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frokey

Need Help Starting Over

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Hi All!

 

I came across Creditboards several years ago, and I was able to start improving my credit using the great advice of so many on this forum. But a couple of years ago I faced a major setback financially (and emotionally) that greatly derailed my efforts. Well, I'm back in the right headspace again and ready to start over.

 

I reactivated my Credit Karma account and signed up for a Credit Sesame account. Both pretty much have the same info which I'll list below. I'll be ordering my reports from the bureaus today or tomorrow to see if there's any incorrect info on them.

 

What you won't see on the report is that I have a state tax garnishment from a previous business that really puts a hurt on my income (right at 25%). The dispute window has passed so that is what it is. Just looking for ways now to make additional income.

 

My questions are:

  1. What's a good overall approach for my situation?
  2. Should I follow Sesame and Karma's suggestion of applying for one of their recommended cards to up my account types and credit limit? (Capital One Quicksilver and Capital One Platinum One - 24.99% APR)
  3. Should I attempt pay for deletion on any of the negatives, or do collection agencies and original creditors even do that anymore? I remember that being a technique on here several years ago. I also heard recently that Midland is now doing it with a few caveats.
  4. Any other advice?

 

Thanks again for your help in the past and in the future. I REALLY appreciate it!!!

 

FAKO Score: 585 (on both Credit Sesame and Credit Karma)

$20,725 open balances including collection accounts. ($18K of this is for my car loan which is in good standing)

 

HISTORY

1. Credit Collection Service - Collection/Chargeoff - $111.00 (Reported on 4/24/17)

2. Midland Funding - Collection/Chargeoff - $811.00 (Reported on 11/11/15)

3. Smith Rouchon - Collection/Chargeoff - $50.00 (Reported on 9/2/14)

4. TBF Financial - Collection/Chargeoff - $1,119.00 (Reported on 3/20/13)

Also have a couple of closed accounts that aren't showing under collections on Credit Karma)

 

USAGE

No available credit. No open cards.

 

CREDIT AGE (Credit Sesame)

Only shows 1 year 5 mos which is probably for my car loan.

 

ACCOUNT MIX (Credit Sesame)

Only 1 open account (car loan)

 

INQUIRIES

Zero in the past 12mos

Edited by frokey

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Well the good news is no credit card debt!

You should be able to do PFDs on the collection accounts so do that if you have the money.

If you can get membership with NFCU or PENFED, Do that, and get a secured card if you have the money.

Also if someone is willing to add you as an authorized user to their existing card, that will help.

You are actually not in that bad of shape, chip away and be patient and you’ll have success!

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Also, you should try clearing off some of those collections before you apply for a card, but if you MUST, use the card pre-qual sites instead of credit karma.

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Well the good news is no credit card debt!

You should be able to do PFDs on the collection accounts so do that if you have the money.

If you can get membership with NFCU or PENFED, Do that, and get a secured card if you have the money.

Also if someone is willing to add you as an authorized user to their existing card, that will help.

You are actually not in that bad of shape, chip away and be patient and you’ll have success!

Thanks so much for your reply bradleyj!

 

Right now, I'm looking at trying to tackle the smaller amounts. The two larger ones are a bit harder since I have little to no disposable income right now. Is there a guide on here for doing the PFDs? Wanna make sure I'm doing everything the right way.

 

Thanks again! :)

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There are some samples in the newbie section to give you an idea. Just be sure to write it in your own words and make the terms clear. You can post your draft on here and folks will review it so you can be sure you got it down.

Edited by bradleyj

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First you need to determine your SOL for your state. Then if appropriate you need to dispute the items not in SOL with the credit bureaus first. Make sure you follow the templates that has been laid out for you in here. "NEVER PAY A COLLECTION AGENCY" but if you deem it necessary to pay just make sure you negotiate a "PAY FOR DELETE". There is always a chance that some or all will come off with a proper dispute. Please post your DOLA and your state's SOL so that someone can further help you.

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DOLA and DOFD for the accounts as state laws vary on when SOL Starts. and whether a payment resets the SOL

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DOLA and DOFD for the accounts as state laws vary on when SOL Starts. and whether a payment resets the SOL

Thanks ICANHASMUNY! DOLA and DOFD would be on my EQ, TU, and EX reports, right?

 

First you need to determine your SOL for your state. Then if appropriate you need to dispute the items not in SOL with the credit bureaus first. Make sure you follow the templates that has been laid out for you in here. "NEVER PAY A COLLECTION AGENCY" but if you deem it necessary to pay just make sure you negotiate a "PAY FOR DELETE". There is always a chance that some or all will come off with a proper dispute. Please post your DOLA and your state's SOL so that someone can further help you.

Thanks Twotrouble! What search terms should I use in finding out the SOL for my state?

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DOLA and DOFD for the accounts as state laws vary on when SOL Starts. and whether a payment resets the SOL

Thanks ICANHASMUNY! DOLA and DOFD would be on my EQ, TU, and EX reports, right?

 

First you need to determine your SOL for your state. Then if appropriate you need to dispute the items not in SOL with the credit bureaus first. Make sure you follow the templates that has been laid out for you in here. "NEVER PAY A COLLECTION AGENCY" but if you deem it necessary to pay just make sure you negotiate a "PAY FOR DELETE". There is always a chance that some or all will come off with a proper dispute. Please post your DOLA and your state's SOL so that someone can further help you.

Thanks Twotrouble! What search terms should I use in finding out the SOL for my state?

 

 

 

DOLA and DOFD for the accounts as state laws vary on when SOL Starts. and whether a payment resets the SOL

Thanks ICANHASMUNY! DOLA and DOFD would be on my EQ, TU, and EX reports, right?

 

First you need to determine your SOL for your state. Then if appropriate you need to dispute the items not in SOL with the credit bureaus first. Make sure you follow the templates that has been laid out for you in here. "NEVER PAY A COLLECTION AGENCY" but if you deem it necessary to pay just make sure you negotiate a "PAY FOR DELETE". There is always a chance that some or all will come off with a proper dispute. Please post your DOLA and your state's SOL so that someone can further help you.

Thanks Twotrouble! What search terms should I use in finding out the SOL for my state?

 

 

 

DOLA and DOFD for the accounts as state laws vary on when SOL Starts. and whether a payment resets the SOL

Thanks ICANHASMUNY! DOLA and DOFD would be on my EQ, TU, and EX reports, right?

 

First you need to determine your SOL for your state. Then if appropriate you need to dispute the items not in SOL with the credit bureaus first. Make sure you follow the templates that has been laid out for you in here. "NEVER PAY A COLLECTION AGENCY" but if you deem it necessary to pay just make sure you negotiate a "PAY FOR DELETE". There is always a chance that some or all will come off with a proper dispute. Please post your DOLA and your state's SOL so that someone can further help you.

Thanks Twotrouble! What search terms should I use in finding out the SOL for my state?

 

 

What State are you in?

 

all the SOL rules are complicated ... and some states have borrowing statutes that utilize the SOL from the lenders state, or if you moved etc, etc,

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LUCKY YOU !

 

Mississippi has a 3 year SOL and once it's past, you NO LONGER OWE ANY DEBT, and it 's Against the law even to report it to the CRA's or try to collect it

 

GET HARD COPIES of your reports directly from the CRA's FIRST

 

 

 

 

https://creditboards.com/forums/index.php?showtopic=18133&do=findComment&comment=5565365

 

 

Attorney General Jim Hood announced that the nation’s three major credit reporting agencies will overhaul their business practices and two of those agencies will offer Mississippians unlimited access to free credit reports over the next three years in order to resolve the Attorney General’s investigation into the agencies’ mistakes on credit reports and deceptive marketing activities. The agencies were accused of putting their own interests ahead of those of Mississippi consumers by failing to properly verify debts and failing to delete paid or expired debts from credit reports.
The credit reporting agencies, Experian, TransUnion, and Equifax will pay the state a total of $7.175 million.
Starting in November, Mississippi residents will be eligible to receive unlimited free credit reports for three years, one free FICO credit score every year for three years, in addition to other benefits provided by the credit bureaus under terms of settlements with Attorney General Hood.
Attorney General Hood launched an extensive investigation into credit reporting practices in 2013 after his office received numerous consumer complaints about credit report errors and difficulty in correcting those errors. Of particular concern to Attorney General Hood were errors in the reporting of information related to public records—such as civil judgments and tax liens. In many instances, the agencies were attributing one person’s public record to another person. They also failed to update public records information when a civil judgment, for example, had been paid or dismissed.
In addition, the agencies had no procedure in place to comply with a Mississippi law that extinguishes certain debts after three years. The agencies were routinely including extinguished debts in credit reports for Mississippians.
The Attorney General also discovered that Experian and TransUnion were engaging in deceptive marketing and sale of subscription credit monitoring services. Many Mississippians—lured by the promise of a “$1 credit report” or “free credit score”—were automatically enrolled in an expensive monthly credit monitoring service that they did not want and did not know about.
Equifax will launch an education initiative in Mississippi called “Feel Good About Credit,” to educate consumers about credit and help them improve their financial lives. The initiative will help empower consumers to be their financial best through advertising using emojis and an interactive quiz.
TransUnion will promote the free benefits to consumers through print, digital radio and social media advertisements.
Attorney General Hood also advised Mississippians that many consumers will receive an email message from inquiries@MississippiCreditReportSettlement.com in the coming days announcing the consumer is entitled to sign up for and receive free, unlimited credit reports and annual free FICO scores. This email is not spam, but is a benefit obtained by the Attorney General for Mississippians.
Click here to learn about all of the benefits for Mississippians.

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LUCKY YOU !

 

Mississippi has a 3 year SOL and once it's past, you NO LONGER OWE ANY DEBT, and it 's Against the law even to report it to the CRA's or try to collect it

 

GET HARD COPIES of your reports directly from the CRA's FIRST

 

 

 

 

https://creditboards.com/forums/index.php?showtopic=18133&do=findComment&comment=5565365

 

 

Attorney General Jim Hood announced that the nation’s three major credit reporting agencies will overhaul their business practices and two of those agencies will offer Mississippians unlimited access to free credit reports over the next three years in order to resolve the Attorney General’s investigation into the agencies’ mistakes on credit reports and deceptive marketing activities. The agencies were accused of putting their own interests ahead of those of Mississippi consumers by failing to properly verify debts and failing to delete paid or expired debts from credit reports.
The credit reporting agencies, Experian, TransUnion, and Equifax will pay the state a total of $7.175 million.
Starting in November, Mississippi residents will be eligible to receive unlimited free credit reports for three years, one free FICO credit score every year for three years, in addition to other benefits provided by the credit bureaus under terms of settlements with Attorney General Hood.
Attorney General Hood launched an extensive investigation into credit reporting practices in 2013 after his office received numerous consumer complaints about credit report errors and difficulty in correcting those errors. Of particular concern to Attorney General Hood were errors in the reporting of information related to public records—such as civil judgments and tax liens. In many instances, the agencies were attributing one person’s public record to another person. They also failed to update public records information when a civil judgment, for example, had been paid or dismissed.
In addition, the agencies had no procedure in place to comply with a Mississippi law that extinguishes certain debts after three years. The agencies were routinely including extinguished debts in credit reports for Mississippians.
The Attorney General also discovered that Experian and TransUnion were engaging in deceptive marketing and sale of subscription credit monitoring services. Many Mississippians—lured by the promise of a “$1 credit report” or “free credit score”—were automatically enrolled in an expensive monthly credit monitoring service that they did not want and did not know about.
Equifax will launch an education initiative in Mississippi called “Feel Good About Credit,” to educate consumers about credit and help them improve their financial lives. The initiative will help empower consumers to be their financial best through advertising using emojis and an interactive quiz.
TransUnion will promote the free benefits to consumers through print, digital radio and social media advertisements.
Attorney General Hood also advised Mississippians that many consumers will receive an email message from inquiries@MississippiCreditReportSettlement.com in the coming days announcing the consumer is entitled to sign up for and receive free, unlimited credit reports and annual free FICO scores. This email is not spam, but is a benefit obtained by the Attorney General for Mississippians.
Click here to learn about all of the benefits for Mississippians.

 

AWESOME!! Thanks for finding this!! Guess that answers my question about whether to get all 3 reports at once :) . I'll post my DOLAs and DOFDs as soon as I get them. THANK YOU!!

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IF the OC's are no longer on your reports due the above action by the AG, then Collection accounts for those shouldn't be on your reports either


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IF the OC's are no longer on your reports due the above action by the AG, then Collection accounts for those shouldn't be on your reports either

 

Gotcha. About to try and pull them now. Unfortunately, I missed out on accessing the free unlimited reports. Enrollment period ended July of last year. But I'm still stoked about the 3 year SOL! :)

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Ok, on the reports I see the following dates. Which ones should I pay attention to and correspond with DOLA and DOFD? (EQ is clearer on DOFD)

 

Experian

On record until

Recent balance as of

Date opened

Date of status

First reported

 

Transunion

Date Opened

Date Updated

Last Payment Made

Date Closed

 

Equifax

Date Opened

Date Reported

Date of Last Payment

Date of Last Activity

Delinquency First Reported

Date Closed

Date of First Delinquency

 

Under EQ Collections it has

Date Assigned

Status Date

Balance Date

Date of First Delinquency

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Ok, on the reports I see the following dates. Which ones should I pay attention to and correspond with DOLA and DOFD? (EQ is clearer on DOFD)

 

Experian

On record until

Recent balance as of

Date opened

Date of status

First reported

 

Transunion

Date Opened

Date Updated

Last Payment Made

Date Closed

 

Equifax

Date Opened

Date Reported

Date of Last Payment

Date of Last Activity

Delinquency First Reported

Date Closed

Date of First Delinquency

 

Under EQ Collections it has

Date Assigned

Status Date

Balance Date

Date of First Delinquency

 

signing off for the evening,

 

Glad I could help with the MISS SOL

 

be back tomorrow

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Ok, on the reports I see the following dates. Which ones should I pay attention to and correspond with DOLA and DOFD? (EQ is clearer on DOFD)

 

Experian

On record until

Recent balance as of

Date opened

Date of status

First reported

 

Transunion

Date Opened

Date Updated

Last Payment Made

Date Closed

 

Equifax

Date Opened

Date Reported

Date of Last Payment

Date of Last Activity

Delinquency First Reported

Date Closed

Date of First Delinquency

 

Under EQ Collections it has

Date Assigned

Status Date

Balance Date

Date of First Delinquency

 

signing off for the evening,

 

Glad I could help with the MISS SOL

 

be back tomorrow

 

Thanks ICANHASMUNY!

 

I'm about to send you a message. Got a question before I post the info...

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Ok, here you go... (I can simplify the list if necessary)

 

Experian

 

Chase | Charge-off | On record until Jan 2022

ERC (OC: Comcast) | Collection account | On record until ???

GM Financial | Auto Loan | Paid, Closed | On record until ???

Midland Funding (OC: Citibank) | Collection account | On record until Nov 2021

TBF Financial (OC: CIT) | Collection account | On record until Dec 2018

TD Bank USA/Target Credit | Charge-off | On record until Jan 2022

 

Cap One | Credit Card | Closed/Never late | On record until Sep 2023

CITI/CBNA | Charge Card | Paid, Closed/Never late | On record until May 2020

Hope Federal Credit Union | Secured Loan | Paid, Closed/Never late | On record until Feb 2020

Santander Consumer USA | Auto Loan | Open/Never late

 

TransUnion

 

Chase | Charge-off | Last Payment Made: 03/20/2015

GM Financial | Paid | Last Payment Made: 09/28/2011

TD Bank USA/Target Credit | Charge-off | Last Payment Made: 06/25/2015

Credit Collection Service | Collection | Placed for collection: 04/24/2017

Midland Funding | Collection | Placed for collection: 11/11/2015

Smith Rouchon & Assoc. | Collection | Placed for collection: Last Payment Made: 05/21/2014

TBF Financial | Collection | Placed for collection: 03/20/2013

 

Capital One | Credit Card | Paid | Last Payment Made: 08/28/2013

Santander Consumer USA | Auto Loan | Last Payment Made: 12/05/2017

Zale/CBNA | Charge Card | Paid | Last Payment Made: 09/15/2008

 

Equifax

 

TD Bank USA/Target Credit | Charge-off | DOFD: 04/01/2015 | Last Payment: 06/01/2015

Chase | Charge-off | DOFD: 03/01/2015 | Last Payment: 03/01/2015

Capital One | Credit Card | DOFD: NONE | Last Payment: 08/01/2013

 

Zales/CBNA | Charge Card | DOFD: NONE | Last Payment: 09/01/2008

Santander Consumer USA | DOFD: NONE | Last Payment: 12/01/2017

GM Financial | DOFD: NONE | Last Payment: 09/01/2011

Chase | Education Loan | DOFD: NONE | Last Payment: 08/01/2006

 

Midland Credit | Collection | DOFD: 02/01/2015 | Last Payment: NONE

BF Financial | Collection | DOFD: 03/01/2012 | Last Payment: NONE

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- Read the Pinned Topic " Your Collection Score "

 

 

some of these accounts are REALLY CLOSE to the 3 year SOL, you should probably wait on disputing anything till this summer

 

 

Chase | Charge-off | Last Payment Made: 03/20/2015

TD Bank USA/Target Credit | Charge-off | Last Payment Made: 06/25/2015

 

Are these 3 the same account ? why is Midland reporting a Different DOFD?

 

Midland Funding (OC: Citibank) | Collection account | On record until Nov 2021 (- 7 years, DOFD = 11/2014)

Midland Credit | Collection | DOFD: 02/01/2015 | Last Payment: NONE

CITI/CBNA | Charge Card | Paid, Closed/Never late | On record until May 2020 (- 7 years, DOFD =5/ 2013)

Do you have any old Credit reports that show a different DOFD?

 

 

there is a 4 year SOL on Secured transactions ( Auto loans )

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No. The 2 Midlands are the same account. Honestly, I'm not really sure what it was for.

 

The CITI/CBNA is the same as the Zales on TU and EQ. Those have no negatives.

 

Not sure if I have an old report or not, but I'll look and see.

 

The auto loans (current and past) have always been paid on time, so I'm not concerned with SOL on those.

 

I should've said that I listed everything, good and bad. Sorry if that was confusing.

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Dispute away then

 

 

Dear CRA

 

The following account is an Extinguished Debt, under Miss. Laws and should be deleted from my reports pursuant to ( CRA Name ) settlement agreement with the State Attorney General

 

The Citibank account as reported by Midland Funding was delinquent on 5/2013 and is past the Statute of limitations

 

Midland Funding (OC: Citibank) | Collection account | On record until Nov 2021 (- 7 years, DOFD = 11/2014)

Midland Credit | Collection | DOFD: 02/01/2015 | Last Payment: NONE

CITI/CBNA | Charge Card | Paid, Closed/Never late | On record until May 2020 (- 7 years, DOFD =5/ 2013)

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Remember that getting rid of the bad stuff is only half the battle. You need to get good stuff out there too.

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Dispute away then

 

 

Dear CRA

 

The following account is an Extinguished Debt, under Miss. Laws and should be deleted from my reports pursuant to ( CRA Name ) settlement agreement with the State Attorney General

 

The Citibank account as reported by Midland Funding was delinquent on 5/2013 and is past the Statute of limitations

 

Midland Funding (OC: Citibank) | Collection account | On record until Nov 2021 (- 7 years, DOFD = 11/2014)

Midland Credit | Collection | DOFD: 02/01/2015 | Last Payment: NONE

CITI/CBNA | Charge Card | Paid, Closed/Never late | On record until May 2020 (- 7 years, DOFD =5/ 2013)

Cool! The last one (CITI/CBNA) is just closed but had no negative marks. Should I seek to remove it as well?

 

Remember that getting rid of the bad stuff is only half the battle. You need to get good stuff out there too.

Absolutely! Just want to do things in the right order. But I'm open to ALL advice! :)

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