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Hey, Rebuilders! Here's a bit of hope for you!

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Contributor

Hey, Rebuilders! Here's a bit of hope for you!

I began my rebuild last October, less than six months ago, with a $500 Care Credit card.  I had been unemployed for a year two years prior and pretty much everything that could go wrong *DID* go wrong, short of bankruptcy.  We're talking scores in the 530s, 120-day lates, charge-offs, collections, and almost a repossession of my car!!!  My scores were around 620s at the time I got the Care Credit card.

 

Guys, I know it's rough and feels hopeless, but it's not.  It's amazing how resilient your credit profile can be.  My FICO 8's are sitting at 720's for TU and EQ, 680 for EX after less than six months.  If you are "fortunate" enough to have any collections with Midland or Portfolio Recovery Associates, they will delete the collection for negotiated payment amounts.  You can settle with them, like I did, for 40% of the original balance, and poof!  They'll be gone within a month.  No goodwill letters or phone calls necessary.

 

As you can see from my signature (which needs to be updated but it's mostly accurate), I went from worse-than-nothing to having several premium cards with limits that have increased to a pretty solid amount in less than six months.  

 

Once you get the card, that AZEO thing they talk about here really does work if you're in the rebuilding phase.  Let the card report a small amount and pay it off monthly -- that gave me a 15-point boost across the board.

 

I've posted my rebuild story here elsewhere, but I felt like it would be worth y'all's time to see it again to remind yourselves that it gets better. 






AMEX 12000 / PenFed 7500 / NFCU 3000 / CO 1500 / Disco 1300 / CareCredit 6000

EX8 683 / TU8 725 / EQ8 728
15 REPLIES 15
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Moderator

Re: Hey, Rebuilders! Here's a bit of hope for you!

Good job Smiley Happy
"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 2 of 16
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Community Leader
Senior Contributor

Re: Hey, Rebuilders! Here's a bit of hope for you!

Nice work OP. To clarify though, Midland will delete a paid collection but only if it’s at least two years old. Not sure if Portfolio does the same or not, but that’s an absolute with Midland.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | GHS Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 3 of 16
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Moderator

Re: Hey, Rebuilders! Here's a bit of hope for you!


@ImTheDevil wrote:
Nice work OP. To clarify though, Midland will delete a paid collection but only if it’s at least two years old. Not sure if Portfolio does the same or not, but that’s an absolute with Midland.

PRA will also do it now with their change in policy that matches Midlands

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 4 of 16
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Community Leader
Senior Contributor

Re: Hey, Rebuilders! Here's a bit of hope for you!

Yes, I have heard that PRA deletes upon payment - do they require the two-year age of the debt that Midland requires though? That’s the part I’m not sure about.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | GHS Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 5 of 16
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Contributor

Re: Hey, Rebuilders! Here's a bit of hope for you!


@ImTheDevil wrote:
Yes, I have heard that PRA deletes upon payment - do they require the two-year age of the debt that Midland requires though? That’s the part I’m not sure about.

As far as I know, PRA doesn't have an age requirement.  






AMEX 12000 / PenFed 7500 / NFCU 3000 / CO 1500 / Disco 1300 / CareCredit 6000

EX8 683 / TU8 725 / EQ8 728
Message 6 of 16
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Moderator

Re: Hey, Rebuilders! Here's a bit of hope for you!

Seems I may have been mistaken.

 

https://www.portfoliorecovery.com/prapay/help/faqs

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 7 of 16
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Established Member

Re: Hey, Rebuilders! Here's a bit of hope for you!

Congratulations!!
Starting Score:EQ: 585 EX: 596 TU: 593
Current Score:EQ: 585 EX: 596 TU: 593
Goal Score:725


Take the myFICO Fitness Challenge
Message 8 of 16
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New Contributor

Re: Hey, Rebuilders! Here's a bit of hope for you!

Just to clarify on the Midland funding deletions. I just paid Midland funding for a credit one card. The card was closed February 21,2017. Midland has had the debt 1 year and 8 months according to report. My question is the 2 years from the time Midland acquired the account or 2 years dofd? Thanks!
Message 9 of 16
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Contributor

Re: Hey, Rebuilders! Here's a bit of hope for you!


@wallacecody25 wrote:
Just to clarify on the Midland funding deletions. I just paid Midland funding for a credit one card. The card was closed February 21,2017. Midland has had the debt 1 year and 8 months according to report. My question is the 2 years from the time Midland acquired the account or 2 years dofd? Thanks!

I'm 99% sure that the *debt clock* toward the SOL has to be at least two years old -- so the date of last activity on the account when it was with the original creditor.






AMEX 12000 / PenFed 7500 / NFCU 3000 / CO 1500 / Disco 1300 / CareCredit 6000

EX8 683 / TU8 725 / EQ8 728
Message 10 of 16
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