what next and SOL question

[Anonymous]

Hi, I really need some help with rebuilding my credit. I pulled my credit reports and scores. Right now my TU score is 604 and my EQ is 561.  I know one of my big things is I run my credit card balances too close to the max. I am freezing all my cards and just going to work on bringing the balances down. I am hoping this will bring my score up quite a bit but I do have a few other things on my credit that I am not sure what to do with. 

First would be a public record reported in 2007.  It still shows the dollar amount on both reports but I did settle this with a payment less than full. Am I just stuck with this until it falls off? 

Next would be my negative reporting.  I have 3 of 8 accounts that show negative reporting. Of those 3, 2 are with First Premier and show a 0 balance from 2008.  I am guessing I am just stuck with those until they fall off???  The third is with Kia Motor Financial from 2008 as well and shows an outstanding balance of $12865.  The vehicle was repoed back in June of 2008.  I am not sure what to do with that other than wait it out. On only my EQ report there is an account showing negative from Nelnet and last activity was 2003 but it shows 0 balance and paid as agreed.  This is now pushing 10 years old. Any help here would be great!

The last thing is my collections accounts. On my TU report there are 10 items showing collections, 9 are medical and the other one is T-mobile. On my EQ report there are 11 collections reporting with 8 being medical, 1 T-mobile and 2 that I am not sure of and don't specifiy on the report. I was going to start paying these off but I don't want to hurt my credit by bringing up old collections. 3 of these medical and the T-mobile are fairly new (within the last year), 2 I don't know what they are and 1 medical are from 2010, 1 medical from 2009, and the rest are from 2007 and 2008.  Should I start with the most recent medical and do PTD letters?  What about the T-mobile and the 2 I don't know what they are, will they delete? How can I find out what the 2 I don't know are?  On my EQ report it shows

Collection on debt to:

2

Collection agency [?]

605YC52663

Original lender [?]

2

I was going to begin writing PDF letters for the collections and start paying them off however I found this link on someone else's post.

http://www.bankrate.com/brm/news/cc/20040116b2.asp

I live in Texas and it states on this page that the SOL is 4 years.  Does this mean that  a lot of my bad credit reporting and collections are past the SOL so I could delete based solely on that? 

Any help would be greatly appreciated!!

[Anonymous]

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@Anonymous wrote:

Hi, I really need some help with rebuilding my credit. I pulled my credit reports and scores. Right now my TU score is 604 and my EQ is 561.  I know one of my big things is I run my credit card balances too close to the max. I am freezing all my cards and just going to work on bringing the balances down. I am hoping this will bring my score up quite a bit but I do have a few other things on my credit that I am not sure what to do with. 

First would be a public record reported in 2007.  It still shows the dollar amount on both reports but I did settle this with a payment less than full. Am I just stuck with this until it falls off? 

Next would be my negative reporting.  I have 3 of 8 accounts that show negative reporting. Of those 3, 2 are with First Premier and show a 0 balance from 2008.  I am guessing I am just stuck with those until they fall off???  The third is with Kia Motor Financial from 2008 as well and shows an outstanding balance of $12865.  The vehicle was repoed back in June of 2008.  I am not sure what to do with that other than wait it out. On only my EQ report there is an account showing negative from Nelnet and last activity was 2003 but it shows 0 balance and paid as agreed.  This is now pushing 10 years old. Any help here would be great!

The last thing is my collections accounts. On my TU report there are 10 items showing collections, 9 are medical and the other one is T-mobile. On my EQ report there are 11 collections reporting with 8 being medical, 1 T-mobile and 2 that I am not sure of and don't specifiy on the report. I was going to start paying these off but I don't want to hurt my credit by bringing up old collections. 3 of these medical and the T-mobile are fairly new (within the last year), 2 I don't know what they are and 1 medical are from 2010, 1 medical from 2009, and the rest are from 2007 and 2008.  Should I start with the most recent medical and do PTD letters?  What about the T-mobile and the 2 I don't know what they are, will they delete? How can I find out what the 2 I don't know are?  On my EQ report it shows

Collection on debt to:

2

Collection agency [?]

605YC52663

Original lender [?]

2

I was going to begin writing PDF letters for the collections and start paying them off however I found this link on someone else's post.

http://www.bankrate.com/brm/news/cc/20040116b2.asp

I live in Texas and it states on this page that the SOL is 4 years.  Does this mean that  a lot of my bad credit reporting and collections are past the SOL so I could delete based solely on that? 

Any help would be greatly appreciated!!

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SOL expiring basically means the statue of limitation to sue you for the money has past.  It doesn't mean you will get it deleted from your CR.
Bringing down you util ration to below 10% will definitely help your score.

With the First Premier, it seems like there's not much you can do, since they do not accept GW.  You just have to wait it out.

Check the DOFD for the Nelnet account.   Derog stays on your CR or 7 to 7.5 years from the DOFD.

Since I'm not familar with public records and repo, I won't be able to offer any input.

[Anonymous]

Here is what the Nelnet account says on my CR

Nelnet

Status as of Date opened [?] Date of last activity [?]

Apr, 2011

Jun, 1997

Oct, 2003

It also states paid as agreed. The account was sold and is now in excellent standing with the new company.

[Anonymous]

One more question.  I have a collections on my EQ report that shows as Sprint as the original debt being owed to and it is marked as July 2010.  I am guessing this is when it was sold to this particular collection agency as I left Sprint in August 2005.  Would I write each CRA to dispute this?

As far as the SOL, that is what I figured but worth asking.

[Anonymous]

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@Anonymous wrote:

One more question.  I have a collections on my EQ report that shows as Sprint as the original debt being owed to and it is marked as July 2010.  I am guessing this is when it was sold to this particular collection agency as I left Sprint in August 2005.  Would I write each CRA to dispute this?

As far as the SOL, that is what I figured but worth asking.

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It looks like Nelnet is for you student loan.  Since the report you are looking at doesn't show the DOFD, you might need to get your free credit report from annualcreditreport.com, it will have more detailed information.  After you find out the DOFD, you can expect the Nelnet derog to fall off you CR in 7 to 7.5 years from the DOFD.

Sprint - Does a particular CA show up for the collections account?  You mentioned disputing, what are you disputing exactly?  Is there a balance showing on your CR for the Sprint collections account?  If you have the ability to pay I would call Sprint and find out if they still owe the debt.  If they do, offer PFD or a settlement.  If the debt has been sold to a CA, send a DV if the SOL has past or if you can afford to PIF.

[Anonymous]

Here are some additional information regarding your original post:

Public Record - If you settle for less than the full balance, it should show a balance of 0.  You should dispute the balance.  After you do that, you can possible get the PR removed.  I found this on another post. "...it is possible to get your satisfied judgement removed. First, you do not need to hire a lawyer. What you need to do is go to the court and ask the clerk for the paperwork required to file for a motion to vacate/dismiss a judgement. Find out how much the court fees are. Then, get a hold of the plaintiff's attorney and ask them if they can file the motion for you since you satisfied the debt (was it PIF??) if they disagree then offer to pay the fees for in exchange..."

Kia Motors - I think you will just have to wait this one out unless you have the money to PIF or settle.  This tradeline will affect you for the next two years if you are looking for a mortgage loan (depends on your lender).

Medicals collections - For the recent collections, I would send a DV and then a PFD if the SOL has past or if you can PIF.

T-Mobile - Several options here.  Refer to the answer I gave for the Sprint account.  There's are telling if they will delete or not.  But you will never know if you don't try.

2 Unknown accounts - I can't see the image.  Type the information.

[Anonymous]

Thanks for the information.

I was able to find out a little more the more I dug around.

The Sprint Date of first Deliquency is actually August of 2005 but they are showing as reported on July 2010. I disputed that one already.

The pubilic record was settled already, paid for less than full amount at the time the judgement was ordered. i just don't know if the public record should show what the balance was or 0 since the balance is 0.  If it should show 0 I will dispute.

I am getting ready to send DV letters to all the rest of the collection accounts. I guess once I get these sent out I will worry about what my next step is.

[Anonymous]

For the public record, I believe if you settled it should show a zero balance.  Other members here might have an input on this.

[Anonymous]

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@Anonymous wrote:

Thanks for the information.

I was able to find out a little more the more I dug around.

The Sprint Date of first Deliquency is actually August of 2005 but they are showing as reported on July 2010. I disputed that one already. If it is a CA the date reported is the date the CA reported it to the CRAs.  Doesn't mean anything, it still goes by the DoFD.  In this case it is too old to be reported.

The pubilic record was settled already, paid for less than full amount at the time the judgement was ordered. i just don't know if the public record should show what the balance was or 0 since the balance is 0.  If it should show 0 I will dispute.  It should say satisfied.

I am getting ready to send DV letters to all the rest of the collection accounts. I guess once I get these sent out I will worry about what my next step is.

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[dlee]

If you would like, you can send a copy of your credit report, with your inquiry to Nelnet. They will review your inquiry and adjust if necessary. The fax number is 402.458.2298.