Officially starting my rebuilding journey

[Anonymous]

Hello Fico Fam, I have been reading up a lot on how to get started but now that I know what I need to do I have the following questions. How do I determine which collection to pay first? I also have been sued successfully which is my fault for not paying my bills and have two current judgments against me. In total I owe a little under $7,000 and I have several under one collection company. Currently I have the self app and have paid one month on time and my score has jumped 41 point. I know In order to have better credit quickly I must pay off my debt but I’m currently pregnant and will deliver at the end of December. My next question is should I try and save up as much as I can before maternity leave and pay the collections slowly but surely. I will be taking 2 months off from work so I made sure to save my half of rent and other expenses. I greatly appreciate any and all suggestions . My ultimate goal is the be able to buy a house and to maintain good standing with companies. I know I have made many mistakes and I am ready and willing to rectify them.

[Anonymous]

First off, congratulations on your upcoming baby - if that's not motivation to square things away, then I don't know what is

You have DEFINITELY come to the right place for guidance. This forum is a gem and I'm convinced you'll never find a more valuable resource for personal financial management anywhere else. As you have likely seen in your reading, we will help anybody rectify the past mistakes and get on the path back to financial happiness. Also, we don't judge, as most of us have been there and done that. Share away confidently - we only want to see people better their situations.

The best way to help you determine your pathway is for you to do the following:

1) go to www.creditchecktotal.com and get a seven day trial for $1 to pull your three bureau FICO scores. Cancel after you get them or you'll be automatically enrolled in a $30/month subscription which isn't necessary.

2) go to www.annualcreditreport.com and get your free full credit reports. Print them out as you open each one, since once you move to a new one, you can't go back

3) come back here and list the following information:

-scores from each bureau

-each derogatory entry on your reports, including the account's current balance, limit, status (ok, chargeoff, collections, etc), owner of the debt, and the date of first delinquency 

-any positive tradelines you have

With this information, we can help you plan how to approach taking care of these debts and getting the ship righted.

Last but not least, welcome to the forums

[Anonymous]

Thank you so much! I know I need the help to figure it out and noticed how open and helpful everyone is on the forums. Here is what I gathered so far


My credit Credit scores
Experian 498
Equifax 522
Transunion 517

1. Credit one bank; $500 limit, $846 closing
LVNV now owns @$1,053. Last payment was 11/8/16

2. Macy’s; $300 limit, $619 closing
Portfolio recovery owns @ . Last payment 11/25/16

3. Amazon; $700 limit, $1,011 closing
Portfolio recovery owns $1,012. Last payment 11/11/16

4. Tjx; $250 limit, $526closing
Portfolio recovery owns for @$527. Last payment 11/4/16

5. Walmart; $700, $911 closing
Portfolio recovery owns

6. Fingerhut $900, closed at $917
Jefferson capital owns $917

7.capital one $1,002 now own by the Bureaus for same amount.

8. Wells Fargo secured that I paid off.

9. Opened Sunrise bank self lender 10/15/2019, took first payment on 11/15/2019 of $89 but has not showed yet.

Now there are collection from portfolio but I can’t figure out which goes to which depending on the balances. $810, $874 which I assume go to Walmart and Macys.
Ps..any help is greatly appreciated!

[Anonymous]

---

@Anonymous wrote:
Thank you so much! I know I need the help to figure it out and noticed how open and helpful everyone is on the forums. Here is what I gathered so far


My credit Credit scores
Experian 498
Equifax 522
Transunion 517

1. Credit one bank; $500 limit, $846 closing
LVNV now owns @$1,053. Last payment was 11/8/16  

These guys are tough to delete - they have but it's rare. Paying them helps though because once a debt is paid, it stops updating and begins to age.

2. Macy’s; $300 limit, $619 closing
Portfolio recovery owns @ . Last payment 11/25/16

3. Amazon; $700 limit, $1,011 closing
Portfolio recovery owns $1,012. Last payment 11/11/16

4. Tjx; $250 limit, $526closing
Portfolio recovery owns for @$527. Last payment 11/4/16

5. Walmart; $700, $911 closing
Portfolio recovery owns

These four being owned by Portfolio is great. Once paid, either in full or for a settled amount, they will delete themselves completely from your reports. You have four of them, so you can likely negotiate a settlement amount for the whole pile, make payments, and once that amount is paid off, they'll delete all of their reporting.  I'm counting $3069, which you can likely settle for under $2000. Pay that off in installments and then all four are gone forever.

6. Fingerhut $900, closed at $917
Jefferson capital owns $917

Pretty sure these guys delete as well, like Portfolio. If you search the forum, you'll find that answer - I just don't recall offhand. settle for less, pay it, and it's gone.

7.capital one $1,002 now own by the Bureaus for same amount.

The bureaus don't take ownership of debts - it's likely that CapOne still owns this. CapOne rarely deletes but it has happened. It's worth the efforts to try a Goodwill campaign.

8. Wells Fargo secured that I paid off.

9. Opened Sunrise bank self lender 10/15/2019, took first payment on 11/15/2019 of $89 but has not showed yet.

Now there are collection from portfolio but I can’t figure out which goes to which depending on the balances. $810, $874 which I assume go to Walmart and Macys.
Ps..any help is greatly appreciated!

It won't matter which debt is which lender - if you have several accounts with them, it's just dollar amounts that they can lump together and treat as one.

---

[Anonymous]

Omg your a Godsend! You’ve made it seem so much easier to tackle. I do know I am at fault and take all the responsibility but it has taken me years to reach this place of even gathering the courage to look at my scores let alone my bad history. Anywho, after I pay off the debt should I come back and see if it’s time to apply for a secured card. I have read that having three is what’s best and to utilize 8.9% to build credit. I also read paying it off before the due date is also good. Can you tell me your thoughts on this as well?

[Anonymous]

When it's laid out in a way that breaks it up, it's a lot less scary And don't thank me - I'm only repeating what I learned in shoes similar to yours not that long ago. Again, this forum is amazing. You made the biggest step by coming here and asking for help.

You will definitely want some positive tradelines reporting while you clean up the baddies. I do not think you'll have to clear all of these before a secured card is available from Discover or Capital One. You could get one from Open Sky right now - they don't even check your credit, and they do report to all three bureaus. Clear those Portfolio debts, let that account of yours start to report, and add Open Sky, and my bet is you'll be at or very near 600 across the board. 

[Anonymous]

This forum is definitely a life saver. Everyone is so positive and willing to help. I will be looking into Open Sky especially because I Can get it now. I also want discover and capital one but I do need to fix what’s wrong. I’ll be sure update in the future.