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Restarting My Credit Life Again... Ground Hog Day

NICKI183
Established Contributor

Restarting My Credit Life Again... Ground Hog Day

Good Evening: I thought I would never end up here in the repair section; however, decisions made 5-years ago caused me to repair again.  I did the "cart trick" way too many times and caused an avalanche of Comedity Credit (a few sold off to Synchrony).  Now, for these decisions am stuck with 17-collections.  My goal is to start with small ones to pay off with a possible PTD.  The other problem is that they are split between two different collection agencies; The Bureau and Midland.    I need to get this process going, so I first started by disputing personal information on my file that is not accurate.  It will take my 12-18 months to pay off, but I want to hit the ground running.  Does it sound like a good plan to start?

 

Thanks in advance. 

Starting Score: 555/567/570- Aug 2017 (TU)646 (EQ) 626, (EX) 635-Goa 750l: UPDATE 2021 (TU) 623, (EQ) 584, (EXP) 598 Current VISA-MC-Amex Credit Cards |NFCU-CashReward-$2k|USSA Visa- $500lAmex USAA-secured Merrick-$1,900ll Amex Delta Sky Miles- $1k
, |Nordstrom-$2100|Neiman Marcus-$700|Credit One Bank $850/$500 / Capital One Journey $700/ Capital One Quicksilver One $1650/Target $600/KohlsStore $300/Personal Loans $14k
Garden Until 2/2022 removing all 18 collection baddies and decrease UTILto less than 5%
Message 1 of 15
14 REPLIES 14
AllZero
Super Contributor

Re: Restarting My Credit Life Again... Ground Hog Day


@NICKI183 wrote:

Good Evening: I thought I would never end up here in the repair section; however, decisions made 5-years ago caused me to repair again.  I did the "cart trick" way too many times and caused an avalanche of Comedity Credit (a few sold off to Synchrony).  Now, for these decisions am stuck with 17-collections.  My goal is to start with small ones to pay off with a possible PTD.  The other problem is that they are split between two different collection agencies; The Bureau and Midland.    I need to get this process going, so I first started by disputing personal information on my file that is not accurate.  It will take my 12-18 months to pay off, but I want to hit the ground running.  Does it sound like a good plan to start?

 

Thanks in advance. 


It is my understanding that The Bureau and Midland will PFD. Collection agencies that do PFD. Good luck.

Message 2 of 15
OmarGB9
Community Leader
Super Contributor

Re: Restarting My Credit Life Again... Ground Hog Day

Would you mind listing all of your charge offs and collections along with their CO (charge off) dates and current balances/limits? That would make it easier for us to help you. The good news is I *believe* both The Bureaus and Midland do pay for delete, though this would only apply to their respective collections and not the original charge offs. I know Midland for sure does PFD, but only if it's been 2 years since DOFD (Date of First Deliquency).


Last App: 04/05/2021
Penfed Signature Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 3 of 15
NICKI183
Established Contributor

Re: Restarting My Credit Life Again... Ground Hog Day

Thank you @AllZero  that is helpful. 

Starting Score: 555/567/570- Aug 2017 (TU)646 (EQ) 626, (EX) 635-Goa 750l: UPDATE 2021 (TU) 623, (EQ) 584, (EXP) 598 Current VISA-MC-Amex Credit Cards |NFCU-CashReward-$2k|USSA Visa- $500lAmex USAA-secured Merrick-$1,900ll Amex Delta Sky Miles- $1k
, |Nordstrom-$2100|Neiman Marcus-$700|Credit One Bank $850/$500 / Capital One Journey $700/ Capital One Quicksilver One $1650/Target $600/KohlsStore $300/Personal Loans $14k
Garden Until 2/2022 removing all 18 collection baddies and decrease UTILto less than 5%
Message 4 of 15
babygirl1256
Valued Contributor

Re: Restarting My Credit Life Again... Ground Hog Day

@NICKI183 Great rebuilding effort . . . many of us have been where you are and I was there in 2019 and it has taken me almost 2 years to really start to see my scores reach 700 (I'm doing the happy dance). This forum has been a life saver and I couldn't have done it without the help of many!!!

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 5 of 15
NICKI183
Established Contributor

Re: Restarting My Credit Life Again... Ground Hog Day

H,  Here is a grid including the original dates with current balances.

 

Collection VendorOriginalDate of Delinquency  Amount  
The Bureaus 4/17/2020 $  2,192.00
The Bureaus 3/16/2020 $  1,733.00
The Bureaus 5/14/2020 $  1,143.00
The Bureaus 5/14/2020 $  1,294.00
The Lvn Funding LLCFingerhut6/25/2020 $  1,204.00
Midland Credit Management  3/20/2020 $  1,134.00
Midland Credit Management  3/20/2020 $  1,132.00
The Bureaus 3/16/2020 $  1,075.00
Midland Credit Management  3/20/2020 $     700.00
Midland Credit Management  3/20/2020 $     606.00
The Bureaus 3/16/2020 $     571.00
The Bureaus 3/14/2020 $     546.00
The Bureaus 3/16/2020 $     520.00
Midland Credit Management  3/20/2020 $     508.00
The Bureaus 5/14/2020 $     476.00
The Bureaus 8/13/2020 $     378.00
Midland Credit Management  3/23/2020 $     214.00
Starting Score: 555/567/570- Aug 2017 (TU)646 (EQ) 626, (EX) 635-Goa 750l: UPDATE 2021 (TU) 623, (EQ) 584, (EXP) 598 Current VISA-MC-Amex Credit Cards |NFCU-CashReward-$2k|USSA Visa- $500lAmex USAA-secured Merrick-$1,900ll Amex Delta Sky Miles- $1k
, |Nordstrom-$2100|Neiman Marcus-$700|Credit One Bank $850/$500 / Capital One Journey $700/ Capital One Quicksilver One $1650/Target $600/KohlsStore $300/Personal Loans $14k
Garden Until 2/2022 removing all 18 collection baddies and decrease UTILto less than 5%
Message 6 of 15
NICKI183
Established Contributor

Re: Restarting My Credit Life Again... Ground Hog Day

Yes, I was a great contributor back in 2015 and thought I had it down pat.  I think life and the fact that  I could get subprime credit got the better of me.  However, I look at it as another lesson learned and not the end - only a new beginning.  I think this is the 3rd time I am restarting my credit.  This time with the help of the Forum (instead of bogus credit repair companies).  When I did it before, it was because  I followed the forum and had great success.  I think this time, I know what obstacles to avoid and focus on getting to 750.   I know it will be an uphill climb but prepared.   Thanks for encouraging words. 

Starting Score: 555/567/570- Aug 2017 (TU)646 (EQ) 626, (EX) 635-Goa 750l: UPDATE 2021 (TU) 623, (EQ) 584, (EXP) 598 Current VISA-MC-Amex Credit Cards |NFCU-CashReward-$2k|USSA Visa- $500lAmex USAA-secured Merrick-$1,900ll Amex Delta Sky Miles- $1k
, |Nordstrom-$2100|Neiman Marcus-$700|Credit One Bank $850/$500 / Capital One Journey $700/ Capital One Quicksilver One $1650/Target $600/KohlsStore $300/Personal Loans $14k
Garden Until 2/2022 removing all 18 collection baddies and decrease UTILto less than 5%
Message 7 of 15
AllZero
Super Contributor

Re: Restarting My Credit Life Again... Ground Hog Day


@NICKI183 wrote:

Thank you @AllZero  that is helpful. 


It's my pleasure. Looks like the CAs you posted including LVNV will PFD. With that in mind, it depends on your course of action.

Message 8 of 15
nwa479
Contributor

Re: Restarting My Credit Life Again... Ground Hog Day

Welcome back to the forum.  Sounds like a good plan to start with.  I have a few comments or questions.  

1) Find out either by researching the forum or calling the collection agencies to see if they do PFD. I had success with one PFD but currently stuck with on collection I paid with TSI even though they refused PFD.  I should have tried to get original creditor to pull it back and pay it that way.  

2) I don't believe collections under $100 affect Fico 8 if paid.  You may be able to knock off some of these quickly

 

3) I would try to let CRA know that you are planning to get these paid down over the next 12 to 18 months so they don't sell off your account to another agency.  This happened to me on the TSI collection.  It had been sold to TSI by another CA that would have done PFD

 

4) What are your current scores and score goals?  I see from your signature you had scores in the mid 600s in 2017. 

5) Emergency savings.  There's a recap on credit rebuilding in this forum that lists 8 or 10 points.  One of them was to be sure you had at least a month to 1-1/2 months savings before starting to pay down collections.  

 

I also did the shopping cart trick 4 times.  Two were cards I only used once and Comenity eventually closed them.  One was a success story.  It started as Wayfair card and as converted last summer to a Comenity MC.  Now has 2k CL and I get 1.5 percent CB.  A fourth card I got last summer for Good Sams for camping.  I use that card also 

 

 

 

 

 


Starting Scores: 595 to 610 in Sept 2016
Current Scores: Fico8 EQ737 TU661 EX689 Fico9 EQ825 TU733 EX729 Mortgage Scores EQ671 TU660 EX660
Goal Score: Fico8s 750s Fico9s 800s Mortgage Scores above 680


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Message 9 of 15
NICKI183
Established Contributor

Re: Restarting My Credit Life Again... Ground Hog Day

My course is to start until I finish.  As they all seemed to hit around  the same time, I have a lot of work ahead of me.  I only validate one at a time and get the PTD in writing and then mail the check.  I want to assure they follow-up and complete the delete.  I think my scores will really see some improvement with this process.  I have frozen all of my files, but know that no existing creditor will give me any increases unless I actively do something about these. 

Starting Score: 555/567/570- Aug 2017 (TU)646 (EQ) 626, (EX) 635-Goa 750l: UPDATE 2021 (TU) 623, (EQ) 584, (EXP) 598 Current VISA-MC-Amex Credit Cards |NFCU-CashReward-$2k|USSA Visa- $500lAmex USAA-secured Merrick-$1,900ll Amex Delta Sky Miles- $1k
, |Nordstrom-$2100|Neiman Marcus-$700|Credit One Bank $850/$500 / Capital One Journey $700/ Capital One Quicksilver One $1650/Target $600/KohlsStore $300/Personal Loans $14k
Garden Until 2/2022 removing all 18 collection baddies and decrease UTILto less than 5%
Message 10 of 15
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