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My credit battle

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gijoe4500
Regular Contributor

My credit battle

Here is what I'm about to start battling in an effort to raise my credit. It seems like a mountain to conquer, but I'll just take it one step at a time.

 

Open Installment Accounts

Name: Mercer Univ Student Date Opened: N/A Balance: $7096 Date Reported: 06/2006 Past Due: $6,953 Status: 120+ days past due DOFD: 07/2005

Name: Key Bank Date Opened: 10/2004 Balance: $16,569 Date Reported: 05/2010 Past Due: $16,569 Status: charge-off DOFD: 05/2006

Name: Key Bank Date Opened: 10/2004 Balance: $16,568 Date Reported: 09/2006 Past Due: $16,568 Status: charge-off DOFD: 05/2006

Name: Key Bank - PHEAA Date Opened: 10/2004 Balance: $0 Date Reported: 09/2006 Past Due: N/A Status: 120+ days past due DOFD: 05/2006

Name: Mercer Univ Student Date Opened: N/A Balance: $4,068 Date Reported: 05/2010 Past Due: $4,068 Status: collection account DOFD: 11/2005

Name: Mercer Univ Student Date Opened: N/A Balance: $13,651 Date Reported: 05/2010 Past Due: $13,651 Status: collection account DOFD: 11/2005

Name: Mercer Univ Student Date Opened: N/A Balance: $2,768 Date Reported: 11/2009 Past Due: $2,712 Status: collection account DOFD: 07/2005

Name: Mercer Univ Student Date Opened: 08/2003 Balance: $9,287 Date Reported: 11/2009 Past Due: $9,173 Status: collection account DOFD: 07/2005

Name: U.S. Dept of Edu Date Opened: 11/2007 Balance: $0 Date Reported: 02/2009 Past Due: N/A Status: collect account DOFD: 01/2008

Name: U.S. Dept of Edu Date Opened: 09/2003 Balance: $0 Date Reported: 05/2007 Past Due: N/A Status: collection account DOFD: 06/2006

Name: U.S. Dept of Edu Date Opened: 11/2007 Balance: $5,481 Date Reported: 04/2010 Past Due: $5,481 Status: collection account DOFD: 04/2009

Name: U.S. Dept of Edu Date Opened: 11/2007 Balance: $4,221 Date Reported: 04/2010 Past Due: $4,221 Status: collection account DOFD: 11/2008

Name: U.S. Dept of Edu Date Opened: 08/2004 Balance: $0 Date Reported: 11/2007 Past Due: N/A Status: paid charge-off, refinanced DOFD: 02/2007

Name: U.S. Dept of Edu Date Opened: 09/2003 Balance: $0 Date Reported: 11/2007 Past Due: N/A Status: paid charge-off, refinanced DOFD: 02/2007

 

Open Revolving Accounts

Name: GEMB/Chevron Date Opened: 07/2006 Balance: $402 Credit Limit: $480 Date Reported: 04/2010 Past Due: N/A Status: pays as agreed DOFD: N/A

Name: GEMB/Walmart Date Opened: 05/2009 Balance: $64 (already paid off) Credit Limit: $325 Date Reported: 05/2010 Past Due: N/A Status: pays as agreed DOFD: N/A

 

Closed Revolving Accounts

Name: Bank of America Date Opened: 12/2003 Balance: $0 Date Reported: 09/2005 Past Due: N/A Status: charge-off DOFD: 05/2004

Name: First Premier Date Opened: 08/2006 Balance: $0 Date Reported: 06/2009 Past Due: N/A Status: charge-off DOFD: 12/2006

 

Other accounts (closed)

Name: Arrow Financial Services Date Opened: 03/2009 Balance: $575 Date Reported: 07/2009 Past Due: $575 Status: collection account DOFD: 12/2006

Starting Score: MyFico TU: 621 EQ: 610
Current Score: Discover TU: 829 Discover EX: 827
Goal Score: 700's baby! (made it 4/10/2013!)
New Goal: 830!!
Message 1 of 9
8 REPLIES 8
gijoe4500
Regular Contributor

Re: My credit battle

Also, not listed on this, was a paid account with RJM Acq that was in collections.  I have sent them a couple GW letters, in hopes they will remove that from my credit report.

 

First steps in my plan of attack, are to DV First Premier, and Arrow.  Once I get a DV from them, I'll attempt to send each of them a PFD request.

 

Also, I'm applied to join a local federal credit union to set up a savings account.  Hopefully, with some luck, they'll accept my request, and I can move my checking account over to them as well.  In time, I hope to apply for one of their credit cards.  I'll be applying for a secured credit card later this week as well.  I'll probably start with a low balance.  Somewhere in the neighborhood or $300-500.

 

Any other advance is much appreciated.  I'm not at this whole "fixing your credit" thing, and lookin' at post counts, and credit scores, you guys have been around for a long time, and are a wealth of knowledge.

Starting Score: MyFico TU: 621 EQ: 610
Current Score: Discover TU: 829 Discover EX: 827
Goal Score: 700's baby! (made it 4/10/2013!)
New Goal: 830!!
Message 2 of 9
RobertEG
Legendary Contributor

Re: My credit battle

I suggest, due to the large number of accounts, and thus multiple delinquencies to focus upon, that you start by putting all of your info on a one page summary that you can use to determine your risk under each, which to attack, and how to attack them.

The first step is to lay out the records for each OC account.  Ignore, initially, the dates of any CO or CA reported on the OC account.

Record the date of each monthly delinquency on each OC account.  Next to each date of delinquency, add 7 years to the date, and that is its date of normal falloff of that monthly delinquency from your CR.  Each has its own individual falloff date.  That will give you an idea which delinquencies might soon be dropping from your CR without you having to do anything.

In this listing of each OC account, for those that have been charged-off or placed for collection, include a third column that records the date of first delinquency for that account (usually the 30-day late that shows in the last chain of delinquencires on the OC account).  That will be one single date for each OC account.  Add 7 ½ years to that single date, write that date in a fourth column which will be the falloff date of the CO or CA made on that account.

The last thing to put into your summary is a column 5, which is the date of expiration of the statute of limitations on the debt.  To do this, you need to know your state law.  The date your SOL commences for each type of debt, and the term of its expiration.

 

Some would put debt beyond the SOL lower in their list for action, as the threat of legal action can be defended in court.  If debt is still within SOL, it then becomes a personal risk decision on your part.  You might want to first address those OC accounts that have not yet gone to CO or CA to preclude such future action.  The higher debt accounts that are still within SOL are most probably the ones for which the OC or CA is most likely to bring legal action, and you definitely don’t want that.

 

For the accounts in which the debt has been paid, sure, send off a GW letter, but my focus would be on those that still have unpaid debt, and thus the potential to hurt you even more In the future.  Accounts with a high balance of unpaid debt that are within the SOL are, as I said,  your largest risk.

 

How specifically to attack unpaid debt is, once again, not something that is easily advised upon.  The surest way is to just pay in full.  Debt is gone.  That requires a lot of $$ on your part.   The next on the rung is to request a settlement for less than the full amount, but that is a conditional offer that they don’t have to accept.

PFD offers have the benefit of additionally securing removal from you CR, but are much harder to get acceptance of, and thus riskier.  They are multi-conditional offers that require their prior contract acceptance.  Until they might choose to accept, nothing has changed, and you just sit and wait, and may get hit with an escalation on their part.

 

As for a DV at this point, I am not sure the purpose.  If you are beyond the 30-day period set in their collection/dunning notice, they have no obligation to ever respond. Even if they accept your DV lettter,they have no time period to act upon it.   If the debt is legit, you will most probaably get a bland letter of verification.

It wont hurt to send a DV, but I would not expect it to have any effect.

Message 3 of 9
gijoe4500
Regular Contributor

Re: My credit battle

Thanks for the advance.  I'll try setting up that spreadsheet like you suggested.  It's a good way to look at it.  I think a few of the debts are reported as multiple accounts.  I need to contact my old university (Mercer), and see exactly what is owed to them.  For now though, my concentration will be aimed towards the credit card issues.  I have the money to PIF on those now.  Hopefully can get some PFDs out of it.

 

I'm also going to call around over the next couple days to see about doing student loan rehab on the Dept of Edu. loans.  if I'm lucky, I qualify, and can have those fixed up within a years time.

Starting Score: MyFico TU: 621 EQ: 610
Current Score: Discover TU: 829 Discover EX: 827
Goal Score: 700's baby! (made it 4/10/2013!)
New Goal: 830!!
Message 4 of 9
RobertEG
Legendary Contributor

Re: My credit battle

One thing you might want to take a look at regarding the student loans before considering their reporting.

FCRA 605(a)(5), which governs the fallofff of most delinquencies, including those on student loans, has the following footnote.

 

"The reporting periods have been lengthened for certain adverse information pertaining to U.S. Government secured or guaranteeed student loans, or pertaining to national direct student loans.  See sectons 430(A)(f) and 463(c)(3) of the Higher Education Act of 1965; 20 USC 1087cc(c)(3). respectively."

 

I am sure that those provisions will become an issue in any actiion you wish them to take on the student loans.

Message 5 of 9
gijoe4500
Regular Contributor

Re: My credit battle

Just got an email today from RJM Acq, LLC.  Definitely a good sign.

 

 

 

"RJM Acquisitions LLC is in receipt of your recent e-mail concerning the above referenced account. 

 

RJM Acquisitions LLC has purchased the above reverenced account.

 

Please be advised that the above referenced account has been paid in full.

 

As per your specific request, an update was sent to all major credit bureaus that RJM Acquisitions LLC reports to instructing them to have RJM Acquisitions LLC tradeline deleted on the above referenced account(s).

 

In accordance with the Fair Credit Reporting Act, a credit reporting agency has up to 45 days to update any corrections.


We trust this covers yours concerns.  If you have any questions or if we can be of further assistance please do not hesitate to contact RJM Acquisitions LLC at xxx-xxx-xxxx.  If you prefer, you can call me directly at xxx-xxx-xxxx.    

 

 

Thank you,

xxxxxxxxxxxxxx

RJM Acquisitions LLC"

Starting Score: MyFico TU: 621 EQ: 610
Current Score: Discover TU: 829 Discover EX: 827
Goal Score: 700's baby! (made it 4/10/2013!)
New Goal: 830!!
Message 6 of 9
mauve
Valued Contributor

Re: My credit battle

Congrats!


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 7 of 9
gijoe4500
Regular Contributor

Re: My credit battle

I was really quite surprised.  I just sent out a single GW email to two addresses I found using google.  Sent it out late late Friday night (around midnight, I think).. and this was in my inbox today at 8:46.  They don't mess around.

 

Now I just gotta print out a couple DV letter, and get them shipped off CMRRR.

Starting Score: MyFico TU: 621 EQ: 610
Current Score: Discover TU: 829 Discover EX: 827
Goal Score: 700's baby! (made it 4/10/2013!)
New Goal: 830!!
Message 8 of 9
gijoe4500
Regular Contributor

Re: My credit battle

After a few emails back and forth with the Dept of Edu, i just found out that my student loans are now being handled by West Asset Management.  From what I've read on here, they are a bitch and a half to work with.  Oh well, gotta do what I gotta do.  I'm gonna sit down and write-out a game-plan for when I call them tomorrow to try to get my loan put into the rehab program.  Hopefully I can have some luck, because that means they will be selling the loan to someone else.

Starting Score: MyFico TU: 621 EQ: 610
Current Score: Discover TU: 829 Discover EX: 827
Goal Score: 700's baby! (made it 4/10/2013!)
New Goal: 830!!
Message 9 of 9
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