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Everything posted by Dragonfly66

  1. UPDATE: So, I sent a PFD letter to Drivetime referencing the 10% settlement offer they made to me back in January of 2013. I sent my letter to them on 12/13 and got the green card back that verified they received it on 12/16. I've been patiently waiting for a reply which I didn't expect until after the new year holiday. Today I go to myfico to pull my credit and check my scores and WHAMMO! They've deleted it from both TU and EX! For some reason they left it on EQ. On top of that, my TU score bumped up from 644 to 652. I found this rather strange, but I'm also excited to see it gone from 2 out of the 3 CRA's. Now I have to hope that they will accept my PFD offer to pull it off EQ. At this point, I'm willing to pay the 10% just to have them off my reports for good. Yay, me!
  2. g35, I have bad news and (maybe) good news for you. The bad news is that the amount of any debt cancellation is reportable (not to be confused with taxable -- see below) on your tax return for the year of the cancellation. This is true whether or not your received a timely Form 1099-C in the mail. The (maybe) good news is that the amount of additional tax due -- with penalty and interest -- shown on that IRS Notice may or may not apply in your case. There are exceptions; the most common one is insolvency. The IRS definition of "insolvent" is that your liabilities (debts) exceed your assets. In other words, you have a negative net worth. If you were insolvent immediately before the cancellation of debt (including the full, not settled, amount of that debt), it's not taxable to you, in part or in full. Tens of millions of people in the US are, in fact, insolvent, at any given time... think of student loans, CC debt, car loans, mortgages, personal debts, etc. If you think you might qualify as of just before that 20% settlement date with Midland last year, take a look at IRS Form 982 and Pub. 4681. The instructions for Line 1b have a simple example. If you were insolvent at that time, you'll need to file an amended return for 2013, incl. Form 982. If you were insolvent by at least 80% of the debt amount, you will not owe any additional tax, penalty and interest. This is good to know. I may have the same issue if my PFD with Drivetime actually happens.
  3. Unfortunately I do have some other baddies that I'm trying to get pulled off. I have a paid judgment, a collection, a couple of auto repo's, a CO with a credit card, and the dismissed BK13. I'm trying to do a PFD on one of the auto repo's and the credit card CO now. All of my stuff is old, though (beyond SOL). Try to get these negative reports removed first. I cleaned out my report. Showed some good payments on my retail cards and when I started with the app spree, the only thing that was left on my report was the judgment (which I was able to dispute and TU eventually deleted just recently). The longest reporting TL on my file is 9 years and my AAOA is 3 years. Hope this helps too! Thanks. I'm definitely working on cleaning up my mess. Sent from my iPhone using Tapatalk
  4. Good advice. Thanks. Sent from my iPhone using Tapatalk
  5. Unfortunately I do have some other baddies that I'm trying to get pulled off. I have a paid judgment, a collection, a couple of auto repo's, a CO with a credit card, and the dismissed BK13. I'm trying to do a PFD on one of the auto repo's and the credit card CO now. All of my stuff is old, though (beyond SOL).
  6. Wow, CameraSnaps! I didn't think they would give out limits like you have if your scores aren't above 700. When did you hit the 5 figure limits? Thanks, Uber and JayB. That's why I come here, to get educated on the subtle nuances like that. I thought the same as CameraSnaps about spreeing in 1 day.
  7. *sigh* I guess I'll wait the six months. Sent from my iPhone using Tapatalk
  8. So at the end of September I took the plunge back into the credit card pool after staying out for several years. I only did Cap 1 and Discover, which I got approved for, and Amex, which was denied due to a dismissed BK 13. What I'd like to know is, how long should I wait before I do another app spree? I was initially going to wait 6 months, but lately I've been getting a little itchy to try for my next round of cards in January. How long do any of you wait between app sprees?
  9. High utilization is what would get you denied, not the FICO. Your reports (including monitoring) and your bank statements are a good indication of that problem. You don't need a score to tell you that you're spending too much or allowing too much to report. You should look at keeping utilization below 10% as something that helps your reports, not your scores, so that's what should be monitored. I understand you were just using utilization as an example but you can see how everything ties into your reports, which is what produces the score. The FICO by itself can't tell you what you should do to improve your reports, which is why its not the most useful tool to monitor when rebuilding. CT made a great point, which is the money is better spent in other ways if you are in the rebuilding phase. I started getting prime cards with a score of 680. It wasn't the score that got me the cards, it was the positive history made while rebuilding and the removal of collections that the analyst noted. When you get denials, it doesn't say "You score is too low" it says "you have delinquent obligations" or "high utilization." It's fine to buy your scores if you have the dough to do so. I get the curiosity and the occasional need to know. If your last baddie is about to fall off then I really understand the curiosity for buying your score, but when you're at that point you should have developed ways to get that score free, like from issuers that provide FICOs. I guess I just get more out of seeing and focusing on improving the various parts of my files rather than the fluctuations of my FICOs. As I mentioned before, I agree that the clean up of your credit report is the cornerstone of good credit, but I guess I am more like BJKill above. Seeing the scores increase is a motivator for me. Also, I can count on one hand (with fingers left over) the number of times I've actually had to explain something on my credit report. It seems like the things that I've applied for (credit cards, cars, etc.) have always been based on my credit score, and I either got accepted or declined. Until coming to this board I didn't realize the "backdoor" numbers were available to call. I guess that's where most of the explanation of specific items comes into play.
  10. Yes but you can also have a clean record but another factor could still be dragging your sore down, such as high utilization, so knowing your score will give you an indication that something else is going wrong. That's information you would want to know. I would rather know that ahead of time rather than assume everything is fine when it really isn't. Sent from my iPhone using Tapatalk
  11. As opposed to what, if you're trying to improve your real FICO scores (rather than FAKO's which are usually way off) to achieve certain goals? Credit repair should be based off of what you clear off of your reports not the ups and downs of FICOs and other fake scores. Goals should be based off of reports, not credit scores. FICOs are really only important when applying for installment accounts and mortgages. Plus lenders and issuers use so many different models. Everyone gets caught up in the marketing of scores from TV or the Internet. When is the last time a UW talked to you about your score and not the issues in your report? I don't disagree with your point, but the FICO's are a measure, and a reflection of, exactly what you just said. I think most folks understand that they go hand in hand with a clean report. It helps to know your score before applying for certain types of credit so you'll know before you incur a HP whether or not you should try or wait until things improve some more.
  12. Excellent work! I am in the process of scratching and clawing my way there.
  13. As opposed to what, if you're trying to improve your real FICO scores (rather than FAKO's which are usually way off) to achieve certain goals?
  14. You and me both. I'm trying to do a PFD for Bryant State Bank (Show Mastercard) and DriveTime which will hopefully give me a nice bump. Based on a couple of credit score simulators I've tried, getting rid of DriveTime (auto repo) will give me a nice boost in my scores, so I'm keeping my fingers crossed.
  15. So how did you take care of your medical collections? Did you do a Pay for Delete, or did you come to a settlement with them still showing on your credit as "settled"?
  16. How long has it been since you won your case? if it's been more than a couple of months, I would file a complaint with the CFPB and the BBB. If part of your defense is that they couldn't provide proof that the debt is yours, I would also dispute it with the CA.
  17. Hi, Tmkats. That re-finance sounds fantastic. How long did you finance the car for originally? At the time of your trade, were you upside down? I may look into the re-finance for mine. I had to finance it over 6 years to get the payment down (but it's still higher than I should be paying for the type of car I have) and get a co-signer because my credit was worse than it is now. It would be nice if I could refinance at a lower rate than the 8.3% I have now and also get the car in just my name. I currently have a card with Cap One now (got it in September), so I'm thinking they may look favorably at me if I already have an established relationship with them.
  18. You could call their recon number and ask the underwriter to give you a higher limit, but it seems a lot of people have had to wait for it to automatically increase. Let me know how it goes. I'm going to try my hand at it in January.
  19. I agree with everyone else who says to file a complaint with the CFPB. If the CA is trying to remove it and EQ isn't listening then their definitely doing something wrong.
  20. Hi, CTAmigo. I see by your signature that your TU score is 673. Is that your highest score? If you don't mind me asking, what are your EQ and EX scores? I didn't think credit card companies would give $10,000 limits unless your scores were in the 700 range. That means there is hope for me. LOL!
  21. That's excellent news, Shifter! However your experience with Discover (along with others I've read) really has me worried. I'm just starting to rebuild with them and Capital One and I was planning on seeing if I could get CLI's with them in January. The more I read about experiences like this with Discover, the more hesitant I am to ask because I'm also planning on applying for some additional cards in March and don't want to deal with that additional inquiry. We'll see.
  22. This is good to know. I have a couple of creditors that I want to PFD. I'll have to try this strategy. Thanks! Actually I just realized you were talking about this strategy for CA's not OC's (which is who I need to deal with). Good advice anyway.
  23. This is good to know. I have a couple of creditors that I want to PFD. I'll have to try this strategy. Thanks!
  24. This is good to know. I actually applied to them but was turned down due to a dismissed BK13 from 2011. This makes me think it may have just been too soon. I'll try again in a couple of more years when my scores have improved and a little more time has passed. From what I've read, a dismissed BK13 only stays on your record for 7 years.
  25. Another little update: While I knew that the Sears deletion wouldn't move the needle much (if at all) with my credit scores, I was pleasantly surprised to see that my scores got a decent bump up for the month of November. My Discover and Capital One cards started reporting. I had approximately 40% utilization on all of my 3 cards combined and my FICO scores went up 11-15 points over the scores in October. I would love it if I could keep up that pace and hit my goal of the "700 Club" before the end of 2015. My next tactic is to try a PFD with Bryant State Bank and Drivetime. Wish me luck!
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