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MarcuzAgrippa's Rebuilding Quest!


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Hey there everyone! I've been a lurker for way to long and decided it's time to get to rebuilding my credit. Thank you to everyone who has contributed on this forum! It has been a help to many and will to me also. So here are my details....🤕
 
Background
About May 2014 I lost my job of 5 years and my apartment all in a 30 day span because life happens of course. I had some savings to stay afloat but it ran out and I couldn't run to a well paying job like the one I had fast enough. Hence, my credit went down the drain over the next year.
 
Baddies
I sucked it up and went to MyFico to get a real snapshot of my situation after pulling my three annual reports. At this time I have about 10 baddies on my CR s.
 
Bank of America - CC that is a CO
  • Hey there everyone! I've been a lurker for way to long and decided it's time to get to rebuilding my credit. Thank you to everyone who has contributed on this forum! It has been a help to many and will to me also. So here are my details....
     
    Background
    About May 2014 I lost my job of 5 years and my apartment all in a 30 day span because life happens of course. I had some savings to stay afloat but it ran out and I couldn't run to a well paying job like the one I had fast enough. Hence, my credit went down the drain over the next year.
     
    Baddies
    I sucked it up and went to MyFico to get a real snapshot of my situation after pulling my three annual reports. At this time I have about 10 baddies on my CR s.
     
    Bank of America - CC that is a CO
  • DOFD - 12/2014
  • DOLA - 01/2015
  • CL - $2,100
  • Deficient Balance - $2,342
  • Getting emails over the last few month directly from CCC trying to settle the account. Started at $1,200 or so now trying to settle account for around $700. Account falls off report in 2021.
 
Capital One Auto Finance - Auto Loan that is a CO
  • DOFD - 11/2018
  • DOLA - EQ shows 09/2018 and TU shows 07/2019
  • Deficient Balance - $11,767 after repo and auction
  • Offered to settle for $2,354 in 08/2019 via lump sum or payments of up to 12 installments.
 
Delta Community Credit Union - Auto Loan that is a CO
  • DOFD - 08/2014
  • DOLA - EQ shows 08/2014 and TU shows 06/2014
  • Deficient Balance - $1,881 after repo auction
  • Never offered to settle debt
 
Dept of Ed/Nelnet - Student Loan
  • DOFD - 04/2015
  • DOLA - 01/2018
  • Paid as agreed with only 90 days late derogs showing
    • EQ 08/2015, 07/2015, 06/2015
    • TU 04/2015 - 08/2015
    • EXP only 08/2015
 
Discover Bank - CC that is a CO
  • DOFD - EQ 04/2015, EXP 12/2017?
  • DOLA - EQ 11/2014, TU 06/2014
  • Deficient Balance - $1,413
  • No offer to settle. CCC tried to get judgement in small claims court. CCC's attorney no showed and case was dismissed. Didn't even know about the case until maybe 2018 cause they sent court notice to prior address.
 
Georgia Power - Utility Company
  • DOFD - 06/2014
  • DOLA - 10/2015
  • Deficient Balance - $0
  • Paid balance in full after CO. Only shows on EQ on CR.
 
Georgia's Own Credit Union - CC that is a CO
  • DOFD - 08/2014
  • DOLA - 09/2014
  • Deficient Balance - $0 (prior $1,222)
  • No offer to settle. Only reports to EQ and EXP. No reporting from CCC since 02/2015.
 
Macy's - CC that is a CO
  • DOFD - EQ 10/2014, EXP 12/2017
  • DOLA - EQ 07/2014, TU 06/2014
  • Deficient Balance - $0
  • Used to call like crazy but I went off on the CA and mentioned the FCRA and CFPB and they never called or sent a letter again back around 2015/2016.
 
Portfolio Recovery - CA for OC
  • DOFD - 02/2015 (date CA was assigned)
  • DOLA - 08/2018 (stupidly made a payment to CA)
  • Deficient Balance - $474 (started as $624)
  • Made a payment in late 2018 to CA then stopped. Got a letter or two from them then they went away. OC was Synchrony Bank for a Care Credit CC.
 
Progressive Insurance - Place with CA by OC
  • DOFD - 04/2019 (date CA was assigned)
  • Deficient Balance - $212
  • Assigned with CA Caine Weiner. Had a car repo'd and forgot to cancel the insurance. OC for car called file claim and insurance company cancelled policy once notified of the repo.
  •  
    In addition to the baddies I have about 8 old addresses listed under the CRAs
     
    Inquiries
    EQ
  • 3 hard from two car dealers (10/12/2018, 10/16/2018, 10/19/2018)
    • Never signed anything and it looks like dealer pulled over the phone when calling about trying to trade in car to avoid repo by Cap1 from above.
  • 15 soft
    • Mostly Credit Karma and Lexis Nexis from shopping auto insurance rates.
  • TU
  • 1 hard from 10/19/2018 car dealer
  • 17 soft (same reasons as EQ)
  •  
    EXP
  • 1 hard from 10/19/2018 car dealer
  • 29 soft
    • Same reason as above and some skip tracing via repo companies.
  •  
    Scores
    Fico 8 Scores
  • EQ - 490
  • TU - 496
  • EXP - 523
  •  
    Next Steps Taken
  • Opt'd Out - 02/2020
  • Gearing up to get old addresses removed from CR
  • Approved for Self Lender Account
    • 12 installments at $48
  •  
    Goals
  • Get scores of to 600.
    • No specific timeframe but, to be accountable 12-18 month in my case seems fair.
  •  
    Questions
  • With derogs this old should I just rebuild for the year via Self Lender and maybe a Secure CC in 3-6 month and let the derogs fall off in late 2021?
  • EXP has the complete wrong date of birth listed for me as 12/31/1987. Trying to age me I guess. Dispute this at the same time as the addresses showing proof via license?
  • Should I settle any of these accounts? If any I would consider the Cap1 Auto loan since they offered $2358 and the balance is over $11k.
  • PFD on the CAs or DV first?
  • - 12/2014
  • DOLA - 01/2015
  • CL - $2,100
  • Deficient Balance - $2,342
  • Getting emails over the last few month directly from CCC trying to settle the account. Started at $1,200 or so now trying to settle account for around $700. Account falls off report in 2021.
 
Capital One Auto Finance - Auto Loan that is a CO
  • DoFD - 11/2018
  • DOLA - EQ shows 09/2018 and TU shows 07/2019
  • Deficient Balance - $11,767 after repo and auction
  • Offered to settle for $2,354 in 08/2019 via lump sum or payments of up to 12 installments.
 
Delta Community Credit Union - Auto Loan that is a CO
  • DoFD - 08/2014
  • DOLA - EQ shows 08/2014 and TU shows 06/2014
  • Deficient Balance - $1,881 after repo auction
  • Never offered to settle debt
 
Dept of Ed/Nelnet - Student Loan
  • DoFD - 04/2015
  • DOLA - 01/2018
  • Paid as agreed with only 90 days late derogs showing
    • EQ 08/2015, 07/2015, 06/2015
    • TU 04/2015 - 08/2015
    • EXP only 08/2015
 
Discover Bank - CC that is a CO
  • DoFD - EQ 04/2015, EXP 12/2017?
  • DOLA - EQ 11/2014, TU 06/2014
  • Deficient Balance - $1,413
  • No offer to settle. CCC tried to get judgement in small claims court. CCC's attorney no showed and case was dismissed. Didn't even know about the case until maybe 2018 cause they sent court notice to prior address.
 
Georgia Power - Utility Company
  • DoFD - 06/2014
  • DOLA - 10/2015
  • Deficient Balance - $0
  • Paid balance in full after CO. Only shows on EQ on CR.
 
Georgia's Own Credit Union - CC that is a CO
  • DoFD - 08/2014
  • DOLA - 09/2014
  • Deficient Balance - $0 (prior $1,222)
  • No offer to settle. Only reports to EQ and EXP. No reporting from CCC since 02/2015.
 
Macy's - CC that is a CO
  • DoFD - EQ 10/2014, EXP 12/2017
  • DOLA - EQ 07/2014, TU 06/2014
  • Deficient Balance - $0
  • Used to call like crazy but I went off on the CA and mentioned the FCRA and CFPB and they never called or sent a letter again back around 2015/2016.
 
Portfolio Recovery - CA for OC
  • DoFD - 02/2015 (date CA was assigned)
  • DOLA - 08/2018 (stupidly made a payment to CA)
  • Deficient Balance - $474 (started as $624)
  • Made a payment in late 2018 to CA then stopped. Got a letter or two from them then they went away. OC was Synchrony Bank for a Care Credit CC.
 
Progressive Insurance - Place with CA by OC
  • DoFD - 04/2019 (date CA was assigned)
  • Deficient Balance - $212
  • Assigned with CA Caine Weiner. Had a car repo'd and forgot to cancel the insurance. OC for car called file claim and insurance company cancelled policy once notified of the repo.
 
In addition to the baddies I have about 8 old addresses listed under the CRAs
 
Inquiries
EQ
  • 3 hard from two car dealers (10/12/2018, 10/16/2018, 10/19/2018)
    • Never signed anything and it looks like dealer pulled over the phone when calling about trying to trade in car to avoid repo by Cap1 from above.
  • 15 soft
    • Mostly Credit Karma and Lexis Nexis from shopping auto insurance rates.
TU
  • 1 hard from 10/19/2018 car dealer
  • 17 soft (same reasons as EQ)
 
EXP
  • 1 hard from 10/19/2018 car dealer
  • 29 soft
    • Same reason as above and some skip tracing via repo companies.
 
Scores
Fico 8 Scores
  • EQ - 490
  • TU - 496
  • EXP - 523
 
Next Steps Taken
  • Opt'd Out - 02/2020
  • Gearing up to get old addresses removed from CR
  • Approved for Self Lender Account
    • 12 installments at $48
 
Goals
  • Get scores of to 600.
    • No specific time frame but, to be accountable 12-18 month in my case seems fair.
 
Questions
  • With derogs this old should I just rebuild for the year via Self Lender and maybe a Secure CC in 3-6 month and let the derogs fall off in late 2021?
  • EXP has the complete wrong date of birth listed for me as 12/31/1987. Trying to age me I guess. Dispute this at the same time as the addresses showing proof via license?
  • Should I settle any of these accounts? If any I would consider the Cap1 Auto loan since they offered $2358 and the balance is over $11k.
  • PFD on the CAs or DV first?
 
Any guidance looking at my credit profile is appreciated!! 🤗
Edited by MarcuzAgrippa
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6 hours ago, MarcuzAgrippa said:

With derogs this old should I just rebuild for the year via Self Lender and maybe a Secure CC in 3-6 month and let the derogs fall off in late 2021?

Yes to opening positive trade lines.  

 

If DOFD + 7 years = late 2021, then you can hurry those along a bit with early obsolete disputes:

 

 

 

6 hours ago, MarcuzAgrippa said:

Should I settle any of these accounts?

I would consider settling the accounts that are 1- within SOL, 2- are with entities that are known to be litigious, or 3- when you can get a PFD.  One or more of the larger CAs/JDBs will do this now, and they're open about it.  Might take some searching and reading previous threads (I don't have the names committed to memory).

 

Welcome.  :wave: 

Edited by cv91915
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  • 3 weeks later...
On 2/19/2020 at 7:39 AM, cv91915 said:

Yes to opening positive trade lines.  

 

If DOFD + 7 years = late 2021, then you can hurry those along a bit with early obsolete disputes:

 

 

 

I would consider settling the accounts that are 1- within SOL, 2- are with entities that are known to be litigious, or 3- when you can get a PFD.  One or more of the larger CAs/JDBs will do this now, and they're open about it.  Might take some searching and reading previous threads (I don't have the names committed to memory).

 

Welcome.  :wave: 

 

Thank you for the guidance @cv91915 !!! I'm in Georgia so my SOL is 6 years here. My main concern is the Cap1 Auto Loan I had that was over $11k. Probably going to look into settling with them. They offered around $2,400 to settle and I'll see if they are still willing to talk. I was going to do a CH7 BK but most of my items are about to pass the SOL so I didn't want to take the hit for that. 

 

I'll definitely look into getting some of those items off earlier if I can. Of course I know it will depend on if the CRA s want to play hard ball with disputes. To not poke the bear on the items in the SOL I am leaving the addresses on there for now since in the next 18 months most of the negative trade lines will be off my reports. Should I not wait though?

 

Funny part is I started my rebuild and my phone has never got this many collection calls in years. Lol. I'm just waiting for someone to violate the FDCPA 😂

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13 hours ago, MarcuzAgrippa said:

I'll definitely look into getting some of those items off earlier if I can. Of course I know it will depend on if the CRA s want to play hard ball with disputes.

You shouldn't have any problem with early obsolete disputes within the timeframes outlined in the thread I linked.  

 

13 hours ago, MarcuzAgrippa said:

To not poke the bear on the items in the SOL I am leaving the addresses on there for now since in the next 18 months most of the negative trade lines will be off my reports. Should I not wait though?

No reason to wait with trying to remove old addresses, although this is often a precursor tactic to disputing the trade lines that are (or were) tied to those addresses. 

 

So while there may be little risk involved in tackling the addresses, by itself just removing old addresses won't accomplish much.

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  • 5 months later...

Updated - 09/01/2020

 

So like many of us COVID-19 has thrown off my plans for working on my credit. I had to scramble to keep everything afloat and was able to do my best. 

 

  • FICO 8 Started back in Feb/Mar. 2020 around 561
  • As of Sept. 2020 is has dropped to 549

During this time I:

  • Opened a Self Credit Builder account and opted for the $500 CD option to show a 12 month payment history with a decent amount. 
  • Had a car insurance bill hit collections due to not working and having to get rid of my car to cover other bills. The bill is for $212 with a Caine & Weiner (Mid South Collections) and I am thinking about trying to do a PFD with them to get it off my report. Such a small balance I'm not sure why they would push back on it. I'll write a letter soon and we will see. 
  • Opened a Navy Federal Account
  • Just got approved for the nSecured Card w/ a $300 deposit to start.
    • Wanted to put more on the initial deposit but it was all I could spare for now. 

Should have the NFED card in a week and I will wait to see what happens with my Fico from there. I want to wait till I'm closer or over 600 on Fico 8 before I try for a Discover It card. Plus, I owe them about $1500 for an older card debit about 5 years ago. My goal is to avoid trash card or cards with annual fees which help short term to me but the overall cost isn't worth it. 

 

All the other items above still remain on my report at this time. Would love thoughts, comments, prayers, and all positive vibes of course!! 🤗

 

 

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Gave Discover & Cap1 a pre-qualify shot and both are a no go. Figures since I still have some bad debt from a CC w/ Discover (6 years ago DOFD) and auto loan that was a repo/charge off with Cap1 (coming up on 2 years in April 2021). 

 

Any other secured cards for someone with a sub 600 FICO? Around 550 on average between all 3 credit bureau's and only have a NFCU Secured card at the moment which was an instant approval after being with them for a month. I'm trying to get more revolving credit open and rolling and it's been a struggle. 

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1.) What are the actual balances owed? Were the account merely zeroed out or is there really no balance left? What is the total you owe? What is the total you owe within your state's statute of limitations?

2.) With FICO scores below 540, you really should not waste a lot of effort applying for unsecured credit right now. Your odds with Discover are 0% probably even for a secured card.  All of these small cards will also adversely affect your score (additional pulls, lower your average account age, etc). A couple of secured cards will be needed to repair your credit, but don't go overboard.
3.) Note that settling your debts can result in you receiving a 1099-C that may or may not represent taxable income. 

Edited by CreditCurious20
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On 9/6/2020 at 8:51 PM, hdporter said:

I'm unfamiliar with the credit criteria, but if I were rebuilding at this time, I'd give Citi's secured card serious consideration:

https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=citi-secured-credit-card

 

It has a sterling reputation.  Be advised, however, adverse ChexSystems reporting has been cited as a hurdle in getting approval.

Hey @hdporter thank you! I'll give Citi a look and see what they say. All clear on the ChexSystem with me. I got my reports from them earlier this summer before I joined NFCU and there as nothing negative there at all. I'll keep you posted. 

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On 9/7/2020 at 1:31 AM, CreditCurious20 said:

1.) What are the actual balances owed? Were the account merely zeroed out or is there really no balance left? What is the total you owe? What is the total you owe within your state's statute of limitations?

2.) With FICO scores below 540, you really should not waste a lot of effort applying for unsecured credit right now. Your odds with Discover are 0% probably even for a secured card.  All of these small cards will also adversely affect your score (additional pulls, lower your average account age, etc). A couple of secured cards will be needed to repair your credit, but don't go overboard.
3.) Note that settling your debts can result in you receiving a 1099-C that may or may not represent taxable income. 

Hi @CreditCurious20

 

  1.  Balances owed where? On all my outstanding debt or just with Discover? 
    • If we are talking about anything outstanding most of my debt is well outside my states SOL (I'm in Georgia)
    • I called Discover to see the reason for the decline and apparently they tried to sue for the $1,200 balance but their lawyer didn't show and they served me at an old address so the judge tossed the case. Discover basically told me they probably won't do business with me ever again. Not a huge deal to me. 
    • The Discover debt will fall off in late 2021 from my report based on the DOFD 
    • Overall debt is upwards of $32k with only $10-ish K  being in the SOL from a repo/ CO 1.75 years ago. 
  2. I haven't applied for anything unsecured. The NFCU secured card is the only one I have at this point. I didn't do any hard pulls for the Discover card. Just a pre-quailfying offer test to see and they shot that down. Same with Cap1 who my only debt in the SOL is with. At this time, the only hard pull on my report in the last 2 years is the NFCU pull on my TU for their secured card which they approved me for instantly. 
  3. At this point with 90% of my debts falling off this time next year I'm not planning on settling any of them. Most of the OC must know this cause they have been sending me offers to settle like crazy in the last 10 months. If I did settle anything it would be with my CO for a vehicle I had through Cap1 where they made an offer to settle for $2k on a $10k balance. 

 

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2 hours ago, MarcuzAgrippa said:

Hi @CreditCurious20

 

  1.  Balances owed where? On all my outstanding debt or just with Discover? 
    • If we are talking about anything outstanding most of my debt is well outside my states SOL (I'm in Georgia)
    • I called Discover to see the reason for the decline and apparently they tried to sue for the $1,200 balance but their lawyer didn't show and they served me at an old address so the judge tossed the case. Discover basically told me they probably won't do business with me ever again. Not a huge deal to me. 
    • The Discover debt will fall off in late 2021 from my report based on the DOFD 
    • Overall debt is upwards of $32k with only $10-ish K  being in the SOL from a repo/ CO 1.75 years ago. 
  2. I haven't applied for anything unsecured. The NFCU secured card is the only one I have at this point. I didn't do any hard pulls for the Discover card. Just a pre-quailfying offer test to see and they shot that down. Same with Cap1 who my only debt in the SOL is with. At this time, the only hard pull on my report in the last 2 years is the NFCU pull on my TU for their secured card which they approved me for instantly. 
  3. At this point with 90% of my debts falling off this time next year I'm not planning on settling any of them. Most of the OC must know this cause they have been sending me offers to settle like crazy in the last 10 months. If I did settle anything it would be with my CO for a vehicle I had through Cap1 where they made an offer to settle for $2k on a $10k balance. 

 

If you only have $10k, it may make more sense to settle. BK makes little sense at that debt level. If settling make sure (1) to demand deletion of the trade line and (2) that no 1099-C is filed. 

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  • 2 weeks later...

Update 09/22/2020:

 

Got the secured card from NFCU in the mail after a delay due to COVID. Just activated it today. 

 

Got approved for a secured card with a credit union I had an old auto loan through and have been a member of for 20 years. Greylock FCU. They did a hard pull via Experian and approved me same day. Weird thing is they say my Experian Fico score is 590 which seems off. Not sure if they use Fico 9 instead. 

 

My Self Lender account will be PIF by Feb 2021 and I know that will kill my AaoA .

 

Any suggestions on another secured card to get that doesn't have an annual fee (trying to avoid those)?

I was going to try Cap1 but had a C/O with them (2 years ago). Discover declined me via the prequal due to a C/O account about to fall off my report next year. 

 

My goal is to get 5 open accounts (revolving, etc) so I don't look like a "thin file" to lenders and to help increase my scores steadily. 

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I would pull your LexisNexis report and see if the delinquent insurance account from Progressive is reporting. If you need to get car insurance again, then I would probably find a way to pay it. If you call Progressive directly, they may be able to recall it and get the collection deleted, if you pay them the full amount directly.

 

I think settling the Cap1 repo deficiency is a good idea. Cap1 sues people and it seems that this debt would still be within the SOL in your state. At about 25%, it wouldn't be bad. As for the 1099-C, you wouldn't likely have to pay taxes. You still owe many of these debts and I doubt your assets are more than your debts. Look up IRS 1099-C insolvency worksheet, where you can figure it out for yourself.

 

I agree with cv about disputing your old addresses now as well as disputing the older stuff as obsolete. I would dispute the addresses first, especially with Experian. 

 

If the Portfolio Recovery account is still reporting and you made a payment on 2018, then it may be a good idea to pay it. They may not be calling you or sending letters, but they could come back on your for the rest at a later time. They have also been known to delete accounts once they are paid. So it could be to your benefit to pay off the $474. They may even take less money than that, but don't count on it. Or you can wait it out, if it's not bothering you. It's just such a small amount that it may make more sense to get it done.

 

I think if you put in the money to get these two collections done (about $700) and settle the Cap1 auto charge-off, I think you will make a huge improvement in your profile and prevent a bunch of headaches in the future. I don't like paying debt collectors, but I have come to an understanding over the past few years of doing this myself that sometimes you have to weigh the benefits of paying, settling, and fighting to determine the best outcome.

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22 hours ago, hegemony said:

stop it with self-lender type accounts.

 

a lot of people have had good luck with State Dept FCU's secured card.

Yeah the Self Lender was a one and done thing for me. My local CU did say seeing that account was the main reason they approved me for a CC so it did its job. 

 

I've heard of SDFCU. I'll have to check them out later today and see if I can have the same success others have had with them. 

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21 hours ago, RehabbingANDBlabbing said:

I would pull your LexisNexis report and see if the delinquent insurance account from Progressive is reporting. If you need to get car insurance again, then I would probably find a way to pay it. If you call Progressive directly, they may be able to recall it and get the collection deleted, if you pay them the full amount directly.

 

I think settling the Cap1 repo deficiency is a good idea. Cap1 sues people and it seems that this debt would still be within the SOL in your state. At about 25%, it wouldn't be bad. As for the 1099-C, you wouldn't likely have to pay taxes. You still owe many of these debts and I doubt your assets are more than your debts. Look up IRS 1099-C insolvency worksheet, where you can figure it out for yourself.

 

I agree with cv about disputing your old addresses now as well as disputing the older stuff as obsolete. I would dispute the addresses first, especially with Experian. 

 

If the Portfolio Recovery account is still reporting and you made a payment on 2018, then it may be a good idea to pay it. They may not be calling you or sending letters, but they could come back on your for the rest at a later time. They have also been known to delete accounts once they are paid. So it could be to your benefit to pay off the $474. They may even take less money than that, but don't count on it. Or you can wait it out, if it's not bothering you. It's just such a small amount that it may make more sense to get it done.

 

I think if you put in the money to get these two collections done (about $700) and settle the Cap1 auto charge-off, I think you will make a huge improvement in your profile and prevent a bunch of headaches in the future. I don't like paying debt collectors, but I have come to an understanding over the past few years of doing this myself that sometimes you have to weigh the benefits of paying, settling, and fighting to determine the best outcome.

I've tried to pull my LexisNexis three times and for some reason they have no file for me. Each time I have requested my report I get a letter two weeks later that they have no information on me in their system. Not sure what is going on there. 

 

I'll give Progressive a call and see what they say then get any agreement in writing. Them recalling the account and removing the collection for being paid directly would be ideal. I could definitely pay the full $212 to get it knocked out. 

 

I've heard Cap1 is good for a lawsuit. I went back and saw the email from their prior settlement. They offered to settle for 20% which is around $2500. At the time I couldn't give them a dime and this was a year ago. Things are more flexible now and I came work it out with them. Should I call them or send an email? I've seen some people having success with emailing the CEO and a rep following up with an offer to settle. Especially during COVID. 

 

The 1099-C isn't a big deal for me. I have ZERO assets. Even if they did tax me on the settlement it still works out as a deal in the end to move things along and avoid a potential lawsuit in the future. 

 

I am going to work on disputing the old items as they are reaching their tenure on my report. As well as the addresses. 

 

I'll reach out to PRA and see what they say. They have sent me letters here and there but always looking for full payment. With the account a year away from aging out I'm sure they will be willing to settle a PFD would be perfect even if for the full amount since I can afford it right now. Best to give them a call then get things in writing or go the letter route and wait for a response?

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1 hour ago, MarcuzAgrippa said:

I've tried to pull my LexisNexis three times and for some reason they have no file for me. Each time I have requested my report I get a letter two weeks later that they have no information on me in their system. Not sure what is going on there. 

 

I'll give Progressive a call and see what they say then get any agreement in writing. Them recalling the account and removing the collection for being paid directly would be ideal. I could definitely pay the full $212 to get it knocked out. 

 

I've heard Cap1 is good for a lawsuit. I went back and saw the email from their prior settlement. They offered to settle for 20% which is around $2500. At the time I couldn't give them a dime and this was a year ago. Things are more flexible now and I came work it out with them. Should I call them or send an email? I've seen some people having success with emailing the CEO and a rep following up with an offer to settle. Especially during COVID. 

 

The 1099-C isn't a big deal for me. I have ZERO assets. Even if they did tax me on the settlement it still works out as a deal in the end to move things along and avoid a potential lawsuit in the future. 

 

I am going to work on disputing the old items as they are reaching their tenure on my report. As well as the addresses. 

 

I'll reach out to PRA and see what they say. They have sent me letters here and there but always looking for full payment. With the account a year away from aging out I'm sure they will be willing to settle a PFD would be perfect even if for the full amount since I can afford it right now. Best to give them a call then get things in writing or go the letter route and wait for a response?

For both Cap1 and Portfolio, just calling them will work. If they already offered you the 20% for Cap1, then they should agree to that again pretty easily. Just say you couldn't afford to pay anything until now and that you could do the 20% they already offered you. From what I have heard about Portfolio, they delete accounts 30 days after you have paid them off. I am unsure if they will agree to a pay for delete upfront, but it can't hurt to ask. They can email or fax you a settlement agreement before you make any payments. Do not believe them if they tell you they can't. If they say they cannot do either of these things, then tell them to mail it, then you will make the payment as soon as you get the agreement.

 

I would just get these 2 small debts done first, then focus on Cap1. I would also not call Cap1 until you have the $2,500 saved up. They may take a settlement in payments, but if you miss one payment, then your deal goes up in flames. I always recommend settling in a single, lump sum payment, as to avoid getting scammed by debt collectors.

 

That's weird about the LexisNexis letters. I bet they do have a file on you and they just can't find it based on the info you provided. They gobble up info from every possible source, so I find it very hard to believe they would have nothing on you. Did you move within the past year? Does you address on your driver's license match your current address?

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  • 1 month later...
On 9/23/2020 at 11:19 AM, RehabbingANDBlabbing said:

For both Cap1 and Portfolio, just calling them will work. If they already offered you the 20% for Cap1, then they should agree to that again pretty easily. Just say you couldn't afford to pay anything until now and that you could do the 20% they already offered you. From what I have heard about Portfolio, they delete accounts 30 days after you have paid them off. I am unsure if they will agree to a pay for delete upfront, but it can't hurt to ask. They can email or fax you a settlement agreement before you make any payments. Do not believe them if they tell you they can't. If they say they cannot do either of these things, then tell them to mail it, then you will make the payment as soon as you get the agreement.

 

I would just get these 2 small debts done first, then focus on Cap1. I would also not call Cap1 until you have the $2,500 saved up. They may take a settlement in payments, but if you miss one payment, then your deal goes up in flames. I always recommend settling in a single, lump sum payment, as to avoid getting scammed by debt collectors.

 

That's weird about the LexisNexis letters. I bet they do have a file on you and they just can't find it based on the info you provided. They gobble up info from every possible source, so I find it very hard to believe they would have nothing on you. Did you move within the past year? Does you address on your driver's license match your current address?

 UPDATE!!

 

Okay so I've sent LN everything short of a blood sample and they can't find a file on me. Sent a copy of my SS card, License, Passport, and proof of residence via a power bill for the address I've had for the last 5 years....NOTHING smh. I'm moving on at this point (like I have a choice)

 

Called Portfolio and talked to a rep. Got a letter emailed agreeing to a settlement amount for less than owed and a pay for delete. They actually advise it right on their website. Paid it via debit. So far they have updated my credit reports to show "Settled for less than Owed". This was a few weeks back so come November I am hoping they delete the entire tradeline as agreed. 

Called Caine & Weiner. Same process except I paid this debt in full since it was so small. They deleted the tradeline 1-2 weeks later. 

Haven't called Cap1 yet. They are next on my list to conquer. Going going to push for the same amount they offered to settle for previously and pay it in full to get it over with. 

As for expanding my credit mix/profile....

 

I just got a savings account with SDFCU. They did do a hard inquiry for the savings account via Experian. Found that weird and it showed up as an inquiry for a loan when I only applied for the regular savings account. The plan was to get the account then make the move for the Secured Card. Since they already did a hard pull, I am thinking to just call and see if they will approve me for the card based off what they saw to approve my application. Thoughts??? 

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7 hours ago, MarcuzAgrippa said:

 UPDATE!!

 

Okay so I've sent LN everything short of a blood sample and they can't find a file on me. Sent a copy of my SS card, License, Passport, and proof of residence via a power bill for the address I've had for the last 5 years....NOTHING smh. I'm moving on at this point (like I have a choice)

 

Called Portfolio and talked to a rep. Got a letter emailed agreeing to a settlement amount for less than owed and a pay for delete. They actually advise it right on their website. Paid it via debit. So far they have updated my credit reports to show "Settled for less than Owed". This was a few weeks back so come November I am hoping they delete the entire tradeline as agreed. 

Called Caine & Weiner. Same process except I paid this debt in full since it was so small. They deleted the tradeline 1-2 weeks later. 

Haven't called Cap1 yet. They are next on my list to conquer. Going going to push for the same amount they offered to settle for previously and pay it in full to get it over with. 

As for expanding my credit mix/profile....

 

I just got a savings account with SDFCU. They did do a hard inquiry for the savings account via Experian. Found that weird and it showed up as an inquiry for a loan when I only applied for the regular savings account. The plan was to get the account then make the move for the Secured Card. Since they already did a hard pull, I am thinking to just call and see if they will approve me for the card based off what they saw to approve my application. Thoughts??? 

For one, I want to say congrats on all your success so far!

 

I think the Portfolio account will fall off at some point, you may just be waiting on one computer to talk to another computer at this point. You could always dispute it with the bureaus and say that Portfolio agree to delete the account and send them the settlement agreement. I would give it at least 45 days after you settled the account before disputing it though. 

 

TBH, when you are rebuilding, inquiries don't make much of a difference to your profile. If you want the SDFCU secured card, then I say go for it. I think I read somewhere that it does not require a hard pull. I would just make sure your membership/savings is already approved. I have been approved for a credit card at a CU before, then denied a savings account, so I always recommend getting the savings setup first. 

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18 hours ago, RehabbingANDBlabbing said:

For one, I want to say congrats on all your success so far!

 

I think the Portfolio account will fall off at some point, you may just be waiting on one computer to talk to another computer at this point. You could always dispute it with the bureaus and say that Portfolio agree to delete the account and send them the settlement agreement. I would give it at least 45 days after you settled the account before disputing it though. 

 

TBH, when you are rebuilding, inquiries don't make much of a difference to your profile. If you want the SDFCU secured card, then I say go for it. I think I read somewhere that it does not require a hard pull. I would just make sure your membership/savings is already approved. I have been approved for a credit card at a CU before, then denied a savings account, so I always recommend getting the savings setup first. 

Thank you!! I've been researching all over the forum and it has certainly helped with my rebuilding. I have been putting my pedal to the metal so to speak since I will need to move in the next 11 months. My apartment complex is being torn down and if I get another apartment I don't want to have to do a crazy security deposit. I have a friend who is a loan officer so I am also going to check with him about purchasing a condo as well. With either option I know I need this as clean as possible and most of my other baddies will fall off around this time in 2021. 

I agree about Portfolio. I figured they might take a bit longer than expected. They were pretty straightforward when I called to settle so and quick to send over confirmation of the PFD via letter. I just know once it falls off I will be in a much better place FICO-wise. 

 

I set up the SDFCU savings account yesterday and funded the account via debit. I called to see why they did a hard pull and the CSR wasn't sure. The same CSR helped me get the application for their secured card completed over the phone. She confirmed while waiting that they don't do a credit check for the Secured Card but due to COVID, they have started doing hard pulls for new members requests. She did confirm the savings account was good to go. I got the instant approval for the secured card this morning and the funds moved over from the savings to the secured card. I saw some people say their SDFCU card didn't graduate so I asked about that too. She confirmed it does graduate as long as it is used responsibly over the first 12 months. If someone has some hiccups during that time, the 12 month waiting for graduation starts over or can be extended to 18-24 month intervals. She was really helpful and gave a ton of insight. 

 

At this point I am meeting my personal goal of no cards with annual fees. I have cards with NFCU, Greylock FCU (local CU in MA), and now SDFCU. Looking at the FICO listed on the acceptance from SDFCU, EXP has me at 609. I need 1-2 more cards to round out the goal of 5 revolving accounts to graduate from being in the "thin file" club with lenders. Any suggestions for other CU to check with for secured cards???

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5 hours ago, MarcuzAgrippa said:

Thank you!! I've been researching all over the forum and it has certainly helped with my rebuilding. I have been putting my pedal to the metal so to speak since I will need to move in the next 11 months. My apartment complex is being torn down and if I get another apartment I don't want to have to do a crazy security deposit. I have a friend who is a loan officer so I am also going to check with him about purchasing a condo as well. With either option I know I need this as clean as possible and most of my other baddies will fall off around this time in 2021. 

I agree about Portfolio. I figured they might take a bit longer than expected. They were pretty straightforward when I called to settle so and quick to send over confirmation of the PFD via letter. I just know once it falls off I will be in a much better place FICO-wise. 

 

I set up the SDFCU savings account yesterday and funded the account via debit. I called to see why they did a hard pull and the CSR wasn't sure. The same CSR helped me get the application for their secured card completed over the phone. She confirmed while waiting that they don't do a credit check for the Secured Card but due to COVID, they have started doing hard pulls for new members requests. She did confirm the savings account was good to go. I got the instant approval for the secured card this morning and the funds moved over from the savings to the secured card. I saw some people say their SDFCU card didn't graduate so I asked about that too. She confirmed it does graduate as long as it is used responsibly over the first 12 months. If someone has some hiccups during that time, the 12 month waiting for graduation starts over or can be extended to 18-24 month intervals. She was really helpful and gave a ton of insight. 

 

At this point I am meeting my personal goal of no cards with annual fees. I have cards with NFCU, Greylock FCU (local CU in MA), and now SDFCU. Looking at the FICO listed on the acceptance from SDFCU, EXP has me at 609. I need 1-2 more cards to round out the goal of 5 revolving accounts to graduate from being in the "thin file" club with lenders. Any suggestions for other CU to check with for secured cards???

If you now have 3 secured cards, I don't see why you need any more. 3 is plenty to get your credit back on track. I think you'll see some pretty good gains in your scores once the negative items come off. After that, you could try the pre-qualifier tool at American Express and see what they offer. You might be able to get unsecured cards with them. If you're in with NFCU, I think they also have a pre-qualify tool so you can keep checking to see if they have any other cards you might want.

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  • 2 months later...

Quick update on my quest as we close out 2020.....

 

Got a letter in the mail from NFCU today. They increased the limit on my secured card after 3 months with them. They doubled the available limit. Card is still secured and they will review the card in 3 more months to an upgrade to their non-secured option. 

 

I added one more card to my portfolio. A secured card with Andrews FCU. Process was simple and no credit check was required since I had a savings account with them. 

 

The two collection accounts have completely come off my reports after I did the PFD with them which is great as well. 

 

Haven't paid anything to Cap1 or called to set up an arrangement yet for my prior auto loan I defaulted on. They haven't sent me anything either so I will look to tackle this baddie next to try and get it squared away before all the other baddies are gone this time next year. 

 

My score has remained pretty much the same. I figured this is due to the charge off w/ Cap1 I mentioned above and the other baddies. Plus my AAoA is low due to the new accounts I have right now. Going to keep paying on time and keeping the utilization low. Any suggestions to help move me up the FICO ladder besides waiting out the baddies? 

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Well....2021 is off to a bang. 

Just got this email from Cap1 about my charged off auto loan. It reads: 

 

We understand losing your vehicle is stressful. Unfortunately, there’s still debt owed for your ’17 Hyundai Sonata. We’re offering you 2 options to resolve your balance. Here’s a breakdown of each option, so you can decide which one works best for you.

PAY FULL AMOUNT

Pay your full remaining balance:

$11,767.92

Your account will be paid in full, with nothing more to owe.
We’ll inform the credit bureaus that you’re “paid in full” after finishing your plan.
Future lenders may see your prior charge off and that you paid your account in full.
 

RESOLVE FOR LESS

Pay 15.00% of your remaining balance:1

$1,765.19

We’ll forgive the rest of your remaining balance.
We’ll inform the credit bureaus that you’re “paid in full for less than the full balance” after finishing your plan.
Future lenders may see your prior charge off and that you paid less than what you owed.

 

You may be required to report the amount we forgive as income on your taxes.2
Both options can be broken up monthly, up to a 36-month duration.3 If you don’t accept a plan to resolve your balance, we may continue our attempts to collect on your account.

Call by March 08, 2021, to accept.

Call 1‑800‑946‑0332
 

This is down from the $2500 they last offered. Good time to take them up on their offer? This is the most recent negative on my report as its been clean since the CO of this account. DoFD for this one is 09/01/2018 so it would be around for a bit plus I know Cap1 can get legal at times. Even at the 36 month option I could fit this easily in the budget current. My goal would be to pay it off sooner which I know I would be able to. In less than 12 months for sure. Plus, since this I haven't had a car to help keep debt low and not over extend during COVID. Thoughts?

 

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C1's proposition to you gave me pause to sit back and think for a few minutes.  There are some potential subtleties that aren't necessarily apparent upon first consideration.

 

So let me reveal an personal bias up front:  Generally speaking, I would much prefer to make good on a debt rather than take advantage of a settlement, assuming that the debt was extended on good faith and I was given a sufficient basis from which to understand the terms extended.  But, in undertaking a new repayment plan, I would only want to do so under terms I was fully confident I could meet, barring unforeseen events.

 

So, obviously dependent upon my full financial picture, I would speculate that I would be comfortable assuming the approx $4000 annual payment commitment for 3 years provided by gross income was $50k+.  If my income were more constrained than that, I deem my circumstances to warrant going for the settlement.

 

But, in either case, I'd want to make sure I understood the precise credit reporting that would arise out of the repayment opted:

 

Ultimately having the tradeline reflect a "Paid" status (along with earlier CO notation) will benefit you when it comes to manual review of your credit file.  However, it'll have little impact on your credit score (for which the presence of a CO pretty much determines the score impact of the tradeline by itself, irrespective of any later repayment).

 

Assuming that your payments against the CO merely lower the outstanding balance each month, but that a new series of current payment activity isn't recorded on the tradeline, you're looking at the best possible income.  The account is still recorded as having been closed with an adverse status and the DOFD still drives when the tradeline will be dropped from your report:  9/2025.

 

Note that I'm suggesting that from a credit score perspective, you're no worse off should you opt for the settlement.  In that case, the tradeline is closed out with a status of "Settled at less than full value", with a comparable credit score impact.  Of course, if you apply for credit where an underwriter may personally review your report details, such a status will provide much less comfort than a "Paid" status.  (In my experience, this only arises when applying for installment credit.)

 

Either way, you have 4.5+ years to live with the tradeline.  My repayment bias is driven by consideration, in part, of how I might respond to a question about the CO.  Arriving at a payment choice in the manner I've suggested, I would be very comfortable explaining that I fell into financial difficulties, but made good on the debt when my finances recovered, - or - I chose to accept a settlement offer on the debt, acting in good faith because reduced financial circumstances prevented me from making full payment at the time (hopefully some time has elapsed from that settlement, otherwise you're suggesting your financial picture is still "reduced")

 

Extended with a large grain of salt :).  Heartfelt regards, whatever direction you opt for.

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14 hours ago, MarcuzAgrippa said:

Well....2021 is off to a bang. 

Just got this email from Cap1 about my charged off auto loan. It reads: 

 

We understand losing your vehicle is stressful. Unfortunately, there’s still debt owed for your ’17 Hyundai Sonata. We’re offering you 2 options to resolve your balance. Here’s a breakdown of each option, so you can decide which one works best for you.

PAY FULL AMOUNT

Pay your full remaining balance:

$11,767.92

Your account will be paid in full, with nothing more to owe.
We’ll inform the credit bureaus that you’re “paid in full” after finishing your plan.
Future lenders may see your prior charge off and that you paid your account in full.
 

RESOLVE FOR LESS

Pay 15.00% of your remaining balance:1

$1,765.19

We’ll forgive the rest of your remaining balance.
We’ll inform the credit bureaus that you’re “paid in full for less than the full balance” after finishing your plan.
Future lenders may see your prior charge off and that you paid less than what you owed.

 

You may be required to report the amount we forgive as income on your taxes.2
Both options can be broken up monthly, up to a 36-month duration.3 If you don’t accept a plan to resolve your balance, we may continue our attempts to collect on your account.

Call by March 08, 2021, to accept.

Call 1‑800‑946‑0332
 

This is down from the $2500 they last offered. Good time to take them up on their offer? This is the most recent negative on my report as its been clean since the CO of this account. DoFD for this one is 09/01/2018 so it would be around for a bit plus I know Cap1 can get legal at times. Even at the 36 month option I could fit this easily in the budget current. My goal would be to pay it off sooner which I know I would be able to. In less than 12 months for sure. Plus, since this I haven't had a car to help keep debt low and not over extend during COVID. Thoughts?

 

 

As I understand the 1099 aspects of the second option, there will only be a tax implication if you were solvent at the time (had more assets than liabilities).

 

As a practical matter I'd want to put this behind me, and I'd take option 2.  Not only is it going to be less expensive, it's a settled matter and once less thing to obsess about (maybe you aren't obsessing, but I would... it's an individual thing).

 

Either credit reporting outcome is going to impact your scores the same, and I don't see you paying much (if any) additional interest on future installment credit while this is reporting -- or if you do, it certainly wouldn't be the $10,000 difference if your household has relatively moderate credit needs.

 

Even if you plan to get a large mortgage, any incremental cost impact will be from what the TL does to your scores, which will be the same with either option.

 

Good luck with your decision.

 

 

 

Edited by cv91915
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      Synchrony (GE): 800-333-1082 (Haverty's)
      Synchrony (GE): 866-519-6441 (Marvel CC, Sr UW)

      Target Biz Card: 800-440-5317
      Tiffany: 800-770-0800
      Transunion: (312) 466-7719 (Corporate Office Resolution Team Voicemail)
      Transunion: (610) 546-4600 (Corporate Office, need extension or last name to search directory)

      USAA Bank Secured Platinum: 800-344-5696 ext 38763 (secured product specialist)
      US Bank: 800-685-7680 (Underwriting)
      US Bank Secured Platinum: 800-344-5696 (underwriters for secured product)

      Valero: 877-882-5376

      Walmart (Sync): 877-379-8175 (Sr UW)
      Walmart (Sync): 877-969-5302 (Verification)
      Wells Fargo: 866-677-1128 (CC Executive Office)
      Wells Fargo: 844-576-6424 (Executive Office)
      Wells Fargo: 877-514-3717 (Amex Propel Credit Svcs)
      Wells Fargo: 844-879-4824 (Direct # for Product Change Credit Svcs)
      Wright Express: 888-743-3893   
       
    • By PS2020
      I had another topic on the this subject a while back but I felt it was getting too far off the mark, so I wanted to start fresh. I'll keep it super simple though, because my current goal is to repair my credit:
       
      TL;DR - What do I do with my charge offs/things that have been sent to collection and are well within the SOL? Pay them off ASAP? Pay in Full or go for the discounted settlements? What will let me start building up my score the quickest and allow me to distance myself from my troubled history?
       
      I have 2 chase accounts, one is $5k+ and one is $600+, both have been charged off, both are well within the SOL (happened in 2018, SOL is 5 years in Illinois for getting sued afaik). I have a Discount tire one that has also been charged off, also well within the SOL. Now there are some other accounts I KNOW have been charged off, all around the same time, but they either show up on my eReport or not at all, but I expect them to pop up as I continue down this process, because that seems to be what's been happening anyways.
       
      Now here's what I SPECIFICALLY need an answer on, because I felt like this wasn't getting answered: What do I do with this information? I know I owe the money, I want to improve my credit. Is it really worth going through the whole Debt Validation thing at this point? If not, than do I let's say call up Chase or Discount Tire or any of the OCs I had these debts with and talk to them? Do I just wait for the collection letter to come and settle the debt that way? Will it look better if I pay off the debt in full as opposed to going through one of these CAs, or does it not matter at this point other than getting hit with a 1099?
       
      I have searched up and down the boards and I am having trouble finding the answers I need. I already know paper reports are worth a million times more than the ereports, I already know about credit utilization and DTI and all of that, I already know what to do to build the credit back up once I don't have to worry about the charge offs before, but what I don't know is what to do with my current charge offs.
       
      Thank you all for your time! I apologize if my tone sounds demanding; I promise you that is not the case! I just want to be as straightforward as possible so I'm not wasting your time. I'm thankful for the advice I have been given already and as a matter of fact this board helped me get back with AMEX after the whole debacle I had with them.
    • By Racheljp3
      Hi everyone. 
      I just have a question on deciding if I should pay this in full or over the next few month.
      I had to file chapter 13 in 2015. 
      I’ve been rebuilding since discharged in June 2019. I’ve done really good with CC’s since then. I was approved for 3k with PayPal credit. I only use it for purchases over 100 so I can get 0% for 6 months. I owe $1300 on it now. (Christmas) It will be interest free until June. 
      I needed a an installment loan so I got $3600 via Upstart. I refused more because I just need the trade line. 
      My question is do I just pay $350 over the next few months and put the money in savings or go ahead and just pay it in full? 
      The total credit lines for Credit cards including the PayPal is $8750 
      I owe less than $1400 total. 
      I’m going to let them draft the payment for the loan monthly and then just pay it in full at 13 months. 
      That’s my plan and it makes sense in my head. I just don’t know what to do about the Paypal account. Pay in full now or wait and get the extra interest from savings account. 
      any advice? I over think everything. 



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