Looking to rebuild credit

[damien3133]

Me and my wife have been stuck in a bind the past 4 years due to my terrible credit. We are looking for purchase a home in one years time if everything works out.

 

I have 3 R9's on my credit file, 2 of them are looking to fall off in 2013/05. The other has a balance of 9800 still, and is almost 3 years old.

 

I am wondering what my options here are for my latest r9. There is to much contradicting information. Some say pay it off, and negotiate. Some say don't pay it off it will renew your date of last activity and still look bad. Some say pay for delete can't happen in canada, but they can agree to "change" the r9 status and change the wording of derogatory information.

 

Here is my credit info pulled from Equifax. I know im a brave soul for posting this.

 

PRESIDENTS CHOICE MCPhone Number:(866)246-7262High Credit/Credit Limit:000000000100Account Number:XXX...685Payment Amount:$6.00Association to Account:IndividualBalance:$0.00Type of Account:RevolvingPast Due:Not AvailableDate Opened:2012-06Date of Last Activity:2012-09Status:Paid as agreed and up to dateDate Reported:2012-09Months Reviewed:02Payment History:No payment 30 days late

No payment 60 days late

No payment 90 days latePrior Paying History:Comments:Amount in h/c column is credit limit

Monthly payments

 

CAPITAL ONE BANKPhone Number:(800)728-3277High Credit/Credit Limit:000000000500Account Number:XXX...603Payment Amount:Not AvailableAssociation to Account:IndividualBalance:$358.00Type of Account:RevolvingPast Due:$0.00Date Opened:2009-08Date of Last Activity:2012-09Status:Paid as agreed and up to dateDate Reported:2012-09Months Reviewed:34Payment History:No payment 30 days late

No payment 60 days late

No payment 90 days latePrior Paying History:Comments:Amount in h/c column is credit limit

Monthly payments

 

CARFINCO INC.Phone Number:(780)413-7549High Credit/Credit Limit:000000012661Account Number:XXX...290Payment Amount:$452.00Association to Account:IndividualBalance:$9,863.00Type of Account:InstallmentPast Due:$15,581.00Date Opened:2008-09Date of Last Activity:2009-11Status:Bad debt, collection account or unable to locateDate Reported:2012-08Months Reviewed:Payment History:No payment 30 days late

No payment 60 days late

No payment 90 days latePrior Paying History:Showing a repossession ( 2010-02 ) Showing a repossession ( 2010-01 ) Showing a repossession ( 2009-12 )Comments:Written-off

Auto

 

ROGERS COMMUNICATIONPhone Number:(877)764-3772High Credit/Credit Limit:Account Number:XXX...228Payment Amount:Not AvailableAssociation to Account:IndividualBalance:$72.00Type of Account:OpenPast Due:$0.00Date Opened:2010-10Date of Last Activity:2012-08Status:Paid as agreed and up to dateDate Reported:2012-09Months Reviewed:21Payment History:No payment 30 days late

No payment 60 days late

No payment 90 days latePrior Paying History:Comments:Monthly payments

* This item is not displayed to all credit grantors and will not impact your credit score.

 

 

SCOTIA DEALER ADVPhone Number:(877)375-2771High Credit/Credit Limit:000000014000Account Number:XXX...548Payment Amount:$428.00Association to Account:IndividualBalance:Not AvailableType of Account:InstallmentPast Due:Not AvailableDate Opened:2007-01Date of Last Activity:2007-05Status:Showing a repossessionDate Reported:2011-07Months Reviewed:03Payment History:01 payments 30 days late

No payment 60 days late

No payment 90 days latePrior Paying History:Showing a repossession ( 2007-07 ) One payment past due ( 2007-05 )Comments:Involuntary repossession

Monthly payments

 

CDN TIRE BANKCARDPhone Number:(800)459-6415High Credit/Credit Limit:000000001370Account Number:XXX...155Payment Amount:Not AvailableAssociation to Account:IndividualBalance:$0.00Type of Account:RevolvingPast Due:Not AvailableDate Opened:2004-04Date of Last Activity:2007-06Status:Bad debt, collection account or unable to locateDate Reported:2011-06Months Reviewed:Payment History:No payment 30 days late

No payment 60 days late

No payment 90 days latePrior Paying History:Comments:Transferred or sold

Monthly payments

 

 

 

 

 

 

 

 

 

So if the 2 old r9's do infact fall off (if they do there jobs properly) How is my credit looking with one unpaid r9. Much input would be appreciated!

 

HOPEFULLY QUASEI2 can share some input, seems to be very knowledgeable .

[damien3133]

I'd also like to point out to anyone else who has bad credit and looking to rebuild, PC financial actually gave me a non secure credit card! must have been by accident idunno lol but my EQ is 586, and i have 3 r9's.

[Guest w_a_y_n_e]

1349540562[/url]' post='4755117']I am wondering what my options here are for my latest r9. There is to much contradicting information. Some say pay it off, and negotiate. Some say don't pay it off it will renew your date of last activity and still look bad. Some say pay for delete can't happen in canada, but they can agree to "change" the r9 status and change the wording of derogatory information.

Pay for delete is not legal in Canada. Being it is gone R9 and sold to collections for literally pennies on the dollar, I would contact the collection agency and make an offer. Paying off a debt post R9 DOES NOT reset the timer, contrary to popular belief. Any payments made BEFORE the account was written off would.If you look at your principle amount owing with interest, it's showing you owe 15k, not 9k. The higher amount will be the amount the collector will be wanting to collect. I say WANTING.I would come back with an offer of about 30% of that. The collection agency probably won't go any lower than that, but you can try. In fact try as low as you want, you can only gain out of this.As for the R9 trade line, the only one that can change the status of a trade line is the original creditor. You will have a hard time convincing them to do so after having to write off and sell your debt. I'm going to go ahead and say it will be impossible.

 

1349540562[/url]' post='4755117']Here is my credit info pulled from Equifax. I know im a brave soul for posting this.

 

PRESIDENTS CHOICE MCPhone Number:(866)246-7262High Credit/Credit Limit:000000000100Account Number:XXX...685Payment Amount:$6.00Association to Account:IndividualBalance:$0.00Type of Account:RevolvingPast Due:Not AvailableDate Opened:2012-06Date of Last Activity:2012-09Status:Paid as agreed and up to dateDate Reported:2012-09Months Reviewed:02Payment History:No payment 30 days late

No payment 60 days late

No payment 90 days latePrior Paying History:Comments:Amount in h/c column is credit limit

Monthly payments

 

CAPITAL ONE BANKPhone Number:(800)728-3277High Credit/Credit Limit:000000000500Account Number:XXX...603Payment Amount:Not AvailableAssociation to Account:IndividualBalance:$358.00Type of Account:RevolvingPast Due:$0.00Date Opened:2009-08Date of Last Activity:2012-09Status:Paid as agreed and up to dateDate Reported:2012-09Months Reviewed:34Payment History:No payment 30 days late

No payment 60 days late

No payment 90 days latePrior Paying History:Comments:Amount in h/c column is credit limit

Monthly payments

 

CARFINCO INC.Phone Number:(780)413-7549High Credit/Credit Limit:000000012661Account Number:XXX...290Payment Amount:$452.00Association to Account:IndividualBalance:$9,863.00Type of Account:InstallmentPast Due:$15,581.00Date Opened:2008-09Date of Last Activity:2009-11Status:Bad debt, collection account or unable to locateDate Reported:2012-08Months Reviewed:Payment History:No payment 30 days late

No payment 60 days late

No payment 90 days latePrior Paying History:Showing a repossession ( 2010-02 ) Showing a repossession ( 2010-01 ) Showing a repossession ( 2009-12 )Comments:Written-off

Auto

 

ROGERS COMMUNICATIONPhone Number:(877)764-3772High Credit/Credit Limit:Account Number:XXX...228Payment Amount:Not AvailableAssociation to Account:IndividualBalance:$72.00Type of Account:OpenPast Due:$0.00Date Opened:2010-10Date of Last Activity:2012-08Status:Paid as agreed and up to dateDate Reported:2012-09Months Reviewed:21Payment History:No payment 30 days late

No payment 60 days late

No payment 90 days latePrior Paying History:Comments:Monthly payments

* This item is not displayed to all credit grantors and will not impact your credit score.

 

 

SCOTIA DEALER ADVPhone Number:(877)375-2771High Credit/Credit Limit:000000014000Account Number:XXX...548Payment Amount:$428.00Association to Account:IndividualBalance:Not AvailableType of Account:InstallmentPast Due:Not AvailableDate Opened:2007-01Date of Last Activity:2007-05Status:Showing a repossessionDate Reported:2011-07Months Reviewed:03Payment History:01 payments 30 days late

No payment 60 days late

No payment 90 days latePrior Paying History:Showing a repossession ( 2007-07 ) One payment past due ( 2007-05 )Comments:Involuntary repossession

Monthly payments

 

CDN TIRE BANKCARDPhone Number:(800)459-6415High Credit/Credit Limit:000000001370Account Number:XXX...155Payment Amount:Not AvailableAssociation to Account:IndividualBalance:$0.00Type of Account:RevolvingPast Due:Not AvailableDate Opened:2004-04Date of Last Activity:2007-06Status:Bad debt, collection account or unable to locateDate Reported:2011-06Months Reviewed:Payment History:No payment 30 days late

No payment 60 days late

No payment 90 days latePrior Paying History:Comments:Transferred or sold

Monthly payments

 

 

 

 

 

 

 

 

1349540562[/url]' post='4755117']So if the 2 old r9's do infact fall off (if they do there jobs properly) How is my credit looking with one unpaid r9. Much input would be appreciated!

 

HOPEFULLY QUASEI2 can share some input, seems to be very knowledgeable .

 

The two R9's that are ready to fall off, have already run their course, and your score has more than likely seen some recovery over the years already. It may go up a bit more once they purge, but don't count on much.The fact the current R9 still has an outstanding balance, is the worst part of the whole thing. That needs to be dealt with. There's more than likely a corresponding collection item for this R9 on your report as well, so you're getting double dinged. You will never convince a lender to give you a dime with unpaid debts on your credit file. Once it's paid, it's still a bad debt that may or may not be overlooked by a potential lender. You need to start adding positive items to your credit file ASAP to offset the negative. A couple secured cards would do the trick. This way, when the final R9 purges in 2016, you'll already have re-established credit. No major bank will even give you a secured credit card with an unpaid debt on your credit. Although Home Trust Company and People's Trust MasterCard both will.