I would work to pay down the CC debt first. How old are the collection accounts that you speak of? If you pay off the collections they will still apprear on your CR, but will show as a paid account. You may want to attempt to negotiate with the collections agencies for a removal if paid in full. If the collections are old, they will fall off your reports at 7 years. It does not mean you do not owe the debt, but they will no longer appear. Also depending on the state you live in the statue of limitations may have expired on those debts.
- 336 due to come off 11/2021
- PIF, due to come off on 11/2016
- PIF balance due to come off on 12/2017
- PIF, joint account balance due to come off 6/2020
paid in full charge off due to come off 1/2018
Same accounts +
340 due to come off in 6/2020
Medical Collection 250 - due to come off 1/2021
Same accounts as but no charge off
None of my collections were more than 340 which in hindsight i could kick myself, but i truly just did not have it.
Just take one step at a time, and you will get there.
I found extra money to pay on my debt by doing a monthly budget.
I am also using ebay to get rid of some decluttering from around the house
Its amazing what we can sell, that we won't even miss.
First timer here. I've been reading many of the forum topics and love to follow up on all the great advice. My reason for wanting to take the challenge is to be able to purchase my first home. I made a ton of credit mistakes when I was younger and I am now trying to rehab.
I want to join this challange not only to help me stay focused on rebuilding my credit, but to work towards a loan for a new car.
Started off by paying off quite a few things, and now just waiting at the moment for these to report to the credit reports.
Late to the challenge this year, but better late than never!!
I participated last year, with a goal to get all scores to 700 and clean up negatives on my report. I can proudly say that by the end of 2015, TU was hovering at 700 and my EQ report was totally clear from collections. In the past two months, TU has become a clean sheet and EQ has risen to just shy of 700! Despite the removal of most items last year EX didn't really budge, but that's fine /shrug
So what should I look forward to this year? For starters, I want to see all green on my FICO dashboard! I think this means scores at 740, right? So ho am I gonna get there....
1. No new apps - FOR SERIOUS. I got a little power trip as the negatives were falling off, and needless to say racked up a pretty substantial amount of inquiries in the summer. I will not app for anything until at least the fall, if not later. I don't really have any credit needs, so barring a drastic emergency or a reallllllly amazing offer I believe I can manage this.
2. Try to clean the last baddies from EX. There's only 2 left, one is SOL this month and the other is eligible for early exclusion in May. It will either be an easy job or the CA is just a jerk who doesn't like money.
3. Pay down those student loans! The first negative reason I've gotten on denials is "balance of installment loans to original amount too high". Some of my student loans are at 120%!! I just completed an app to consolidate and want to aggressively pay more than what I owe monthly.
Compared to last year, this just feels like maintenance. But I cannot express how GOOD it feels to be at that point, and not like I'm helplessly drowning underneath 7 collections. To anyone getting started, you can do it. It doesn't take miracles, just a bit (annnd sometimes a lot) of persistence.