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A little advice may go a long way...

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So the basic story is I am a poor money manager and want desperately to get better! I have once again dug myself into a hole after a Chapter 7 BK filed in 2011 and discharged successfully. I live in NY, that may help with any guidance folks may be willing to offer.

 

After my BK in 2011 I started rebuilding and was doing extremely well...I got a car loan with the despised Santander Bank BUT paid every payment on time and never had an issue with them. Loan was paid and never late.

 

I financed a pre-owned Harley Davidson and actually ended up trading the first one after a year and a half and bought a different one and paid that successfully barring 2 lates. Loan is closed and paid.

 

I opened several credit cards including 2 cap ones, barclay, NFCU ($7,000 limit), and a few others.

 

Bottom line is I want to help myself and am not sure which route to go. The dates listed are the dates of DOFD on the cards along with the balances. a handful have been CO and sold to the usual...Midland and Portfolio. My BK will not fall off until 2021 from what I have read here (unless I missed something?)

 

I also have a high interest car loan opened in May of 2017 and owe around $8,000, I put some $$ down...payments are only $234 mo as it is a solid, late model car that is not worth what I owe but I have never been late and no plans on doing so.

 

Credit Card debt:

 

12/16- Milestone - $564

11/16-First Premier - $346

11/16-Credit One - $1033…..Midland

11/16 – AT&T ..$692.. Sunrise Credit

03/16- NFCU - $7341

12/14- Target - $481….Portfolio?

12/14-Merrick Bank - $1279….Midland

11/14-Barclays - $940….Portfolio

10/14 – Midland - $963...Cap One

09/14 – Cap One $664 - Midland

06/14-Firestone - $1121

 

I have managed to come up with around $6,000 to help take care of whatever I can in the smartest way I can to benefit my overall credit profile...Given the SOL in NY has me a minimum of a few years out from these dropping along with the BK being 7 years old should I work to pay these be it all or a percentage agreed upon with the debt holder or do I pay the high interest car loan down and work payment agreements out with them?

 

Any questions I'll be happy to try and answer....Also I DID clean up old addresses, names and phone numbers. These debts were incurred by me as well. Thank you in advance for any thoughts and ideas, I feel good that I can put a dent on those numbers but where to start!

 

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I should also add that I just received both the Capital 1 and Discover "it" secured cards...low $300 limits on both but I hoped that as I rebuild these will come in handy for that purpose,

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You have a little homework to do before you give these people a dime. NY has a borrowing statute that lets you apply THEIR sol, not NY sol. Research each contract and see where the lender is headquartered. Some of these banks are in Delaware and VA where the sol is 3 years. At least two of those 2014 accounts are out of sol, maybe more. You can work that into a 1K FDCPA violation if you know how. NY has some strict debt collection laws.

 

Then research each one and see which ones have private arbitration. Cap One does not, and Target didn't in the past, look anyway, maybe they changed it. File for arbitration where it is available, especially Credit One, do it NOW because if the case is filed in small claims the contract forbids arbitration. For amounts like this it is very unlikely they'll spend 50K each in arbitration. The only one I would be concerned about is NFCU, credit unions are hard to beat in court and they don't usually have arbitration. You might have to make a deal with them.

 

NEW YORK N.Y. CVP. LAW § 202 : NY Code - Section 202: Cause of action accruing without the state - An action based upon a cause of action accruing without the state cannot be commenced after the expiration of the time limited by the laws of either the state or the place without the state where the cause of action accrued, except that where the cause of action accrued in favor of a resident of the state the time limited by the laws of the state shall apply. Portfolio Recovery v. King

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You have a little homework to do before you give these people a dime. NY has a borrowing statute that lets you apply THEIR sol, not NY sol. Research each contract and see where the lender is headquartered. Some of these banks are in Delaware and VA where the sol is 3 years. At least two of those 2014 accounts are out of sol, maybe more. You can work that into a 1K FDCPA violation if you know how. NY has some strict debt collection laws.

 

Then research each one and see which ones have private arbitration. Cap One does not, and Target didn't in the past, look anyway, maybe they changed it. File for arbitration where it is available, especially Credit One, do it NOW because if the case is filed in small claims the contract forbids arbitration. For amounts like this it is very unlikely they'll spend 50K each in arbitration. The only one I would be concerned about is NFCU, credit unions are hard to beat in court and they don't usually have arbitration. You might have to make a deal with them.

 

NEW YORK N.Y. CVP. LAW § 202 : NY Code - Section 202: Cause of action accruing without the state - An action based upon a cause of action accruing without the state cannot be commenced after the expiration of the time limited by the laws of either the state or the place without the state where the cause of action accrued, except that where the cause of action accrued in favor of a resident of the state the time limited by the laws of the state shall apply. Portfolio Recovery v. King

I understand some of the basics of what you are saying about the SOLs, how will that help me if I’m trying to improve my credit report as it stands? I was under the impression that although I may be outside the SOL the debt stays there unpaid, they can’t take action against me but is that a better option (letting them age off) over trying to settle and close them out?

 

 

 

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You have a little homework to do before you give these people a dime. NY has a borrowing statute that lets you apply THEIR sol, not NY sol. Research each contract and see where the lender is headquartered. Some of these banks are in Delaware and VA where the sol is 3 years. At least two of those 2014 accounts are out of sol, maybe more. You can work that into a 1K FDCPA violation if you know how. NY has some strict debt collection laws.

 

Then research each one and see which ones have private arbitration. Cap One does not, and Target didn't in the past, look anyway, maybe they changed it. File for arbitration where it is available, especially Credit One, do it NOW because if the case is filed in small claims the contract forbids arbitration. For amounts like this it is very unlikely they'll spend 50K each in arbitration. The only one I would be concerned about is NFCU, credit unions are hard to beat in court and they don't usually have arbitration. You might have to make a deal with them.

 

NEW YORK N.Y. CVP. LAW § 202 : NY Code - Section 202: Cause of action accruing without the state - An action based upon a cause of action accruing without the state cannot be commenced after the expiration of the time limited by the laws of either the state or the place without the state where the cause of action accrued, except that where the cause of action accrued in favor of a resident of the state the time limited by the laws of the state shall apply. Portfolio Recovery v. King

I understand some of the basics of what you are saying about the SOLs, how will that help me if Im trying to improve my credit report as it stands? I was under the impression that although I may be outside the SOL the debt stays there unpaid, they cant take action against me but is that a better option (letting them age off) over trying to settle and close them out?

 

 

 

Sent from my iPhone using Tapatalk

It depends of your credit needs now. My post above helps you move forward in a positive way although it' will cost you a bit. There are too many new negatives on your reports so my recommendation is to reduce them especially the smaller Amounts.

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You have a little homework to do before you give these people a dime. NY has a borrowing statute that lets you apply THEIR sol, not NY sol. Research each contract and see where the lender is headquartered. Some of these banks are in Delaware and VA where the sol is 3 years. At least two of those 2014 accounts are out of sol, maybe more. You can work that into a 1K FDCPA violation if you know how. NY has some strict debt collection laws.

 

Then research each one and see which ones have private arbitration. Cap One does not, and Target didn't in the past, look anyway, maybe they changed it. File for arbitration where it is available, especially Credit One, do it NOW because if the case is filed in small claims the contract forbids arbitration. For amounts like this it is very unlikely they'll spend 50K each in arbitration. The only one I would be concerned about is NFCU, credit unions are hard to beat in court and they don't usually have arbitration. You might have to make a deal with them.

 

NEW YORK N.Y. CVP. LAW § 202 : NY Code - Section 202: Cause of action accruing without the state - An action based upon a cause of action accruing without the state cannot be commenced after the expiration of the time limited by the laws of either the state or the place without the state where the cause of action accrued, except that where the cause of action accrued in favor of a resident of the state the time limited by the laws of the state shall apply. Portfolio Recovery v. King

I understand some of the basics of what you are saying about the SOLs, how will that help me if Im trying to improve my credit report as it stands? I was under the impression that although I may be outside the SOL the debt stays there unpaid, they cant take action against me but is that a better option (letting them age off) over trying to settle and close them out?

 

 

 

Sent from my iPhone using Tapatalk

It depends of your credit needs now. My post above helps you move forward in a positive way although it' will cost you a bit. There are too many new negatives on your reports so my recommendation is to reduce them especially the smaller Amounts.

My credit needs now are minimal if any. What I want to do is help my overall score and profile, hopefully building at the same time. My scores are in the low 500s and it’s driving me nuts!

 

 

Sent from my iPhone using Tapatalk

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You have a little homework to do before you give these people a dime. NY has a borrowing statute that lets you apply THEIR sol, not NY sol. Research each contract and see where the lender is headquartered. Some of these banks are in Delaware and VA where the sol is 3 years. At least two of those 2014 accounts are out of sol, maybe more. You can work that into a 1K FDCPA violation if you know how. NY has some strict debt collection laws.

 

Then research each one and see which ones have private arbitration. Cap One does not, and Target didn't in the past, look anyway, maybe they changed it. File for arbitration where it is available, especially Credit One, do it NOW because if the case is filed in small claims the contract forbids arbitration. For amounts like this it is very unlikely they'll spend 50K each in arbitration. The only one I would be concerned about is NFCU, credit unions are hard to beat in court and they don't usually have arbitration. You might have to make a deal with them.

 

NEW YORK N.Y. CVP. LAW § 202 : NY Code - Section 202: Cause of action accruing without the state - An action based upon a cause of action accruing without the state cannot be commenced after the expiration of the time limited by the laws of either the state or the place without the state where the cause of action accrued, except that where the cause of action accrued in favor of a resident of the state the time limited by the laws of the state shall apply. Portfolio Recovery v. King

I understand some of the basics of what you are saying about the SOLs, how will that help me if Im trying to improve my credit report as it stands? I was under the impression that although I may be outside the SOL the debt stays there unpaid, they cant take action against me but is that a better option (letting them age off) over trying to settle and close them out?

 

 

 

Sent from my iPhone using Tapatalk

It depends of your credit needs now. My post above helps you move forward in a positive way although it' will cost you a bit. There are too many new negatives on your reports so my recommendation is to reduce them especially the smaller Amounts.
My credit needs now are minimal if any. What I want to do is help my overall score and profile, hopefully building at the same time. My scores are in the low 500s and its driving me nuts!

 

 

Sent from my iPhone using Tapatalk

Like I suggested removing the derogatory accounts should help increase scores. If you have cash you can add money to Discover secured up to max allowed. Secured lines above $5000 can also help

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Arbitration is extremely expensive, and they have to pay for it. You can arbitrate over anything for any reason. It gives you terrific leverage, which you don't have right now. Also, if they refuse, which they usually do, they CANNOT sue you in court. However, you can take THEM to federal court with a petition to compel, and let them explain to a federal judge why they refuse to honor their own contract. You'd be surprised how quickly they'll change their tune. You may get the debt forgiven, and maybe some fun money on top of it. And of course the tradelines have to be removed.

Edited by legaleagle2012

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You have a little homework to do before you give these people a dime. NY has a borrowing statute that lets you apply THEIR sol, not NY sol. Research each contract and see where the lender is headquartered. Some of these banks are in Delaware and VA where the sol is 3 years. At least two of those 2014 accounts are out of sol, maybe more. You can work that into a 1K FDCPA violation if you know how. NY has some strict debt collection laws.

 

Then research each one and see which ones have private arbitration. Cap One does not, and Target didn't in the past, look anyway, maybe they changed it. File for arbitration where it is available, especially Credit One, do it NOW because if the case is filed in small claims the contract forbids arbitration. For amounts like this it is very unlikely they'll spend 50K each in arbitration. The only one I would be concerned about is NFCU, credit unions are hard to beat in court and they don't usually have arbitration. You might have to make a deal with them.

 

NEW YORK N.Y. CVP. LAW § 202 : NY Code - Section 202: Cause of action accruing without the state - An action based upon a cause of action accruing without the state cannot be commenced after the expiration of the time limited by the laws of either the state or the place without the state where the cause of action accrued, except that where the cause of action accrued in favor of a resident of the state the time limited by the laws of the state shall apply. Portfolio Recovery v. King

I understand some of the basics of what you are saying about the SOLs, how will that help me if Im trying to improve my credit report as it stands? I was under the impression that although I may be outside the SOL the debt stays there unpaid, they cant take action against me but is that a better option (letting them age off) over trying to settle and close them out?

 

 

 

Sent from my iPhone using Tapatalk

It depends of your credit needs now. My post above helps you move forward in a positive way although it' will cost you a bit. There are too many new negatives on your reports so my recommendation is to reduce them especially the smaller Amounts.

My credit needs now are minimal if any. What I want to do is help my overall score and profile, hopefully building at the same time. My scores are in the low 500s and it’s driving me nuts!

 

 

Sent from my iPhone using Tapatalk

 

 

Why is the lowth of your scores driving you nuts? Do you have an emergency mortgage app coming up or something?

 

Bluntly, your scores are going to stay low for some time. One of the posters around here has a signature that reads "Credit repair is a marathon, not a sprint."

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You have a little homework to do before you give these people a dime. NY has a borrowing statute that lets you apply THEIR sol, not NY sol. Research each contract and see where the lender is headquartered. Some of these banks are in Delaware and VA where the sol is 3 years. At least two of those 2014 accounts are out of sol, maybe more. You can work that into a 1K FDCPA violation if you know how. NY has some strict debt collection laws.

 

Then research each one and see which ones have private arbitration. Cap One does not, and Target didn't in the past, look anyway, maybe they changed it. File for arbitration where it is available, especially Credit One, do it NOW because if the case is filed in small claims the contract forbids arbitration. For amounts like this it is very unlikely they'll spend 50K each in arbitration. The only one I would be concerned about is NFCU, credit unions are hard to beat in court and they don't usually have arbitration. You might have to make a deal with them.

 

NEW YORK N.Y. CVP. LAW § 202 : NY Code - Section 202: Cause of action accruing without the state - An action based upon a cause of action accruing without the state cannot be commenced after the expiration of the time limited by the laws of either the state or the place without the state where the cause of action accrued, except that where the cause of action accrued in favor of a resident of the state the time limited by the laws of the state shall apply. Portfolio Recovery v. King

I understand some of the basics of what you are saying about the SOLs, how will that help me if Im trying to improve my credit report as it stands? I was under the impression that although I may be outside the SOL the debt stays there unpaid, they cant take action against me but is that a better option (letting them age off) over trying to settle and close them out?

 

 

 

Sent from my iPhone using Tapatalk

It depends of your credit needs now. My post above helps you move forward in a positive way although it' will cost you a bit. There are too many new negatives on your reports so my recommendation is to reduce them especially the smaller Amounts.
My credit needs now are minimal if any. What I want to do is help my overall score and profile, hopefully building at the same time. My scores are in the low 500s and it’s driving me nuts!

 

 

Sent from my iPhone using Tapatalk

Why is the lowth of your scores driving you nuts? Do you have an emergency mortgage app coming up or something?

 

Bluntly, your scores are going to stay low for some time. One of the posters around here has a signature that reads "Credit repair is a marathon, not a sprint."

Fair enough question....It’s driving me nuts for a few reasons.

1. With the cash infusion I mentioned above to pay off/settle as much as I can I was hoping it would increase my scores and decrease my collection calls, mail and feeling crappy about being irresponsible in where I am credit wise.

 

2. IF something came up financially it would be great to be able to handle the situation like a big boy, something I have failed to do so far.

 

3. I want to start rebuilding and realize it’s not a quick fix, but knowing I have a few years before the BK falls off ...Maybe it’s wishful thinking since it was handled so bad after the fact.

 

4. I appreciate the feedback I have received so far and am still all ears. I have read a ton and am still all ears for any thoughts that may clear my self induced confusion!

 

 

 

 

Sent from my iPhone using Tapatalk

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You have a little homework to do before you give these people a dime. NY has a borrowing statute that lets you apply THEIR sol, not NY sol. Research each contract and see where the lender is headquartered. Some of these banks are in Delaware and VA where the sol is 3 years. At least two of those 2014 accounts are out of sol, maybe more. You can work that into a 1K FDCPA violation if you know how. NY has some strict debt collection laws.

 

Then research each one and see which ones have private arbitration. Cap One does not, and Target didn't in the past, look anyway, maybe they changed it. File for arbitration where it is available, especially Credit One, do it NOW because if the case is filed in small claims the contract forbids arbitration. For amounts like this it is very unlikely they'll spend 50K each in arbitration. The only one I would be concerned about is NFCU, credit unions are hard to beat in court and they don't usually have arbitration. You might have to make a deal with them.

 

NEW YORK N.Y. CVP. LAW § 202 : NY Code - Section 202: Cause of action accruing without the state - An action based upon a cause of action accruing without the state cannot be commenced after the expiration of the time limited by the laws of either the state or the place without the state where the cause of action accrued, except that where the cause of action accrued in favor of a resident of the state the time limited by the laws of the state shall apply. Portfolio Recovery v. King

I understand some of the basics of what you are saying about the SOLs, how will that help me if Im trying to improve my credit report as it stands? I was under the impression that although I may be outside the SOL the debt stays there unpaid, they cant take action against me but is that a better option (letting them age off) over trying to settle and close them out?

 

 

 

Sent from my iPhone using Tapatalk

It depends of your credit needs now. My post above helps you move forward in a positive way although it' will cost you a bit. There are too many new negatives on your reports so my recommendation is to reduce them especially the smaller Amounts.
My credit needs now are minimal if any. What I want to do is help my overall score and profile, hopefully building at the same time. My scores are in the low 500s and it’s driving me nuts!

 

 

Sent from my iPhone using Tapatalk

Why is the lowth of your scores driving you nuts? Do you have an emergency mortgage app coming up or something?

 

Bluntly, your scores are going to stay low for some time. One of the posters around here has a signature that reads "Credit repair is a marathon, not a sprint."

Fair enough question....It’s driving me nuts for a few reasons.

1. With the cash infusion I mentioned above to pay off/settle as much as I can I was hoping it would increase my scores and decrease my collection calls, mail and feeling crappy about being irresponsible in where I am credit wise.

 

2. IF something came up financially it would be great to be able to handle the situation like a big boy, something I have failed to do so far.

 

3. I want to start rebuilding and realize it’s not a quick fix, but knowing I have a few years before the BK falls off ...Maybe it’s wishful thinking since it was handled so bad after the fact.

 

4. I appreciate the feedback I have received so far and am still all ears. I have read a ton and am still all ears for any thoughts that may clear my self induced confusion!

 

 

 

 

Sent from my iPhone using Tapatalk

Any thoughts on my paying NFCU the $7,000 they charged off to help my "utilization" and get back in their good Grace's? I am a few months away from being outside of the SOL and it will not fall off until late 2022...That amount is pretty much half of my charged off debt and updates monthly.

I have recently received the Discover and Cap 1 secured cards..Cap 1 charged off 2 cards that are out of SOL and both will fall off in 2021 so I was surprised to get their secured card.

I hope I'm not off base in thinking paying off NFCU will help me in the long run, I would like to fix my relationship with them and get rid of a large portion of this debt I'm drowning in ..If I were to give them all of that money and have them tell me to pound salt after that would be a tough pill to swallow.

 

Sent from my SM-G965U using Tapatalk

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You have a little homework to do before you give these people a dime. NY has a borrowing statute that lets you apply THEIR sol, not NY sol. Research each contract and see where the lender is headquartered. Some of these banks are in Delaware and VA where the sol is 3 years. At least two of those 2014 accounts are out of sol, maybe more. You can work that into a 1K FDCPA violation if you know how. NY has some strict debt collection laws.

 

Then research each one and see which ones have private arbitration. Cap One does not, and Target didn't in the past, look anyway, maybe they changed it. File for arbitration where it is available, especially Credit One, do it NOW because if the case is filed in small claims the contract forbids arbitration. For amounts like this it is very unlikely they'll spend 50K each in arbitration. The only one I would be concerned about is NFCU, credit unions are hard to beat in court and they don't usually have arbitration. You might have to make a deal with them.

 

NEW YORK N.Y. CVP. LAW § 202 : NY Code - Section 202: Cause of action accruing without the state - An action based upon a cause of action accruing without the state cannot be commenced after the expiration of the time limited by the laws of either the state or the place without the state where the cause of action accrued, except that where the cause of action accrued in favor of a resident of the state the time limited by the laws of the state shall apply. Portfolio Recovery v. King

I understand some of the basics of what you are saying about the SOLs, how will that help me if Im trying to improve my credit report as it stands? I was under the impression that although I may be outside the SOL the debt stays there unpaid, they cant take action against me but is that a better option (letting them age off) over trying to settle and close them out?

 

 

 

Sent from my iPhone using Tapatalk

It depends of your credit needs now. My post above helps you move forward in a positive way although it' will cost you a bit. There are too many new negatives on your reports so my recommendation is to reduce them especially the smaller Amounts.
My credit needs now are minimal if any. What I want to do is help my overall score and profile, hopefully building at the same time. My scores are in the low 500s and its driving me nuts!

 

 

Sent from my iPhone using Tapatalk

Why is the lowth of your scores driving you nuts? Do you have an emergency mortgage app coming up or something?

 

Bluntly, your scores are going to stay low for some time. One of the posters around here has a signature that reads "Credit repair is a marathon, not a sprint."

Fair enough question....Its driving me nuts for a few reasons.

1. With the cash infusion I mentioned above to pay off/settle as much as I can I was hoping it would increase my scores and decrease my collection calls, mail and feeling crappy about being irresponsible in where I am credit wise.

 

2. IF something came up financially it would be great to be able to handle the situation like a big boy, something I have failed to do so far.

 

3. I want to start rebuilding and realize its not a quick fix, but knowing I have a few years before the BK falls off ...Maybe its wishful thinking since it was handled so bad after the fact.

 

4. I appreciate the feedback I have received so far and am still all ears. I have read a ton and am still all ears for any thoughts that may clear my self induced confusion!

 

 

 

 

Sent from my iPhone using Tapatalk

Any thoughts on my paying NFCU the $7,000 they charged off to help my "utilization" and get back in their good Grace's? I am a few months away from being outside of the SOL and it will not fall off until late 2022...That amount is pretty much half of my charged off debt and updates monthly.

I have recently received the Discover and Cap 1 secured cards..Cap 1 charged off 2 cards that are out of SOL and both will fall off in 2021 so I was surprised to get their secured card.

I hope I'm not off base in thinking paying off NFCU will help me in the long run, I would like to fix my relationship with them and get rid of a large portion of this debt I'm drowning in ..If I were to give them all of that money and have them tell me to pound salt after that would be a tough pill to swallow.

 

Sent from my SM-G965U using Tapatalk

Do NFCU over time with some kind of repayment plan which could have a positive effect with other lenders on manual review.

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You have a little homework to do before you give these people a dime. NY has a borrowing statute that lets you apply THEIR sol, not NY sol. Research each contract and see where the lender is headquartered. Some of these banks are in Delaware and VA where the sol is 3 years. At least two of those 2014 accounts are out of sol, maybe more. You can work that into a 1K FDCPA violation if you know how. NY has some strict debt collection laws.

 

Then research each one and see which ones have private arbitration. Cap One does not, and Target didn't in the past, look anyway, maybe they changed it. File for arbitration where it is available, especially Credit One, do it NOW because if the case is filed in small claims the contract forbids arbitration. For amounts like this it is very unlikely they'll spend 50K each in arbitration. The only one I would be concerned about is NFCU, credit unions are hard to beat in court and they don't usually have arbitration. You might have to make a deal with them.

 

NEW YORK N.Y. CVP. LAW § 202 : NY Code - Section 202: Cause of action accruing without the state - An action based upon a cause of action accruing without the state cannot be commenced after the expiration of the time limited by the laws of either the state or the place without the state where the cause of action accrued, except that where the cause of action accrued in favor of a resident of the state the time limited by the laws of the state shall apply. Portfolio Recovery v. King

I understand some of the basics of what you are saying about the SOLs, how will that help me if Im trying to improve my credit report as it stands? I was under the impression that although I may be outside the SOL the debt stays there unpaid, they cant take action against me but is that a better option (letting them age off) over trying to settle and close them out?

 

 

 

Sent from my iPhone using Tapatalk

It depends of your credit needs now. My post above helps you move forward in a positive way although it' will cost you a bit. There are too many new negatives on your reports so my recommendation is to reduce them especially the smaller Amounts.
My credit needs now are minimal if any. What I want to do is help my overall score and profile, hopefully building at the same time. My scores are in the low 500s and its driving me nuts!

 

 

Sent from my iPhone using Tapatalk

Why is the lowth of your scores driving you nuts? Do you have an emergency mortgage app coming up or something?

 

Bluntly, your scores are going to stay low for some time. One of the posters around here has a signature that reads "Credit repair is a marathon, not a sprint."

Fair enough question....Its driving me nuts for a few reasons.

1. With the cash infusion I mentioned above to pay off/settle as much as I can I was hoping it would increase my scores and decrease my collection calls, mail and feeling crappy about being irresponsible in where I am credit wise.

 

2. IF something came up financially it would be great to be able to handle the situation like a big boy, something I have failed to do so far.

 

3. I want to start rebuilding and realize its not a quick fix, but knowing I have a few years before the BK falls off ...Maybe its wishful thinking since it was handled so bad after the fact.

 

4. I appreciate the feedback I have received so far and am still all ears. I have read a ton and am still all ears for any thoughts that may clear my self induced confusion!

 

 

 

 

Sent from my iPhone using Tapatalk

Any thoughts on my paying NFCU the $7,000 they charged off to help my "utilization" and get back in their good Grace's? I am a few months away from being outside of the SOL and it will not fall off until late 2022...That amount is pretty much half of my charged off debt and updates monthly.

I have recently received the Discover and Cap 1 secured cards..Cap 1 charged off 2 cards that are out of SOL and both will fall off in 2021 so I was surprised to get their secured card.

I hope I'm not off base in thinking paying off NFCU will help me in the long run, I would like to fix my relationship with them and get rid of a large portion of this debt I'm drowning in ..If I were to give them all of that money and have them tell me to pound salt after that would be a tough pill to swallow.

 

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Do NFCU over time with some kind of repayment plan which could have a positive effect with other lenders on manual review.
Thank you, I can set up a payment plan worth them and my shared savings account is still active. Would they HAVE to report any payments sent on a plan or otherwise to the credit bureau's or is that up to them?

 

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Yes but one poster said making monthly payments on it would help on manual review, which really isn't true.

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Point is eventually it will report as paid collection and if debt is satisfied OP has a chance to get credit products from NAVY in the future.

That is pretty much my hope, that and trying to make some headway with the abuse I've given my credit profile. $7,000 charged off, they haven't sent it to a CA yet. Paying down 50% of my bad debt seems like a good idea in my pea brain AND hoping NFCU likes me cleaning up my mess with them and giving me a second chance.

 

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Yes but one poster said making monthly payments on it would help on manual review, which really isn't true.

That is to bad, seems it's an all or nothing type of situation then?

 

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