Help us get back on track(newly married)

[vekor07]

First off, I just wanted to say Hi to everyone, I've been lurking around the forums for awhile and just signed up.

I've been checking out other sites finance sections recently and I realize just how far behind I am So it's time to play catch up.

Secondly, I want to apologize for this being a rediculously long thread, lol.

I really really need some help figuring all this out... I am 22 years old, married, and we don't have any "Major" debt.

I pulled in most of this debt when I was 18, and have just kinda been drifting along for the past few years.

I have our budget pasted at the bottom of this, my main question is this..which of these things listed here do I need to pay, and in which order?

Some are the original creditors and some are collections for the same account.

I also read on myfico that paying a delinquent account does not raise your score even once fully paid it will still be there hurting you, so do I even bother paying

those since they are going to be painfully on my score till like 2012 regardless of being paid?

 

I guess I just need some guidance here, I came up with this budget recently but I don't think it's enough.

So what should I be paying, if anything?

would a debt consolodation be practical for me, and would it help my credit?

what are my options to get this fixed quicker I mean this isnt the traditional debt situation here, there is no intrest or anything involved here.

I thought about trying to get a line of credit to see if I could get enough credit to pay all these multiple debts off onto 1 current account that wouldnt hurt me

as much as collections accounts, plus having it all on 1 major credit card would be nice, but I would be trading no intrest for most likely a 19% rate.

Pretty much we can afford a little over $1000 a month though so I would be paying a lot more towards that 1 credit card than the minimum balance.

 

For us I guess it's not so much of a problem being able to pay them, it's "what should we pay, and how do we fix our credit"

 

Thanks in advance =)

 

It Begins:

(All account numbers and anything relating to our identites has been removed)

FICO Score: 526

 

 

Payment history

Your history of paying bills on time.

Bad

 

Amount of debt

Your total amount of outstanding debt.

Very Good

 

Length of credit history

How long you've had credit.

Not Good

 

Amount of new credit

Amount of credit you've recently obtained or applied for.

Very Good

 

 

CAVALRY PORTFOLIO SVCS

 

 

7 SKYLINE DR 3RD F

HAWTHORNE , NY 10532

(800) 501-0909

 

Balance:

$494

Date Updated:

12/2007

Original Balance:

$494

Original Creditor:

11 SPRINT PCS

Past Due:

>$494<

Pay Status:

>Collection Account<

Account Type:

Open Account

Responsibility:

Individual Account

Loan Type: Collection Agency Attorney

Remark:

>Placed for collection<

Date placed for collection: [ 06/2006]

Estimated date that this item will be removed: 11/2010

 

 

 

COLLECTION ASSOC

 

 

PO BOX 349

GREENSBURG , IN 47240-0349

(812) 663-2777

 

Balance:

$98

Date Updated:

10/2005

Original Balance:

$98

Original Creditor:

MED1 02 FMH URGENT CARE CENTER HIGH

Past Due:

>$98<

Pay Status:

>Collection Account<

Account Type:

Open Account

Responsibility:

Individual Account

Loan Type: Collection Agency Attorney

Remark:

>Placed for collection<

Date placed for collection: [ 08/2005]

Estimated date that this item will be removed: 11/2011

 

 

 

CREDIT PROTECTION

 

POB 802068

DALLAS , TX 75380

(800) 255-6775

 

Balance:

$478

Date Updated:

04/2006

Original Balance:

$478

Original Creditor:

INSIGHT COMMUNICATIONS

Past Due:

>$478<

Pay Status:

>Collection Account<

Account Type:

Open Account

Responsibility:

Individual Account

Loan Type: Open Account

Remark:

>Placed for collection<

Date placed for collection: [ 01/2006]

Estimated date that this item will be removed: 09/2012

 

 

 

HELVEY AND ASSOCIATES

 

 

1015 E CENTER ST

WARSAW , IN 46580

(574) 267-7922

 

Balance:

$375

Date Updated:

03/2006

Original Balance:

$189

Original Creditor:

10 PSI RESIDENTIAL

Past Due:

>$375<

Pay Status:

>Collection Account<

Account Type:

Open Account

Responsibility:

Individual Account

Loan Type: Collection Agency Attorney

Remark:

>Placed for collection<

Date placed for collection: [ 01/2006]

Estimated date that this item will be removed: 09/2012

 

 

 

HUDSON & KEYSE INC

 

 

382 BLACKBROOK RD

PAINESVILLE , OH 44077-1217

(440) 354-6971

 

Balance:

$1,030

Date Updated:

12/2007

Original Balance:

$1,030

Original Creditor:

01 U S BANK NATIONAL ASSOCIATION

Past Due:

>$1,030<

Pay Status:

>Collection Account<

Account Type:

Open Account

Responsibility:

Individual Account

Date Closed:

06/2007

Loan Type: Collection Agency Attorney

Remark:

>Placed for collection<

Date placed for collection: [ 06/2007]

Estimated date that this item will be removed: 10/2010

 

 

 

IEI FINANCIAL SERVICES

 

 

2485 DIRECTORS ROW

INDIANAPOLIS , IN 46241-4907

(800) 226-2446

 

Balance:

$0

Date Updated:

11/2007

Original Balance:

$311

Original Creditor:

VECTREN ENERGY DELIVERY

Past Due:

$0

Pay Status:

>Payment After Charge Off/Collection<

Account Type:

Open Account

Responsibility:

Individual Account

Date Closed:

11/2007

Date Paid:

10/2007

Loan Type: Open Account

Remark:

>Paid collection<

Date placed for collection: [ 04/2007]

Estimated date that this item will be removed: 02/2014

 

 

 

NCO FINANCIAL

 

 

PO BOX 41448

PHILADELPHIA , PA 19101

(800) 709-8613

 

Balance:

$141

Date Updated:

12/2007

Original Balance:

$141

Original Creditor:

NCO ASGNE OF SBC

Past Due:

>$141<

Pay Status:

>Collection Account<

Account Type:

Open Account

Responsibility:

Individual Account

Loan Type: Factoring Company Account

Remark:

>Placed for collection<

Date placed for collection: [ 04/2007]

Estimated date that this item will be removed: 07/2011

 

 

 

PACIFIC SUNWEAR

 

 

PO BOX 33750

NORTHGLENN , CO 80233-0750

Phone number not available

 

Balance:

$275

Date Updated:

10/2007

High Balance:

$280

Credit Limit:

$200

Past Due:

$0

Pay Status:

>Charged Off as Bad Debt<

Account Type:

Revolving Account

Responsibility:

Individual Account

Date Opened:

08/2003

Date Closed:

05/2004

Loan Type: Charge Account

Remark:

>Profit and loss writeoff<

Estimated date that this item will be removed: 10/2010

 

 

 

 

UNIQUE NATIONAL COLL

 

 

119 E MAPLE ST

JEFFERSONVLLE , IN 47130

(800) 879-5453

 

Balance:

$37

Date Updated:

01/2004

Original Balance:

$60

Original Creditor:

NEW ALBANY FLOYD COUNTY PUBLIC

Past Due:

>$37<

Pay Status:

>Collection Account<

Account Type:

Open Account

Responsibility:

Individual Account

Loan Type: Collection Agency Attorney

Remark:

>Placed for collection<

Date placed for collection: [ 09/2003]

Estimated date that this item will be removed: 05/2010

 

 

 

US BANK RMS CC

 

 

205 W 4TH ST

CINCINNATI , OH 45202

(513) 639-6744

 

Balance:

$1,182

Date Updated:

05/2007

High Balance:

$1,000

Credit Limit:

$500

Past Due:

$0

Pay Status:

>Charged Off as Bad Debt<

Account Type:

Revolving Account

Responsibility:

Individual Account

Date Opened:

08/2003

Date Closed:

06/2004

Loan Type: Credit Card

Remark:

Transferred to another lender

Estimated date that this item will be removed: 10/2010

 

 

 

 

WFNNB/VALUE CITY/ROOM GO

 

PO BOX 182273

COLUMBUS , OH 43218-2273

Phone number not available

 

Balance:

$2,934

Date Updated:

09/2005

High Balance:

$2,934

Credit Limit:

$2,400

Past Due:

$0

Pay Status:

>Charged Off as Bad Debt<

Account Type:

Revolving Account

Responsibility:

Joint Account

Date Opened:

09/2003

Date Closed:

12/2004

Loan Type: Charge Account

Remark:

Account closed by credit grantor

Estimated date that this item will be removed: 04/2011

 

 

Our Budget: ($3800.00 is an less than we normally make, we normally make about 4,000.00, but I would rather budget as if we missed a day of work or something)

 

 

Total Monthly Deposits $3,800.00 Total Monthly Payments: $2,405.00

 

Monthly Rent & Bills

Rent $650.00

Entertainment/Eat Out $200.00

Water Company $80.00

Electric Company $85.00

Trash Company $20.00

Gas Company $45.00

Cable $85.00

Cell Phones $90.00

Total Monthly Bills: $1,255.00

 

Flexible Household Expenses

Food and Household Supplies $450.00

Beth's Car Gas $80.00

Dog Food $20.00

John's Car Gas $80.00

Personal Spending Money / 2 $120.00

Flexible Household Total: $750.00

 

Total Budgeted Expenses: $2,005.00

 

Off-Budget Expenses

 

 

John's Debt Total Amount $3000

Beth's Debt Total Amount $3500

Savings $100.00

Dad $150.00

Off-Budget Total: $250.00

 

Grand Total Spending: $2,405.00

 

Cash Extra or Short: +$1395.00

[Tomb22Raider]

CAVALRY PORTFOLIO $494

COLLECTION ASSOC $98

CREDIT PROTECTION $478

HELVEY AND ASSOCIATES $375

HUDSON & KEYSE INC $1,030

IEI FINANCIAL SERVICES $311

NCO FINANCIAL $141

PACIFIC SUNWEAR $275

UNIQUE NATIONAL COLL $37

US BANK RMS CC $1,182

 

WNNB/VALUE CITY/ROOM GO

$2,934

 

Cash Extra or Short: +$1395.00

 

Here is my suggestion:

1- Take 1 month extra money of $1395 and pay all the bills that are under $400 in full. It will feel really good

2- Call the other creditors and make payment arrangements of about $150 to $200 per month; for your 5 accounts this will be a max of $1000.00; as you payoff the smaller balances you can increase the payment on the others.

3- Save the extra $395 for a rainy day.

7- in about 7-8 month you will have paid about $7000 of the Debt and have about $3000 in savings

 

Note: There are some folks here with experience in getting agreements from creditors to delete the accounts if you payoff the account, so spend some time reading the credit forum.

[Cleaning_Credit]

CAVALRY PORTFOLIO $494

COLLECTION ASSOC $98

CREDIT PROTECTION $478

HELVEY AND ASSOCIATES $375

HUDSON & KEYSE INC $1,030

IEI FINANCIAL SERVICES $311

NCO FINANCIAL $141

PACIFIC SUNWEAR $275

UNIQUE NATIONAL COLL $37

US BANK RMS CC $1,182

 

WNNB/VALUE CITY/ROOM GO

$2,934

 

Cash Extra or Short: +$1395.00

 

Here is my suggestion:

1- Take 1 month extra money of $1395 and pay all the bills that are under $400 in full. It will feel really good

2- Call the other creditors and make payment arrangements of about $150 to $200 per month; for your 5 accounts this will be a max of $1000.00; as you payoff the smaller balances you can increase the payment on the others.

3- Save the extra $395 for a rainy day.

7- in about 7-8 month you will have paid about $7000 of the Debt and have about $3000 in savings

 

Note: There are some folks here with experience in getting agreements from creditors to delete the accounts if you payoff the account, so spend some time reading the credit forum.

 

First off, make sure you've read all of the newbie section info. There are a ton of info, but you really need to read it all.

 

Do not just pay off all debts. A tradeline listed by the OC as charged off has probably been sold to a CA. You would have to determine who the current owner of the debt is. Determine the DOFD on your debts to determine SOL based on your state. It looks like your debts are between 6 months and a few years old. Determine the SOL in your state. Your balances don't look too high. If you've got the money to pay off these debts, I'd go ahead and DV the collection accounts. If the debts are within SOL and they somehow come up with validation, send them a PFD offer. Paying off a debt and still having it listed in your credit reports does nothing for your FICO.