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Newbie in need! Vets please help!!!

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Hello, my name is Tonya and i just registered with u all about a week or two ago and i think im ready to strt wk on my credit, but i first wnt to tell you about my credit and and get some good, sound,experienced advice before i mess anything up. So heres my story: I am 23yrs old and i am roughly $35,000 in the hole. $14,766 is an installment loan on a 05 chevy malibu w/ 18% interest which leaves about $20,234 in cc and collection debt. As far as the cc's are concerned i paid them on time when they were due and i paid the minimum, but in August 07 i lost my job and was unable to keep up with them for 4mnths. I was rehired in December 07 but i didnt sign up for any of the credit protection offers so i defaulted on about 9 cc's. When i strtd bck wking my pay was reduced and it was hard for me to try to catch up with all of the back pymnts and the upcoming pymnts so 2 of my CC accts were charged off and the others i enrolled in different payment programs but the accts were still closed by the credit grantor. i have only one acct that is open and in good standings and that is Hooters with a limit of $500 but a balance of $478. The nine accts i have are marked late on my CR upto 120+ days. the accts i have are as follows:

 

CREDIT CARDS

 

Wamu:$3000 limit w/$5782 owed. i have a pymnt plan which is drafted out of my checking acct every month for $148.

 

Citi:$2000 limit w/$3693 owed. 5yr. pymnt plan w/$87 drafted mnthly.

 

Hooters:$500 limit w/$478 balance. pay mnthly pymnt of $25-50. still open.

 

Creditone bank:$200 limitw/$220 owed. closed but pay minimum evry mnth.

 

Continental Finance:$500 limit w/ aout $950 owed-charged off.

 

Cortrust Bank:$750 limit W/about $954 owed. charged off.

 

Orchard Bank:$250 limit w/$120 owed. will pay off this month.

 

Total Visa:$200 limit w/$300 owed- pymnt plan of $35 mnthly.

 

Salute Visa:$750 limit w/$0 owed because of match pay program.

 

Americredit:$14,766 w/ $346.32 paid mnthly.

 

 

Collections

 

HSBC TAX:$420(collection/charge off)

 

Meadows Southwest(apt complex):$2793 Assigned:8/01/2005 Reported:6/01/2008 Last active:5/01/2005

 

DirecTv:$451 Assigned:7/01/2007 Reported:5/01/2008 Last active:2/01/2005

 

Dishnetwork:$115 Assigned:3/012008 Reported:3/012008 Last active:12/01/2007

 

Most Funding 2(i dnt knw who they are):$412 Assigned:3/01/2008 Reported:4/01/2008 Last active:8/01/2005

 

At&t:$286 Assigned:3/01/2006 Reported:12/01/2007 Last active:9/01/2003

 

At&t:$455 Opened:5/2008 Reported:6/27/2008

 

Rewards 660:$300 limit w/$400 owed. Opened:5/13/2005 Reported:10/01/2005(cancelled by grantor)

 

Quick Payday(dnt knw who they are):$400 Opened:4/2008 Reported:6/15/2008

 

Wachovia bank(savings):$159 Opened:12/01/2007 Reported:5/31/2008

 

Wachovia Bank(chcking):$457 Opened:12/2007 Reported:5/31/08

 

West Houston medical cnter:$1748 Opened:10/17/2004 Reported:8/01/2006

 

Time warner:$456 Opened:10/17/2003 Reported:4/09/2004

 

 

 

Now as far as the cc's are concerned, is there something i can do to get them to remove the late payments off of my CR? Most of them are showing 120+ days late.

I have about 46 inquiries in the past 2 years where two should have come off already and about 7 or 8 more are due to come off by the end of this month. can some one please help me?! I would like to purchase a house and also i am preparing to open a womens retail store and i really wnt my beacon score to be at 700-750 by October or november of this year, is that impossible? I would like to be able to just go in a place for credit with no worries of "Denied" coming back to e as a response. i am married and have been for 7yrs now and i had my first child in august of 06 and my husbands credit i sextremely bad and i feel if we are to get in the place i would like us to be in, i have to do something because my husband does enough already. He is a car salesman and he works 11-12 hrs a day to pay our bills. its my time now and i knw God has more in store for us and that He can do all things but i also know we have to give Him something to work with!!! I appreciate all responses and thank you in advance!!!

 

sirtonyam

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Welcome to CB! :rofl:

 

Glad to have you... hopefully, we can help you get some things squared away.

 

First, the results depend on your staying power and are directly proportional to how much you put in. You might feel overwhelmed, and even confused; we all are at some point. You may need some time off; it happens. Just look at the big picture... the light at the end of the tunnel -- and you'll be fine! B)

 

Okay, now you need to spend as much time as possible in the newbie area. Read, and then read again. You need to really understand the concept of debt validation.

 

Have you obtained credit reports directly from each bureau? Do you have an idea of your FICO scores?

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Wamu:$3000 limit w/$5782 owed. i have a pymnt plan which is drafted out of my checking acct every month for $148.

 

Citi:$2000 limit w/$3693 owed. 5yr. pymnt plan w/$87 drafted mnthly.

 

Why is there so much more owed than the limit?

 

Are they still charging interest? If so, I would pull all your money out, cancel the checking account and open a new one somewhere else. Then renegotiate a payment plan where interest in halted or either greatly reduced. Others may not recommend this course but that's what I would do personally, the vets around here will probably have better advice on those two.

 

As already asked, what kind of scores to you have now?

 

The only thing you can do about the late pays is first try to dispute them and then if that doesn't work send in a good will letter asking the company to remove them.. BUT they won't do that if you still owe money or the account is charged off.

 

Since your husband sells cars, can he not find a better interest rate of 18% for you? If you could get that under 10% that would free up some more cash every month.

Edited by rastoma

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My scores were.

TU- 677

EXP- 642

EQ- 661

since the last 8 months they have declined to

TU- 491

EQ- 388 (MY FICO)

EX-?

Completely horrible. I don't know how to fix this.

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Hey Love,

 

I know where you are, cause I've been there too. I had a lot of small debts.... now, my scores are low mostly because of ONE tradeline (paid late - every month for last 2 - 3 years; couldn't help it) and HIGH utilization (before CB, I was under the impression that as long as you paid the minimum, the banks loved it because of the interest. I couldn't understand why my scores hadn't improved some with 5 positive CCs reporting for 2+ years). Everything else is pretty much gone. My point - don't despair - you can make it!

 

Here are my thoughts!

 

One: Your credit is already SHOT, so don't get over excited... just take it easy and take small SIGNIFICANT steps.

 

Two: Create a budget that's good for YOU!!! (I'm going on a limb to say you don't have a good one - meaning, the "monthly payment plans" were FORCED on you.)

 

Three: Stick as close as possible to the budget.

 

Four: *KNOCK off the small ones first... like the $250s or $115 or $78... You know, try some PFDs and such.

 

*maybe tighten the belt some more and get this off ASAP.

 

Five: RE-evaluate.

 

Now, this is just me.... I'd dump all those "monthly payment plans" (except Hooters and car, etc.). I know, I know - not many agree with me. BUT, at this point, what's the difference? What are they going to do... "put it on your credit report?"

 

The reason I say this is because if you took all those small payments you could afford to pay off at least one or two creditors per month completely. This will open the chance for PFD (or something else) instead of.... pay with interest and still have sucky credit. (Unless you work out something were - the installments will report as a good TL)

 

Like I said.... I've been there!

 

As for me....

 

I have four very small TLs to pay, for a total of $643. I have the money - BUT after being on CB. I WILL work out something before paying. Else, I'll end up with TLs like I have now.... Paid Collections (I have three such lines still reporting), which do me NO GOOD (And drives me crazy knowing what I know now).

Edited by tt57

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I was sort of hoping "debt validation" meant asking oneself "is this new toy/car/dress/etc... worth going into debt for?". I sort of broke the cycle of credit card use by repeatedly asking that question down to only using a card when I had the money.

 

In this case it really seems credit counseling and getting a handle on the emotional reasons behind spending are the only hopes. A better paying and no more credit card use will eventually get you out of the hole.

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This is what you should do.

1. Get a job that pays more.

2. Dispute all collection items with all CRAs

3. Send DV letters directly to collection agencies. (you can learn more about step 2 and 3 in this website)

4. Build a good relationship with your current creditors. This step can be done by getting a better income that allows you to keep making payments to your current creditors

5. Stop going to the mall and stop carying your credit cards. (no more shopping). You are so young to have this kind of debt.

6. Seek an advice from non-profit organization. You can get the phone number from a yellow book. It is a free service.

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Hello, my name is Tonya and i just registered with u all about a week or two ago and i think im ready to strt wk on my credit, but i first wnt to tell you about my credit and and get some good, sound,experienced advice before i mess anything up. So heres my story: I am 23yrs old and i am roughly $35,000 in the hole. $14,766 is an installment loan on a 05 chevy malibu w/ 18% interest which leaves about $20,234 in cc and collection debt. As far as the cc's are concerned i paid them on time when they were due and i paid the minimum, but in August 07 i lost my job and was unable to keep up with them for 4mnths. I was rehired in December 07 but i didnt sign up for any of the credit protection offers so i defaulted on about 9 cc's. When i strtd bck wking my pay was reduced and it was hard for me to try to catch up with all of the back pymnts and the upcoming pymnts so 2 of my CC accts were charged off and the others i enrolled in different payment programs but the accts were still closed by the credit grantor. i have only one acct that is open and in good standings and that is Hooters with a limit of $500 but a balance of $478. The nine accts i have are marked late on my CR upto 120+ days. the accts i have are as follows:

 

CREDIT CARDS

 

Wamu:$3000 limit w/$5782 owed. i have a pymnt plan which is drafted out of my checking acct every month for $148.

 

Citi:$2000 limit w/$3693 owed. 5yr. pymnt plan w/$87 drafted mnthly.

 

Hooters:$500 limit w/$478 balance. pay mnthly pymnt of $25-50. still open.

 

Creditone bank:$200 limitw/$220 owed. closed but pay minimum evry mnth.

 

Continental Finance:$500 limit w/ aout $950 owed-charged off.

 

Cortrust Bank:$750 limit W/about $954 owed. charged off.

 

Orchard Bank:$250 limit w/$120 owed. will pay off this month.

 

Total Visa:$200 limit w/$300 owed- pymnt plan of $35 mnthly.

 

Salute Visa:$750 limit w/$0 owed because of match pay program.

 

Americredit:$14,766 w/ $346.32 paid mnthly.

 

 

Collections

 

HSBC TAX:$420(collection/charge off)

 

Meadows Southwest(apt complex):$2793 Assigned:8/01/2005 Reported:6/01/2008 Last active:5/01/2005

 

DirecTv:$451 Assigned:7/01/2007 Reported:5/01/2008 Last active:2/01/2005

 

Dishnetwork:$115 Assigned:3/012008 Reported:3/012008 Last active:12/01/2007

 

Most Funding 2(i dnt knw who they are):$412 Assigned:3/01/2008 Reported:4/01/2008 Last active:8/01/2005

 

At&t:$286 Assigned:3/01/2006 Reported:12/01/2007 Last active:9/01/2003

 

At&t:$455 Opened:5/2008 Reported:6/27/2008

 

Rewards 660:$300 limit w/$400 owed. Opened:5/13/2005 Reported:10/01/2005(cancelled by grantor)

 

Quick Payday(dnt knw who they are):$400 Opened:4/2008 Reported:6/15/2008

 

Wachovia bank(savings):$159 Opened:12/01/2007 Reported:5/31/2008

 

Wachovia Bank(chcking):$457 Opened:12/2007 Reported:5/31/08

 

West Houston medical cnter:$1748 Opened:10/17/2004 Reported:8/01/2006

 

Time warner:$456 Opened:10/17/2003 Reported:4/09/2004

 

 

 

Now as far as the cc's are concerned, is there something i can do to get them to remove the late payments off of my CR? Most of them are showing 120+ days late.

I have about 46 inquiries in the past 2 years where two should have come off already and about 7 or 8 more are due to come off by the end of this month. can some one please help me?! I would like to purchase a house and also i am preparing to open a womens retail store and i really wnt my beacon score to be at 700-750 by October or november of this year, is that impossible? I would like to be able to just go in a place for credit with no worries of "Denied" coming back to e as a response. i am married and have been for 7yrs now and i had my first child in august of 06 and my husbands credit i sextremely bad and i feel if we are to get in the place i would like us to be in, i have to do something because my husband does enough already. He is a car salesman and he works 11-12 hrs a day to pay our bills. its my time now and i knw God has more in store for us and that He can do all things but i also know we have to give Him something to work with!!! I appreciate all responses and thank you in advance!!!

 

sirtonyam

 

This where Dave Ramsey would say get a 2nd job and in your case itn would help.

Think of a second job that could net you "Free Money" maybe stay away from Retail (too tempting), but this might help along with all of the other advice people are giving!

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Guest Bree82

Just curious - have you ever thought of bk? I filed bk in Oct 05 at 23 years old. I had tons of collections and thought it would take years to dig out of the hole I was in. 2.5 years later Im inching into the 700s and my credit is actually good. I know its not an option for everyone and some people want to pay their debts back. Understandable. Just showing options.

 

You may want to check out the snowball debt sheet... for those open TLs and then make a plan of attack with PFDs for those chargeoffs and collections. Paid collections are just as bad as unpaid ones - you want to use leverage to get those off your credit report.

Edited by Bree82

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I have been where you are... trust me... I started here in March with over 15 collections... I am down to 4-6 depending on the report. I have 2 dismissed bankruptcies and a few other Capital One baddies as well as repo...

 

It CAN be done - with patience... believe me I have none and have almost given up more than once. I am stuck right now on a few of my collections but I keep trying everything I can ....

 

The key here is that we all want to pay the debt to who it belongs to... IMO it doesn't belong to the nearest collection agency.. it belongs with the creditor - if the creditor is unwilling to take it, then I take that effort and go elsewhere...

 

The hard part is starting...

 

You will need to obtain hard copies of your reports (order them by snail mail from all 3 bureau's), then you sit down and go through them line by line and tackle the OLDEST debts first. I personally tackled all the collections first - it was just easier for me..

 

You break them down into smaller portions where it isn't so overwhelming... then it makes it seem easier...

 

You can do this - just takes patience :rofl:

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thnx everyone for your input so far! the thing thats crazy in my situation is that all of the usage on my CC's are not from shopping! i hardly EVER shop retail. i had absolutely no credit a little over 2yrs ago but to be honest, my husband applied for all of these cards on my credit and true enough i did use them occasionally for retail shopping and such, but honestly, the majority of the usage went towards bills. I did not want all of these cards, but he told me he was going to make sure the cards were taken care of every month and he did until he was laid off also. Everything just went downhill from us losing our jobs. Im honestly not a big shopper, i love being on top of my bills because it feels Awesome not worrying about a cut-off notice being in the mail! My husband is considering BK but as of now thats not really something im interested in. Can anyone else chime in?

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You are young, bk may be an option. You can start fresh and as Bree has said you can rebuild pretty quickly. Honestly, I don't see how you can get your scores up high enough for a mortgage by October. The lending industry is tightening their belts these days.

 

Take a breath and prioritize your debts.

 

#1) Create a REAL budget, how much money do you have, how much is going out? For the time being go to CASH only. Your credit is already shot, no need to keep adding insult to injury.

Pay your necessities first: rent, utilities, food, car, gas

Attack your debts with whatever is left over

 

#2) Create a repayment plan, meaning - you decide what you can pay

Start small, you don't have to attack them all at one time. It is going to take time to rebuild your credit, this will not happen overnight.

Pay off your Orchard card, just getting that one off your back will make you feel so much better.

 

Set up a plan to pay off the cards - example, this attacks from the lowest balance to the highest, to give you a sense of accomplishment:

#1 - Orchard

#2 - CreditOne

#3 - Total Visa

#4 - Hooters

#5 - Continental Finance

#6 - Cortrust Bank

#7 - Citi

#8 - Wamu

For the last two I would call them and try to negotiate a new payment plan, asking that interest be lowered/dropped and all late fees

and overlimit fees stop

 

 

Now the collections are a different story, read the newbie section and DV these collection agencies. Make them prove you owe them money before paying anything. Do not call them, write them letters with a limited cease and decist - tell them they can contact you in writing, but never by phone.

 

HSBC TAX:$420(collection/charge off)

Meadows Southwest(apt complex):$2793 Assigned:8/01/2005 Reported:6/01/2008 Last active:5/01/2005

DirecTv:$451 Assigned:7/01/2007 Reported:5/01/2008 Last active:2/01/2005

Dishnetwork:$115 Assigned:3/012008 Reported:3/012008 Last active:12/01/2007

At&t:$286 Assigned:3/01/2006 Reported:12/01/2007 Last active:9/01/2003

At&t:$455 Opened:5/2008 Reported:6/27/2008

Rewards 660:$300 limit w/$400 owed. Opened:5/13/2005 Reported:10/01/2005(cancelled by grantor)

Time warner:$456 Opened:10/17/2003 Reported:4/09/2004

 

For these two I would suggest ordering your Chex systems report.

Wachovia bank(savings):$159 Opened:12/01/2007 Reported:5/31/2008

Wachovia Bank(chcking):$457 Opened:12/2007 Reported:5/31/08

 

It appears you have a medical collection, there are different rules for dealing with those. Someone will be along soon to point you in the right direction for that one.

West Houston medical cnter:$1748 Opened:10/17/2004 Reported:8/01/2006

 

 

Most Funding 2(i dnt knw who they are):$412 Assigned:3/01/2008 Reported:4/01/2008 Last active:8/01/2005 could this be a payday loan?

 

Quick Payday(dnt knw who they are):$400 Opened:4/2008 Reported:6/15/2008 this is a payday lender

 

 

You can do this! It is not easy, but is so worth the time and effort. I've been at this since April of this year, I'm making slow but steady progress, the methods on this board do work, but you have to follow them.

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i have never applied for a payday loan myself neither has my husband applied for one in my name so what should i do about that? i really dont want to file BK. REALLY! thnx for all of your help thus far!

It is really appreciated. :blush:

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Just something for perspective: I paid my debts off 5 years ago after being 4 mos late. I never missed payments on anything after that. There are people here at CB who declared BK 2 years ago, and they have better FICO scores than I do. Point being, you can come back from awful situations, if you learn from the vets here. I wish I'd started 5 years ago....

 

Audrey

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Most Funding 2(i dnt knw who they are)

$412 Assigned - 3/01/2008

Reported - 4/01/2008

Last active - 8/01/2005

This is a fairly old debt. Personally I would leave this one alone for a while. Depending on what it is it may be out of SOL. No need to wake the giant if you don't have to.

 

Quick Payday(dnt knw who they are)

$400 Opened - 4/2008

Reported - 6/15/2008

Quick Payday is a payday lender, you should DV them CMRR. Something to the tune that you noticed this on your credit report, it is not your debt, validate it or get it off the report. When they validate they should be able to tell you what bank account the loan was deposited to and who took out the loan. It is very possible that this is just being misreported. This is a new entry, you may be able to get it off the report or take care of it. If it turns out this is a payday loan, pm me, I have a great site that deals specifically with getting these demons off your back. There are laws in place to protect consumers from payday lenders, you just have to know what they are.

 

Do you guys have the income to create a workable budget? Can you honestly make ends meet with what you are bringing in? If not, you should be able to pass the means test for BK 7 and can start over with a clean slate. It is possible to bounce back from Ch 7 - it is easier than you might think.

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