eberron wrote:

If it were me the first thing I would do is I would send a letter to GMAC and ask them to remove the lates. 

Then I would send a PFD to Midland funding and try and get them to settle for a lesser amount. I would also do that with California business Bureau. 

I would also send a letter to Plains Commerce Bank and ask them to delete. 

Call Progressive Management systems and ask them to do a pfd as well. Even though things under a $100 don't affect your score all that much, its important to get rid of all of the negs. 

The GECRB/Financing you will have to decide what you want to do with that. You could do a PFD but thats quite a bit of money. I guess it depends on how important it is to you to clean up your credit. It will fall off eventually. 

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OP will have to send it to Merrick bank, and Plains Commerce sold all their credit accounts.

A collection impacts the exact same, no matter if it is 5 dollars or 5000000 dollars. If all things are the same, and you had two collection accounts hit on the same day, they would factor the same no matter what the balance is.

-scott

[RobertEG]

The very first thing I would suggest is determining the SOL status of each debt.  Which can result in legal action?

The GECRB and Plains debts look like they may both be ripe for the additional reporting of a collection.

[Anonymous]

The 2 medical accounts I have contacted the OC and do far I have gotten the progressive one removed. I am not sure as I am new to this as to what the SOL in California is on this debt (GECRB). This was an account I Co Signed for someone I thought was a friend. As far as the Gmac if those lates aren't affecting the score, should I even worry about those?

[Anonymous]

Where can I find the DOFD on my Experian Report?

[Eberron]

Do you have a copy of your report from www.annualcreditreport.com on it to the right of the collection there should be a drop off date. Thats the date it will drop from your credit report. 

[Anonymous]

Ok I will look and see