Not everything is this post will apply to everyone, but there's a list of things that would be most helpful to those trying to offer you advice.
Here's the most common questions that need answered:
- All credit card accounts you currently have on your credit reports and their current status. Open, closed, late payments (how many), charge offs, paid on time, etc. (It’s also helpful if you’re able to include the month and year of the adverse information mentioned)
- What loan accounts you have, or don’t have, along with their history and current status.
- Any other derogatory items on your credit reports, dates and who they’re from (if you haven’t included them from items 1 and 2).
- If you are dealing with a collection agency, who is it?
- If you’re inquiring about a Statute of Limitations (SOL) issue, list the state you are in, or please provide the SOL in your state if you’ve already looked it up.
- Income, as well as any other money you might have access to, to handle delinquent accounts/creditors.
- What are your current Fico 8 scores
I appreciate all the information but one important detail left out was what is the DOFD that led to each of these charge offs with the ORIGINAL lender (example: George Family Limited Partners)? It's important to determine those dates as they are critical in determining when these CO accounts will become time barred from being reported and/or legally noncollectable.
A couple other questions:
- In regards to ALL charge offs, did any of them issue you a 1099-C for the remaining balance?
- What state are you in and/or what is the SOL there?
- Do you currently have any other open revolving accounts/credit cards?
What to look at working on for now:
Best Buy: You should consider paying this off or settling for less. Doing so will get it to report a zero balance, and also stop it from updating every month. This will help your scores by improving your reported aggregate utilization.
AT&T: Credence has been known to offer pay for delete in the past. If they still do I'd try to reach an agreement with them and get this paid/settled and also behind you.
so a Form 1099-C is for each debtor for whom canceled $600 or more of a debt owed. It doesnt sound like you have made any agreements with the CA or OC so thats why you havent gotten a 1099-C. Once you do then you'll get them. I got one when I did my Capone a few years back. The journey for you will be long but do able. You need to clean up the collections and CO's. Ask them if they will do a PFD to get them off your credit profile ASAP. Some of them will be harder than others becuase of the balance on them but do what you are able to afford without causing any more harm to your credit profile. I would take advantage over the next 9 months to get rid of as much as this as you can.
There are more senior memebers in this forum who might have better advice but those are my 2 cents on how to go about this rebuild process. Wishing you the best of luck!
