Plan for credit repair --pls advice

What you need to do is post your state and each individual debt with the date of the last payment(or chargeoff if you have it) and the type of debt it is If you go in gung ho with asking for settlements all you are gonna get is a reaged debt for another 7 years and another CA collecting on the part of the debt you did not pay(for another 7 years).

 

That depends. What are the dates of the collections. Are you also still in texas.

 

That's just the way they list credit cards -- "revolving" is a type of listing, not a negative label or a tag.
Auto loans, student loans, etc. are "installment" loans.

As far as how to deal with the credit cards, it all depends on what the derog is on them --
are they unpaid (showing a blanace due) and charged off?
are they paid (zero balance), but charged off?
are they showing late payments?
There are different strategies for each situation.

As far as the collections -- any time there is a collection account on your credit report it is bad, regardless if it is paid or not paid.

So you are correct to negotiate for deletion in exchange for payment. Make sure you get it in writing becuase sometimes they'll often say anything to get the money but not follow through on the promise to remove.

I don't know anything about judgements.

sounds like you are on the right track with the collections ... if you give a little more info on the credit card derogs, I'm sure someone can provide advice.

good luck!
remember patience and persistence!

peace,
delilah

 

Nothing can re-age the debt that way. The debtor sets that date when he fails to make the payment which causes the debt to go delinquent and that date is set in stone and nothing on earth can legally change that 7 year plus 180 days date after which time it cannot be reported again. It's a date set in stone by congress.

I thought you knew that Pic.

 

Here are a few random applicable tips:

Your being very optomistic, plan on 12-18 months. I started last August, I still have one negative tradeline left to deal with and I might get it off by the 1st of May.

You should be past the SOL for being sued but check your state laws to be sure.

When you start disputing things on your credit report, your going to have CA's coming out of the woodwork.

Start off by removing your old addresses from your credit reports. Then dispute every negative on it as "not mine". Everything that falls off your credit reports you won't have to pay for deletion.

Since most of your accounts are old, you may have greater chances of success in getting them deleted.

Most of the CC that were charged off won't accept money, the accounts have been sold off to collections.

Validate those collections! Don't send them a dime until they prove you owe what they say you owe.

After completing the previous suggestions, then I would suggest settling for deletion.

Finally when all else has failed, sue for violations of the FCRA, FDCPA, and your states consumer protection laws.

 

It may be set in stone bill but the CAs could care less about the law. I have seen it happen dozens of times. Then the battle starts all ove again.

 

I understand that quite well.

Do you know why that is so? I'll tell you why. It is because they have not been made to pay the price for doing it enough times. It is also because up until fairly recently that people have been made aware of that fact. Even so little ago when the FTC sued that collection agency in California for 2.2 million dollars last spring that people were really even aware that one could sue and potentially win large settlements.

Obviously one is not going to get anywhere near any $2.2 million out of each and every law suit against a collection agency for re-ageing their debts but if most of those kinds of law suits were to bring as little as $10 or $20 grand or so and enough people did it the practice would very quickly get so expensive for them that it would stop and not one of them would dare to do it in the future. The cost would be far too great.

The major problem I see is that the majority of people are conditioned to believe they have no power because up until the last few years there has been none whatever and their only hope was to escape being beaten to death (figuratively speaking of course).

I suppose it may be somewhat comparable to the position of the people of Iraq. They were downtrodden and killed and tortured if they even tried to go up against the regime. Their new freedom will hopefully change all of that.

Here in America many are "cruelly" treated by the collection agencies and credit bureaus. But the day of reckoning should not be all that far away as more and more people learn that they don't have to put up with it any more.

You know, our police use the same exact tactics on those who violate the traffic laws. Make it so expensive on them that they can't afford to break the law any more. Seems to work too. The police stop somebody they will quite often give them as many as 4 or 5 citations just to make it as expensive as possible.

That's about the only way we will ever make them obey the law too. Make it far too expensive to do their illegal deeds and they will stop it. Until that happens there will probably never be an end to it.

 

Wow, that's quite a story.

First, it's not likely the creditor will agree to delete these accounts in exchange for settlement. Doing so would undermine the credit reporting system they depend on for their profitibility. You did make these mistakes, so what the credit bureaus are reporting is true. Right now, you are a high risk to lenders.

That's the bad news. The good news is that all this stuff is pretty old. Now that things are better, you have the opportunity to step up to the plate, satisfy the old debt, and re-establish your credit.

The way credit reporting works is that recent credit is a lot more important in determining your risk than old credit. Right now it sounds like you don't have any recent credit, but if you establish some and prove that you can handle it responsibly, you can have great credit with just a little work.

The secret is to use credit without getting into the habit of carrying debt. Credit cards are really designed to make purchases easy, not to finance a lifestyle. I read credit reports all day long, and the people with good credit are the people that use their credit cards for their purchases, but pay the balances off every month.

You can spend a lot of time and effort disputing things on your credit report, but you've already let it go for five years, you only have another two years to go on the statute of limitations before this stuff falls off anyway. Why not just pay off the bad debt (do settlements if you have to) and put your energy into making yourself a good credit risk instead of making your creditors say you're a good credit risk? In the long run, that will pay off a lot more.

 

mycroft is from the msn money board. IS constantly puts down people. troll alert.

 

Yes Picantel, I know him well. But thanks for the heads up. Lots may not know him like we do.

That bit of advice has been proven wrong so long ago that most folks around here like to have kicked the slats out of their baby beds when they first heard that one. Folks sometimes like to hear common sense statements and in this case common sense ought to tell those who have any that credit card companies put those pretty little plastic cards out there for the sole purpose of making as much money as possible and those who follow your ideas don't make them much money if any and so they don't get as good of ratings as those who carry a very low balance on their cards so as to keep a good limit/usage ratio and let the credit card companies make at least a little money in the process.

So what? If he goes at it right he very well ought to have most if not all of it off in maybe 8 to 10 months or so, maybe less, maybe more but that would give him decent credit about a year quicker than your advice would.

Because he wants good credit and your ideas will ensure that he don't see any of that any time soon.

Let's see now then. Gotta be some real sharp advice in that. make yourself a good credit risk instead of make your creditors say you are one???? Yeah! Right on! Any monkey ought to be able to see the logic in that.

Oh yeah??? That sounds like one of them there MLM type pyramid schemes to me. Pay me and I'll make you a millionaire instantly.

Man, you got this old geezer a scratchin his head for sure.

 

Re: Re: Plan for credit repair --pls advice

Wow, you know me? I'd like to know where from. Do I know you under a different handle?

Well, if that's been proven wrong, I'd like to see the proof. I've been reading credit reports for about eight years, and every one that I saw that had a score in the 800s was a person that did exactly that. They have credit, they use credit, but they don't carry debt.

Credit scoring is about risk, not profit. Lending is about profit.

Your creditor doesn't decide if your credit scores are high or not. They can decide if they like you as a customer, and they can offer you special deals based on your performance with their own company, but they don't get to decide if another company wants your business or not, that's for the other company to decide.

Lots of people think credit card companies make their money by charging interest on credit cards. The truth is that money just about pays the overhead. Their proffit comes from charging the merchant. The merchant pays the credit card company 2=3% of every purchase, and they do it gladly because accepting credit cards increases their sales.

Do you remember the day when gas stations offered discounts for customers that paid in cash? The discount was the difference the gas station paid the credit card company.

It's been a long time since I've seen someone put forth that "you have to pay interest to the credit card companies to have good credit" theory. It's the exact opposite of the truth.

If you need documentation on that, I'd suggest Myfico.com. They have this great little section that explains it all.

You don't have to wait for all your bad credit to hit the seven year SOL to have decent credit again. What you need to do is establish a good history of on-time payments. New credit is a lot more important than old credit in determining your score.

Still, I havn't yet learned all about the program you sell. I'm willing to keep an open mind that maybe it could be done a little faster.

Bill, I take personal offense at that. I'm a crusader against multi-level marketing. I take every opportunity I can to expose them for the immoral businesses that they are. They lure people in with false promises of riches in a flawed business model, all the while setting them up to buy motivational tapes and books to make a few people rich. The people that get into that are duped into thinking they're a sales force when really they are the market.

Still, I think it's ironic that you level that specific charge in this discussion. Between you and I, one of us could make some money off the OP if they were to convince him towards his point of view.

It's not me.

 

Re: Re: Plan for credit repair --pls advice

I'm going to answer parts of your long post in smaller segments to make it easier for folks to follow. Real long posts are a bit harder for folks to follow unless its absolutely necessary which it often is.

Sorry about that. My comment was not a personal slam or attack at all. It was the logic that I assailed, not the person.

Don't lump them all in the same mudball. There are quite a few nationally known companies who use that method of marketing and they are honest to a fault and will not tolerate any kind of scam. They have products that people do want and in many cases buy each and every day right over the counter. They simply offer discounts that are sometimes fairly deep so they can support the internet marketing efforts they are making.

While I'd hazard an educated guess that a good 99% of all MLM is nothing more than a scam there are those rare exceptions. The main problem people have is almost exactly that which we see in the area we deal with here and that is that people want things to happen far too fast and they don't want anything to be complicated in the least. The failures in marketing happen because people believe that they can get rich without doing any work. Dealing with credit problems and marketing either on or off the internet takes real work and real effort and lots of study. Those who are not willing or not able to do what it takes to win are going to lose every time. The internet didn't really change that at all.

Lots of people desperately need that motivation. It's funny how people will goo and gaw over motivational books like "Rich Dad Poor Dad" or Napoleon Hill's "Other People's Money" and many more sold in bookstores yet holler about the same kinds of material put out in ebook form.

That is quite true. But being the market isn't bad at all if one gets his money's worth in actual product he would use anyway and gets it cheaper because he put in some honest work and got himself a nice rebate on top of that, maybe even an income.

Its when there is no product of any value or shoddy merchandise is sold or worse yet no product of any kind, not even information is sold in the process. Like the old "Dave Rhodes" letter where you send the next 4 people on the list a buck or whatever and you will get rich overnight. Or the present day "gifting" clubs.

One time many years ago I got a letter in Spanish that came out of Venzuela or somewhere in S.A. and it wanted a dime sent to the next 4 people on the list and if you broke the chain the some angel would lay a curse on you instead of blessing you.

That's laughable to most of us but it isn't the least bit laughable to millions of Hispanics living in those countries and quite a few of them living here in the U.S. who came from down there in some of those countries where people have a deep fear of pins stuck in dolls and black magic.
To them such a letter could reeally put horrible fear in them and get them to fall for the letter.

In fact, if you translate that kind of fear into the kind of fear of collection agencies and the courts people here in the U.S. have then the power that the threat of that silly letter can have on those people down there becomes just a bit more understandable.

Don't follow you at all on that. If you would care to elaborate in private email I'll be glad to discuss it with you.

 

Re: Re: Plan for credit repair --pls advice

He told you where from. I lurk over there but don't post, at least not as of yet I haven't.

 

Re: Re: Plan for credit repair --pls advice

Which is basically what I said. It is pretty well accepted fact that one should carry a very low balance on credit cards. Keeps them active and shows that one can use credit wisely. And I'll bet you never saw any 800 ++ scores on people who are low income or who live in poor areas of town. High scores are tied to how much income one has as well as where they live. If you live in a zip code where the median income is maybe $20,000 or less and your income isn't substantially above that then you aren't likely to have anywhere near an 800 score no matter how you handle your credit cards.

Should I be surprised that you know that? (LOL)

Nothing new or surprising in that either.

From your posts I get the impression that you labor under the delusion that those who are debtors are by the same token dummies.

 

It isn't the least bit important to most of us here how credit card companies make their money. What is important to us is that they don't cost us a disproportionate amount of our incomes giving us nothing in return except convenience. Each person has to look at any given circumstance from their own perspective and how we are affected. That may not be fair in all cases but that's the way it works.

Not only can I remember that, I can remember when gasoline was 15 cents a gallon and they came out and filled up your tank, washed your windshield and checked your oil and your radiator too. And they didn't charge any more money for doing it either and they didn't try to sell you turtles, girdles and and a yo-yo to pay for their great service either. Like the Smith Barney ad on TV claims. "We make our money the hard way. We earn it."

While you don't have to pay interest to them to have good credit you do if you want to keep the card for long. If one does not do that they often close the account and that notation "account closed by credit grantor is going to hurt that nice 800 plus score real bad.

Hardly. Seen it happen far too many times.

 

Re: Re: Plan for credit repair --pls advice

Obviously.

That does help a whole lot.

Not if that old credit is bad. You have to get rid of that or you won't have the chance to build new credit.

I guarantee you never will. You can't pay me enough money to get me to teach you anything except what I'm willing to teach you for free and that's an awful lot, but you can't buy my course and learn how devastatingly powerful it is for any amount of money. Count on that. And don't feel lonely or picked on. There are an awful lot of people who, like you would love to learn what I teach and I refuse to sell to them under any circumstances.

I turn far more people away and refuse their money than I accept as students. There isn't a day goes by I don't have to refuse people for one reason or another. Quite often its because I can't help them for one reason or another, other times its because their problem is one that I can tell them how to fix for free and it isn't worth their spending any money on. Other times its because they just want to find out what it is that I'm selling for whatever purpose they have in mind.

I try to operate the way the old gas station down on the corner used to do back when. They came out, visually checking the tires as they came and they greeted you with a smile and while they were filling up the tank they checked the oil, the radiator, the fan belt and washed your windshield and they earned their money the hard way. They worked for it. They gave both value and service. They never tried to get filthy rich but they did make a good honest living.

They took care of their business and it took care of them.

I watch out for those who come to me for help and one of the ways I do that is by keeping people who just want to snoop and use it for their commercial benefit from ever finding out about it except the hard way when they violate the law and people's rights.

But just like any other kind of criminal, they never seem to learn.

That's nice of you. Try believing 6 months more or less and you will at least be in the ball park.