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So when I was 18, I had a bank account with Wells Fargo for school, that my Grant went into. I was young and careless, and I spent beyond my means. Overdrafting several times. When I stopped going to school I never made another payment and now I'm stuck. I have this Wells fargo account in collections, it's been that way for 4 years, I have a Victoria's secret account that I've made a payment on in the past but can't find the information for seeing as I've moved since that's been there for 4 years as well, and as of 2013 I've got a 12k medical bill from being sent to the hospital and held there to see how I reacted. They didn't do anything at all for me or to me so I don't know why it was so much, but I didn't have insurance then, so it ended up being high. However, I just signed up for insurance, is there anyway to use that to cover the past expense? Helppp I really want to buy the house I'm currently renting but I need the credit to do so, and I'd like the opportunity to go back to school as well...I'm 21 years old now, what do I do?
I ran across the following article on myfico.com... seems to be very legitimate way of rebuilding one's credit score to 700+ post-bankruptcy. Please see:
If anyone has a successful plan that they have followed, kindly post. I am currently preparing paperwork to file my Chapter 7 Bankruptcy case; I plan to use this method post-discharge to rebuild my credit. If I posted this in the inappropriate place, I apologize. I am new and am still navigating this board.
I've been member here for over a year now and I've been reading and reading every situation and scenario, that I know I can used it as a tool on my own success and thank you to all of you. I will start about my credit 8 years ago it is very very bad and I'm the one who is responsible about it and I did ruined it badly, I have no knowledge about my credit score and I was so clueless and iresponsible in my own financial. About 5 years ago when I became more aware and I would say matured I'm so mad at my self that my credit score is around 400 no one want to give me any credit or any chance to proove my self:( One day I called all my debts including all the collections and make some deals and paid it off one by one..and all the 800 callers are gone and thats a relief, I have a BOA checking and savings and I keep my debit card as my main form of payment and I always check my balance before swiping it and to make sure that I have enough money to save some troubles.
5 years ago I was approved for First premiere card yeah I know it sucks that I carried and used this mickey mouse card but hey I paid in full and this card is the one of the reason that help me lift my score:-) after that another toy card you must say Credit one bank and yes I took it and used it responsibly and yeah I guess I have no choice since I have a stinky credit score and that's what I get for being irresponsible. After that I was thingking to loan a New car since my old car is giving up on me and I was determined to get a car in the year 2013, and I was working so hard along working with my credit score. 2013 came and It was a good year I can feel it and I know I can do this on my own, I saved up my money for my car for a down payment. March 2013 I got a approval in my mail from Capital one I was thingking this is a good card and that means somebody noticed me how I change my lifestyle of paying my debt:-) yay! The approval was $300.00 yeah I know not that much but of course I took it and had some credit steps on it after 5months of being on time payment I will get a increased yah yah yah...whatever I didn't really think about it I continue to used it and PIF each month. October 15 2013 I went to ford dealer and I have no idea what I'm getting into but I know this is the day that I will take home a brand new car:-) Dealer are actually all overme of course typical business and I was nervous that I wont get any of the car not even a junk used one:-)I keep my self calm and I was upfronf with the dealer that I'm not looking for any fancy car I need a small sedan that will fit my budget every month and he was nice and listen for what I'm looking for I found the perfect car for me a small 2014 Ford Focus and back in to the business after dealing and talking here we go the shut gun began and I was waiting for the outcome if I'm approve or not...and my salesman walk into the waiting room and show me a paper that yes I'm approve on this car and based on my FICO score is 635 I was speachless and I cried because I did something right I didnt embarrased my self..lol after that he asked me how much I can afford on my down payment and I was proud enough to say half of the the price of the car and he is very surprised that a 29 year old woman has a $10,000.00 in cash on hand I never been proud of my self since that day...Fast forward my car is 1year old last 10-15-2014 and thats the same month I finished paying my car in full:-) Now you guys are probablly wondering what happened to my toy cards and my credits..I will list everything down below and I hope there is one person who will get inspired with my story I know it is very hard and I know sometimes we think that it's impossible to get back on track...But hey cheer up and start your day with your own way in a good way. Thank you folks for letting me share:-)
First Premiere-oldest card (drawer)$300.00
Credit One-second to the oldest (drawer) $1200.00
Capital One-starting $300.00 Now $5000.00 only over a year
BOA-Just opened $2500.00
And now my credit score 712
I never thought in a million years that I can come this far on my own and I found the CB after I cleaning most of my debt I still have a couple debt that will fall off this coming April 2015 and I'm patiently waiting for those to be gone on my reports...So far no lates and knock on wood and I'm so carefull on everything specially when it comes to my credit...Now I would love to join Amex probablly next year:-) thats my story and my Goal.
I thought I would start one big thread to put my journey on paper like so many others here. I have a dream and wish that one day I will have CREDIT, CREDIT CARDS, will be able to buy a home of my own and walk in an buy a car without the haggle of "bad" credit and HIGH rates out the whoohaaaaa....
I am starting at ground zero. I had a tiny bit of credit when I was 18-20 and then let it go to crap town when I met a very abuvsive true sociopath that controlled me for many many years. I am finally free of that relationship, just exited out of a battered shelter into an apartment, and that is when I realized how important credit really IS!
Now I have a couple questions that I need to add here that I have not already asked. First reminder - I am waiting on paper reports to come so I can analyze those and I am disptuing old addresses on my reports.
BUT WHILE I WAIT here is one tricky question:
I let the jerk do a title pawn on a Honda Accord with TitleMax back in 2011 - the car finally went into Repo status in June 2013 and they found the car and repo'd it Nov 4th 2013. I was not around when they got the car. Actually I was in hiding but he had tracked us down and had them repo the car. I was unaware he was not paying the bill on the car for months until 3 days prior to when they picked up the car.
They are showing NO WHERE on my reports. I have not heard a PEEP out of them since they got the car. Not a letter, call, nothing. What do I do?????? I maybe looking to file BK based off the amount I owed in collections that are newer in medical bills etc...I am just trying to weigh my options. IF I DO FILE BK - how do I make sure this sucker is in there???? I do not wont this to come back to haunt me later...... Advice??!?? My mail forwards to my new address and has been since the day I left before the car was taken. My number is the same, but they never called me on this and yes, it was titled to me - and I signed it for him but he paid the bill. Yes stupid, trust me - cant change the stupid tax I have paid in the past
Thank you all for any help and for advice as I start out. Right now I am at rock bottom but I will be there in the club with hard work, patience, and dedication.
Hello Everyone - it is Oct 1, 2014
I have been lurking on this site for a bit and finally decided to register and post my own struggles and seek advice.
I just graduated from college in June and got a job in August and make a decent salary; I'm able to save about $1000-1500/mo after regular bill payments, depending on how frugal I am.
I also live in California where the SOL is 4 years.
I have opted-out and am in the process of calling the CRAs to remove old addresses.
I haven't gotten any real reports, annualcreditreport.com gave me "We were unable to honor your request. "
I am going to print and send the form that came with the notice.
creditkarma.com lists the following:
Credit Score: 602 (up from 597 last month - woohoo!)
Auto Loan: $13,714.24 @ 2.9% (not a problem)
Fed Student Loans: $47,345 @ 3.6-6.8% (unconsolidated - still in grace period)
Sallie Mae: $27,018 @9.75% (yikes!)
6 derrogatory remarks:
CA1) $1642 - Delinquent Capital One (Feb 2011)
CA2) $839 - Medical - Uninsured at the time (Feb 2011)
CA3) $735 - Delinquent CC? not sure - (Oct 2013)
CA4) $640 - Dental - Uninsured at the time (Oct 2010)
CA5) $183 - Medical - Uninsured at time (Feb 2010)
CA6) $122 - delinquent Utility bill (Nov 2011)
I think it is worth noting that none of these accounts are with the original debtor but a Collection Agency.
So I'm trying to come up with a plan of attack here:
Obviously I want to get rid of all the negative CA marks, however, the interest on the Sallie Mae loan is killing me.
I know I have 36 months of deferment for the Fed. Loans and I'm hoping to have a huge chunk of the SM loan paid off by the time that's up.
For SM The minimum payment is about $249 and I can afford to pay $500-750/mo but that doesn't leave much room for aggressively tackling the CA's and still build a savings.
Some of those accounts are past the SOL and one (CA4) is approaching the end of the SOL.
I have moved around quite a bit so if there was a summons sent I didn't get it.
I'm a little hesitant to send out DV letters as I read here that it could actually harm me: http://www.avoidbk.com/debt-validation-letter/
Should I send out DV's to the ones past the SOL or send them a C&D?
I think the next logical step would be to verify the debts listed above that aren't past SOL by phone and try to strike a deal. I did get one off my report by paying 50% of the original debt amount, Is this bad practice?
Next would be to aggressively pay off the SM debt after I've built a good savings and cleared the CA marks.
Maybe join a CU and consolidate all the SL debt into one at a lower rate.
What do you think?
Thanks in advance!