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Oh sure... Now I start to care about my Credit!

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Oh sure... Now I start to care about my Credit!

EDIT: After reading some other posts, and really liking the way other people arranged their posts, I wanted to clean this up a bit.

 

You are all incredible for taking the time out of your day to read these posts and respond, Thank you from the bottom of my heart! You'll have to forgive my format and lack of acronyms, I'm learning as I go.

 

No crap, there I was, 35 years old with custody of a 2 and 4 year old. Divorced for all kinds of bad stuff, and smacked with some crazy debts. 

Here is where I am currently:

502/EQ

537/TU

538/EX

Here's what I am (was*) dealing with in Collections:

Car loan/$20,800,

Furniture/$2,627,

CapOne/$410,

SyncB/$2,644, 

Utility Bill/$829,

Old DayCare/$1814,

Midland/$3034.

That all totalled approximately $32,158.

 

Here is what I settled all accounts for:

Car loan/$10408,

Furniture/$1414,

CapOne/$215,

SyncB/$926,

UtilityBill/No Agreement Yet,

Old DayCare/$819,

Midland/$1983.

Total payoff so far is $15,765, with another $400 probably going to be added for old utility bill.

 

So I was able to take out a loan from my family, and paid everything in collections. Now I have a single monthly payment of $1000 for the next 16 months.

 

Still actively paying: PrimaryCarLoan/$4523, payment is around $500/mo. 

 

I make approximately $5000/mo.  I am an Active Duty Soldier, and all of these should have been protected by SCRA, do you think this is something I can do even after these have all been paid? It would be awesome if I could just get them removed.

 

So that is where I'm at, the question is, now what? What is your recommendation for the next best step to build my credit. The goal is FICO of 750 in 12 months, do you think thats possible? 

 

I want to thank you all for taking the time to read this post and respond. I look forward to hearing from you.

Message 1 of 6
5 REPLIES 5
Established Contributor

Re: Oh sure... Now I start to care about my Credit!

It is possible but it will be a bit more difficult in your situation I myself started in 500's and 12 months hit the 750 middle but I only had 2 collections and perfect payment history so once I got those removed and did a secured small loan and kept paying on my car and paid off the loan it did jump largly in 12 months.      Your best chance would be to have all those removed from your information and start showing more positive stuff on your end I'm not sure what else you have that is positive that reports for you or your Average Age of Accounts but that also will play a factor Smiley Happy       So everything said it is possible sorry to hear about your hard times but it's never to late to get your ducks in a row and start taking better care of yourself!      Good luck!
















Message 2 of 6
Highlighted

Re: Oh sure... Now I start to care about my Credit!

Just wanted to say a quick thank you  for being the first to reply to my thread. It's great to hear from others who were in a similar situation. I think the secured loan might work well for me, I can stack away some money for a couple of months and take out a secured loan for $2000+. I'm reading through posts daily in order to increase my understanding. Huge congrats on the work you put in to get to 750!!! I'll be right behind you!

Message 3 of 6
Community Leader
Mega Contributor

Re: Oh sure... Now I start to care about my Credit!

Hi @Operation750in12Month  and welcome to the forums 

 

You can try GW approach to get those removed. Make sure you include in your letters what happened, how it happened, steps you took to rectify it, how it affected your life and how it continues to affect your life. 

Make it very personal. 

It's a bit of hard work, but if it works out, it's totally worth it 

 

Thank you for your service 

 

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-St...

Message 4 of 6
Moderator

Re: Oh sure... Now I start to care about my Credit!

Welcome to the board Smiley Happy

 

If you can prove SCRA was valid for these you could demand that they be removed. You could also just send a GW request to them asking for it to be removed. You dont say if you currently have any credit cards. These are more important that a secured loan at this point. You need 3 open revolvers to drive your Fico score. A 750 is pretty much the max you can obtain at the end of charge off or collection account reporting so unless you can get these removed its going to be a while before you obtain it. The law says that these can remain for a max of 7.5 yrs from the accounts DoFD but Fico calculates the score from the last update date.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 5 of 6
Regular Contributor

Re: Oh sure... Now I start to care about my Credit!


@Operation750in12Month wrote:

EDIT: After reading some other posts, and really liking the way other people arranged their posts, I wanted to clean this up a bit.

 

You are all incredible for taking the time out of your day to read these posts and respond, Thank you from the bottom of my heart! You'll have to forgive my format and lack of acronyms, I'm learning as I go.

 

No crap, there I was, 35 years old with custody of a 2 and 4 year old. Divorced for all kinds of bad stuff, and smacked with some crazy debts. 

Here is where I am currently:

502/EQ

537/TU

538/EX

Here's what I am (was*) dealing with in Collections:

Car loan/$20,800,

Furniture/$2,627,

CapOne/$410,

SyncB/$2,644, 

Utility Bill/$829,

Old DayCare/$1814,

Midland/$3034. How old was this collection? If it's older than 2 years it will be deleted automatically if you settle

That all totalled approximately $32,158.

 

Here is what I settled all accounts for:

Car loan/$10408,

Furniture/$1414,

CapOne/$215,

SyncB/$926,

UtilityBill/No Agreement Yet,

Old DayCare/$819,

 

When you setteled these did you ask for a Pay For Delete? Meaning if you settled they would delete them from your report. If not you can always try a Goodwill Letter to each. A Goodwill Letter is essentially you pleading your case to each company and asking them to remove it from your report out of goodwill. I moved my scores a ton by writing a few GW letters.

 

Midland/$1983.

Total payoff so far is $15,765, with another $400 probably going to be added for old utility bill.

 

So I was able to take out a loan from my family, and paid everything in collections. Now I have a single monthly payment of $1000 for the next 16 months. That's great!

 

Still actively paying: PrimaryCarLoan/$4523, payment is around $500/mo. 

 

I make approximately $5000/mo.  I am an Active Duty Soldier, and all of these should have been protected by SCRA, do you think this is something I can do even after these have all been paid? It would be awesome if I could just get them removed.

 

So that is where I'm at, the question is, now what? What is your recommendation for the next best step to build my credit. The goal is FICO of 750 in 12 months, do you think thats possible? It's possible if you can get each of these collections removed from your report.

 

I want to thank you all for taking the time to read this post and respond. I look forward to hearing from you.

 

I just ran a google search on the SCRA and here's what it states:

 

Protections offered by the SCRA include:

  • Prevents your landlord from evicting you unless the rent is higher than $3,851.03 per month for 2019 (this amount changes every year)
  • Stops foreclosures without a court order
  • Your vehicle can't be repossessed without a court order if you made a deposit, or at least one payment before you joined
  • You can't be taken to court for civil proceedings, this includes divorce and child support hearings
  • Keeps the owner of a self-storage facility from selling your belongings for overdue rent without a court order

 

It doesn't look like any of your collections would be covered by this but I could be wrong.

 

Also, THANK YOU FOR YOUR SERVICE!

 

 


 

MASSIVE OVERHALL (11) MONTHS IN




Message 6 of 6
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