Howdy!! - Intro and Question

Discussion in 'Credit Talk' started by shavit87, Feb 7, 2014.

  1. shavit87

    shavit87 Member

    Hi All,

    I'm a 26 year old part time entrepreneur and now more than ever I realize how important my credit is.

    My score is in the low 500s due to some poor decisions made in my teens and early 20s, so I'm wanting to take charge and up that bad boy! Only current good standing items are my student loans and a walmart store card I was recently approved for.

    Most of my credit cards I defaulted and will be removed in 2016 according to my credit reports, even one judgement for an eviction. So here's what I'm considering.

    A. Paying off the CA, negotiating the payment and asking for deletion, if no deletion then paid in full, BUT that still leaves the OC on my report with a charge off - ouch

    B. Hire a company that is basically trying to find errors on my report and then have it removed (using letters and phone calls, etc. They are reported to the BBB and they don't require upfront payment, but it is $99 set up fee and $25 per deletion per agency)

    C. Wait it all out, do nothing, get secured credit cards and loans and build from there

    Does one or any of these sound like a good starting point for correcting my youth driven mistakes?
     
  2. jam237

    jam237 Well-Known Member

    Option B is nothing that you can't do for yourself and at a lot less than $25.00 :)

    Credit Repair Organizations are regulated by the FTC, and there are special requirements for what they can and can not do and say.

    If they can't do anything, you'll have paid $99, received nothing, and worse, may make future disputes harder if not impossible.

    Do you know the SOL for your state?
     
  3. shavit87

    shavit87 Member

    Ga I believe is 6 years and everything is due to be deleted 2016
     
  4. mindcrime

    mindcrime Well-Known Member

    Can you give specific DOFD's? You're still within SOL if they'll delete in 2016 (DOFD S/B sometime in 2009).
     
  5. shavit87

    shavit87 Member

    One for Feb 2009, one for Apr 2009, one for May 2009, and Aug 2009, a specific example is my Chase credit card through Amazon.com, it defaulted first in May 2009 and I owe 1400.
     
  6. mindcrime

    mindcrime Well-Known Member

    Get another positive TL reporting as well. One revolving store card isn't enough. Try your bank or join a CU. Talk to them up front about your situation so you don't waste an inquiry. Positive TL's are a necessity in order to raise your scores even with negative TL's reporting.

    So you are anywhere from 12 to 18 months before SOL expires. Start with the oldest. Are both the OC and a CA reporting? Or just one or the other. If so, which. If both, are they both reporting the same information. Like you said yourself in your original post about hiring someone that looks for errors on your reports….well….you can do the same thing, and like jam said, and for a lot less (as in FREE for you to find the errors).

    Considering how old the debt is, the TL has likely not been updated recently (which is actually helping your score believe it or not). The CA and OC have probably given up on collecting from you, and with this accounts age, records tend to get lost and DV becomes near impossible in some cases.
     
  7. shavit87

    shavit87 Member

    My CU will approved me for a secured credit card but wants a 50% additional deposit ($300 card if I put down $450) after a year I can apply to make it a unsecured card.

    The OC and the CA are reporting. The write off and the amounts the CA seem to be mismatch on some.
     

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