Fixing my credit...

[FixMyCredit1992]

I checked my credit report with both Transunion and Experian. For some odd reason Equifax kept throwing errors.

I have have two items on both reports. One from MCM for "Uknown Balance", and the other for $366 with Verizon Wireless.

The VZW one, VZW themselves are the collectors. I guess they have an in-house collections department.

Now, being that I work part time for mininum wage, I cannot afford to pay $366 all at once. I would like to set up a payment plan.

1. Do most CA's allow payment plans? Anyone have any specififcs regarding VZW?

2. Will VZW delete if I pay in full?

3. Is $400 of derogiratery debt a huge hit to my credit, if I want to graduate from a secured card to an unsecured one?

Thanks

[jbrown773]

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@FixMyCredit1992 wrote:

I checked my credit report with both Transunion and Experian. For some odd reason Equifax kept throwing errors.

I have have two items on both reports. One from MCM for "Uknown Balance", and the other for $366 with Verizon Wireless.

The VZW one, VZW themselves are the collectors. I guess they have an in-house collections department.

Now, being that I work part time for mininum wage, I cannot afford to pay $366 all at once. I would like to set up a payment plan.

1. Do most CA's allow payment plans? Anyone have any specififcs regarding VZW?

I think all CA's allow payment plans, I didnt know VZW had an in house collections department, mine went to a CA.

2. Will VZW delete if I pay in full?

The CA I had to deal with deleted it if paid in full. 

3. Is $400 of derogiratery debt a huge hit to my credit, if I want to graduate from a secured card to an unsecured one?

I think it depends more on how new the collection on the report. other members will be better help with that question. 

Thanks

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[FixMyCredit1992]

Odd thing is, there was another collection account on all 3 reports. It was for around $700 with T-Mobile.

Funny thing is, it's GONE from all 3 reports. I never paid it, never disputed it, and it was nowhere near.

One other question. When I get a actual unsecured credit card, if for whatever reason (not saying it will, but just wondering), a new collection account pops up, can it reduce my credit limit?

[FixMyCredit1992]

Bump

[guiness56]

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@jbrown773 wrote:

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@FixMyCredit1992 wrote:

I checked my credit report with both Transunion and Experian. For some odd reason Equifax kept throwing errors.

I have have two items on both reports. One from MCM for "Uknown Balance", and the other for $366 with Verizon Wireless.

The VZW one, VZW themselves are the collectors. I guess they have an in-house collections department.

Now, being that I work part time for mininum wage, I cannot afford to pay $366 all at once. I would like to set up a payment plan.

1. Do most CA's allow payment plans? Anyone have any specififcs regarding VZW?

I think all CA's allow payment plans, I didnt know VZW had an in house collections department, mine went to a CA.

A CA can allow payment arrangements but they do not have to.

2. Will VZW delete if I pay in full?

The CA I had to deal with deleted it if paid in full. 

Verizon is extremely hard to deal with in getting a deletion.  It has happend so keep trying.

3. Is $400 of derogiratery debt a huge hit to my credit, if I want to graduate from a secured card to an unsecured one?

I think it depends more on how new the collection on the report. other members will be better help with that question. 

The money amount of a collections has no impact.  A $1 collection is just as damaging as a $50,000 one.

Thanks

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[guiness56]

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@FixMyCredit1992 wrote:

Odd thing is, there was another collection account on all 3 reports. It was for around $700 with T-Mobile.

Funny thing is, it's GONE from all 3 reports. I never paid it, never disputed it, and it was nowhere near.

One other question. When I get a actual unsecured credit card, if for whatever reason (not saying it will, but just wondering), a new collection account pops up, can it reduce my credit limit?  That would depend on the CCC and what their requirements are.

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[jbrown773]

I feel like im learning seeing my answers were close to yours guin

[guiness56]

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@jbrown773 wrote:

I feel like im learning seeing my answers were close to yours guin

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Yes you are!   It can take some time to no longer be confused, totally.

[jbrown773]

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@guiness56 wrote:

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@jbrown773 wrote:

I feel like im learning seeing my answers were close to yours guin

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Yes you are!   It can take some time to no longer be confused, totally.

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Yeah that is very true. I'm still learning and their is a lot to still learn but for the start of it I think I'm on a good track.