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Where do I start?

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Established Member

Where do I start?

I had a real rough time in college and suffered my devastating blows to my credit. My score are as follows. TU/522 EQ/484 EX/498. This year has been a good year to rebuild and I have taken strides in correcting my credit problems. I have disputed a few collections that I can hopefully remove and I am currently 6 months current on payments. I know that these current scores give me no hope of a home purchase at this time, but I only have about 4500 in past debt. I am currently paying off this debt as well as Sallie Mae debt of 354 a month. I make 90k plus a year. Is it possible to raise my score enough in 6 more months to qualify for a home loan?
Message 1 of 7
6 REPLIES 6
Valued Contributor

Re: Where do I start?

You would have to post some of the accounts on here...also know what is the SOL in your state?...it IS possible though...through hard work...and sometimes it's a lot easier than you might think...
Message 2 of 7
Established Member

Re: Where do I start?

I sorry I am new to this web site. I live in wyoming and do not know what SOL is. If I copy and paste my accounts from my credit report would it help shed some light on my rebuilding process?
Message 3 of 7
Valued Contributor

Re: Where do I start?

Maybe someone will post the link for you to find out your SOL...sorry..I don't have it..and you should post your bad accounts...for further help on what to do...
Message 4 of 7
Established Member

Re: Where do I start?

Charge AccountCit Bk/Dfs XXXXXXXXXXXXX9454 11/2004 $0 Included in Bankruptcy 
 Charge AccountSears/Cbsd XXXXXXXX5459 11/2004 $0 Included in Bankruptcy
Credit CardCbusasears XXXXXXXXXXXX 12/2004 $0 Included in Bankruptcy
Credit CardFst Premie XXXXXXXXXXXXXXXX 4/2004 $0 Included in Bankruptcy
This account has late payments in the pastLine of CreditGembppbycr XXXXXXXXXXXX 2/2005 $0 Included in Bankruptcy
This account has late payments in the pastStudent/Education LoanSallie Mae XXXXXXXXXXX0007 8/2004 $0 Pays account as agreed
This account has late payments in the pastStudent/Education LoanSallie Mae XXXXXXXXXXX0006 8/2004 $0 Pays account as agreed
This account has late payments in the pastStudent/Education LoanSallie Mae XXXXXXXXXXX0005 8/2003 $0 Pays account as agreed
 This account has late payments in the past Student/Education LoanSallie Mae XXXXXXXXXXX0004 8/2003 $0 Pays account as agreed
 This account has late payments in the past Student/Education LoanSallie Mae XXXXXXXXXXX0003 9/2002 $0 Pays account as agreed
 This account has late payments in the past Student/Education LoanSallie Mae XXXXXXXXXXX0002 9/2002 $0 Pays account as agreed
 This account has late payments in the past Student/Education LoanSallie Mae XXXXXXXXXXX0001 3/2003 $0 Pays account as agreed
 This account has late payments in the past Vehicle LoanAlegiance XXXX2501 9/2004 $1,901 Bad debt/collection
 
Collection on debt to: Not Reported

The collection agency "606yc00000" was hired to collect a debt of $26 originally owed to "Not Reported" on account number "XXXX1215".

Collection on debt to: Not Reported

The collection agency "231yc00000" was hired to collect a debt of $66 originally owed to "Not Reported" on account number "XXX3890".

Collection on debt to: Not Reported

The collection agency "231yc00000" was hired to collect a debt of $148 originally owed to "Not Reported" on account number "XXX3880".

Collection on debt to: Not Reported

The collection agency "464ya00000" was hired to collect a debt of $75 originally owed to "Not Reported" on account number "XXXXXX8051".

Collection on debt to: Not Reported

The collection agency "464ya00000" was hired to collect a debt of $1,241 originally owed to "Not Reported" on account number "XXXXXX8021".

Collection on debt to: Not Reported

The collection agency "464ya00000" was hired to collect a debt of $1,598 originally owed to "Not Reported" on account number "XXXXXX8004".

 

Sorry about how long it is!!

Message 5 of 7
Moderator Emeritus

Re: Where do I start?

First, I would pull each CR directly from each CRA. You can get these reports for free from annualcreditreport.com one time each year or for free from the relating CRA if you were denied credit within the past 60 days. These reports are necessary to determine who your CAs are. MyFICO will often mask who the CA is, especially if a medical CA.
 
Next, I would read and read and read. Credit Scoring 101  is a great place to start, esp. for abbreviations. Took me a while to figure out. Then I would ask specific questions and develop a good game plan.
 
Looks like the first 4 accounts are reporting OK. There's not too much you can do there. The 5th is reporting OK too. Check around for info on the Sallie Mae accounts. SM was reporting incorrectly. This may be OK, but others could chime in.
 
Next Allegiance looks to be a CO. If reporting correctly, I would offer not a PFD, but rather a modified GW to have bad debt/collection removed in exchange for paid as agreed if you were to pay the balance in full. I don't know if this is a CC or not, but if a CC, I'd fight to keep it on. You have no other revolving credit and that is hurting you now.
 
Next, go after the collections. Send a DV to every single one. If validated to your liking, then offer a PFD. If any of these debts were associated with the BK, you could dispute based on that.
 
Word of CAUTION: If you communicate in any way to an old OC or CA, expect a flurry of collection activity. Sly asked if you were within SOL. If inside, you have an elevated risk of being sued. I checked WY and found that it is 8 years for oral and 10 years for written. I would save the $$$ first, then DV, then offer a PFD. If they were to ever force your hand and sue, at least you could fire off a payment in full without worrying about a judgment on your CR.
 
I recommend subscribing to a monitoring service like TrueCredit to track changes. I would also order your CR direct from each CRA every other 2-3 months just to have a hard copy. CAs have been known to improperly update reports. Keep your nose clean from this point forward. Save. Don't make any payments without following the advice on these forums. I'd bet with hard work, you'll see 50-100 point gain within the next 6 months. Also, once scores hit in the 600s, go for 2-3 CCs as they will help your score. You have no recent credit history. Don't go into debt with them, buy a cup of coffee every 2-3 months or so and PIF.


Message Edited by llecs on 05-20-2008 04:05 PM
Message 6 of 7
Established Member

Re: Where do I start?

Allegiance was an auto loan. I am trying to figure out whether or not to send them a GW letter. The other two credit reports show no balance a debt charged off. What does this mean. The majority of the collections are for less than $100. Is there no other way to get these taken off than to pay for another credit report then send each one a PFD? I am taking each of the major medical bills and paying them off one by one as fast as I can. Is this the wrong thing to do?
Message 7 of 7
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