No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello, Im in the rebuilding stage. Fairly new and this is my first post.
I lost ( severance) my job back in 2015 and found a job later in the year that was drastically lower in pay. I had to let all of my credit cards go as a result. I have about $9000 left in collections. Total of 8-9 cards with Comenity. Porfolio recovery has them.
I've paid off two collections and will be paying 3 off in the next 4 months. The lowest amounts first.
I started rebuilding in Nov 2018. My FICO 8 scores were
Experian 525
Equifax 491
TransUnion 503
Today they updated and are currently
Experian 611
Equifax 628
TransUnion 619
I'm a Veteran so I bank with NFCU. I have a secured card ($1000)through them. I also just applied for DCU and have a creditbuilder loan for $500 with them. I have a Discover Chrome Secured Card $200. Jewelers Club $5000 , Fingerhut $300, and 2 other cards that I dont use ( First Progress/ First Access ).
I'd like to break into the 640s before winter. Should I pay the little collections first or 2 big ones? The little ones are under $500 a piece. The bigger ones are over $1000 each.
have you contacted them with a PFD offer or request ? are you fluid enough to make those offers on the small collections ?
i would contact Porfolio by Email and snail with a PFD offer on the ones you can pay cash on,, dont hurt to try and the removals will have the biggest impact on your score.
Portfolio will delete the accounts if they are older than 2 yrs. Its their policy now. You could call and ask for a settlement on all at once or tackle each one separately. Once PIF or settled for less. They will remove the collection account from your credit file. So if they are all from Port. You'd be collections free and a nice score boost will occur. Make sure they pass the 2yr mark. Good Luck!
I did the PFD with the first 2 collections I paid off.
I guess what I want to know if how do I determine which will have the greater impact.
Do I pay the smaller ones that are under $500 a piece for a total of $1500 or do I pay one big one for around $1200 which will take me 3 months verus the smaller ones, one at a time?
@Shawn19AL wrote:I guess what I want to know if how do I determine which will have the greater impact.
Do I pay the smaller ones that are under $500 a piece for a total of $1500 or do I pay one big one for around $1200 which will take me 3 months verus the smaller ones, one at a time?
You would start with anything updating monthly, if its all of them then it really doesnt matter which you go after first but I personally would do the smaller as you can get rid of 3 over 1.
Yes i agree anything reporting monthly needs to be paid and as for portfolio i have dealt with them recently and the age of the accounts don’t matter you just pay them and they process your payment for 30 days and then send deletion to the bureaus. No need to ask so its good the collection are with them because they are the easiest to work with.