Good morning, @Anonymous !
Welcome to the forums!
So, you have listed the lates and you have listed the collections? NICELY DONE!
I have a series of questions for you......not toooo many!
1. Have you recently looked at your three Credit Reports via annualcreditreport.com (or any other legit source)?
2. Are you listing all of your "baddies" in your post from information that you have from recent Credit Reports?
3. For the lates that you have listed on the active accounts.....where there are multiple lates.....are they consequtive lates? Meaning, are there any 60-day lates (or more)? I ask because a 60-day late is considered a major derogatory and moves you into a Dirty Scorecard. They might also be tougher to remove. More on that later.
4. For all of the Collections listed, have you made any contact (either with the Collections Agency or with the OC - it looks like two of them are still with the OC)? Me thinks not......you essentially answered that question in your post.
5. For the five Charge Offs, have you made any contact? Seems like you answered that question, too! Outside of CapOne, no - is that correct?
6. For one of the Charge offs, it appears that it is associated with a Collection Agency (talking about Fingerhut / Jefferson Cap). It looks like Fingerhut sold the debt to Jefferson Cap. Have you confirmed that? Guessing that the answer is no.
For the various lates, I would suggest writing a so-called Goodwill Letter to each Creditor. So, for example, write a Goodwill Letter to Lane Bryant and explain your situation when the late happened, be completely honest, take ownership, and ask for kindness and forgiveness. It might just work!
Maybe Discover and Victoria Secrets will show you some love on one or both of the lates (assuming that there were two random lates for each....and not two consequtive months, right?)....
Generally speaking, I suggest that one first attacks the Collections accounts, if any. And then, once the Collections are all gone, any Charge Offs.
I am interested in what others say about the Collections Accounts....you state that all but one are outside the Statute of Limitations?
Starting Score: Exp 627
Instead of quoting I picked out what you posted and your on the right track with your plan.
"I think after the charge offs, I need to focus on my collections that are all reporting monthly. From reading the forums I know that Portfolio Recovery, Midland, and Jefferson Capital will delete once the account is paid. I haven’t tried to negotiate paying collections, but I’ve read a few posts about it. All but one collection is out of the SOL"
Yes you have it in the right order. Priority 1. The CO's are the higest ranking ding under a BK. So yes take care of those first. They affect your util %'s until they all show a $0 balance. The status CO will stay. The monthly updates will cease. To future creditors it will be in your favor that you paid your debts. Then hit the collections. JC, PRA, and Midland will delete themselves off your reports settled or paid. Although the others arent know to do PFD. Since the 1 is out of the SOL. You can go low and settle. Getting $0 balance on collections doesnt help scores. So 4 can go to pasture and the other 3 you can call and do your best at lets make a deal, plead for PFD, and get them done.
Thing is why is FP still on your reports with 8/13 as a date. Which date is that? Whats the DoFD on that account? Since its passed or close to falling off. Time for EE or early exclusion. You can call (not dispute) TransUnion ask for a supervisor and they will remove items 6 months early. Experian will 3 months early. Equifax will 1 months early. So that will remove 1 CO.
It's going to take some time to recover. Once all is done, paid, or settled. The lates remain. Your on the right path to recovery. Its good to know you want to tackle this and in time it will be a chapter in life that will pass. It will go by fast. Best of luck!
Look at the account. What was the month/year of the first late that led to the CO? It will be a 30 day late and so on.
@Anonymous wrote:There are no lates reported on the account, the payment history is from 2013-2014 and all of the payments say on time.
Well heck if no lates are showing. They must have fallen off and the way you posted it in blue as a charge off. Yes call as I posted above and ask for early exclusion from the CRA's. That one can go on down the river. It served its time.
@Anonymous wrote:Hi @FireMedic1
Thank you for your response and encouragement, it’s greatly appreciated.
I didn’t know that the charge offs were doing so much damage. I read on this forum that people have had some success with calling Merrick, so that’s what I will do to get that balance down. I’m paying the Capital One charge off monthly, and I know that the law firm will not reduce the amount but that will eventually be paid off.
The collection that’s not out of SOL is a small medical debt, like you mentioned they may not allow PFD but I want to get the balance to $0. I will call and negotiate the other collections. Are you able to go by the med place and pay them in exchange for recalling the debt?
For FP, I tried to paste the screenshot, but I couldn’t figure out how to, hopefully I explain it correctly. I also noticed that I put the wrong opened date, I've corrected it here. Date Opened 3/2013 Account Status Closed Payment Status Paid Satisfactorily Status Updated 2/2014 Balance - Balance Updated 2/2014 CL $200 Highest Balance $304. Should I still call to have it removed? It doesn't show a DoFD.
Charge offs are figured into all your revolving accounts util%'s as if they were open. Actually as a 100% maxed out credit card. So when they are done and reflect a $0 balance. They will longer go against your open accounts util %.