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Hello All!
I am so thankful for these forums and I have enjoyed reading challenges tips and success stories. I am in the process of rebuilding my credit. I have reviewed my credit reports on and compiled a list of my debts. Please help! I have several questions.
***Chapter 7 Granted 06/2015***
***Currently working through uncontested divorce***
First, my goals:
1. 680 across the board in 2 years
2. Pay off all debt in 2 years/ Student loans in 7-10 years
3. Relocate to the midwest and buy a home in 3 years
4. Stay current on all my revolving lines for the next 12 months..... into perpetuity
5. Look at purchasing my first franchise in 5-10 years
My questions:
1. Should I decrease my savings and get agressive with paying off bills less than $700 over the next 6-8 months? Or do I establish payment arrangements?
2. With my current credit cards, should I continue to make slightly higher than the minimum payment required and pay down past dues first, or should i pay off my credit cards, then work towards paying off my past dues?
3. How should I approach my high dollar debts, settlements with payment arrangements? Is it harmful to make payment arrangments, or will that show stable payment history?
Here's where I am currently. Any suggestions will be greatly appreciated! Thank you for your time!
ORIGINAL CREDITOR | DAYS PAST DUE | DoOD | AMOUNT PAST DUE |
ACCEPTANCE NOW | 3/30/2020 | $ 3,935.00 | |
EASYPAY FINANCE | 9/1/2018 | $ 2,358.16 | |
WESTLAKE FINANCIAL | 10/1/2017 | $ 3,405.00 | |
COMCAST | 559.00 | ||
PROGRESSIVE | 10/27/2016 | $ 328.00 | |
CENTRAL OHIO ROOT CANAL | 10/25/2018 | $ 438.00 | |
CHARTER COMMUNICATIONS | 5/1/2020 | $ 462.00 | |
ATT DIRECTV | 10/22/2018 | $ 655.00 | |
ATT U VERSE | 11/5/2019 | $ 208.00 | |
ASPEN DENTAL | 2/22/2019 | $ 92.00 | |
AMERICAN ELECTRIC | 8/30/2018 | $ 1,168.00 | |
CNAC | CO | 9/1/2018 | $ 5,740.00 |
TEMPOE LLC | 10/9/2015 | $ 1,202.00 | |
TOTAL VISA | 1/1/2020 | $ 488.00 | |
MERRICK BANK (CL $600) | $ 620.00 | ||
CREDIT ONE CURRENT (CL $400) | $ 300.00 | ||
CAPITAL ONE (CL $500) | $ 475.00 | ||
FINGERHUT (CL $400) | $ 407.00 | ||
MONEYLION | 5/1/2020 | $ 451.00 | |
ACIMA | 1/1/2018 | $ 3,528.00 |
Thank you again!!!
welcome!
step 1 in my opinion is to use your savings to pay down these asap - today if possible
they are currently Maxed and Overlimit on some - this is bad
MERRICK BANK (CL $600) | $ 620.00 | ||
CREDIT ONE CURRENT (CL $400) | $ 300.00 | ||
CAPITAL ONE (CL $500) | $ 475.00 | ||
FINGERHUT (CL $400) | $ 407.00 |
Pay down Merrick to $525
Pay Down Capital One to $440
Pay Down Fingerhut to $350
Thank you so much for your response @RSX That's what I was thinking too.
no problem - after that first step i would tackle these ones next
PROGRESSIVE | 10/27/2016 | $ 328.00 | |
CENTRAL OHIO ROOT CANAL | 10/25/2018 | $ 438.00 | |
ATT DIRECTV | 10/22/2018 | $ 655.00 | |
ATT U VERSE | 11/5/2019 | $ 208.00 | |
ASPEN DENTAL | 2/22/2019 | $ 92.00 |
Call each of them and see if they will settle for a lower amount - if they say no - pay in full
also ask if they will delete if you pay it off
this is the only way they will stop reporting monthly on your reports
i think you can expect a 50% payoff for the ones over 2 years
make sure you keep the post above as a Snapshot
in the next couple of months you might get discouraged - but if you keep looking back at the Snapshot, it will show you the progress you have made
good luck to you
@RSX Snapshot taken! I'm going to print it and post it in my planner. Thank you again!
When asking for the pfd, should I send out certified letters or ask during my call?
happy to help
with the PFD, i haven't actually done one - i have only read about them on here
i believe most of it is verbal, since you are calling them on the phone for the payoff negotiation
you should be able to ask for it in writing though