Mr. Media

Hey guys... thanks all for the insights. I guess I got trigger happy just wanting to do SOMETHING vs nothing. I've been back in Nevada for seven months, should I assume NV law applies in regards to SOL, then? I'm not really in a position to pay or settle anything, now. I could save up over 7-8 months and MAYBE settle ONE account, but with so many and the large balances involved, that's about all I'd accomplish. My income slide is still ongoing... probably won't reach its bottom until Q1 next year, and probably wont begin a slow rebound until Q2 or early Q3. Definitely a bumpy road ahead. So it feels like the best course is to just chill and wait it out. I needed to hear that. Thank you again.

I have an extraordinary set of circumstances surrounding my business which would make it a far more complicated case than it should be, and several attorneys offered to take it on but with very high fees. It would be multiple BKs and it would still leave some unresolved issues surrounding taxes.

I appreciate the sentiment behind the snark, whats the alternative? What should I be doing instead?

Recently stopped back in here to say hello after 7 long years, and because my credit repair journey starts anew. The short version of the story: After years of using this forum, learning new tactics, and doing well in my business endeavors, I'd managed to clean the bad credit muck of my 20s and had well over $110k of unsecured credit. I was happy in that department, and things were going well. Unfortunately, as my business took several turns, coupled with an economic punch from COVID, and then lastly unexpected heart surgery which took me out May 2021 to January 2022... everything has changed. My income has been on a steady decline due to the changes at at my company... shrinking slowly, but noticeably. In November of 2020, I made the heartbreaking decision to default on some of the debt I'd racked up, crushing my credit scores, and sending several of my "good" accounts into reactive modes. My high credit limits began falling like dominoes as the banks caught up and began to cover their butts. I tried to maintain a few accounts in good standing, but ultimately only 3 or 4 of them remain. I still haven't taken a full inventory of who's still standing. A few with $0 balances were the real winners and still exist... so the good news is that I have SOME good credit accounts, with age, and I will keep them open and maintained for that reason. I just discovered this week that my $3k Kohls card was still open and in good standing... hadn't used it in so long I had assumed it was closed. So there's some light... but there's also over $100k of darkness. I settled two accounts while I still had the money to do so. My intent would have been to settle them all, but alas my income shrunk to a point where that was a fool's errand. Even with deep discounts, most of them wanted more than I had available, so it was a non-starter. The collections letters have been piling in, now, and I'm frankly shocked that at least one of two of them haven't sued me, considering the balances. Around mid-September, I sent out my first round of dispute letters, one each, to each of the credit bureaus, hoping for some miracles and to make any positive impact on the reports. I disputed a different account with each of them. Experian updated its records. TransUnion miraculously DELETED the disputed account, and Equifax has sent me a response wanting to verify my SSN and address by sending in documentation to prove who I am and my address. So my first question... how do I handle EQs request for identity validation? I could send them a copy of my SS card, but the address I use on EVERYTHING is a mailing address only. I'm not sending them utility bills or anything of that sort. Are they even allowed to ignore the dispute and play this game? Second question... how long should I wait in between sending new disputes to each of the bureaus? I don't want to flood them, but I do want to keep the train moving. I'm currently ignoring all collectors, because I have nothing to offer them financially. Anything else I need to know? I'm so rusty...

I'd never heard of such a thing... curious to see if one of the more legal-brained guys can chime in with some insight. Are you able to see the petition to the court that requested the vacated judgement?

Holy smokes! That's impressive and scary all at the same time.

Thank you. This site saved my bacon a long time ago, and helped me do some pretty amazing things along the way. I pointed so many folks here over the years...and I'm looking forward to diving back in.

Hey thanks... its good to feel the support. I broke one of my carnal rules, and used my personal credit for business. The business was able to pay me back, and it allowed me to accelerate the growth I was pushing for, but it was against my own rules, and when the company's income took a hit... it cornered me. I'll post an update soon on where everything stands, and after coming back to see the thread today... I'm embarrassed to see that I also need to update my signature. Ooooof!

Hey gang... been about seven years since my last post here. Unreal. I was on top of the world, had massive credit limits on so many cards thanks to this board, and was really feeling on top of the world for quite some time there. And then it all fell apart. First a major income shift due to business changes. Then an unexpected loss of a client (more income loss) then COVID, and then a heart problem knocked me out for nearly nine months. Needless to say, enough cards fell that my house blew down. Tapped out with about $110k in unsecured/unpaid debt and now finding everything a bit overwhelming. Really just wanted to say howdy. Spending the next few days getting reacquainted with the boards, and digging around for credit repair options and advice. Not sure how much has changed since 2015 in regards to disputes and collections. Looking forward to bumping into you all again.

Hey guys... finally had a chance to play with this and wanted to report back the results. About 2 weeks ago I called underwriters and asked for an increase on my Gap Visa which has been stuck at its current limit for ages. I was denied, and I asked the rep. if it was due to max exposure. At first he said he could not tell me anything, and to expect a letter, but I was a bit pushy and explained to him that I'd received several letters previously about the max exposure "limits" and that since the Dillard's Amex was no longer part of the portfolio, that perhaps I'd be able to re-assign that $11k elsewhere. He got a bit more friendly, then, and mentioned that while the Dillard's cards were of course gone from Synchrony, some "remnants" of the accounts remained in their systems. He suggested that I try back after May 1st. The letter came and said the same max exposure stuff. So I waited until this past Tuesday and tried again. I asked for $12.5k limit, and it went through. I've also had a major score bump recently, so I wonder if that helped. Seeing some people here with multiple $40k limits, etc. tells me that one person's max isn't the others... but this is the first bump from any of my Synchrony cards in well over a year. So... stuck isn't stuck... anymore. Hope it helps.

BBVA Compass = Until you've paid in full -- including if they've already charged it off, and you had to pay taxes on the forgiven debt. They will not consider you for new credit until the old amount has been paid-in.

I'll give that a whirl... thank you.

I'm not new to this process... Kayve and I actually stumbled on this at the same time and my thread on the matter was actually the first of the two... his just took off faster Anyhow... I'm maxed right now... so trying for a CLI before closing Sam's is a losing venture. "You've reached the maximum overall exposure across your accounts with us" is the answer every time. I think that's what you were suggesting, unless I read it wrong. But I don't mind being guinea pig on it... I'll wait a few days after I'm sure the card is clearly in Wells hands and I'll call up and see what I can work out, reporting back for the good of the group. If anyone else attempt the same, I'd hope to hear from them as well.

Do you guys think once the Dillards Amex rolls to Wells later this month, that the $11k I have there will make $11k available on my other cards (now that its not counting in the ceiling formula)?? I have been thinking about closing my $10k Sams's Club credit, and asking for two $5k bumps a few months apart on Gap Visa and Walmart MasterCard... but with $11k leaving my GE portfolio to Wells, maybe I don't have to close Sam's to get it accomplished? Thoughts?

No...