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Rebuild initiated - advice needed!

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Rebuild initiated - advice needed!

Brief history: November 2015, I left my job due to health issues. I had 7 credit cards and a car loan with Southeast Toyota Finance. I was able to continue to pay my car loan but I had to let the credit cards default. I decided to go back to college and recently (July 11th) graduated with my nursing degree. I sit for my state board exam in a few weeks and I've already been offered a position making decent money and my first order of business is focusing on paying off my debts and cleaning up my credit reports. 

 

Currently, I have 7 accounts in collections, 3 with Portfolio Recovery, 2 with Midland Funding and 2 with LVNV. All combined, I owe $5,904 and that is without any discounts etc. A few of them are offering 20% off but I haven't begun the process of settling just yet.

 

I am looking for advice on the best route to take. All but 2 (LVNV) said that they will remove the collections from my reports upon payment. I reached out to LVNV but they refure to do any sort of PFD. 

 

My overall profile is actually decent other than the collection accounts. Most of the original accounts that defaulted are no longer reporting. I have more than 10 loans still reporting that were never late, 3 auto loans reporting with no lates and a capital one CC and a few store cards ,with no lates and recently was given a NFCU CashRewards SL of $7,000 (but hasnt reported yet). Right now my credit scores are 576,579,602. 

 

Okay.... to the point...  Should I use the NF card to pay off the collections or should I just make payment plans with all of them. The reason I am considering using the NF card is because atleast 5 of the collections will delete once paid and I was thinking that would do a lot for my overall profile and scores. And maybe if I show the ability to pay all at once, I was hoping I could bargain with them to lower the amounts owed?

 

Any advice is welcomed and appreciated! 

 

 

Message 1 of 3
2 REPLIES 2
Established Contributor

Re: Rebuild initiated - advice needed!

Congrats on completing your education & good luck on your exam!

 

If you use the NFCU card to pay the collections, make sure you have that amount saved up so you can pay it off right away. You don't want to pay with a credit card & let the balance accrue interest.



Starting Score: Nov 3, 2018: EX 597 TU 599 EQ 616
Current Score: November 1, 2019: EX 691 TU 703 EQ 704
Goal Score: Dec 31, 2019: EX 700 TU 700 EQ 700

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Message 2 of 3
Senior Contributor

Re: Rebuild initiated - advice needed!


@NurseLyfe19 wrote:

Brief history: November 2015, I left my job due to health issues. I had 7 credit cards and a car loan with Southeast Toyota Finance. I was able to continue to pay my car loan but I had to let the credit cards default. I decided to go back to college and recently (July 11th) graduated with my nursing degree. I sit for my state board exam in a few weeks and I've already been offered a position making decent money and my first order of business is focusing on paying off my debts and cleaning up my credit reports. 

 

Currently, I have 7 accounts in collections, 3 with Portfolio Recovery, 2 with Midland Funding and 2 with LVNV. All combined, I owe $5,904 and that is without any discounts etc. A few of them are offering 20% off but I haven't begun the process of settling just yet.

 

I am looking for advice on the best route to take. All but 2 (LVNV) said that they will remove the collections from my reports upon payment. I reached out to LVNV but they refure to do any sort of PFD. 

 

My overall profile is actually decent other than the collection accounts. Most of the original accounts that defaulted are no longer reporting. I have more than 10 loans still reporting that were never late, 3 auto loans reporting with no lates and a capital one CC and a few store cards ,with no lates and recently was given a NFCU CashRewards SL of $7,000 (but hasnt reported yet). Right now my credit scores are 576,579,602. 

 

Okay.... to the point...  Should I use the NF card to pay off the collections or should I just make payment plans with all of them. The reason I am considering using the NF card is because atleast 5 of the collections will delete once paid and I was thinking that would do a lot for my overall profile and scores. And maybe if I show the ability to pay all at once, I was hoping I could bargain with them to lower the amounts owed?

 

Any advice is welcomed and appreciated! 

 

 


Congrats on getting your degree! Five of my FireMedic buddies just became RN's and work in the ER part time. They wont leave the FD because of the states retirement system. Anyway. Getting PRC and Midland paid off will be great to get them off your reports. Now the sticky part. LVNV is a PITA and wont PFD. So in FICO terms. The LVNV collections will run their course but time will lessen their sting. If LVNV wasn't in the picture. You'd really see a nice score bump. Scoring wise when the last collections falls off. Thats when FICO will reward you. Now I wont say yes use your card. Thats a personal decision. Others may/will help you on that move. If it's a 0% for so many months card. Then I'd say yes. I just look at interest as throwing $ out the window, but thats JMO.

 

I would play the game and tell (PRC/Midland)  I am willing to PIF at a certain % of whats owed. Thay may play lets make a deal. Either way. PIF or settled wont matter. Beacuse it wont show on your reports after deletion. Now LVNV. It is better for your future to PIF. This way in the comments in your credit report. Account PIF looks a whole lot better than settled for less for future creditors. I wish you the best on your exam. If they do your test like here in Fl. Once you hit the passing grade. Your done. Official RN! Good Luck!





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 3 of 3
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