I would dispute all accounts to see who dropped then take the advice of the others. That is what I would do but some would advise against because they are your accounts.
Actually, advocating someone dispute valid information in their accounts would be a credit repair violation here on myFico. The dispute process is to be used to correct inaccurate information only. Disputing things can have some consequences that no one wants to have.
Also -- curious about Authorized User accounts - after a Divorce -and charged off -- can I get them off my report??
I just went on Portfolio's website.
I have 4 accounts listed - and 2 they are saying to call another number. ??? Guess they don't want my money.
Capital One - $3505
Synchrony Bank (Amazon)-$4596
Barclay's - $1974
Capital One - $1359
Midland Funding -
Maurices 8578563509 $422.32 VS 8577517069 $1,319.50
8579050934 $983.72 Express 8579075177 $802.49 Overstock 8579021862 $1,797.45 Pier 1 8579071349 $1,005.88 Walmart 8578406615 $938.95
I also have Jefferson Capital - for Fingerhut $3306
The 20k will cover everything but that last Fingerhut account. Pay everything else in full, then call Fingerhut to make an affordable payment plan. I'm somewhat against negotiating down bills in which I made legitimate charges for tangible items that are still in my posession. Pay for them. You might be able to negotiate a "pay to delete" kind of thing. You tell them you'll pay in full IF they delete reported derogatory information. Get that in writing.
I've been where you are. I still have a chunk left to go, but I've gone from having over 75% utilization down to 31% in 3 months time. It feels good to know that I'm doing this the responsible way, and I'm using this as a lesson to myself.
Hope you are feeling better.
I am confused how $20k covers 55 accounts.
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The previous poster actually added up all the outstanding balances the postser listed. These add up to about 20k if you exclude the Fingerhut account.
I am confused how $20k covers 55 accounts.
The 55 negative accounts could be negative payment history rather that something you have to pay back. I have 15-20 negatives reporting but that is because all my accounts have late payments on them.
I am not completely clear, so want to clarify. The accounts you listed before, are these all now listed as Charge-off? If so, as you mentioned these all now have collections accounts that are also showing on your report?
As you'll find the most important part is getting these items removed from your report. So in this case you are dealing with 2 negative items (the original creditor and the collections account). It's important to know if the account balances from the original creditor show 0$, if there is a collections account for a specific creditor, the original creditor should show 0$. If not, that is grounds for a dispute as it's inaccurate (since the debt has been sold).
If it were me in this situation, I would call the original creditor and tell them I'd like to get the accounts paid. They will likely tell you it's been sent to a collections agency. However, they do have the ability to pull the debt back if they choose to. I would then work to get the account paid. The advanatage of this is the collections account would need to be removed since it's no longer a valid account. You can try to negotiate with the original creditor to do a Pay for deletion, they may or may not agree to this. At the very least negotiate a 'Paid In full' to report on your report.
Keep in mind this is not the only way to approach this. There might be some other folks on here a bit smarter than me that may have ideas that would work better. In any case putting the 20k towards these accounts in some manner will certainly increase your scores.
The only way to really have someone negotiate and take care of these balances for you, is through an attorney. You have to fill out some paperwork that states they are legally allowed to act on your behalf. That in itself may get expensive. I completely understand the issue of just not wanting to deal with it as it can get time consuming and a lot of them talk to you like you're a lesser person trying to settle older debts.
As for seller finance I would get all documentation reviewed by an attorney. I have never done one and am not familiar but I could see where there may be something that is easy to overlook but has big ramifications later.
Good luck with everything.