Rebuilding Question

[Anonymous]

Hello everybody.

Just a little bit of background. Significant other lost her job last year, and I ended up having 5 or 6 accounts get closed and go to collections since I was struggling to pay for everything. So needless to say, my credit tanked. Didn't take long to go from a 680 to low 500s. 

Right now, I have those 5 or 6 baddies on my report, that equal to about $10,000 total.

As far as the good still on my report, I have my mortgage at 3.25%, NFCU Platinum Visa $1300, Citi Secured for $500, VS card that I got for her for $250 that doesn't even get used, and I have a personal loan through One Main for my truck. All 5 of these accounts have 100% payment history. Citi and VS have 0% UTI, and NFCU has around 60%.

My plan is to ride out what I have now, while trying to pay off some collections when I have the funds available, since I do still have some positive things on my report going for me. 

My main question is, other than paying off collections, is there anything I can do to help rebuild a little quicker? Or should I just suck it up, and ride it out with what I have now? Since I do have the mortgage, installment loan, and 3 cards?

Thanks in advance 

[FireMedic1]

Ever thought about a HELOC? Got equity?

[Anonymous]

I've only been in my house for about 2 years and 8 months, so I don't really have alot of equity right now. 

[FireMedic1]

The CA's will hamper your scores until they are taken care of. If you can list who they are. You may have some that PFD. What you have now is really all you can do presently. Lets work on the negs and see what can be done. Fire away!

[Anonymous]

Synchrony $1200
Comenity $1500
Cap 1 $750
AMEX $1300
Chase $1500
And some medical bills that equal about $2000

I think there is a few more that haven’t hit collections yet, but I don’t know the amounts

[FireMedic1]

Is that what you owe? If so. Edit it as Credit Line/ Balance/Min Payment so we can see the util on each card. Then we can go from there and see if a game plan can be worked out.

[Anonymous]

Right, that’s what is owed on each account. They have been closed and sitting in collections for awhile now. So as far as I know, uti, minimum payment and all that is out of the window now

[FireMedic1]

Do all the accounts show 0 balance and charged off? Need to know who the collectors are. There are some that will pay for delete. We'll get to the bottom of this.

[chiefone4u]

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@Anonymous wrote:
Synchrony $1200
Comenity $1500
Cap 1 $750
AMEX $1300
Chase $1500
And some medical bills that equal about $2000

I think there is a few more that haven’t hit collections yet, but I don’t know the amounts

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Chase and American Express have hardship programs available that might be doable. 

[gdale6]

Medical collections are some of the easiest to get removed from your CRs, here are the steps that you should follow to address them:

1. Call the OC and see if insurance can be billed, (or-rebilled), collections ultimately paid by insurance get removed per new rules that came from CRAs settlement with 22 state AGs. If not then
2. see if you qualify for Charity Care, if not then
3.  ask that they recall the collection in exchange for full payment
4. Send the reporting CA a PFD offer
5. Google the HIPAA Process and contact its creator for help, this process cannot be discussed in any forum of myFico.