Hi guys, I am a young man with relatively poor credit. I landed an awesome job about 6 months ago with a salary of around $65k a year, so decided it is finally time to tackle my credit and get it under control. I am in no need of awesome credit asap as I have no short term plans to finance anything else at this time. My long term goal which I have set out to May of 2015 is to secure a mortgage for a nice updated home for me and my new family. The reason I chose May of 2015 is that I have a trust fund of $30k that will release to me on that date allowing for a healthy downpayment towards the mortgage which I have hopes of acquiring. I will go in deep on my credit. My current scores are as follows : TU 513 , EXP 504, EQ 547. These scores are directly from my monthly update today from freescore (which isn't free lol). My current accounts in good standing include a new car loan for $19, 500 I took out relatively 3 months ago which hasn't showed up on report yet, student loan of $1, 958 through sallie mae, as well as a Capital one secured card which has a CL of $200 and is currently close to being maxed but I will pay the whole balance off the 30th. I have 7 collection accounts on my TU report but 2 of these are Department of Education accounts which will be deleted shortly as I completed the rehabilitation program with them roughly a month ago. So 5 collection accounts for TU. My total with the education accounts is $4640 but once the dep of ed account is deleted it will only be $1942. I have 10 collection accounts for EX but will be 9 once dep of ed is removed for a total balance of $2361. Last but not least for EQ I have 15 collection accounts which will drop to 13 once dep of ed deletes for a total balance of $3629. Several accounts are also scheduled to fall off at beginning of 2014 as most of these collections are small bad checks from when I was 18 young and dumb. What are some tips you guys can give me to help me along my journey? I plan on sending out Pay for delete letters on most of these collection accounts and if no deal I will satisfy them in full. Would be paying them all off or have them deleted by the beginning of 2014. Plan on paying my credit card off in full as well as increasing my CL on it to $1500. My student loan I will pay on for around 6 months and then pay off in full to save myself from some of the interest, although it doesn't amount to a lot due to the relatively small balance I still owe on it. That is about all I can think of to write now. Any and all help is appreciated. Also if the companys deny my pay for delete at which point I would then like to satisfy in full will this restart the clock for staying on my reports? If so the ones that will drop off prior to May 2015 I won't touch.
Paying off the collection accounts may be an issue that would need to be addressed if (from the FCRA section 605) this occurs: (b) Exempted cases. The provisions of paragraphs (1) through (5) of subsection (a) of this section are not applicable in the case of any consumer credit report to be used in connection with (1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more; ........................ Now even if it is more than 150k, it doesn't mean your lender WILL pull this type of report, just that they can. Depending on your state's SOL, with these ready to fall off over the next 18 months, you're likely in a good negotiating position to bury these once and forever with the CA's knowing you can't be successfully sued and in a year they can't report them anyway. No, and this is definitely one of the bigger misconceptions out there. If you pay off a collection account, the DOFD, which dictates the compliance date, does not change.
Also, when I attempt to use EQ onkine dispute process they always give me verification questions which in no way line up with my credit report so I answer none of the above as they list accounts that I have never had. Once I answer and click next they always say I failed the verification. What is the issue here any ideas? Can't even get through free annual report. In regards to your quote referring to if my principal would be $150, 000 or greater I will have to look up those sections as it made no sense to me lol. I'm smart but not when it comes to credit related issues.Hope these forums will get me up to date. Thank you for your reply though and knowing paying on my debts won't reset the timeclock really makes me feel better.
How were you ultimately able to pull your EQ report? Before signing up with a CMS, I would get those same verification questions, and can recall selecting 'none' for each, so it won't necessarily have responses that match to your profile in the multiple choice. Follow the link I listed. It's around page 20 I think, section 605. Basically what it is saying is that if you are involved in a credit transaction that is greater than 150k (and depending on what state you live in, houses can definitely be well beyond that), that the lender can pull a special report (forget the name of it), where they are able to see beyond the 7 year mark, in which even though these old negatives will fall off your reports in the next 18 months, they'll still show up on this report. You're welcome. Just don't make a partial payment, then stop. THAT could restart the clock as there is now a 'new' DOFD (date of first delinquency).
I was able to pull the report as I use freescore which gives me all 3 together. The questions actually related to me. Anytime I have tried to pull EQ seperately they have questions that do not relate to me so I select the only thing I can which is none of the above. There is not an option for not mine or don't relate to me. I did pull up your post earlier and had a chance to read over it. I was not aware that such a thing existed. I'm assuming that even if they did pull that report as long as they were paid off it would not halt my chances towards a mortgage as long as my current finances are up to date and in good standing. I plan on starting to send out letters to cresitors starting the end of this week. Should I send out a letter of verification prior to a pay for delete letter or just start off with PFD?
In this situation, it all means the same. No, it should not halt your chances for mortgage approval. It may not even be a report that's run; it's just good to know ahead of time, just in case. Considering DOFD's are about 5.5 years old at this point, you may want to start with debt validation letters (check out some samples in the letter section -- but alter them somewhat), with the age factor it should be harder, and maybe even impossible for a CA to actually validate the debt. If you are past the statute of limitations as well, then you're in a strong position. If not, just understand that that coupled with a CA being able to validate could limit chances of a PFD or any type of settlement. Just a FYI.
In that case I may just skip the debt validation and jump directly on the PFD train, it can either go two ways they will accept my PFD or deny it at which point I could then ask for validation and eother they validate and I pay in full to satisfy it or they can't validate and its deleted anyhow. Ill let you all know how it goes and if you have more input please feel free to add a post to my thread as I will check it and my private messages often. Thanks everyone!
Ended up sending out 9 DV letters today via certified mail, also sent out GW letter to Cap1 asking for a 60 day late to be removed. Have been with that credit card for a year now. Had 60 day late 9 months after adding the tradeline to my CR. Also sent out a GW letter to Chase Card Services to have a chargeoff removed from my EQ report, was already successful in the past with having it deleted from EX and TU due to it showing I opened the account at the age of 17. Unable to initialize a dispute online through EQ. States that I can't answer my verification questions correctly (they don't relate to me in any way) plan on calling their offices to have straightened out this week. I have put together a binder to keep track of my whole process which includes documentation of every step of my process including copies of current CR and copies of all communication between me and the agencies. Only in the form of DV and PFD letters as well as copies of certified mail receipts. Will keep the whole process updated including a step by step journal of ky whole credit repair process. Thanks for all your help and the help I kjow that I will receive in the future.
Good luck, and yes, keeping notes and documentation is the key. The process can be drawn out and having everything you need where you need it is always a good thing.
Just an update, received a letter in mail today as a reply to a DV I sent out, as well as a paper to pick up certified letterfrom post office (assuming is another reply), although not quite sure why its certified. The DV letter I did receive seems like a far cry from debt validation as its just a company letterhead that states my name an old address original balance as well as current balance (which does not match either of my 3 reports). Am deciding how to follow up to this letter. Would like to see it deleted. Have another thread with more information relating to that if anyone would like to chime in. Pulled a new experian report today and see that the defaulted student loan accounts are starting to fall off (did rehabilitation). After completing the program my remaining balance was assigned to sallie mae and is now on report as good tradeline from 2007 Paid my cc down to 25% utilization which is also reported. Am still waiting on new car loan to show up. Made first payment on Nov 1, so should be on there anytime. Is a $19, 000 new car loan. Talked a good friend of mine into adding me as an AU on several of his high limit credit cards. He is paying his balances down to 15% and will have me added within a few weeks. Overall starting to add a lot of positive tradelines..but still cursed with a few charge offs and collection accounts (about 10 total) I have sent DV for all and will work towards a delete and if that don't work in my favor will leave ones that are falling off within a year and pay all the ones that aren't. Working towards a mortgage in May of 2015 when I get my trust fund for healthy down payment. Also, an account from verizon wireless that I had for my brother and his family wasn't paid and reported to my credit a few days ago in the amount of $1, 164 as collection. Anyone have luck woth the OC (Verizon) removing Collections for full payment?
Is this the same as the H&R CA post on another thread? If so, follow the advice jam gave. The certified letter from the CA is likely the exact same thing sent regular mail. Is Verizon reporting or a CA? The account is closed I presume? Congratulations on your successes so far!
I just picked up the certified letter from post office, was a DV letter I had sent out to Trac-A-Chec. Was returned to me and indicated that there mailing address (PO Box) was closed and they had no forwarding address. Whats the next step on it? I disputed it about 4 years ago and it came back as mine but is due to fall off in March 14' anyhow I believe and is only $43. In regards to the Verizon Wireless CA it is listed as still being with Verizon but closed on my credit report. Thanks for the reply mindcrime
Also the first part of this thread is in regards to H &R CA. Is their a sample letter that I could go off of for my next communication with them informing that they have violates the statute? If they decide to send more info does this change the situation or do I still have grounds for removal?
Just a quick update, I received back 3 of my DV letters from one company (credit bureau serv IA) which is actually only a 20 minute drive from my home. They were able to validate all 3 debts and were even courteous enough to include copies of all bills etc. Think I may try some pay for deletes on these accounts via mail and if that don't work might just make an appearance in their office. What better way than that to get the person you need. First Premier sent me back my DV letter from a charged off CC in 2007. Stated that they know its valid and have all transaction records ss# which was validated at application time. Might just wait for that one to fall off. Indian Hills Community College sent me back a validation for a debt from 2009. They say that I owe $1200 for classes during that year. There validation stated that they have me down as attending 2-3 classes that I signed up for online and they do not have any financial aid info for me on file. Just some background on this. I did in fact sign up for these classes. I did apply online but do not believe I had to put down my social or any other identifiers aside from my name and DOB. They say that I attended 2-3 classes, only I didn't. Never got books never got a student Id either. Yes I applied originally but never attended as they are saying. I have spoke with them a few times and they just rebutt with the instructors put me down as attending. I did not tell them that I actually signed up online as there really is no way they can prove it was me. What are your guys thoughts on this? I received a letter back from Chase in regards to a CC I was an AU on. They agreed to remove all tradelines. I have disputes open with Experian as well as TU currently that will be done Dec 2. 5-9 items have been completed on TU so hoping the others will neglect to reply and they'll fall off. As far as Experian I'm unsure of the status. I was able to finally get into Equifax dispute and disputed everything including all inquiries which I'm hoping a lot will be remved.only issue is they sent me an email requesting that I fax/mail them a copy of my DL/SS card/and a utility bill. I don't have access to a fax machine and really don't want to do snail mail with all my personal info so going to see if I can email them a copy of all that. Any opinions?
