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Overloaded With Information and Don't Know What to Do

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Overloaded With Information and Don't Know What to Do

Lots of wonderful information here --- I've spent days and hours reviewing and just created an user acct because now I'm overwhelmed with information and don't know what to do or where to start... I've requested my credit reports -- waiting on Experian to send in the mail because some of my online verification answers didn't check out.


I've listed items from my credit report below -- any advice on what to do to improve my score would be appreciative. I don't know if I should pay off the old debts for fear it may make my score go down. What to do with 'Closed Accts' and 'Collection Accts." They seem to be 2 different beasts to conquer -- do I treat them the same?


I did manage to get a $1,000 secured credit card from my credit union today -- should arrive in the mail in the next week or so... Do I just put charges up $90/month on it to stay under 9%. I make great money now and can put this card on auto-pay so I'm not late. Should I use the full $1K each month and pay off in full.


My credit sucked while trying to get a biz up and going and now the biz is finally doing well and paying a great income each month. I have lots of disposable cash to start paying these things down -- just need to understand how to best do it so my score increases while not doing anything to make it come down.


I'm considering getting a car -- my interest will be high but I can pay off in 12-months if that'll help my score... Any advice is sincerely appreciated. My brain is fried and just fearful of how to best start.


Thanks for your time!






Law Offices of Crystal Mor

New City, NY


Date Reported: 02/2013

Date Assigned: 04/2012



Creditor Name: Globalinx 5 Linx Enterprises

Individual Acct

Original Amount Owned: $355

Date of 1st Delinquency 03/2009


Balance Date: 02/2013

Balanced Owned: $455

Status: In Collections




Collection Bureau - FWB

Fort Walton Beach, FL


Date Reported: 03/2012

Date Assigned: 01/2012



Creditor Name: Asheford Institute of Antiques

Individual Acct

Original Amount Owned: $1085

Date of 1st Delinquency 06/2011


Balance Date: 03/2012

Balanced Owned: $1085

Status: In Collections


Note: The thing about this company is i never signed a contract. I purchased an online course and canceled 60 days in. Never knew it was a 12-month contract until I received a collection notice.




Paragon Revenue Group

Concord, NC


Date Reported: 01/2011

Date Assigned: 03/2009



Creditor Name: Sanger Clinic

Individual Acct

Original Amount Owned: $285

Date of 1st Delinquency 12/2008


Balance Date: 01/2011

Balanced Owned: $285

Status: In Collections




NCO Financial

Wilmington, DE


Date Reported: 05/2012

Date Assigned: 02/2009



Creditor Name: Medical-Carolina

Individual Acct

Original Amount Owned: $284

Date of 1st Delinquency 12/2008


Balanced Owned: $284

Status: In Collections





Account Recovery Co, Inc.

Woodstock, GA


Date Opened: 7/2008

Date Reported: 6/2013


Status: Charge-Off

High Credit: $25,917

Balance: $9,448


Comments: Voluntary Repossession




Peoples Financial Corp

Canton, GA


Date Opened: 4/2011

Date Reported: 6/2012


Status: Charge-Off

High Credit: $12,913

Balance: $1,756


Comments: Charged-Off Acct





Peoples Financial Corp

Canton, GA


Date Opened: 3/2011

Date Reported: 4/2011


Status: Charge-Off

High Credit: $13,842

Balance: $0


Activity Description: Paid and Closed

Date Colsed: 4/2011


Note: What happened here was i purchased bad car from shady dealer -- broke down 2 days after i got it. Took back and got into another car and they closed out this loan and put me in another loan (the one before this one -- they both seem to have the same acct number on my credit report --- one paid off and the other owed a balance).




Public Service of North Carolina

Gastonia, NC


Status: Charge-Off


Date Opened: 11/2008

Date Reported: 7/2013


Balance: $530

Type of Loan: Utility Company

Comments: Charged off acct, closed by the credit grantor





ADN PROPERTIES (A house I was renting through the homeowner)

Amount: $5,364


Date Filed: 3/2010

Date Report: 5/2010

Type: Judgement




IDA, LLC (car loan company)

Amount: $6,053


Date Filed: 12/2009

Date Report: 1/2010

Type: Judgement




Merchants Acceptance

Amount: $2,913


Date Filed: 5/2011

Date Report: 7/2011

Type: Judgement






Starting Score: [Experian: 487] [Equifax: 551]
Current Score: [Experian: 487] [Equifax: 544]
Goal Score: 700

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Message 1 of 2
Moderator Emeritus

Re: Overloaded With Information and Don't Know What to Do

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.


Taking your comments and baddies in order....


Definitely read in here to figure out what actions can help/hurt your credit and get a firm grasp before taking any steps. Paying down a baddies doesn't generally help your FICO or credit because the baddie remains. FICO largely doesn't care about the balance on a collection. In some cases, paying down a baddie can help or even hurt your FICO. Depends on the situation, the change, the status, the account type, etc. Unfortunately when you pay it, you lose any chance of trying a PFD because it is paid. They can still report the collection and that will continue to hurt your credit.


Ignore the statuses (stati?) of "Negative closed", "closed account", "potentially negative closed", etc. The CRAs assign subheadings and lump the accounts in there. It doesn't imply that the accounts are good or bad. You can have a "closed account" be a negative acocunt for example. Don't get hung up on it.


On utilization, FICO only scores on what is on your report. Therefore, for max points, get all of your cards to report $0 except for one and get the one to report under 9% of the CL. CCs only report to your credit reports once per month. They will most usually report the balance you had on your statement date. So therefore, pay down the balances to where you want them immediately prior to the statement date and that'll result in the balances you wanted reported. You can certainly use more than 9%. You can use 100%. Just pay it down/off before the statement cuts.


Don't finance a car for a FICO score. It doesn't make sense to pay hundreds in interest for a potential increase in FICO. Liekly your FICO will take a hit for financing due to the new acct. However, if you needed to finance, then finance. Just don't do it for credit purposes.


Law firm, Paragon, &  NCO - send a DV. If they verify and you agree, then send a PFD.


Collection - FWB - Go back into the OC's website (assuming you stated there) and retrace your steps. If you had to enter your name, then there was probably some sort of checkbox link that contained the contract. You can also call the OC and see if they have a copy of the agreement. After fact-finding, then send a DV to the CA. If they verify and you agree, then send a PFD. If you disagree, then certainly reconcile that before sending a PFD.


Account Recovery - the name implies a CA. If a CA, send a DV. If they verify and you agree, then send a PFD. If this is the auto lender then send a PFD.


Peoples (first one) - send a PFD


Peoples (second) - it looks positive to me. I wouldn't touch it.


Utility - send a PFD.


PRs - some had success by paying the debt and then asking the plaintiff's attorney to ask the court to have it vacated. That'll often lead to a deletion. Check around. Is the car from Account Recovery the same as the judgment? You might be able to kill two birds with one stone, if you know what I mean. It does get complicated if the defendant in the judgment is different than the one reporting.


The only other things to consider are FICO scores. If you want to know your FICO score then certainly pull from here. What becomes helpful the most, IMO, is the red flag column in the FICO reports. If you look on the Accounts page it will list what accounts are viewed as a negative by FICO. You'd want to leave any account alone absent that red flag.


Also think about your state's SOL. SOL is the time frame a creditor has to sue and varies by state. Generally it is 3-15 years depending on where you live and the debt type. If you do anything to an unpaid debt, then the odds of being sued go up significantly. It's like poking a sleeping bear. If any debt is within SOL, make sure you have 100% saved before doing anything to that debt. You can always offer less in a settlement, but make sure you have 100% saved just in case they decline the settlement and go after 100% instead.

Message 2 of 2