I need a plan of attack...

[Twitchrdrm]

MY CR's only show 1 acct in collections, an old CC from Citi now w/ Cavalry Portfolio Services ($874). Should I call them and start at 25% of the amount to see if I can settle this? I know I can try pay for delete but the likelihood of that is slim to none. If I pay/settle will this boost my score any?

I then have 4 other CC's not in collections but showing as closed w/ balances on my CR these show as closed charged off. What should I do w/ these?

Also I have a few cards that I'm using to rebuild right now:

Capital One: $300 limit but will go up to $500 in a month or two due to credit steps program (no annual fee)

Credit One: Started w/ $300 limit recently auto increased to $450 ($75 annual fee)

Indigo: $300 limit from what I've read they never give increased ($75 annual fee)

NFCU Secured N'Rewards: Secured w/ $500 waiting for card to come as I just applied and was approved last week (no annual fee)

*Should I close any of the annual fee cards above or just roll w/ all of them doing what i've been doing use it and pay it in full at end of the month?

**Been thinking about adding Discover IT Secured by starting w/ $500, is it worth it or should I just chill since I recently applied for the NFCU card?

I appreciate any help you all can give me. Thanks you for reading this!

[Twitchrdrm]

***Update

Regarding the Citi debt.

The debt that is w/ Cavalry was shipped off to Levy Law Firm.

They claim to have a judgement from 12/2017 and that I was served however I was not served.

Nothing at all shows on my CR's (judgement, or Levy Law Firm just Cavalary Recovery Services).

Should I contact Levy and try to settle? I'm not sure if this changes what I need to do in regards to this.

[Anonymous]

Those closed cards with balances are destroying your utilization.  But the utilization is easier to fix than having the negatives removed, at least that has been my experience.

List out all of your debts, to include balance, credit limit, and the DOFD.  The DOFD will be a big factor in determining how to proceed.

[Twitchrdrm]

Bank of America - $3583 owed $3,000 limit, last payment 11/2014

Wells Fargo - $2361 owed, $2000 limit, last payment 10/2014

Chase - $1,308 owed, $1,000 limit, last payment 12/2014

All of the above show as closed accounts, they are not listed as being in collections on my CR's.

The only acct showing in collections on my CR is the Citi Bank acct referenced in my first and second posts.

[newmomnewme]

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@Twitchrdrm wrote:

Bank of America - $3583 owed $3,000 limit, last payment 11/2014

Wells Fargo - $2361 owed, $2000 limit, last payment 10/2014

Chase - $1,308 owed, $1,000 limit, last payment 12/2014

All of the above show as closed accounts, they are not listed as being in collections on my CR's.

The only acct showing in collections on my CR is the Citi Bank acct referenced in my first and second posts.

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Send a DV letter to Calvary ASAP. I worked with them in the past and they are looking to settle and they will PFD. I've never dealt with the others on your list, I can only suggest that you reach out to work with the OC before they transfer to a CA...then you will have to work to get two tradelines off your report instead of one. 

[DIYcredit]

I would use you current open cc's to rebuild.The closed charged off  acct's you can either  call each creditor to see if you can work out a payment plan or settle.Be aware if you settle an account it is a major derogatory.

[Anonymous]

That's just simply not true. If you settle account it will look much better than just leaving it alone. The major derogatory is already there, seeing as it's a charged off account. Sure, paid in full looks better than settled, but settled definitely looks better than not paid at all.

Settling of PIF stops the account from updating monthly, so the account can start to age.

[DIYcredit]

Valid point,but the more frequency of derogatory information the longer it will continue affect the Fico score by not earning the most points in payment history category.Each account that contains any derogatory information will start to age from the date it occurred.Not paying calculates into utilization,the more cc debt you have the less points you earn in utilization category .By not paying leads to numerous missed payments and then eventual charge off.I agree with paying or settling any debt,the best way is paying as agreed.

[dpsyche4]

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@Twitchrdrm wrote:

MY CR's only show 1 acct in collections, an old CC from Citi now w/ Cavalry Portfolio Services ($874). Should I call them and start at 25% of the amount to see if I can settle this? I know I can try pay for delete but the likelihood of that is slim to none. If I pay/settle will this boost my score any?

I then have 4 other CC's not in collections but showing as closed w/ balances on my CR these show as closed charged off. What should I do w/ these?

Also I have a few cards that I'm using to rebuild right now:

Capital One: $300 limit but will go up to $500 in a month or two due to credit steps program (no annual fee)

Credit One: Started w/ $300 limit recently auto increased to $450 ($75 annual fee)

Indigo: $300 limit from what I've read they never give increased ($75 annual fee)

NFCU Secured N'Rewards: Secured w/ $500 waiting for card to come as I just applied and was approved last week (no annual fee)

*Should I close any of the annual fee cards above or just roll w/ all of them doing what i've been doing use it and pay it in full at end of the month?

**Been thinking about adding Discover IT Secured by starting w/ $500, is it worth it or should I just chill since I recently applied for the NFCU card?

I appreciate any help you all can give me. Thanks you for reading this!

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I have good news for you and myself. I was just searching this forum for information on Cavalry Portfolio Services and I decided to just go to their website and they have updated their policies prompt that came up:

 Per Company policy, if you pay your account in full or resolve the account for less than the full balance, Cavalry will request a deletion of its tradeline on or about 30 days from the date the final payment is posted to the account. 

Settle for less, pay right away, and it will be deleted. 

Same goes for Midland funding, PRA, and now Cavalry Portfolio. It looks like everyone is following suit! YES! 

[Twitchrdrm]

If Cavalary sent this off to an attorney though what is the likelihood that I can contact Cavalary to settle and get the PFD?