Hey everyone. New here to the forums and to MyFICO as well. Starting to get a handle on my credit, or trying to, and am in need of some serious help! I have spent the
last week or two reading the forums, getting an understanding of commonly used references and techniques, but I have to admit, I am still extremely overwhelmed by my situation, and need some guidance.
Through a series of unfortunate events; my mothers health, job loss, and a personal injury.. My credit too a substantial hit. Multiple (and I mean MANY) accounts with severe delinquencies, 2 accounts in default currently, and one (paid) charge off. At the time, keeping a roof over my head, food in our mouths, and our health in good order, took precedence over my financials... And it bit me in the butt severely. Plus, all off my student loans came up for repayment at the same time, I was unable to keep track of them and admittedly messed up severely on several accounts.
I I am finally at the point in my life where I am getting things under control.. I'm working, financially stable, my mother is (and has been) in remission, and I've been able to get most, if not all accounts current and in good standing. With the exception of the 2 accounts in default.
A little bit of info about myself - I am 25 years old. Work as a welder in the natural gas industry. I make between $150-250k a year depending on how much of the year I decide to work, and how steady work is that year. I'm to the point in my life where I want a house, a new truck, etc etc. and my credit is holding me back from that. I need to do what I can to fix it, but need the help of this forum and its knowledge, because I'm not sure where to even begin.
My stats are as follows:
Eq - 591 TU - 571 Ex - 539 as of 11/20/2015. I currently have 11 accounts reporting on my credit report. All 11 are installment accounts. I have never had a credit card, so I have no revolving accounts to speak of, although I currently have an application in with Capital One, which I am hoping to hear back on within a week or so. I am going to try to break down my report and all the negative marks the best I can, so that you guys have a better understanding of what I am going through, and how to help me.
- 1 auto loan through Community Bank N.A. This was paid in full and closed August 2014, but has 16 reported lates, with the worst being 60 days delinquent.
- 2 student loans through Wells Fargo. These are the two currently in default. I have been in contact with them and have a repayment plan set up to have the full balance paid off in 12 months. I plan to pay it off early, and hope I can negotiate a PFD at the time. Shooting for income tax time for that.
- 6 current accounts with American Education Services (AES). This is where it gets a little tricky... 4 of those accounts are through AES/PNC Bank. I make ONE monthly payment on them, but they show up as 4 separate accounts on my report... There are 25 lates listed on the loan, with the worst bein 180 days delinquent. That's one that got seriously out of hand. But that means I have FOUR separate accounts reporting those same statistics. Which is KILLING me.
One of the accounts was an AES/Suntrust loan. It is listed as "transferred to another office". Shows 18 lates with 120 days being the most delinquent. This transfers to just Suntrust Bank, where it went into collections (one of the loans I lost track of). But I caught up to in, they made a deal to pay for less than the full amount, so I did. It is now reported as a paid charge off "legally paid in full for less than the full amount". This is before I knew about a PFD. But the Suntrust account alone lists 9 lates, collection being the worst deliquiancy.
And the last was a Chase student loan. It lists 4 lates, all 30 days or less, and in was closed in April 2015 and transferred to AES/Chase where it is currently in perfect repayment.
So so that is the best I can describe my situation as of now. Even getting to this point has my head spinning. Is there even any hope for me? Or am I completely screwed? I intend to send some goodwill letters to Community Bank, and Chase. I will eventually try to offer negotiate a PFD on the 2 Wells Fargo accounts when I am financially able... But as far as the rest of the derogatory marks... What can be done? I have dreams of building a house in the near future ( I have 130 acres of family land ) and will NEED a new truck for work this coming year ( since mine is getting wore out, and I will need the tax write off ). But mostly, I just want my life back in order. It's embarrassing to make as much money as I do, and not be able to get a loan, or buy a vehicle.
Im hoping I'm not too far gone... Please help if you can!
Thanks - Casey.
