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westcoastguy

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  1. westcoastguy

    Quick question on paying off old card balances

    No, but that might be what I have to do here.
  2. westcoastguy

    Quick question on paying off old card balances

    Yes.. both of them are....
  3. westcoastguy

    Quick question on paying off old card balances

    Specifically what I'm asking is this: Will paying this off, in effect lower my credit utilization rate on my overall credit report? Which I think it will. (hoping it will anyway)
  4. westcoastguy

    Quick question on paying off old card balances

    Trying to stay under 20% or so of credit utilization. But since I have these two old card accounts that are still reporting balances, even if I zero out my three active cards (which I just did) it still shows a high utilization on my report (since these old accounts are reporting) Does that makes sense?
  5. westcoastguy

    Quick question on paying off old card balances

    Here is how one of them looks on my report. (Discover) DISCOVER FIN SVCS LLC 601100XXXXXX $1,790 $500 358% Revolving Negative Aug 1, 2013 So from what I can see, they are actively reporting this account every month, and showing my balance as $1,790 and with the limit being $500, I'm getting hit on two fronts every month. It's negatively affecting my % of credit usage, plus showing as a past due amount, PLUS showing over limit. So, back to my question. Would it be a good idea to pay this off? What would the affect be?
  6. westcoastguy

    Credit one bank

    I got a $300 limit on an unsecured card, because I'm trying to rebuild and had no options. At 700+ you should be able to get a 5k-10k limit on your choice of cards I would think.
  7. westcoastguy

    Quick question on paying off old card balances

    Looks like it says "cards" to me? (Shrug) Yes, credit cards..
  8. westcoastguy

    Quick question on paying off old card balances

    Charged off in 2015 and 2016. I understand that a paid charge off is a derog. Totally get it. The score simulator on Experian (if it's accurate) is saying that by paying down my credit card debt to below 30% bumps me like 50 points. What I'm asking I guess, is: 1- Should I offer a PFD on these? 2- Just pay in full and wait 30 days till they report balance as zero. I know that a derog is bad, but paying this off will get it so that the only revolving credit card balance is the one I'm acutally carrying on my three cards. And I keep those below $100.00
  9. Have almost a year of good payment history on 3 cards. 2 secured, one not secured. Total credit line is $1,800.00 (lame I know.. but you gotta start somewhere) One of the big factors dragging my score down, is that due to 2 old credit card balances (about $3,000 in total) they are in collections for quite some time now, and are still reporting every month. So even if I have a zero balance on my three active cards. It still shows that I have $3,000 balance (due to the old cars) so basically it looks like I'm 200% over my credit limit. I have the money to pay these old cards off, but what's the best approach? PFD? Just contact them and pay it w/o asking for a delete, then they would report on the next cycle as being "0" balance and account closed? Ideas, suggestions? Thanks guys.. I want to get this handled today, but want to do it the right way for my credit.
  10. westcoastguy

    The ways bad credit has made my life difficult

    Inspiration... thanks!
  11. Credit is one of the things when you have it, it's no big deal. Those that have good credit, and haven't ever been turned down for a loan.. don't realize the turmoil it can cause. Due to some unforseen challenges with a business partner, mine has taken a hit. It's been several years with crappy credit. Like many of you, I kinda got to the point of saying "screw it.. who needs credit. I make a good income, I'll pay cash for everything" Scared to look at it, didn't want to know. And basically thought it was unfixable and I would have bad credit forever. Whatever... I guess like someone trying to lose weight, you have to get to the point where you are just like "enough is enough" I'm doing something about this. I've posted a few questions as I'm in the rebuilding process. Credit is still bad (mid 500's) but the goal is to get to 650 by the end of the year. Then just a slow march up as the report ages and I manage my balances. Just in case you are one of the ones that isn't sure if you should fix your credit or put in the work. Here is a list of the ways having crappy credit has humiliated me, cost me thousand and thousands of dollars and tons of missed opportunities. - Interest rates. If I can get a car loan now. (which I just did, so I could rebuild) it cost me about 20% Thats thousands alone on this loan -No access to credit cards. I have three cards now. With a total CL of $1,800.00 Really not enough to do anything with. Very limiting in emergencies etc. Sometimes not even enough to book travel for the family. Frustrating -Home and Auto insurance rates are DOUBLE what I paid when my credit was in the 700's. Double. Homeowners policy is $600 a month. Every single month. Your insurance score is tied directly to your credit. Above 650. I'll pay $200/month -Limited financial options for my life. I have $250k equity in my home that I'm basically frozen out of. No access to it. No one will re-fi for us, or get us a HELOC with our scores. So the ability to refi for a lower rate to save money, or pull cash out is non-existant -Been denied a car rental before while trying to use a debit card. VERY embarassing. Dollar did a soft pull when you try to use a Debit card.. wouldn't rent to me. -Can't co-sign for my kids on a car or School loan. Just find ways to dodge it. -Being treated like a crimminal when applying for ANY kind of a loan. And being grateful for a $300 unsecured credit line. Sad really. But. Enough of the pity party. Gotta take charge of this pile of steaming dog crap and make something out of it. Soldier on!
  12. westcoastguy

    Interesting situation.. need a little guidance

    Yup agreed. However, I'm not bitching about the loan balance or blaming them per se. More trying to find a constructive way out of this so that they can legally (and within their rules) report this loan as current. As others have suggested, I may try a GW letter. Last ditch effort I guess.
  13. westcoastguy

    Interesting situation.. need a little guidance

    Right. I totally understand that. That was more for background on the situation. I take responsibility for not making sure that was done. My main question has to do with finding a way to have them report the loan as current until we pay it off or sell etc...
  14. So I've gotten help from the board on to pay/not to pay on some collections etc. Other than a couple of collections on my report right now. I have the following positive lines: 3 Credit cards totalling $1,800.00 available. Have been running a balance on them but I figured out the reporting dates, and I'm making sure they are below 5% each month Car loan starting in Jan 18. All current. Positive. The one nagging issue is this: I have a note on a car (5 years) with a local bank. During the time of the loan for some reason the Bank wasn't added (or showing) on the insurance policy, so it wasn't reporting to the bank that we had insurance (we did) Had some late payments during this loan term, but never really paid attention to the balance on the loan. Starting the beginning of this year, I really made sure we were current on payments, I knew the loan was due to be paid off in April. April comes, I get a call from the bank, and lo and behold, the balance on the loan is $31,000 (just $4k shy of what we borrowed 5 years ago) WTF? So I start digging into it, and the bank over the years had just added the crazy expensive insurance onto the loan every six months. I have submitted all the proof of insurance and they have been working on crediting these periods back to us. Hopefully it's quite a bit. The problem: In the meantime, I've been making 3-4 payments a month just to make sure we stay way in front of this situation and ensure that everything is reporting current. I get a notice from Experian that my score dropped 30 points a couple days ago. This bank is reporting that the loan is now 60 days past due, and was 30 days past due last month. What the....?? I call the loan officer. He checked into it, and said basically.. the loan matured at end of March, and the bank didn't extend it. So even though they can see that we are ahead on payments, they are reporting that the entire balance was due end of March, and are showing that the whole balance is 60+ day past due right now. I asked for a goodwill adjustment (because of the situation) he said there wasn't anything they could do, because the Bank wasn't "in error". Last ditch effort tomorrow to talk to the regional manager and see if they will effectively "extend" the loan retroactively for me. And then maybe adjust the reporting accordingly. What do you guys think? Any other options here? (By the way, once the insurance adjustments have been made, we'll be selling the car and paying it off in full) Thanks
  15. westcoastguy

    Ok gang.. I need advice here

    Yeah.. Good call. Here's the others. CREDIT COLLECTION SERV XXXXXXX PROGRESSIVE Dec 1, 2013 $587 $587 725 CANTON ST NORWOOD, MA 02062 (855) 304-8921 CREDIT COLLECTION SERV XXXXXXX ESURANCE AN ALLSTATE COMPANY Jun 1, 2017 $618 $618 725 CANTON ST NORWOOD, MA 02062 (855) 304-8921 PORTFOLIO RECOV ASSOC XXXXXXXXXXXXXXX CAPITAL ONE BANK USA N.A. Jan 1, 2017 - - 120 CORPORATE BLVD STE 1 NORFOLK, VA 23502 (757) 519-9300 CBE GROUP XXXXX INTERMOUNTAIN HEALTHCARE Jun 1, 2017 $1,905 $1,905 1309 TECHNOLOGY PKWY CEDAR FALLS, IA 50613 (844) 604-4236 That's it. I've poked around a little and from everything I have read, the two insurance once *should* delete after I pay them. Anyone have experience with Credit Collection Service that can verify this? Portfolio recovery I'm not sure. I haven't looked at that one, and frankly don't even have the balance (pretty small I think) just something that was ignored. Any advice on plan of attack her would be awesome! Thanks

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