My credit is dead need help please

[pinkey29]

Hello everyone, 

I finally built up the courage to post and humblely ask for help with re-building my credit. After having my income reduced I let a lot of debt get charged off, not because I didn't want to pay I just didn't have the ability. I'm starting at ground zero... I'm completely embarrassed to say I have 25 collections. Just need to know we're to start. 

Capital One 3x's- charged off

SYNCB/ Amazon-charged off 

SYNCB/oldnavy- charged off

SYNCB/Walmart-charged off

Accelerated Receivables- collection item

AMCOL Systems- medical collection item

AR Resources- medical collection item 

credit collection service- collection item 

Midland Funding 2x's- Citibank 

Online info services 3x's-medical collection 

Portfolio recovery- 3x's all for SYNCB above 

Nationstar- 30 & 60 day lates

Dept of ed/ student loan-  5x's 120 day late now in forbearance 

I read try to get people to PFD however my income is very limited until I can improve my credit for better employment. Any Email address or suggestions for any of the above would be appreciated. Thank you

All 3 CBR's(400-550)

[Anonymous]

Wow! You are kinda in a bad way... Nonetheless, regardless, you really can have great credit in a few years, if you start now. 

One thing immediately to do which its easy and will help. The student loan or loans should be put into deferment of possible, not forbearance. Will make all the difference when it comes to getting the LATES removed. Use the employment hardship reason, and have them back date the deferment to the first late if possible.

Not an expert art charge-offs so I'll let someone else chime in. Best of luck, you are not your credit score, and good people have bad things happen.

[pinkey29]

Thank you... I'll call and make that change to my student loans 1st thing in the morning. 

[Anonymous]

I'm not familiar with these exact companies but I do know that some companies will remove a collection item from your credit report if you agree to pay for it.  The best way to do this is to write a Pay For Deletion letter of which you can find many examples on this site.  Send it via certified mail so you have a history.

You can get some removed, let others age off, and I recommend having a card or two that you pay on time each month so you continue to build credit history even during this hard time.  If you can't get a card, get a secured card.  It's lost money in interest but it will at least help you build payment history.

Good luck, I had my own struggles... but not quite as bad as yours .

[Maximus5403]

How old or new are the accounts/collections?

Do you have any credit cards or auto loans that are still open and are current?

[pinkey29]

Hi Maximus5403

I have a auto loan open never late and navy Federal card that's closed by grantor never late balance 5100 limits was 7500 and all CO's will remain until 2022 so I need to do something Sooner than later 🙁 I believe NF closed my card due to my credit even though I never missed a payment with them and had the card since 2007

[pinkey29]

Thanks anyway JefferyO... I hope to clean up this mess soon 

[Cherekas]

@Pinkey29 

Welcome to the board and hang in there! I started my rebuild in 2015 and I am certainly starting to make progress. I will offer a few pointers on my chargeoffs I have (2) and I actually ended up with a judgement as well. I didnt know where to start either but I was given the advice to either get a secured or unsecured credit card so that I can have positive history reporting as well. I did just that, I opened 2 store cards a gas card and victoria's secret. My score did not start to rebound the most until I paid my chargeoffs off. I actually settled them both (its up to you to settle or pay in full). But whichever you decide. Make a plan for yourself and work it.

I put everything in an excel spreadsheet and paid a little off at a time and eventually saw progress. It may seem dismal now but you can/will make progress if you stick to it. I also used credit karma to monitor my payments/progress. Its free and will alert you with updates.

[Anonymous]

Congratulations on your courage to talk to someone. Please excuse the unnecessary comments of how you are worse off etc. I joined this site because it's very rare to see that when one tells their story. I too have this problem and lots accumulated when I became very ill, my job moved to another state (informed me while I was in the hospital for 2 weeks with acute bronchitis), then my husband became ill right after me and was hospitalized for a month. We lost our home (evicted), cars, and everything. He couldn't even walk when he got out. Well, now we are on our feet again and rebuilding savings accounts and credit. But, because I thought it's not repairable, I also allowed credit to go haywiren I never understood how credit worked, but just learned alot through this forum this year. We started working on my husband's first because it was easier than mine....my student loans are $200k no matter how much I give them (they took my tax refund too) it won't go down. They told me it's because interest accrues daily instead of monthly. I feel doomed for life on that.
I just want you to know that you are not alone and mine is just like yours if not worse, and I now have hope through these forums to get started as well. I'm paying small amounts to a Discover savings account that earns great interest. Once I reach the anounts of a debt I pay for delete, one by one. It helps to see progress.
Don't give up. I saw someone worse than this on here who turned a 390 credit score to 700 in 2 years. You can do it, just keep reading threads on this site and stay encouraged. I'm trying as well.
Please be mindful of others' feelings as you give advice. I love this forum and am so thankful that those comments are not normal here. Sorry it's so long.

[Anonymous]

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@Anonymous wrote:
Congratulations on your courage to talk to someone. Please excuse the unnecessary comments of how you are worse off etc. I joined this site because it's very rare to see that when one tells their story. I too have this problem and lots accumulated when I became very ill, my job moved to another state (informed me while I was in the hospital for 2 weeks with acute bronchitis), then my husband became ill right after me and was hospitalized for a month. We lost our home (evicted), cars, and everything. He couldn't even walk when he got out. Well, now we are on our feet again and rebuilding savings accounts and credit. But, because I thought it's not repairable, I also allowed credit to go haywiren I never understood how credit worked, but just learned alot through this forum this year. We started working on my husband's first because it was easier than mine....my student loans are $200k no matter how much I give them (they took my tax refund too) it won't go down. They told me it's because interest accrues daily instead of monthly. I feel doomed for life on that.
I just want you to know that you are not alone and mine is just like yours if not worse, and I now have hope through these forums to get started as well. I'm paying small amounts to a Discover savings account that earns great interest. Once I reach the anounts of a debt I pay for delete, one by one. It helps to see progress.
Don't give up. I saw someone worse than this on here who turned a 390 credit score to 700 in 2 years. You can do it, just keep reading threads on this site and stay encouraged. I'm trying as well.
Please be mindful of others' feelings as you give advice. I love this forum and am so thankful that those comments are not normal here. Sorry it's so long.

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+1

You absolutely are not alone. I was so humiliated by my Chapter 13 I wouldn't even check my credit for two years. Finally I did, then I found MyFico and the posts here helped me recover. It is so important to support each other in the recovery process. I commend you, OP, for the courage it took to post. You have taken the first step to financial recovery.

Don't give up. You are on the right path by asking for help. Good things can happen. It just takes time. Keep posting and keep asking other members of the forum for their advice. Best of luck to you in your journey.