What’s my next step?

Anonymous · ‎08-12-2019

I’ve been lurking and learning for a bit now and I have some questions about my next steps. First some background.

A month ago I had four collections:
An ad astra for 800 (speedy loan)
Jefferson capital for 600 (finger hut)
A convergent for 100 (reliant)
A enhanced recovery for 330 (sprint)
I’ve paid all of these, the first three agreed to Delete but obviously the last one would not, so I paid sprint directly.

I also have four derogatory accounts:
A first premier showing closed with a zero balance but showing several 90-120’s before they closed it with the security deposit.

A green dot that is a charge off but not showing closed even though it’s been delinquent since 5/18, showing a $61 balance

A capital bank open sky showing charge off but not closed even though its been delinquent since 7/17, with a 109 balance

And the aforementioned finger hit charge off that I just paid through Jefferson cap.

Those are my four “red” accounts in myfico, but there’s also a green child support account that has been current for over a year, but there are about two years of 120+ reporting by my employer at the time was taking the wrong amount out and it took the atty general forever to realize it or notify anyone. I guess it’s green because it’s currently showing paid as agreed, And my 2 year history on it is clean but my older derogatory events there are so many 90 day events.

I currently have a discover $200 that I’m on month 6 with, I pay off my balance every month.

Also have a 3 month old cap one, same thing. I also have a student loan that has been rehabilitated and is in deferment, so it is by far my oldest account 12 years, but only a year of payment reporting, reports an on time payment every month of $0.
Also have a $25 self lender payment for a $500 secured loan.

I also have 12 inquiries from a few months ago back when I didn’t understand the difference between FICO and vantage, and also thought credit card inquiry clusters were the same as like auto loan clusters. So that sucks. Now I use ck just to keep an eye on changes and I have a myfico account to monitor scores.

My questions are:
How should I approach enhanced recovery now? Dispute since I paid the original creditor?

How do I handle my four derogatory/charge offs? Is there anything that can be done besides just paying the balances? I know based on reading on here capital bank doesn’t do pfd, and 1st premier already has a zero so they’re not going to change anything. What about fingerhut and green dot?

And in General what should be my next steps besides gardening?

Thanks to everyone for their insight on this board. I’ve already learned a lot. My main goal is to get in the house market eventually.

Remedios · ‎08-12-2019

@Anonymous wrote:
I’ve been lurking and learning for a bit now and I have some questions about my next steps. First some background.

A month ago I had four collections:
An ad astra for 800 (speedy loan)
Jefferson capital for 600 (finger hut)
A convergent for 100 (reliant)
A enhanced recovery for 330 (sprint)
I’ve paid all of these, the first three agreed to Delete but obviously the last one would not, so I paid sprint directly.

I also have four derogatory accounts:
A first premier showing closed with a zero balance but showing several 90-120’s before they closed it with the security deposit.

A green dot that is a charge off but not showing closed even though it’s been delinquent since 5/18, showing a $61 balance

A capital bank open sky showing charge off but not closed even though its been delinquent since 7/17, with a 109 balance

And the aforementioned finger hit charge off that I just paid through Jefferson cap.

Those are my four “red” accounts in myfico, but there’s also a green child support account that has been current for over a year, but there are about two years of 120+ reporting by my employer at the time was taking the wrong amount out and it took the atty general forever to realize it or notify anyone. I guess it’s green because it’s currently showing paid as agreed, And my 2 year history on it is clean but my older derogatory events there are so many 90 day events.

I currently have a discover $200 that I’m on month 6 with, I pay off my balance every month.

Also have a 3 month old cap one, same thing. I also have a student loan that has been rehabilitated and is in deferment, so it is by far my oldest account 12 years, but only a year of payment reporting, reports an on time payment every month of $0.
Also have a $25 self lender payment for a $500 secured loan.

I also have 12 inquiries from a few months ago back when I didn’t understand the difference between FICO and vantage, and also thought credit card inquiry clusters were the same as like auto loan clusters. So that sucks. Now I use ck just to keep an eye on changes and I have a myfico account to monitor scores.

My questions are:
How should I approach enhanced recovery now? Dispute since I paid the original creditor?

How do I handle my four derogatory/charge offs? Is there anything that can be done besides just paying the balances? I know based on reading on here capital bank doesn’t do pfd, and 1st premier already has a zero so they’re not going to change anything. What about fingerhut and green dot?

And in General what should be my next steps besides gardening?

Thanks to everyone for their insight on this board. I’ve already learned a lot. My main goal is to get in the house market eventually.

Hi and welcome to the forums

How should I approach enhanced recovery now? Dispute since I paid the original creditor?

Call them and let them know you paid the OC. I dont know if they will remove their reporting, or just update balance to reflect $0.00 owed.

Normally, you'd ask OC to recall collection in exchange for payment beforehand.

How do I handle my four derogatory/charge offs? Is there anything that can be done besides just paying the balances? I know based on reading on here capital bank doesn’t do pfd, and 1st premier already has a zero so they’re not going to change anything. What about fingerhut and green dot?

As a general rule, OC seldom remove their reporting. For isolated lates, use GW approach.

There is nothing you can do about COs other than paying/settling or letting them stay on your CR for the entire 7 years. Those COs will update and affect your score whole time. If you do not pay them, you cannot expect much improvement in terms of score recovery and rebuilding. Most lenders (non-predatory kind) are quite hesitant to approve when prior obligations are not satisfied. It's up to you, though.

And in General what should be my next steps besides gardening?

You should garden and pay your debts, then move on to the next steps. I am afraid you'd have very limited choices right now, if any.

So, take care of negatives first if you want to increase your chance for future approvals

Good luck

Anonymous · ‎08-12-2019

Thanks for the advice. I had no intention of not paying the charge offs, I just wasn’t sure if I had any leverage.

As far as fingerhut, it is already showing zero it switched to zero when it sold to Jefferson.

I don’t plan on doing anything anytime soon, I’ve adjusted my utilization to almost zero so I’m waiting for that to report on the 20th and the collections to go away and see where I stand then. Then it’s just aging and see where I stand maybe next summer. If there’s no convincing original creditors then that’s all there is for me to do. Was just making sure I wasn’t missing anything.

Anonymous · ‎08-20-2019

Update to the Enhanced Recovery/Sprint situation in the hopes it might help someone else in the future:

as a recap, I had a four year old sprint account that was reporting through Enhanced Recovery. I was able to recover my original Sprint password and was able to pay the account online directly ($330). I waited about 10 days and then disputed the Enhanced Recovery collection through both Transunion and Experian, and within 48 hours the collections were deleted from both CRA's. Hopefully they stay that way.

Based on the policies of the other collection accounts that I have paid, by the 15th of september all of my collections should be deleted from my report, leaving only a couple of derog closed accounts to deal with, and an open charge off with Capital Bank N.A. that I currently have an active complaint against with Consumer finance that I detailed in another post.

So far so good!