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What next?

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New Contributor

What next?

Hello everyone! Tons of great info in this community! I have off and on lurked the boards for 6-7 years. I just wanted to see what I need to focus on next. Here is the breakdown where I am.

Collections:
Portfolio recovery-$588- paid this month
Portfolio recovery-$352- paid this month
Midland Funding-$790- paid this month

Charge off
Green Dot bank-$67- haven't paid, not sure how to approach this-updating negative monthly

Entergy Mississippi-$237- haven't paid, not sure how to approach this- updating negatively monthly

First Premier-$480- haven't paid, not sure how to approach this- not updated since 2016

I have 6 separate tradelines for defaulted student loans dating back to 2008.

I finished student loan rehab in janurary this year, and navient is my new lender.

Now the positive info...it's not much haha
Cap one auto loan since 2016. In 2018 I had 6-30 day lates, but it is current now.

Cap one secured.- 3 months old. Paid on time

Authorized user on Lowe's store card dating back to 1995

Just approved for discover it secured.

My question is this.
Do I need one more card or just use what I got.

Im going to pay the charge offs no matter what. It's my debt and I finally have a job where I can make right all my previous mistakes, but I'd love to work out a deal to get them deleted from report. I have called each charge off and they don't seem to know what I'm talking about.
Message 1 of 12
11 REPLIES 11
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Moderator

Re: What next?


@wallacecody25 wrote:
Hello everyone! Tons of great info in this community! I have off and on lurked the boards for 6-7 years. I just wanted to see what I need to focus on next. Here is the breakdown where I am.

Collections:
Portfolio recovery-$588- paid this month
Portfolio recovery-$352- paid this month
Midland Funding-$790- paid this month

Charge off
Green Dot bank-$67- haven't paid, not sure how to approach this-updating negative monthly Call them and try the PFD but even if they wont do it pay them it will stop the monthly update that is keeping your Fico depressed.

Entergy Mississippi-$237- haven't paid, not sure how to approach this- updating negatively monthly Same as suggestion above

First Premier-$480- haven't paid, not sure how to approach this- not updated since 2016 Now with this one since it has not updated in about 2.5 yrs when it does to reflect the payment its going to take some Fico points with it. FP will not do a PFD. So how much longer this has to run before it cannot remain is going to be the determining factor. Whats the DoFD?

I have 6 separate tradelines for defaulted student loans dating back to 2008.

I finished student loan rehab in janurary this year, and navient is my new lender.

Now the positive info...it's not much haha
Cap one auto loan since 2016. In 2018 I had 6-30 day lates, but it is current now.

Cap one secured.- 3 months old. Paid on time

Authorized user on Lowe's store card dating back to 1995

Just approved for discover it secured.

My question is this.
Do I need one more card or just use what I got. Yup, 3 in your own name

Im going to pay the charge offs no matter what. It's my debt and I finally have a job where I can make right all my previous mistakes, but I'd love to work out a deal to get them deleted from report. I have called each charge off and they don't seem to know what I'm talking about. PFD is geared to be used on a collector not the OC as an OC rarely allows them so a rep on the phone isnt likely going to even know what they are.

 

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 2 of 12
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New Contributor

Re: What next?

Thanks for the response!

I actually talked to Green Dot earlier today. The CSR stated they will update my credit report to paid as agreed. She seemed to be sincere in saying this.

I'll call Entergy now to see what we can do there to get it fixed.

First premier scheduled to fall off in 02/2021

What card do you recommend trying to get? Hopefully I can get something similar to what I already have. A card that can grow.

Again, thanks!!!
Message 3 of 12
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New Contributor

Re: What next?

Also, forgot to mention portfolio has already taken off one collection from my account, so it still looks as though I have 2 other active collections. I would like to wait until all collections are removed from report and charge offs moved to paid as agreed before I try to get another card. I've heard great stuff about nfcu. Current FICO scores range from 550-575. 4 inquiries.
Message 4 of 12
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Moderator

Re: What next?


@wallacecody25 wrote:
Also, forgot to mention portfolio has already taken off one collection from my account, so it still looks as though I have 2 other active collections. I would like to wait until all collections are removed from report and charge offs moved to paid as agreed before I try to get another card. I've heard great stuff about nfcu. Current FICO scores range from 550-575. 4 inquiries.

You might have been able to get green dot to remove the CO and change it to a paid as agreed but its not going to happen with the power company or FP, it is so rare for anyone to get such a concession from a OC. I would wait till you settle the power and other 2 collections before you go for your NFCU card. A CU is a good card to get they are easier than commercial banks.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 5 of 12
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New Contributor

Re: What next?

Another quick question. First premier reporting monthly 480 on 400 limit charge off. If I pay in full, and they update to paid in full, could I expect a small bump in score?
Message 6 of 12
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Moderator

Re: What next?


@wallacecody25 wrote:
Another quick question. First premier reporting monthly 480 on 400 limit charge off. If I pay in full, and they update to paid in full, could I expect a small bump in score?

Its going to take down your overall utilization and the utilization hits on this individual card. The score increase will depend on what the other cards are reporting as far as utilization and whether the hit for the new accounts being opened will even it out. Really hard to say if you will get a bump or not.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 7 of 12
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New Contributor

Re: What next?

Currently I pay in full a few times per month on my cap one card. It always reports 0, but my utilization is 90% because of first premier
Message 8 of 12
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Community Leader
Senior Contributor

Re: What next?

Score bump or not, paying off that card as gdale suggests will stop its monthly updating. Once that happens, it can age and start to have less of a negative effect on your score. It’s worth paying off no matter what.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





TCL $64,850 | Agg. Util under 5%
Message 9 of 12
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New Contributor

Re: What next?

Well, I just moved all my banking from a local bank to nfcu to start building that relationship. If everything goes well I plan on applying for the NFCU secured card in 3-6 months from now. I'll still have some baddies but they will all be paid. I'll be paying my last charge off this coming Friday. Hopefully some of these collections and charge offs will update in the next month or so.
Message 10 of 12
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