Thread: Minor Scarring. Advice welcomed., My road to repair

This is copied from my thread over at CreditBoards because of lack of response.

OK I have been reading these boards and the ones over at creditboards and gaining a good understanding of things, but there is still a lot of questions unanswered. I am 24 yrs old, and have had credit established since 16. Currently my credit scores are 600 or lower. I own 6 charge/credit cards, 1 Loan and 1 Line of Credit.

05/01 Capital one - $500 (said they wouldn't raise the limit because I had not used it enough)
03/03 Capital one - $300-$500-$1000 (thanks CB) (2 30d) GW sent via PFB 05/27/08
03/03 Sears - $300-$250 - Paid Off
06/03 Sony - $700
04/04 Orchard Bank - $300
12/07 Best Buy MC - $300-$600

06/04 Toyota Financial - $14,000 Auto Loan ($4,800 Owed)
10/04 Snap-On - $3300 LOC - Paid Off

Now I am currently showing two additional accounts -

Reported 03/08 RJM Acquisitions a JDB (Wachovia bank account overdrawn by $400 and closed) - shows as a KD.

Reported 05/08 Verizon Wireless (GF had switched carriers and didn't pay $45 bill til sent to CA) - shows as a KD. *Soon to be removed*

Most of these accounts have been 30-60 days at one time. Toyota Financial - many times due to not knowing about extensions.

I am currently attempting to repair my credit but I don't know how to go about taking care of these.

I have gotten from the CA a letter saying the Verizon Debt was Paid in Full.
The RJM, I would like to just pay them off, if they can guarantee a removal from my CR.

I just don't know what to do about the light blemishes that tarnish most of my credit cards.

So any thoughts and or suggestions are appreciated.

Thought edit: What is suggested to remove the CO/CAs?

The one my GF caused is paid, but the other isn't. Thing is, it shows up on my CR as a Verizon Wireless CO and the CA never hit.

Should I strike a deal with the one that is not paid, saying that I will pay if you remove?

Current FAKOs : EQ 600, EX 600 TU 553
Current FICO : EQ : 561 (5/22/08)

Second thought edit: I have gotten the CitiFinanical Personal Express Loan Certificates for say $4,500 up to $7,500. I was considering doing this, and using it as a way to pay off my cards which at this point as of today (no payments posted) is at a whopping $71%. Up from a 55% because of trying to utilize my Cap1 cards more.

So any thoughts on using this CitiFinanical Personal Loan would be appreciated too. From what i understand, they are a sub prime lender and that the rate could be 22%. I also wanted to use the loan to pay back $1700 in non credit loans and purchase a macbook for school.

Are yo saying you are paying SEVENTY ONE PERCENT monthly on your credit cards?
As for your Citi loan at TWENTY TWO PERCENT!!!!!!!!! I think that you would be wise to make extra money by selling somethings on ebay or craigslist or getting a part time job instead of getting into MORE DEBT.
If you do decide to get the Citi loan at that obnoxious rate of interest, you should only do so to pay off your bills, NOT TO BUY ANYTHING!
You need to start thinking about NOT PURCHASING ANYTHING ON CREDIT unless you have the CASH to back it up!


Woofer

Woofer.

No my utilization was at 71%.

The citifinanical loan I was looking at. From what I understand from reading is that the people who have looked into this loan have gotten a response back of 22%

Currently at my job I am making 36K+ a year. Yes I know not a lot, but not bad for my age while I am working on a degree.

I currently have the cash in the bank to cover all of my cards. But that would leave me without an liquid assets, which I would prefer to have for emergencies.

I currently sent a GW letter to Cap1 and Verizon Wireless using PFB.
Cap1 sent me a generic please call us letter back.

Well I just called the Capital One customer service number. Spoke with some dude in India named Andy. I asked for whomever I would need to speak to regarding a goodwill adjustment on my account. After a few minutes of him trying to figure out what I meant, he transferred me to an "Account Manager." I explained my case to her, said I have been current for the past 40 months and requested a goodwill adjustment. She said that the will do a dispute on the account and it could take 60-90 days for me to see the results.

It's a start.

Originally Posted by 05bbXTuner

Woofer.

No my utilization was at 71%.

The citifinanical loan I was looking at. From what I understand from reading is that the people who have looked into this loan have gotten a response back of 22%

Currently at my job I am making 36K+ a year. Yes I know not a lot, but not bad for my age while I am working on a degree.

I currently have the cash in the bank to cover all of my cards. But that would leave me without an liquid assets, which I would prefer to have for emergencies.

I currently sent a GW letter to Cap1 and Verizon Wireless using PFB.
Cap1 sent me a generic please call us letter back.

Is the 36K AFTER taxes?
The way I see it, pay off all the small cc's and just forget about them.
If you HAVE to have that MAC ( I understand as I j ust bought a new 24 Inch last week) ; ) why not go to MAC store on line and see if you can get financing.
In your work can you use the MAC as a deduction?
22 percent for that loan is a killer, ann CITI does not go lightly into the night if you default on it.
Try to figure out another way instead of getting another loan,to pay off your smaller amounts on the credit cards.
Then you can get a loan or better a credit line for a much cheaper interest rate when you really need it.

Woofer

The other reason I need some "fast cash" is because I owe the MD MVA $1200 for not paying carrying insurance. (I know bad of me), and my tags expire at the end of June.

UPDATE: I called Verizon and had them remove the CO off my account, we shall see when that posts.
BBY Reward Zone Mastercard gave me a nice doubling of my credit limit, boosting that to $600.

Here is the question. Getting rid of Verizon will get rid of one CO; but what should I do about this JDB.
Basically as stated before it is a closed Wachovia account, yet Wachovia never shows up on my CR.

Looking back in my records, it looks like the account was stopped being used in 08/05. It was originally bought by Credit Collection Services. Then I guess resold to RJM who is the JDB attempting to collect at this point

The Maryland SoL is 3 years for open accounts, written accounts, and oral agreements. The question is, does a bank account qualify for any of these?

If it does, should I just wait, 3 months or so for the SoL to run out then ask for a verification of the debt? Or does the clock start ticking at first attempt to collect, which would be 08/06 ?

Thanks

Got the Verizon CO removed since I have a second account with them. Checked my credit report and it was gone. Also used USPS NetPost and sent a CMRR validation letter to RJM. I will prob file a dispute with TU and EX on Friday