Your going to have to come to settlements on all the CO's and CA's. If you dont mind whats your annual income. Right now your at $36,342 in total debt. Yes it looks like a lot when you add it up. But are you able to pay all this down in say 2-3 yrs or less?
@Anonymous wrote:Hi Everyone,
I have been browsing the boards for some years now and have been trying to fix my credit on and off.I'm finally in a better place financially and mentally to focus on fixing my credit. My goal is to eventually buy a house and has been
a longtime dream of mine. I'm still not 100% sure of the lingo and things to do. Like is it really necessary to have credit cards?
I see some of you have so many of them and high amounts. I would be so annoyed with all those cards in my wallet! (lol) Maybe there is something you all can teach me and explain on all the cards lol.
Anyway, now to the crappy stuff, my credit:
CREDIT CARDS:
Victoria Secret CC: $762/$250 limit (paying this down)First Progress CC (secured CC): $178/500 [Closed out 09/2021 due to non payment (lost my job), opened it 01/29/21] Paying down the remaining balance so it reflects $0. The card was last maxed out plus fees, the deposit was used toward the balance.
AUTO LOAN:
Great Lakes Financial- $4,835 ($2,706 paid off) missed 3 payments due to loss of income. Sent a GW to see if they will consider removing them. [reporting only on TU]
Consumer Financial Services: $9314 (closed/charged off as bad debt) [They said I can make some payments toward it and I will have an option to revive the loan but will have interest and all that. Something I can think about when the time comes. Advice on this appreciated]Autobank Financial: $7,581 (closed/repo) [should I eventually pay this off so it reflects to $0? Can I see if they will delete this file or what are my options?]
STUDENT LOANS:
TFC Credit Corporation: $4,628 (missed payments due to job loss, trying to pay the past due balance to catch up $1,683)[TU/EX]
FedLoan Servicing: $1794.16 (will eventually be transferred to another loan company once Fedloan's contract ends with Financial Student Aid) Comments: Payment deferred [TU/EQ/EX]
Installment Loan:
AcceptanceNow: $1,737 (I have to call because last I spoke with them, they transferred my account to rent a center and offered me a settlement amount that at the time I couldn't afford. It still shows on my credit reports but last reported on time was 09/2020 and the status is showing 90 days past due. There is a comment stating "Affected by natural disaster". Will have to call once I have more money saved up to negotiate settlements. etc) {Reporting TU/EQ/EX}
COLLECTIONS:Sunrise Credit Service: $940 [EX/EQ/TU] {have to call to see if they will pfd}
American Profit Recovery: $182 [EX/TU] {Will PFD}
Jefferson Capital Systems (Unifin is collecting on their behalf): $5,668 [EX/EQ/TU] {Will PFD}
Portfolio Recovery Associates: $557 [EX/EQ/TU] {Will PFD}
Credit Management LP: $225 [EX/EQ] {have to call to see if they will pfd}
Enhance Recovery Company LLC (ERC-Enhanced Resource centers)-$747 [EX/TU] {have to call to see if they will pfd}
IQ Data International Inc.- $4,001 (keeps adding interest fees) [TU] {sent an electronic correspondance to see if paying this in full would allow pfd}Any tips on what I can do to bring my scores up while I'm paying off the guarantee PFD collections? Also, Will I really need to get another credit card? I have a feeling once my balance is paid off for VS card, they will choose to close out the account. Reason why I believe this is because I have been carrying a balance for some years. Also, they changed the card design and sent me a notice that a new card will come in the mail and it never came. I called and asked about it and I was told that once I pay off my balance and am in good standing again, then they will send me a new card. I don't really care too much if they close it, I dont shop at VS much anyway but wondering how I will look for a future mortgage loan and my scores.
Anyway, here is to a better financial future. Can't wait to see where the journey goes and happy to get any help from all the wonderful people on here!
Cheers!
Your on the right path cutting back expenses and more income. And getting the past in the past. Yes Enhanced, PRS, and Jefferson will PFD. The others dont know. Main one to hit is IQ charging interest. I go by fix the past. Then the scores rise. That leads to better credit approvals. Once all the CO's are paid. They help scores a bit. They no longer are factured into your revovling aggregate util %'s. Getting charge offs and repo's deleted are impossible from GW's. Once everyone is settled and paid. Then you can move forward with better cards. You wouldnt happen to know your scores right now? You can sign up on credit.com and cancel before the trial ends. They say dont fix it if it isnt broken. Its the opposite with credit. Keep us updated on how its going. Then when the time comes. We can lead you to better credit. Good Luck.
@Anonymous Just want to touch on the credit card part. People definitely don't carry all their cards around lol
Daily driver (DD)- cards for regular/everyday use
Sock drawered (SD)- cards kept home, locked away and only used occasionally
Cool. Your getting there. No more new accounts now for a while. Spend 2022 repairing the rest and in turn the baddies will age. Make the new year where you pay yourself 10% of your take home pay into savings. I did this after BK. 5 yrs later. Whoa. Nice nest egg for emergencies. Once you see the savings grow. It gives you more incentive to save even more. This is how I got my home last year. 20g's down payment. And theres still some there in case I cant make payments for 6 months if anything comes up and trashes my credit. Make 2022 the year of the repair/rebuild. This time next year you should be sitting pretty darn good. Keep it up!