Well, the time has come to start this process. I've been reading these boards for awhile now, and I've got some pretty basic ideas of what I need to do. It's frustrating to me that I can make as much cash as I do, pay off all of my debts rather than declare bankruptcy, and in spite of that still end up with a credit scrore of 586 (EQ). I have now only my auto loan left to pay off, and I'm putting a good $1-2000 toward that every month. It should be gone within 6 months. Sadly, the damage has been done to my credit report. So, without further ado, I'll ask my questions. First of all, I have 6 collections on my accounts. All are under $500. All but 1 is paid (and I'll definitely be paying it!). Of course, I paid these a good 2 months ago, but they still aren't updated to paid status. What is the best method of handling these? Just attempt to dispute as not mine first? Then, when they verify... start sending them letters? Next, I have 1 charge-off on my credit, which is extremely frustrating due to the circumstances. I lost my job and had to move to another city to accept my job that I have now; in order to do this I had to break the lease on my apartment. I agreed to pay a monthly amount equivalent to what I would have paid had I stayed there, or until they found a new renter. I paid this, but since I was late a couple of times (we're talking like 2 weeks late, not 3 months late) they sent me a summons to small claim court, and when I paid it off in full before then, never heard from them again. However, they reported it as a charge off on my credit report, but paid in full. If that makes sense. If not, I can just cut and paste it for you guys. Also, I disputed that one online already, and they "verified" it. They updated it to "closed by consumer", but it's still listed under chargeoffs. Next: late payments. My Capital One account has 3 30 day late pays on it. I've drafted a letter to them, but I'm not sure if I should just dispute the late pays first or attempt ta goodwill letter. My account is in good standing and although I do use it responsibly, I pay it off in full every month. My Associates/Citibank card has 3 x 30 and 1 x 60 on it. Again, I figure I can write a pretty decent goodwill letter, but perhaps it's best to dispute first. My worst account is my gateway computer financing. Although it's an older account, it has 1 x 90, 2 x 60, and 1 x 30 on it. I'm not sure but it seems like it would be best to just dispute this as not mine, since I'm almost 100% sure they won't deal with me (feel free to correct me if you disagree). I highly doubt that the existence of that account is going to help me considering how negative the notations on it are. I also have on there a vehicle loan through Wells Fargo, which I got when I was 18 (my mother's b-day gift to me was to cosign on it), but when my family and I had a falling out 10 months later, my mother kept the car from me forcibly and told me that it was hers now since she refused to trust me to make payments on it. Ironically she's made 2 late payments on it since then. I figure I might have some luck writing to Wells Fargo about this, and as such I've crafted a letter to them as well. Let's see... I think that about covers it. Lots of negative on there, but on the bright side I guess the more there is, the higher chance I have of getting some of it removed :/ My plan: Dispute the following: Capital One: Never paid late Associates/Citibank: Never paid late Gateway finance: Not mine All 6 collections: Not mine Letters to the following: Old property management company: goodwill letter? I'm not really sure how to continue on this one. Wells Fargo (the car that my mom took): Explain the situation, ask for a goodwill removal of the negative notations - considering I'm just a cosigner and I had no knowledge and would gladly pay any fees that they didn't pay I have read on this site for awhile, and I really hope I'm not posting a stupid question, but I just want to make sure I don't shoot myself in the foot by doing the wrong thing. I'm hoping to buy a house with my fiance soon. We're going to do this for her too as soon as we make sure our strategy is working alright. I'm sick and tired of having a low score when my creditors ALWAYS get their payments. Yes, I made mistakes, but much of it can be attributed to a car accident and loss of job too. I'm not sure that there is a lot I could have done. It's pretty hard to pay bills when you don't have a job. Thanks for any comments
Oh, and one other question as well: Should I include all the disputes in one letter, send a letter for each dispute, or just try them one at a time?
Ok, just a warning, I`m a newbie. But like you, nobody commented on my strategy, maybe the boards getting too crowded for the oldies to look at every strategy. But I`ve been reading up on this for months now. Anyway, I think you should hold off on CRA disputes and go with the Nutcase strategy (look at FAQ, there`s sample letters and all). These are designed for fully paid negative tradelines. Basically, the strategy is that because you`ve already paid, none of the CAs (Credit agencies or Original creditors, NOT Credit Reporting Agencies like Equifax and such) want to spend time on you. After all, they already have your money. So one reaction has been Oh !$*&, they`re not going to do anything for me. But the Nutcase series basically makes you sound like a crazy person who might actually cause them legal problems (and expenses) if they don`t do what you want (Tell the CRAs to remove the tradelines). Because they already have your money and they`re in business to deal with people from whom they *don`t* already have their money, they`d rather not deal with you and hopefully will just erase the tradelines you`re bitching about. Also, read the glossary so you know what OC, CA and CRA are. Good luck, I`m just starting the battle myself! jimbob
It has been a little tedious lately seems to go in spells. To the Original Poster, and others that are new to the board - the INTRO threads stuck to the top of the board, and all the associated links within those threads offer a WEALTH of advice, strategy, how-to's, etc. Its alot of reading, and it usually takes a few times thru to get everything clear in your head, but they are absolute must reads! Also, use the Search feature here. I remember the days when it didn't work, or bogged down for what seems like HOURS. Since being updated a few months ago, it is superb! You might find answers to alot of your questions. Finally, getting answers on the weekends is slower. People aren't sneeking a peak at work, they're out mowing the lawn, transporting kids to and fro, etc. I'm just the early bird in my house, so I get to spend time here while the kiddos and DH are still snoozing.
Well, I can see your point, but it would seem like I shouldn't send the CAs anything at all until I at least try to dispute them as not mine in the first place. From what I've read, that is. Then, if they verify, go nutcase on them. But maybe I misunderstand Original Creditor, Collection Agency, and Credit Reporting Agency Right on, good luck sir!
Re: Re: Just starting the process Actually I have read those That's where I came up with this strategy, but I figured I should confirm that I didn't misunderstand anything - it's easy to come up with a strategy, but hard to know whether I am planning to do something that will shoot myself in the foot. I hear ya, that's why I figured I'd bump this now that it's monday morning
Re: Re: Just starting the process 1*in spite of that still end up with a credit scrore of 586 (EQ). It's frustrating to me that I can make as much cash as I do, pay off all of my debts rather than declare bankruptcy, and in spite of that still end up with a credit score of 586 (EQ). 2*First of all, I have 6 collections on my accounts. All are under $500. 3*All but 1 is paid (and I'll definitely be paying it!). 4*Of course, I paid these a good 2 months ago, but they still aren't updated to paid status. 5*Next, I have 1 charge-off on my credit, which is extremely frustrating due to the circumstances. 6*Next: late payments. 7*Yes, I made mistakes, but much of it can be attributed to a car accident and loss of job too. anbro Well, I can see your point, but 8*it would seem like I shouldn't send the CAs anything at all until I at least try to dispute them as not mine in the first place. From what I've read, that is. Then, if they verify, go nutcase on them. But maybe I misunderstand 9*Actually I have read those That's where I came up with this strategy, but I figured I should confirm that I didn't misunderstand anything - 10*it's easy to come up with a strategy, but hard to know whether I am planning to do something that will shoot myself in the foot. anbro =========== 1*Scoring and reports are rigged so that you can't buy or pay your way out. 2*This is one thing keeping your score down. Don't matter if they are 500 or 5000.A collection is a score killer and 6 of them is murder. 3*Don't matter if paid or un paid the hit on your score is the same. Paying the one un paid one won't help one bit as you will still be taking the same hit for it. 4*Won't help when these five update to paid because both paid and not paid collections take the same bite out of your score. 5* A Charge OFF is another Score trasher.You don't get any points for circumstances Just a ding in your score for the Charge OFF. 6* Lates are Still Another score killer. With 6 collections a charge off and those late payments it's no wonder your score's are not climbing.He** it's a wonder you don't owe FICO Points. 7*They don't care what caused it they are looking for how they can profit from them . 8*I would send the un paid CA the VL first. 9-How many times? 10*Exactly why you should post your intentions and get some feed back before you act. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
