Rebuilding with questions

[Anonymous]

New member although I have been reading posts about rebuilding. I'd love some advice on this topic.

I have 7 derogatory marks on my report. I was going to call them and offer an amount to pay them off. Is this the best way in order for it to show up as paid on my report? Should I find out if they qualify for the 7 years?

[Anonymous]

Before making any type of payment, I would look at how old they are. If they’re older than 7 years, dispute them so they can be removed. Also, check everything for accuracy to ensure you truly owe all of what they’re saying you owe. Yes, paying all of what you owe will change their status on your report to “paid” but more often than not, paid collections have the same negative effects of unpaid collections.

If you do pay them, I wouldn’t give them my information over the time phone unless you’re paying with a prepaid card you never plan to use again, mail a money order instead. I personally don’t like CA having my financials.

I’m sure more people will be able to offer even more insight. Best of luck to you!!

[Brooklyn2018]

Hi! Welcome to the MyFICO forum.😊

IMHO, I WOULD NOT CALL! Do everything in writing so you have PROOF no matter what it is for...Be smart and read everything you can on this forum and ask as many questions as you want and provide as much information so that others can chime in and provide some feedback.

If you haven’t yet? Goto annualcreditreport.com and get a copy of your credit reports. You can print them off one-by-one.
If you are asking whether or not you baddies are within the 7 years before aging off, you’ll need to look on your credit reports at the DoFD(Date of First Delinquency) subtract that date from the 7 years and that’ll tell you where they are and whether they are within the SOL(Statues Of Limitations) OR out of SOL. MEANING: if they are within SOL, you can be sued by the OC(Original Creditor or CA(Collection Agency) with whomever owns the debt. If it is out of the SOL, then you cannot be sued for the debt...BUT, they still can attempt to sue you and bring a judgement against you IF you DO NOT show up in court AND PROVE the debt is out of SOL. Make sense?
As far as paying the debts...I would Validate each one to make certain they are YOU DEBTS. If they are and are validated correctly, then you can try a PFD(Pay For Delete) there are plenty of examples and stories on there that’ll help guide you in that process.
Paying your charge offs will help your score, while having other positive TL’s(Trade Lines) reporting will fade out the paid one reporting a $0 bal. plus will look better to potential creditors that you might be seeking in the future.
Try to provide some more info for others to chime and give their opinions on what might work best...every situation is unique and may require unique answers.

You definitely took the right approach being here and asking questions FIRST before making any unwanted mistakes!👍

Good Luck!😊

[Anonymous]

Thanks for your reply and advice!
One of these accounts is for an auto loan through a credit union. Any advice there? They sold the car and sent me a letter stating what is left on the account afterward. This was in 2014. The account shows open and charged off.

[Anonymous]

Very good advice, thank you. I'm a little intimidated about my reports because I have been putting this off for nearly 4 years now. I was going to file bankruptcy but decided to just tackle my debt head on and get it all squared away.
I was able to get all three of mg reports mailed to me but I haven't had a chance to sit down and go over them completely.
I did notice that they are all three reporting different accounts with some of the same. That's strange to me. Also, how do I put my signature on my name for these forums which would show my credit scores?

[Brooklyn2018]

I’m not sure how the credit unions will work as far as PFD are concerned. Most repossessions(I would think?) if charges off will stay on your CR for the full 7(?) If the balance is extremely high and the CO is still within SOL and you CAN’T afford to pay it, IMHO, I would let that bear sleep until it is out of SOL and then try a PFD at a lower amount.
I have one that is coming up on its SOL and I’m not gonna go poking at them now until it has reached its SOL+6 months before I attempt a PFD.
Most if not all repossessions are sent to auction so the company who financed the vehicle can recoup some of their losses. In any event, they write it off as a loss and you are left with the balance you defaulted on, leaving you responsible for that balance.
Trying to get a repossession of your cr will be, IMO, pretty difficult if not impossible. I’ve had one many years ago and I only owe a few thousand on the balance and was charged off and on my cr. I called to try and PFD and they said they’ll accept payment for the balance and report a $0 bal Paid/Satisfied but, was told they would never remove it. They said they could only report accurate information. Needless to say, I never paid it and I waited many years for it to age off. I’m sorry I just didn’t pay it because I had the money. That’s when I was young and stupid. Lol
I’m sure someone will chime in and give you some feedback about CU’s and repossessions.
I hope I helped some, even if it was not what you wanted to hear(?)😞


😊

[Brooklyn2018]

Go into you settings and scroll down to your personal info and in the box signature that’s where you type in your info you want displayed.
I hope I got that right?? Lol

[Brooklyn2018]

When you get some time...? Make a pot of coffee, find a quite place, get a notebook(that’s what I did😊) Sit down, take a deep breathe and start looking at the accounts and start learning how to read your reports. There is a thread on here that’ll show you how to understand your credit reports and how to read them, if you don’t already know that is.
Write down all of your accounts(Name, amounts$, DoFD/DoLA, figure out if they are “WITHIN SOL” or “OUT OF SOL” find out if it’s the OC(reporting)? or CA(reporting)? Now if they are medical? Collections? CO?
Write them all down separately from each CR...Experian...Transunion....Equifax.
Then see which account is reporting on what credit report. Some report on all 3 cr’s, some report on 2, and some will only report on 1.
Once you have the “BIG PICTURE” of what you have and where they are...you’ll be able to come up with a better plan of approach as to WHAT and WHAT NOT to do.
This worked for me but, if you have your own way then that’s even better. But, be sure to KNOW everything that is on your reports and whether they are ACCURATE!!! Once you know this information, then come back here and ASK AWAY!! We will be here to help the best that we can. When asking questions though, try to include AS MUCH info about the account in question so others can chime in and assist you!

Hope that helps a little, too? 😊

[Anonymous]

That definitely makes sense. Thank you 😊
The balance is around 8K to the credit union. I have been listening to Dave Ramsey podcasts lately and thought about doing the debt snowball for my derogatory marks. It's difficult to tackle all of this which makes it stressful to start! Thank you again for your support and advice

[GodivaD]

Definitely print out all three reports, study them like a book, make sure everything is accurate, find out the DOFD...my best advice is to find ABCD’s thread on what to work on first. Also you want to pay anything with a balance that is a charge off ke collection. However check the ages first.

Do that and you’ll see a difference along with everything BK said. It’s so much info on here but if you do your research you can fix your credit with a lot of patience.