Hello, I am a newbie to the boards. Hopefully someone can help me. I'm in graduate school atm.
I have $100k SL debt that is current (I will be going into a high salary career when graduated)
I also have $2k CC debt in collections from 2018 which I am still deciding if I should PIF or settle.
I have no current CC otherwise and never have.
CS is 600 on FICO/Experian. However Vantage8 is almost 700. Big difference!
I know most lenders use FICO so I am naturally worried..
....And I see on my report that I have "poor revolving utilization"...
1. Is my "poor revolving utiliazation" due to my high SL debt ratio or the fact I have no other CCs /accounts open?
2. If #1 is NOT due to SL, should I open a Secured Card and start building up credit?
3. Should I pay CC PIF or Settle? I don't want to risk lowering my score
4. SL debt: Currently in IBR-based payment and CARES-act forebearance. Should I start making payments above the interest rate while in school to try to lower my debt ratio?
Depending on which collections agency has that debt, you may be able to settle or PFD
You could name which one, and someone else may suggest a course of action for you
Thanks, it's Portfolio Recovery
PRA outlines their deletion policy right on their website. It is one you can work with on a PFD
TY, do you recommend calling them or send snail mail?
I did all by snail mail but that was before they had any deletion policy. These guys used to be near impossible to deal with. With their deletion policy which you can print with a date on it, it can be done by phone these days. Really up to you which way to go.