In Total rebuild mode

[newoutlook]

Being that I am new to this site, fist things first thing first hello to all! Now that I am ready to get this show on the road I  would like to start by saying that I am 24 years old and have made some very bad money choices in the past, which I am now currently in the process of starting over now that I am in a better position in money wise to do so. I lost my job about six months ago and all of my credits went along with my job. Although I have about three accounts in collects and 5 charges off accounts 2 of which are credit cards which the total balance of both dont add up to a thousand dollars. First Premier 449.00 Charged Off Orchard Bank 576.00 Charged off, and some medical bilss.

 My total debt charge off/ collections is about 1400.00. I have made up my mind that I will be a more credit worthy and money responsible person and that is why I have joined this group for support along the way in this journey.

I would love some advice on what I should do first and what the best approach should be. Thanks for the support and advice in advance.

TU:523 EX:418 EQ: 538

5/17/2008 

[Anonymous]

I would say the first order of business is to pull a copy of all 3 of your credit reports and determine exactly what is on there. I use Truecredit and it works for me. You should check for accuracy of all accounts and determine which ones are the immediate threat. As far as the charge offs go.........I would write/call the folks at the CC company and negotiate a payoff with the condition that your cards are updated to read "paid as agreed/closed by consumer" By far the best advice I can give you is to read these boards and develop more knowledge about credit. A great section is the "success stories" this will show actual problems and what the person did - with a happy ending. You can always search for a specific company like "Orchard" or "Capital One" and maybe find someone else in the same situation. Thats my deal as well. i have a baddie with Cap One and the other folks on here with the same problem have helped tremendously. Good Luck!!!!!

[Anonymous]

If you go to www.annualcreditreport.com you get 1 free report from each CRA per 12 months.

Read all the sticky threads at the top of the forum.

Go over your reports and check for any inaccuracies.

Then find out your SOL -

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

Check for DOFD, DOLA on your account listings on your CR. It may say something like "this account scheduled to remain until XXXXX"

It may be easier for you to work on the accounts one at a time.

If the OC has sold the account, they should report a $0 balance.

For unpaid debts with a CA, you would want to DV first, then offer PFD. However, you want to step lightly if you are within SOL. This means they can still sue and win. So, if within SOL and you want to take action on the account, make sure you can PIF right away if they were to file suit.

After doing the above, post back any questions you may have.

Good luck, it is a long road(for most) but well worth it and very rewarding when you reach the end.