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Credit is shot, Need help badly!

New Member

Credit is shot, Need help badly!

So I have gotten myself pretty badly in debt with student loans, old credit cards, and collection accounts (from past utility bills and car insurance). I am now in a position where I am able to take care of these debts but I am looking at ways to raise my credit score while I am going through these processes. I have 2 credit cards that have been charged off and sent to collections.  One of the collections got a judgement against me for $5600, which I just recently came to an aggrement to settle for $2850, I will make 3 payments of 950 and this will be paid off at the end of April.  The other credit card collection is for 2300 and I have not discussed payment settlement with them yet, I wanted to get the big one taken care of first as I would be unable to settle both at the same time.  I have also recently started rehabbing my student loan, I am about to make my fourth payment on this rehab.  I have 3 other smaller collections as well, although I contacted them and 2 of the collections were from the same utility bill, not really sure what I am suppose to do here, any suggestions?  I will be offering the smaller collections pay for deletion aggrements which I will get in writing before I am paying, hopefully they will accept, although they are almost 7 years old anyway.  The only open credit line I currently have is a $300 credit card with a $0 balance I have not used in a long time.


I feel for the first time in a long time that I am taking the neccessary steps into rebuidling my credit.  I am just looking for suggestions on ways I can be improving my score while I rehab my loan and am settling my debts that are in collections.  Also I am curious on anyway to get that judgement off my credit report after I settle it and if anyone has had any luck getting things deleted by disputing the reporting details?  I feel at least those two companies that were reporting my old utility bill are reporting inaccuratly and one of the credit card companies in collections is also incorrect on dates.  I will appreciate any help with this situation.  Thanks in advance.


Credit Reports on 2/8/13


EX 588

EQ - 591

TU - 589

Message 1 of 4
Moderator Emeritus

Re: Credit is shot, Need help badly!

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.



Message 2 of 4
Frequent Contributor

Re: Credit is shot, Need help badly!


Message 3 of 4
New Contributor

Re: Credit is shot, Need help badly!

Here is what I would do:


1. After you have paid off the collection with the judgement, ask them if they will delete it from your reports in good faith. Explain your situation and let them know you're doing everything you can to improve your finances. Plus, you did pay it off. If they agree to delete, get it in writing. Then dispute the judgement (if it shows in your public records section) with the CRAs. Counties are slow to respond and sometimes the judgement will get deleted if they don't respond within the time frame. (This situation applied to me at one time and it worked!)


2. Keep chipping away at the student loan and that will help you.


3. On the collections, sounds like you're ok. If they are almost 7 years old, I'd just wait until they fall off and save the money you'd be paying to put toward your student loan.


4. Use your $300 credit card to buy something small and pay it off each month. If you have some extra cash, you could also get a second, secured card and do the same thing with it.


 It will take a lot of time and energy to get your score up but it will be worth it! It took me a year and a half for mine to go up by 105 points so be prepared to be patient. I wish you the best of luck!


Starting Score: 608 EQ (FICO) 8/11/11
Current Score: 713 EQ (FICO) 2/14/13
Goal Score: 750

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Message 4 of 4