My journey so far

[Anonymous]

This is my journey so far and still working on it. All started when I decided I wanted to buy a car because I finally got a normal job that pays me high enough that I can buy a nice car finally. looking at my credit report after 5 years (2008) of not looking at it I finally decided to grow up and pay my balances off. Wow was i dumb at 18. I was wayyy to irresponsible with my money. Im done blaming the credit card companies of putting me into debt who gives an 18 year old with a part time job a 10k limit lmao i just blame myself now. Well here was my report when I pulled it 08/2011.  On my report was a Walmart CC $1500 (Charge Off), , Citi bank CC $6800 (Charge off) , Capital One CC $7000 ( Charge off ) , Capital One CC $1002 (Charge off) , Chase CC $5000 (Charge Off), Target CC $200 ( Charge off ), 5 Student Loans 90 Day Late, JCP CC $200 Closed due to deliquency 90 day late, University of Phoenix $750 ( Deliquent ) , HSBC $300. (Charge Off ).  This is all the credit cards I got from age 18-19 they all had high limits. I was making roughly $300 every 2 weeks and had no idea how debt can billed up. I got collection letters and collection calls but I ignored them of coarse. I did get approved for a car loan with a 15% interest in 2011 because I make a nice yearly salary now. Im kind of glad this happened now then later in the future atleast I got it out of my system. Its good to learn from mistakes and make them while young then to make them when your older and thats when its too late to change it. So I started off by calling the originaly creditor asking for balances and of coarse it being so long they forwarded me to the collection agancy. I spoke with many collection agencies and I asked for settlements. I got the citi bank, chase, target to do a PFD over the phone and they kept their word as soon as i paid it off they removed it within a couple weeks. Then I paid one of the capital one cards and it reports as 0 as paid and closed. I paid off HSBC in full no settement and it shows 0 balance but still reports as charge off. So what I have left on my Credit report for balance due is Walmart ($1506) , Capital one ($1002) <-- Its in collection with Portfolio Recovery (pain in the ass agency ) , University of Phoenix ($708). I have my student loans reporting late but they are all paid off due to a consolidation. I got my JCP CC ($0 balance)  showing as closed but reporting negative status. my other Capital One CC ($0 Balance). I am working with these companies and am waiting for the letters to come in for their settlement offers so they will be paid this month so balacne will be at 0. The first date of deliquency is 2008/2009. Its almost falling off in a couple years but i dont want to owe anything to anyone anymore. Might hurt my score because im touching it but itll raise it over time and creditors will look at it deifferntly (in my opinion) I tried GW and PFD with these last balances due but the companies wont even think about it. All i get is sorry. I spoke with the VP of sallie mae after continous GW letters and emails and he said sorry cant help but he is giving me a credit letter writen by him to any lender stating that I have been current and what not. So now since GW didnt work I sent a BBB compalint stating I want my negatives removed because they have no proof and well see where it goes from there.  The next thing on my list is to pay off the collection first they settled for $542 from $1002 then wait a week then dispute with all 3 credit bureaus maybe they wont verify and just let it delete (fingers crossed) Then Im going to pay Walmart the guy offered to settle for $500 from $1506. They asked me what i want to settle for which i though was funny. Then im going to pay University of phoenix they settled for $375 from $708. I bought a car in june of 2012 for 4.9% with honda (best deal I can find) which isnt bad. The cars not the only thing that came with me when I signed the papers I also got a whoping 30 inquires lol gotta love car shopping. Now in my wallet I possess Bank of America Secured $300, Capital One secured $400, Orchard Bank Unsecured $300, Kays $400, Jared, $400, Buckle $250, Express $250, Firestone $900, Finger hut $250, Macys $300. I got these CC January 2013 (except Cap 1 I got that Spetember 2012)  I went on an app spree just to have Credit. showing on my report. Now its time to garden and watch these limits grow, and watch my Credit score grow No apps til June 2015 when I plan to buy a house. . My credit score when I pulled it in 2011 was Ex 498/ Eq 470/ Trans 501.I checked my score January 2013 my credit score is Ex 591/ Eq 598/ Trans 601. I hardly carry a balance its usually under 5% util. For anyone whos story is similar I just have to say anythigns possible dont give up. We make mistakes the important thing is what you do after you make the mistake. We live we learn thats life. I was young and dumb, i can sit there and complain or just do something about it and I chose the second part. Now the waiting game is here and No apps for a couple years let everything fall off and let my credits age and grow. From the looks of it my credit score has been jumping +10 to +15 a month so at that rate I might hit the 700 club by mid next year you never know after all my baddies fall off discover here i come but until then Capital one is your best friend. Each time I use a credit card i make sure I have enough in my bank account to cover that amount. I will never repeat my past. Im not afraid of collectors anymore surprisngly they try to work with you they have sympathy they understand (except portfollio they are just complete jacka$$es, sacrastic like you wouldnt believe).

[mtrsprt]

Great story.  Thanks for sharing.  SImilar happened to me, except I was about 27-28 when I stopped paying everyone....  It's been 18 months since I started rebuilding, and all three of my scores have improved over 100 points, with the highest being 668 with EQ FICO.   Paid, settled, and use revolving credit wisely now.