@Anonymous wrote:Hi all, First I want to say I really do think you guys are doing gods work in helping others recovering
Reading all the helpful threads has given me the courage to
As for my story, I am a 24-year-old guy trying to recover from my early college mistakes. I was a young man fresh out of high school with no real care in the world. My parents never talked to me about money but I don’t want to use that as an excuse for my reckless actions. Needless to say when I got to college the intro cards came and I made dumb purchases. Laptop for school, taking girls out, going out with the boys. I figured I could cover because I was working and things were going well. Well, I lost my job and just had school. With the loss of income and the little money, my mom and dad were giving me I was using to buy food and everything. Well now I’m older and I am in much better shape financially and was looking to get a car. I check my scores and they are low 500s in the toilet.
I’ve listed below as best as I can in my current situation. Is it too late for me? Is there hope? I feel like I screwed up my young life forever. My main objective for posting this is to honestly hopefully get some advice on where to start. I want to pay off my balances, rebuild my credit the right way and hopefully get a car soon( I can afford a car note comfortably and I just don’t think I would get approved or a great APR). Thanks in advance! Hopefully, I get some help.
Charge Offs
- Wells Fargo Charge off $958 on a $700 Limit- Falls off 2023
- Discover Card Charge off $765 on a $500 Limit- Falls off 2023
- Macy's Card Charge off $345 on a $100 Limit- Falls off 2023
Current Cards
- Cap one Platinum-$480
- Mission Lane Card-$450
- CreditOne Platinum-$286
- Bank of America-$288
- Navy Federal Secured-$380
- Indigo Card-$0
- Milestone Card-$0
Student Loans
$20,000- still in school so currently not worried
A Collections from T-Mobile for $1,108 with Convergent Outsourcing. First reported 2016
I don’t know what this is about because I have been a T-Mobile customer forever and still am. I get 0 percent on phones and everything.
@Anonymous Welcome to the community. Read, read, and read some more. There is a treasure trove of knowledge here, waiting to be discovered by you. Check out the pinned posts. Venture around the other sub forums. Use the search feature.
It's never too late to build/rebuild one's credit profile.
You want to address any derogatory or delinquency that is suppressing your scores. Are you in a position to handle the charge off? Are you waiting for it to drop off your reports? Same question for the collection.
First off, it's never too late to take control of your finances and/or to rebuild your credit. As long as you're ready/able to commit to doing so, because it can be a long journey.
In my opinion, you're in relatively decent shape all things considered. Although I don't know your income, your balances are fairly low and probably can be remedied in a relatively short amount of time. Then, it's just a waiting game for your scores to increase.
If I were you, I would contact Convergent and figure out exactly what you owe and why. My experience with Convergent was good. They offered me a deal to pay 50% of my debt and removed it from my credit report.
Then, I would tackle your charge offs. Those are likely still affecting your total utilization. And you may want to keep a relationship with Wells Fargo and Discover going forward.
Then it's just a matter of paying down your balances while keeping them current; focusing on getting the utilization down.
@Anonymous wrote:Yessir, I was wondering should I pay the charge offs or wait for them to fall off? I want to dispute the collections because I don't know where it is from. I have always paid my bill and my phones off.
It depends. Personally, I believe in paying your debts. And if you hope to have any relationship in the future with any of the companies you've burned then you pretty much have to repay your debts.
Others may feel differently. But it's an ethics decision if you're financially able to, in my opinion at least.
Disputing those collections will not help you unless you have edvience they are in fact fraudulent. As far as the charge offs if you want immediate points for your scores pay them but if you really don't care and or not making a big purchase like a house or car then you can wait the 2 years until they fall off. But like the previous poster stated if you want to get back in the good graces of the companies you burned you may want to pay them sooner than not at all.
Starting Score: 494 503 521
