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caliclimber

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  1. yikes, this got ugly. I was suggested that I seek arbitration with my collection with midland too, but I thought the advice was half-baked and theoretical. No advice to offer here but keep everyone posted. good luck
  2. Update: Brought my utilization down to 5%. I believe i've reached the max potential i can get score boost wise from paying down revolving debt. I will pay off the remainder of my revolving debt in 2 weeks and begin to attack my installment debt. Then its just a waiting game to age off some of these 30-day lates, while attempting some more goodwill letters. Scores (pulled from CreditCheckTotal 4/7/18): EX: 745 TU: 766 EQ: 759 Last update: Scores (pulled from CreditCheckTotal 3/26/18): EX: 737 TU: 757 EQ: 745 Short-term goals: - Pay off revolving debt by 4/30 - Pay off student loan debt by 5/31 - Pay off car note by 9/30 Long-term goal: - Save up emergency fund by 6/30/19 - Save up down payment/purchase a home by 12/20
  3. Thank you CV! As of today i've got $2,300 left in cc debt, down from $26,000 when I started this thread.
  4. Thank you Mec! I am projecting that I will be out of credit card debt by the end of next month. I will move onto my student loan and car from there, which im projecting to be done with everything by October. I definitely wouldn't have done this without the help and encouragement that I got from you, Surreal Awakening, Mendelssohn, etc, so thank you! Goal is to get out of debt, save up for a down payment and qualify for a mortgage in two years or so (moved up from my original estimate). My better credit score has allowed me to get approved for: - AMEX Delta Platinum (1/18) - Chase Ink Preferred (3/18) My plan is to get a couple more cards for points/benefits sooner rather than later, then lay low before applying for a mortgage. My points goal will go toward a trip to Japan. Looking to get the following in the future: - Chase Sapphire Reserve/Chase Sapphire Preferred (Double Dip) - Chase Hyatt - Maybe SPG Business or another CIP using an EIN Again, not looking to get too deep into churning, really just for one specific trip then I feel like the CSR would be a good fit for a keeper card for me. I plan to downgrade the Delta, CIP and CSP after the first year.
  5. update: Paid settlement amount to MCM, collection was removed pursuant to their deletion policy. Utilization down to 11% Scores (pulled from CreditCheckTotal 3/26/18): EX: 737 TU: 757 EQ: 745 Last update: Scores (pulled from CreditCheckTotal 2/11/18): EX: 697 (Up 73 points from 8/10/16) TU: 708 (Up 83 points from 8/10/16) EQ: 709 (Up 94 points from 8/10/16) Still have 2 30-day lates that I will continue to try to address through goodwill letters. So far I haven't had any luck with that
  6. Small update: Scores (pulled from CreditCheckTotal 2/11/18): EX: 697 (Up 73 points from 8/10/16) TU: 708 (Up 83 points from 8/10/16) EQ: 709 (Up 94 points from 8/10/16) Scores (pulled from CreditCheckTotal 12/28/17): EX: 682 (Up 58 points from 8/10/16) TU: 683 (Up 58 points from 8/10/16) EQ: 679 (Up 64 points from 8/10/16) I brought my overall utilization down to 28%, which is the largest reason for the change. Other factors include seasoning my most recent 30-day late by another couple of months. It's now at 21 months from the last 30-day late so I expect to see a jump after 3 more months. At that point my utilization will be close to 0% (i understand there is a optimization trick to having one card report a balance over 1%). I am tentatively planning on paying the collection from midland, which i believe would cause a big boost pursuant to their policy to delete.
  7. Thank you for the information. Did you just pay through the website?
  8. Sorry, these are dumb questions but: 1. By saying "make the application" you mean fast filing a case online, correct? 2. In the AAA filing, there is a section to input special notes and instructions, is this where I would put a claim or should I leave that blank? 3. Related to #2, you cite some reasons why one would file with AAA. Is there recourse for making claims of ownership dispute or violation of consumer protection statutes without sufficient evidence? 4. "Upload a copy of the arbitration or mediation agreement". Do I need to find/upload the agreement for the specific year I applied for the card? 5. There's an input for "Enter filing fee to be charged". Per the consumer arbitration fee schedule there is a $200 filing fee. Will that fee need to be paid immediately? 6. Because this would be preemptive arbitration, there is no representative of Midland to send it to. Send it directly to the address on their website? Attention: Chief Compliance Officer P.O. Box 939069 San Diego, CA 92193 Upload a copy of the arbitration or mediation agreement
  9. Thanks for information legaleagle. I am digging deeper for information. The thread im referencing is from 2010, so i'll be searching for more recent datapoints and anecdotal success. If you've got any links, feel free to send them my way. https://creditboards.com/forums/index.php?showtopic=443914&hl=%20preemptive%20%20arbitration For the process that you've laid out in your post, do i need to cite a violation or anything specific to elect arbitration? When you say download a copy, are you referring to a cardholder agreement from Best Buy or actually filing arbitration on the AAA website and printing something out from there? Does my letter to midland need to say anything else besides that I am electing arbitration or can it literally be one sentence with an attached cardholder agreement? Thanks again for your help
  10. Thanks for the replies. @ICAN: Good catch. If I do end up paying the settlement amount, I will get the terms in writing before payment. Thank you! @legaleagle: The original creditor is Citi (My Best Buy Store Card opened in 2014) My consideration of paying them is mainly because of their PFD policy and the speed that I can put this behind me and avoid a potential law suit. This is the only major derog i have on my credit report. If I was dealing with another JDB, I would likely be looking at different options to handle this. Preemptively filing arbitration as someone with little understanding of the legal system (I have read your pinned post on arbitration and a couple of threads of people filing arbitration against midland) seems like a lot of trouble to go through if my goal is to rid myself of the latent stress I carry by having this open collection. To you this action is probably a cake walk, but it is additional uncertainty to me. I'll do some additional research and post in the appropriate forum if I decide to go this route. I appreciate your input.
  11. No. No. Yes a Acknowledgement or part payment of the Debt while it is within the SOL Does reset the Statute of limitations in California Once it is past the SOL, a part payment or acknowledgment will not reset the Statute of Limitation However, accepting a settlement offer and making that payment obliterates that , because the debt has been settled. does it state anywhere in this settlement offer that they will delete the account with the CRA's once the settlement amount has been paid ? where did you hear of this POLICY ? Thanks for the reply. Their policy effective 10/11/16 can be found here: https://www.midlandcreditonline.com/help-center/credit-reporting/ Some data points of this policy being implemented: http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Midland-Funding-Collection-Deletion/m-p/4813087 http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-to-Midland/m-p/5144303/highlight/true#M550820 http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-16-month-rebuild/m-p/5116206 http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Help-needed-for-rebuilding/m-p/5095579/highlight/true#M546649 http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Critique-my-debt-settlement-offer/m-p/5073676/highlight/true#M544899
  12. I have a collection with Midland that I am looking to put behind me. (approx DOFD 7/2014. CA SOL: 4 years)* My initial strategy was not to poke the bear until the SOL is up and send a DV letter in August, however I would rather pay than to live with the uncertainty of potentially getting sued. The debt is also rightfully mine. My reluctance has been that my understanding is that the SOL re-ages if i acknowledge the debt/show intent to pay. This wouldn't be an issue if I just pay their offered settlement amount via mail and never contact them I suppose, trusting that they follow their policy of deleting the collection from the CRA's if the DOFD is over 2 years ago and the collection is paid as agreed. I have searched the internet for data points, but i'd like to see if anyone here has some recent experience with this and can help me with a few questions below: 1. Midland is currently offering me 40% off the outstanding balance. Ideally, i'd like to pay 40% (60% off). Has anyone had success negotiating with Midland for a lower amount than what they are offering via mail? Mind you, i'm still within the SOL, so theres a limit to how I can play hard ball as they can still sue. 2. If I pay the 40% off amount, should I call to make sure that they will delete pursuant to their policy? Do I need to get that in writing before I proceed to payment? Would recording an agreement on the phone be sufficient (I am in a two party consent state), or is that even necessary? 3. What is the protocol for making that payment? Is there any potential downsides of paying the settlement amount over the phone/on their online system? Is writing a personal check preferable? Any guidance is appreciated.
  13. Bumping one last time before I create a separate thread regarding my questions about paying Midland.
  14. bumping to get some opinions about the payment protocol to midland.. i think i'm ready to put this behind me. ideally i'd like to pay 40% instead of paying 60% like they've been offering but I don't know if that's something they would budge on with a debt still within the SOL. get it in writing? is that not necessary now because of their new policy? negotiate percentage? pay over the phone/mailing a check/online system? thanks

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