Rebuild 2.0 FKA I had been doing great

[ThetoriParadox]

I had built my credit up to over 650 from a low 400. I got an auto loan and had five credit cards that I was paying on each month. And then I fell behind and freaked out and everything went to collections.
I still have the auto loan and car thank goodness. But my scores have tanked and I’m back at square one. I have done it before so I know it’s possible but it’s just such a bummer to feel this way again. I know you all here are such great support and have tons of amazing information. So I’m glad to be back!
Wish me luck!!
Currently in a payment plan with cap 1 for three cards that were charged off.
Amex charge off 1100
Discover secured charge off. After deposit was applied I owe 360 pretty sure it’s still with them.
Credit one credit card charge off 700.

I made a budget and sticking to it!

[FireMedic1]

Well you did it before and came out ahead. No reason you cant do it again. You know what needs to be done. Like last time there is a light at the end of the tunnel. Good Luck on Rebuild 2.0!

[newmomnewme]

I am in the exact same boat....actually, I might be on rebuild 3.0 this time. Do you have an amount you can commit to your paydown plan each month?  Have you checked out the debt-reduction calculators online? If not, I suggest you do both along with posting here to keep yourself accountable. Best of luck. You know you can do it, you did it before!!! 

[Anonymous]

Are all of your revolving accounts closed now?  Do you still have any store cards open?  

[ThetoriParadox]

No revolving is open... I have 3 student loans with no late payments, and a car payment with a few 30 and 60 days late. 

I am totaling 22k-ish in collections.

Made a payment plan with Cap 1 for my three cards that got charged off totaling around 3500.

Attempting to contact the creditors who are in collections with the smallest debts owed first.

Some cards are still with the original creditor so I am attempting to arrange things with them before it escalates to a collection agency.

Here is what I have from lowest to largest in collections/ charged off currently

Rash & Curtis (hospital collection) $45

Caine & Weiner- $80 -contacted can pay to Progressive and will be removed-have in writing

Applied bank secured CO - $119 fall off date 8/22 still with Applied

Rash & Curtis again- $147

Discover- $367 had secured acct, CO and this is the balance, still with discover

Victoria Secret CO -$572 fall off date 4/25 SOLD not on CR

Applied bank business card CO- $818 FO10/22 still with Applied

Credit 1 CO- $1019 FO date 4/25 sold to CA but not sure who not on CR

AMEX CO- $1307still with Amex

Net Credit- $5019 FO 6/25

Prosper CO-$6704 FO 4/25 sold to Velocity not on CR

I make good money and just need to stick to my budget and get the ball rolling on this. I am petrified at this amount but I am confident if i stay strong willed I will be able to knock this down fast.

[newmomnewme]

Just checking in on you. Any progress so far? You can get through this list. It really isn't as bad as you think right now...

[ThetoriParadox]

So far just contacted Progressive for that 80 dollar collections, I will be taking care of that over the phone Wednesday (payday) and it should be removed around 30 days.

Next step is to contact the hospital and see if they will take direct payment as opposed to paying the collection agency (I think it is in house).

I will update the thread as I trudge along

Thanks everyone for the support!

I do not need a new line of credit now so my focus is tackling these CO and CA. 

[ThetoriParadox]

Update:
Paid progressive today. The collections account should be off the report in 30 days. Yay! Putting 100 dollars from this check into savings as well.
Will be paying the medical collections next paycheck (20th)
One step at a time!

[newmomnewme]

Great job! Thanks for posting. We will keep each other accountable. 

Also, I am glad that you are saving while rebuilding. I increased my 401k contribution so I don't even see the cash. 

Keep up the good work! 

[ThetoriParadox]

Nice work!!

I dont have a 401k but I have a Roth IRA that i do small transfers into twice a month and just started using a website called CATCH that detects when my paycheck is deposited and takes 3% and puts it into an account that isn't attached to my checking so i never even see it.

Pretty pumped on my path this time around!!