Rebuilding Credit...Help?

Discussion in 'Credit Talk' started by CreditGoof, Mar 29, 2015.

  1. CreditGoof

    CreditGoof New Member

    Hi all! After making some credit mistakes, I'm looking to rebuild my credit. I've been lurking around the boards and the recommendations I've read are extremely helpful! I racked up a bit of credit card debt shortly after turning 18. I was fortunate to have bought my home when I was 20 when my credit was still good, but lost my job during the recession, causing many accounts to become charged-off. I pulled my CR yesterday from Equifax and was surprised to see my score is a 649...much better than I was anticipating! I live in NC and I believe the SOL is three years. Here's where I'm at now:

    Open Accounts
    Mortgage - Pays as agreed - Last late payment October 2013

    Closed Accounts (ordered from oldest to newest)
    Springleaf Financial Services - Charge Off - DOFD 7/08 - Balance $1774 (falls off 7/15)

    Mortgage - Pays 31-60 days late - DOFD 7/09 (falls off 7/16)
    *This is the same lender as the open mortgage above, Wells Fargo. The closed account shows transfer/sold. Not sure why the mortgage would be reporting twice? Both accounts have the same opened date of 1/08.

    Chase - Charge Off - DOFD 12/09 - Balance $924 (falls off 12/16)

    Southern Credit Adjusters - Collection Account (medical) - DOFD 6/10 - Balance $186 (falls off 6/17)

    Capital One - Charge Off - DOFD 8/10 - Balance $1287 (falls off 8/17)

    Best Buy (Capital One) - Charge Off - DOFD 9/10 - Balance $778 (falls off 9/17)

    HSBC - Charge Off - DOFD 12/10 - Balance $242 (falls off 12/17)

    Portfolio Recovery - Collection Account - DOFD 12/10 - Balance $486 (falls off 12/17)
    *I have no idea what debt Portfolio is trying to recover and why it appears twice on the report.

    Old Navy - Charge Off - DOFD 1/11 - Balance $155 (falls off 1/18)

    Portfolio Recovery - Collection Account - DOFD 1/11 - Balance $496 (falls off 1/18)
    *I have no idea what debt Portfolio is trying to recover and why it appears twice on the report.

    867YA10D Recovery Company - Collection Account (AT&T) - DOFD 3/11 - Balance $134 (falls off 3/18)

    AFNI, Inc - Collection Account (AT&T) - DOFD 4/13 - Balance $312 (falls off 4/20)

    Soooo...as far as I understand from reading the forums here, it really does no good to pay the charge-offs, especially the ones that are outside the SOL. I'm okay with this process taking some time (a couple years or more). I didn't get in this mess overnight, I can't fix it overnight. I'm thinking my strategy will be to ride out most of the debts until they fall off the report over the next two to three years. In the meantime, since my credit has appeared to rebounded some, I'm thinking of getting a secured credit card (or two) to have open tradelines with good payment history. I've read in other posts to utilize roughly 10% of the limit and pay it off every month...is this a good strategy? Should I consider applying for a standard credit card based on my score, instead of secured? I'm totally open to suggestions and strategies!

    Also, I just received a collection notice from Credence for the newest debt (AT&T) with an offer of "full and final settlement" for $125. I'm assuming AFNI sold the debt to Credence, who has not reported negatively on my CR...yet. Since this and the other AT&T debt are the newest and will impact me the longest, should I consider paying them? Should I attempt to talk with AT&T (the OC) directly to negotiate the debt and having it removed from my report (however it's their CA's who made the negative reports, not the OC). In the payment remittance, it doesn't say anything about the settlement offer, just the balance due and a place to fill in the amount paid...this concerns me as it looks like I could be on the hook for the rest of the debt.

    Sorry for the long post! Advice? Bueller?
     
  2. mindcrime

    mindcrime Well-Known Member



    You can begin obsolete disputes with the CRA's with this one.



    You could dispute as a duplicate account, though when it goes to positive status, it would only help your profile, not hurt.






    Google "whychat method"














    Have you tried working with the OC on this?

    Have you tried working with the OC on this?



    Starting with two or three open revolvers is good. Do you have several positive closed TL's as well? Your score is high considering what you've laid out. Are these accounts no longer updating?

    You can charge whatever you want (up to 100% on the CC's), whats important is that you pay them all before the statement cuts. To maximize FICO you would want one card reporting 1%, however considering all those open collections and CO's, this is a moot point at this time. Just be sure to pay them off before the statement cuts, don't worry about staying under 10% constantly.

    What is the SOL in your state? If you're past it, you could try to negotiate PFD on those CO's, though creditors like Cap One are very hard to deal with.

    HSBC would be the easiest out of them all (IMO), considering what they went through in the last several years; I do believe their records are quite a mess.

     
  3. Jackie OMG

    Jackie OMG Member

    I would organize the from the most recent to oldest and PFD. You can wait and the small ones will fall off but some larger ones could come after you in a judgement.
     
  4. Faizal Garasia

    Faizal Garasia New Member

    Hello Friend,

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  5. Trav3

    Trav3 New Member

    If you're looking to fix it yourself, that's going to take alot of time especially in a case where you're trying to attain 700-800 credit score because late payments and charge offs that won't go away easily will always hinder your score from going up.

    My advice in a nutshell is if you need the score up so bad due to reasons best known to you, it's best to hire experts to expedite the repair process. Considering my positive experience with CreditMason, I can confidently say they'll provide the best strategy to give you a good boost. You can look them up online.
     
  6. Nelson5

    Nelson5 New Member

    I was very skeptical at first having never heard of someone who would help clear up one's credit file. After being turned down for a home loan I filed for my credit report to see what all was on it. To my dismay there were duplications, misinformation as well as things that weren't even mine. No wonder I couldn't get the loan. A friend from work said to contact METRONET CREDIT SOLUTION who had helped her in the past. I contacted them and explained my situation to them, they promised to help me. I was so amazed when I pulled my report after 11days and all the negative items, duplications and misinformation had all been cleared from my report and my score had risen to 750’s. I strongly recommend their services to any one in need of credit fix contact them via METRONETCREDITSOLUTION@GMAIL.COM or call their helpline 205 518 3032.
     

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