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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....ūü§ē
 
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!!¬†ūü§ó
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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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 ūüėā

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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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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!! ūü§ó

 

 

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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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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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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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