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New Venture here, Can I get some guidance please?

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New Member

New Venture here, Can I get some guidance please?

So I downloaded credit karma and have some collections, closed accounts that are negative, and some other bad stuff.

 

Since debt collectors send out letters saying if we don't respond the debt is validated, can I send a letter to equifax/transunion/experian to dispute all of these bad marks? How do I prepare a letter? Do I just include all accounts on one paper and send it to each branch? Do I send it certified? What happens after? Do they respond or is there something I have to get from the collector? I'm really confused on this process.

 

I also have a few late payments on my report. How can I get those removed?

 

My goal is to be able to finance a vehicle or anything with a low interest rate next year. Since i have debt, should I simultaneously have a secured card and pay off small debts? The paying off small debts conflicts with the goal above though. I don't want to start paying off until I get an answer if these can be wiped off without paying anything. I went to capital one prequalify and I wasn't prequalifed for anything. I did get qualify for an amazon secured card.

 

anything else to get me back on my feet? I'm really tired of being in poverty. With the savings I put aside, I just put it in my top dresser. Is there anything I should be doing with it? I feel like in the mean time it should be doing a job. I know I have debt to pay but I need to get over the first hurdle before I start chunking money at people if I don't have to.

 

Credit score from CK is 564. 5 hard inquires, 37 total accounts, age of credit 5 yr 5 mo, derogatory marks 5, cc utilization 54%, payment history 87%

Message 1 of 8
7 REPLIES 7
Frequent Contributor

Re: New Venture here, Can I get some guidance please?

Welcome!

 

Building good credit is like building a house- you want a good solid foundation, and that foundation is built on sound financial principals. Come to grips with the bad habits that got you into your situation, learn from your mistakes, and you will create your better credit future.

 

1. Understand that credit cards are not to be used to buy things with money you have not yet earned; this is the problem EVERYONE experiences at one time or another. It doesnt matter if you make $20K a year or $200K a year! Use your credit cards as a convenient alternative to carrying cash. Use your cards, but pay them off before statement cuts.

2. Use a written budget to track all your expenses and debts. This is a great tool to keep you motivated when you can see your debt going down!

3. Put money into your savings accouny EVERY TIME YOU GET PAID, min 5-10%. more if you can spare! As your savings grow so does your confidence in your future!

4. You need to pull all three of your credit reports. 

5. Focus on lowering your utilization BEFORE attempting to get any new cards. This is important to raising your scores.

6. If your debts are valid, make a solid gameplan to pay them off. 

 

GL!



Starting Score: Nov 3, 2018: EX 597 TU 599 EQ 616
Current Score: August 1, 2019: EX 674 TU 697 EQ 689
Goal Score: Dec 31, 2019: EX 700 TU 700 EQ 700

Take the myFICO Fitness Challenge





Message 2 of 8
Valued Contributor

Re: New Venture here, Can I get some guidance please?

Welcome to the boards!

To piggyback onto what ScooterMcDoodlebutt says,  go to www.annualcreditreport.com and get all three of your credit reports (EQ, EX, TU).   These reports are legally mandated, free once per year (in general), and have additional information that you will not find in any reports, particularly the Date of your first delinquency (DOFD).

As far as your desire to dispute accounts - are you saying that these accounts are not yours?   You should only dispute inaccurate information (with documentation provided so they can correct the wrong information).  It sounds like you want these accounts to be removed from your report - that may not be possible.    You do not want to dispute correct/valid accounts, because it can harm your credit score, make it difficult to dispute actual incorrect information, and/or worse (split files, etc.. lots of crazy thing can happen).

If you can list out the accounts you have, limits/amounts owed, their statuses, date of first delinquncies (if applicable), people here can help you come up with a plan of attack.

I also urge you to start working with a budget to make sure you are accounting for where your money is going, where it needs to go, and where it shouldn't be going ( we've all that that!).   You need to make sure you have a solid financial standing before you start playing the credit game.   In addition, getting an emergency savings account set up is really critical.  Many people get themselves into dire financial straights by not being able to deal with sudden emergencies.   This can help protect you from those instances (and the interest and fees that can accrue).




Garden goal: keep on keepin' on until 2020.
Message 3 of 8
New Member

Re: New Venture here, Can I get some guidance please?

 


@calyx wrote:


If you can list out the accounts you have, limits/amounts owed, their statuses, date of first delinquncies (if applicable), people here can help you come up with a plan of attack.


 

Where would I put this information? In this subforum?

Message 4 of 8
Senior Contributor

Re: New Venture here, Can I get some guidance please?


@povertybro wrote:

So I downloaded credit karma and have some collections, closed accounts that are negative, and some other bad stuff.

 

Since debt collectors send out letters saying if we don't respond the debt is validated, can I send a letter to equifax/transunion/experian to dispute all of these bad marks? Sending disputes for accurate info can come back and bite you. How do I prepare a letter? Do I just include all accounts on one paper and send it to each branch? Do I send it certified? What happens after? Do they respond or is there something I have to get from the collector? I'm really confused on this process.

 

I also have a few late payments on my report. How can I get those removed? Depends who it is. Please list your baddies with amount and date.

 

My goal is to be able to finance a vehicle or anything with a low interest rate next year. Since i have debt, should I simultaneously have a secured card and pay off small debts? The paying off small debts conflicts with the goal above though. I don't want to start paying off until I get an answer if these can be wiped off without paying anything. I went to capital one prequalify and I wasn't prequalifed for anything. I did get qualify for an amazon secured card. Getting more credit doesnt help repair the bad.

 

anything else to get me back on my feet? I'm really tired of being in poverty. With the savings I put aside, I just put it in my top dresser. Is there anything I should be doing with it? I feel like in the mean time it should be doing a job. I know I have debt to pay but I need to get over the first hurdle before I start chunking money at people if I don't have to.

 

Credit score from CK is 564. 5 hard inquires, 37 total accounts, age of credit 5 yr 5 mo, derogatory marks 5, cc utilization 54%, payment history 87%


So your saying you got 37 accounts in 5.5 yrs? Or is that your AAoA's? Please list any and all derogs. Util is way too high. Get that down for the best recovery of your scores to rise. Open a savings at a credit union for higher interest than your dresser. A smart person makes money while they sleep. Payment history is a Vantage thing. Doesn't mean much.

 

First step is pay down your debts below 8.99%. List your collections with company and amount and how old they are. Then the gang can get you recover. Then once the coast is clear. Then looking for better credit options will open up. Yoiu have to fix whats broken first. And welcome to MyFICO Forums!





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 5 of 8
Valued Contributor

Re: New Venture here, Can I get some guidance please?


@povertybro wrote:

 


@calyx wrote:


If you can list out the accounts you have, limits/amounts owed, their statuses, date of first delinquncies (if applicable), people here can help you come up with a plan of attack.


 

Where would I put this information? In this subforum?


Here, in this thread, would probably be best.   That way you can have all of the information in one place.




Garden goal: keep on keepin' on until 2020.
Message 6 of 8
New Member

Re: New Venture here, Can I get some guidance please?

Here is the collections on the Transunion:

 

Transunion Derogatory

 

 

The collections the Equifax:

 

Equifax Derogatory

 

And on Experian:

 

Experian Derogatory

 


The utilization for Equifax:

 

Equifax util.

 

For Transunion:

 

Transunion util.

 


I have a lot of closed accounts and student loans. Anything else that I need to post or expand on please lmk.  I'm an authorized user on the wells fargo card, but I haven't spoken to my dad in almost a year due to bad relations. How would I get myself removed? Care credit I have a cosigner on and I have two late paymets on it. 

Message 7 of 8
Highlighted
Valued Member

Re: New Venture here, Can I get some guidance please?

I can't advice on much but I could share a sample of my budge, pretty easy to made and it has been helping me a lot. I earn about the same per week, when I do get a couple of more hours OT the extra goes to my savings.

Did it on google sheets, so I guess you could say you don't need another subscription for it.

 

The numbers before the names is the due date for the account.






Message 8 of 8
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