Update on our credit repair journey

Discussion in 'Credit Talk' started by Fl2BoysMom, Jul 5, 2015.

  1. Fl2BoysMom

    Fl2BoysMom Well-Known Member

    We made a half-a**ed attempt at starting the credit repair process almost 2 years ago and then got a little less half-a**ed about this year.

    Long story short- My credit took a hit back in 07 due to huge medical bills and the consequent dropping of my score wound up putting me out of business as well... making for a hole that just seemed to get deeper and deeper.

    Anyway, jump forward to 2013 and I realized that the next year, the initial wave of major bills that wiped me out would start to fall off, but of course once your credit is shot you get stuck with crappy finance deals and when you add in the need for good credit just to get a job, especially in an economy when there were no jobs, and no medical coverage little things like walking pneumonia send you to the ER, and there's a new bill...

    So in 2014 I got my credit reports and made a list of what was on it, and when things would fall off it.

    By the beginning of 2015, quite a bit had fallen off and more was scheduled to fall off within the year.

    In February, we applied for a 'personal loan' at our bank and were denied. When we got the denial reason letter, it stated that I had a credit score of 591 with Experian.

    We got a secured credit card through our bank and used it and paid it off in full each month, though according to credit.com that's hurting me because I'm utilizing almost 100% of it every month. It doesn't matter that I pay it off completely, carry no balance and pay no interest, so I have to work on that.

    Since that time, one BIG debt of a little over $6,000 has fallen off (broken lease with an apt complex) and we went to the bank Friday to apply for a loan for a car.

    The branch manager took our app and let us know that my score is now a 640 with Experian.

    There is another debt that is set to fall off this year, but it's small at only $488.00

    This is what's left on the report for 'Collections' with the creditor, Amt Owed, Date It Will Fall Off and which credit reports it's showing up on. (I can't find my Equifax report right now.)

    Creditor Amt Owed Removal Date Credit Bureau
    Account Resolution Services $514.00 03/01/18 TU; Experian
    Commonwealth Finance $1,155.00 07/01/17 TU Experian
    Commonwealth Finance $59.00 07/01/17 TU
    Commonwealth Finance $65.00 07/01/17 TU
    Commonwealth Finance $52.00 07/01/17 TU
    Commonwealth Finance Systems $63.00 10/01/17 TU Experian
    Commonwealth Finance Systems $54.00 10/01/17 TU Experian
    Commonwealth Finance Systems $1,213.00 10/01/17 TU Experian
    Credit Protection Association $488.00 09/01/2015 (07/15 Experian) TU Experian
    Direct Loan SVC System $7,375.00 05/01/18 TU
    Direct Loan SVC System $7,552.00 05/01/18 TU
    Fidelity Info Corp $6,414.00 05/01/15 TU
    Merchants Association Coll Div $75.00 11/01/16 TU Experian
    Midland Funding LLC $602.00 11/01/16 TU Experian
    University of Phoenix $3,032.00 11/01/17 Experian

    The Fidelity Corp for $6,414.00 is what fell off already this year and the Credit Protection Association will fall off in either July or September, depending on which credit report I'm looking at.

    That's mostly the extent of 'debt.'

    I'm confused by the TWO 'Direct Loan SVC Systm" Amts, as I think I have only ONE loan and both of these on the report were "Opened" on the same date, but have two different account numbers and two different amounts.

    Now... the 'payment history.'

    Actually, most of my payment history is excellent. The only two problems I have with my payment history are with those two student loans.

    The first one shows 7 instances of being 120 Days Late from Oct 2011 - April 2012.
    The second one shows one 60 day late in Aug of 2010, a 90 day late in Sept 2010, a 120 day late in Oct of 2010, another 120 day late in Nov 2010, then X's and Ok's until a 60 day late in July 2011 and a 90 day late in Aug 2011.

    Sometime between 2007- 2009 I fell behind on my original student loan. In 2010 I had it consolidated and put into deferment.

    Later in 2010, I went back to school and got a new student loan.

    Sometime in 2011 I believe, I put my loans into deferment and they've remained there ever since.

    Other than that, my actual 'payment history' on revolving debts is immaculate, though the 'original' creditors on my student loans are Sallie Mae and the US Dept of Education and they each come up under 'Satisfactory Accounts' and show only x's, and ok's... and Sallie Mae says "Debt being paid through insurance; transferred to another office.'


    Right now, I have no idea what kind of a 'strategy' to even start with.

    I know I should start with debt validation letters to each of those collection accounts but some of them are like 3 different 'bills' from the same ER visit, so I'm not sure what the best approach to those is.

    And I also don't know what to do about the 'payment history' blemishes from my student loans.

    And the Midland Funding is a T-Mobile acct that I'm certain I can't possibly owe anything on since it was a prepaid plan.

    Phoenix for $3,000+ is a problem that I'm not sure what to do about. That's another debacle. And there's no 'payment history,' and I'm not sure I want to 'create one,' and reset any clocks, or just leave it until 2017. It's only 2 more years and I'm thinking I may be able to build enough other 'good credit' to offset it, but I don't know.

    Any guidance would be greatly appreciated.
     
  2. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Hi Fl2BoysMom! Sorry to see that your questions was missed by everyone. It sounds like you've been on quite the credit repair journey! Were you able to make any progress during the second half of 2015? Please give us an update and I'll do my best to provide some guidance from here on out.
     

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