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Losing hope...........what should I do now? Please help


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I would agree with Why Chat, I opted out when I began credit repair years ago and am still opted out to this day. The only credit offers I received when opted in during the dark days was from scumprime companies like Cross Country, Aspire, and First Premier. It might be coincidental but I also remembered a decrease in random dunnings back then.

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These items above totally devastate any FICO score model.   If that was accomplished via your CRO person, then I think that person did you no favors. And no, IMO you should not file a BK petition

#1 if the credit repair guy is offering a partial refund, take it.    #2 get the paper copies of your reports. If there’s anything that can be done to help with the negatives, it will be there.

#1 Don't leave money on the table when it's offered to you.    #2 If you haven't gotten a free copy of your reports within a year, yes, you'll have to pay for them. It's money well spent. Us

Opting out might help, might not. Can't hurt. You can ALWAYS opt back in. If you think opting out of prescreened credit offers can help you, then do it. It's really 50/50 if it helps or not. Some say yes, some say no. It's your choice. I also chose to opt out and I do believe it helped to a degree. 

 

Tackle wrong personal information on your credit reports FIRST. Ignore everything else on reports but this for now. Get rid of old or bad addresses, names, social security numbers, phone numbers, etc. Follow the thread that was already posted for helpful tips on how to do this. You want to start here because that eliminates chances of your file being perverted by someone else's information. It also helps with "validation" when you're disputing. A SS# on your reports that's not yours, you want off there like yesterday. 

 

Once you've got that started and in process, then start analyzing each tradeline and comparing them across each of your reports. If EX says CC#1 has a DOFD as 6/2016 and TU says the same CC has a DOFD as 8/2016 there's a problem here isn't there? Reporting doesn't have to be complete but it does have to be accurate. 

 

 

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On 4/10/2020 at 1:00 PM, hegemony said:

As I suggested earlier, opting out is a decision that may vary. There is not one-size fits all but since the OP seems to want cookie-cutter I'll step out of this thread before someone complains.

Do I really want a cookie-cutter plan? Nah. I just wanted a plan to remove the derogs if I could legitimately do so but I see it's ambiguous if I can do so from what has been suggested to me here. It's really up in the air. Are you suggesting that I would complain?

 

Other than removing my inaccurate addresses/ss# and opening a secured line of credit, it doesn't seem I can dispute them. I was thinking of maybe doing a GW to the creditors and seeing if that could work but I see @Why Chat said, "DO NOT try a good will letter for the CO accounts. It will CEMENT them to your reports."

Edited by maverick9
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On 4/10/2020 at 3:24 PM, kaylee34 said:

Tackle wrong personal information on your credit reports FIRST. Ignore everything else on reports but this for now. Get rid of old or bad addresses, names, social security numbers, phone numbers, etc. Follow the thread that was already posted for helpful tips on how to do this. You want to start here because that eliminates chances of your file being perverted by someone else's information. It also helps with "validation" when you're disputing. A SS# on your reports that's not yours, you want off there like yesterday. 

 

Once you've got that started and in process, then start analyzing each tradeline and comparing them across each of your reports. If EX says CC#1 has a DOFD as 6/2016 and TU says the same CC has a DOFD as 8/2016 there's a problem here isn't there? Reporting doesn't have to be complete but it does have to be accurate. 

 

 

I will surely get on this. Thank you and everyone for suggesting what I CAN do. Thanks for explaining the benefits to remove the inaccuracies of the addresses and ss#. 

Edited by maverick9
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So I starting taking action on what all of you have provided me this far and I thank you all for it. The CRO is behind me and I accepted the responsibility of getting my credit back to great health once again. 

 

After putting all the info together, I am to do the following for MY specific situation:

  1. Opt out
  2. Correct all incorrect addresses, names, ss#'s, phone numbers, etc
  3. GW Saturation Method

I already opted out of TU (and believe I am to do so for all the others but thought I read if you opt out of 1, you do for all?).

 

I corrected the incorrect addresses and such for TU

 

Next I will do the GW Saturation Method but while I am doing that should I start building my credit by getting another 2 CC's and maybe a secured loan?

 

I only have 1 CC in my name and the HELOC. I read that I should have 3 revolving CC's and a loan to help maximize my scores and that it takes 6-24 months of aging. If true, when should I apply for the CC's and what cards are advised?

Edited by maverick9
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I'm glad you have thought out a plan but you lost me at #3. GW is best for open, positive accounts. For a settled or paid CO out of SOL it will probably only achieve at cementing the tradeline to your reports. Why wouldn't #3 be "jack attack variation?" I'm curious why you think GW and not FCRA-based disputes is best for you.

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2 hours ago, hegemony said:

I'm glad you have thought out a plan but you lost me at #3. GW is best for open, positive accounts. For a settled or paid CO out of SOL it will probably only achieve at cementing the tradeline to your reports. Why wouldn't #3 be "jack attack variation?" I'm curious why you think GW and not FCRA-based disputes is best for you.

Some people are saying to do the GW method and that they didn't think it would cement the tradeline anymore than it is because I paid it. It's as cemented as it can be, right? But if your saying to the Jack Attack here is better, fine I'm open to doing it as you instruct but I was reviewing the method. From what I gather it is a method of disputing via finding erroneous info on the reporting. I don't have the original docs (payment info, balance amounts, etc) @hegemony, so how can I know what is or isn't accurate in order to dispute?

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Goodwill is the sort of thing one would use when you were out of town or had a sick relative and missed a single billing cycle, leaving you with a 30-day late you hope to remove from an otherwise sparking record.  It is NOT what one would expect after stiffing a company to the point they charged off an account even if one later settled IN FULL for everything that was owed.  And if there was a settlement, it is generally for some small percentage of what was walked...so there is no quid for the pro quo to be found.

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1 hour ago, maverick9 said:

Some people are saying to do the GW method and that they didn't think it would cement the tradeline anymore than it is because I paid it. It's as cemented as it can be, right? But if your saying to the Jack Attack here is better, fine I'm open to doing it as you instruct but I was reviewing the method. From what I gather it is a method of disputing via finding erroneous info on the reporting. I don't have the original docs (payment info, balance amounts, etc) @hegemony, so how can I know what is or isn't accurate in order to dispute?

Don't do what you think I want you to do. I was just curious why you thought GW would better in your situation. Can you point to an example of GW working on a CO? thanks

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55 minutes ago, hegemony said:

Don't do what you think I want you to do. I was just curious why you thought GW would better in your situation. Can you point to an example of GW working on a CO? thanks

Scroll midway through this page, under User-submitted GW examples, and you'll see several people having success with the GW working including paid off CO's.

 

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Edited by maverick9
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46 minutes ago, maverick9 said:

Scroll midway through this page and you'll see several people having success with the GW working including paid off CO's.

 

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Thanks. I was worried it was from myfako. Be sure to look at the dates of those posts.

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3 hours ago, maverick9 said:

After putting all the info together, I am to do the following for MY specific situation:

  1. Opt out   YES
  2. Correct all incorrect addresses, names, ss#'s, phone numbers, etc  YES

I already opted out of TU (and believe I am to do so for all the others but thought I read if you opt out of 1, you do for all?).

If you opted out at the opt-out website, you're opted out everywhere. 

 

I corrected the incorrect addresses and such for TU

Good. Do this on the other 3 as well. 

 

I only have 1 CC in my name and the HELOC. I read that I should have 3 revolving CC's and a loan to help maximize my scores and that it takes 6-24 months of aging. If true, when should I apply for the CC's and what cards are advised?

 

Yes, If I remember right, 3 revolving accounts is the generally accepted minimum for FICO scoring. 3-5 being optimal. Anything over that is gravy. Yes, the accounts have to age so they are no longer counted as "new". That takes 12 months. If I'm wrong on that number someone will correct me.

 

 

 

 

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I already opted out of TU (and believe I am to do so for all the others but thought I read if you opt out of 1, you do for all?).

If you opted out at the opt-out website, you're opted out everywhere. 

I did it through TU directly via calling them. Can you please give me the opt-out website?

 

I corrected the incorrect addresses and such for TU

Good. Do this on the other 3 as well. 

Indeed!

 

I only have 1 CC in my name and the HELOC. I read that I should have 3 revolving CC's and a loan to help maximize my scores and that it takes 6-24 months of aging. If true, when should I apply for the CC's and what cards are advised?

 

Yes, If I remember right, 3 revolving accounts is the generally accepted minimum for FICO scoring. 3-5 being optimal. Anything over that is gravy. Yes, the accounts have to age so they are no longer counted as "new". That takes 12 months. If I'm wrong on that number someone will correct me.

 

Ok but do now? And what cards are recommended for rebuilding that are non hard inquiries? 

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44 minutes ago, maverick9 said:

I already opted out of TU (and believe I am to do so for all the others but thought I read if you opt out of 1, you do for all?).

If you opted out at the opt-out website, you're opted out everywhere. 

I did it through TU directly via calling them. Can you please give me the opt-out website?

 

 

 

Ok but do now? And what cards are recommended for rebuilding that are non hard inquiries? 

opt out here: https://www.optoutprescreen.com/

 

don't worry about inquires; they are a natural part of rebuilding. they only impact FICO for 12 months and after 6 months hardly matter at all

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48 minutes ago, hegemony said:

opt out here: https://www.optoutprescreen.com/

 

don't worry about inquires; they are a natural part of rebuilding. they only impact FICO for 12 months and after 6 months hardly matter at all

Thanks @hegemony!

 

I see a mixed review of opting out. What are your thoughts on it @hegemony?

Edited by maverick9
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6 hours ago, centex said:

Goodwill is the sort of thing one would use when you were out of town or had a sick relative and missed a single billing cycle, leaving you with a 30-day late you hope to remove from an otherwise sparking record.  It is NOT what one would expect after stiffing a company to the point they charged off an account even if one later settled IN FULL for everything that was owed.  And if there was a settlement, it is generally for some small percentage of what was walked...so there is no quid for the pro quo to be found.

Thanks for your input. However, one thing I've realized in doing my due diligence in this credit game is the vast amount of info there is on these forums. What you have stated goes completely against what all these other people in other forums have posted. It comes down to who do we choose to believe. Being that you have almost 22k posts on CB since 2004 gave me confidence that you know what your stuff about credit but at the same time, all these people can't be lying either. 

 

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

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4 hours ago, maverick9 said:

Thanks @hegemony!

 

I see a mixed review of opting out. What are your thoughts on it @hegemony?

I am indifferent to it; if you think someone is looking for you or you are about to apply for a mortgage then I'm okay with it but otherwise it doesn't do anything other than stop credit offers. Read the fine print on the optout website and you'll see exactly what it stops. It does not stop everything some claim it does.

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59 minutes ago, maverick9 said:

Thanks for your input. However, one thing I've realized in doing my due diligence in this credit game is the vast amount of info there is on these forums. What you have stated goes completely against what all these other people in other forums have posted. It comes down to who do we choose to believe. Being that you have almost 22k posts on CB since 2004 gave me confidence that you know what your stuff about credit but at the same time, all these people can't be lying either. 

 

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Centex absolutely knows their stuff. 
 

Are all those people on the other forum lying? No probably not. There’s tons of GW successes posted here also. 
 

The thread from the other forum is 8 years old. The few linked threads in that I looked at were all 12 years old. 
 

What everyone here is telling you about GW letters is that times have changed since then. GW letters don’t work like they used to. IMO, They’re a last resort when all else fails because they can firmly cement something to your report. 
 

You have a derogatory account that’s out of SOL, not paid and not settled. You also have three CO paid accounts. Correct? 
 

Your course of action is to dispute the accounts with whatever means stands the best chance of getting the results you want (deleted) while avoiding cementing it to your reports or having it updated to put you in a worse position. 
 

If medical debt, use WhyChat’s methods. 
 

For non-medical collections, the older the debt is the easier it is to dispute because the information gets muddled and lost over time  as the account gets shuffled around and sold. Use whatever method looks the best for that ONE particular account. Different accounts might require different methods.
 

Since you settled a bunch of accounts and you’ve been dealing with that credit repair guy, odds are these things are cemented. We can’t tell you with 100% certainty that they are or aren’t. You don’t have the paperwork for the original debt so that’s not helping either. 

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1 hour ago, kaylee34 said:

Centex absolutely knows their stuff. 

I believe you.

Quote

Are all those people on the other forum lying? No probably not. There’s tons of GW successes posted here also. 
 

The thread from the other forum is 8 years old. The few linked threads in that I looked at were all 12 years old. 
 

What everyone here is telling you about GW letters is that times have changed since then. GW letters don’t work like they used to. IMO, They’re a last resort when all else fails because they can firmly cement something to your report. 

Old posts, good point. 

Quote

You have a derogatory account that’s out of SOL, not paid and not settled. You also have three CO paid accounts. Correct? 

Yes and yes.

Quote

If medical debt, use WhyChat’s methods.

No medical claims thank God!

Quote

 For non-medical collections, the older the debt is the easier it is to dispute because the information gets muddled and lost over time  as the account gets shuffled around and sold. Use whatever method looks the best for that ONE particular account. Different accounts might require different methods.
 

Since you settled a bunch of accounts and you’ve been dealing with that credit repair guy, odds are these things are cemented. We can’t tell you with 100% certainty that they are or aren’t. You don’t have the paperwork for the original debt so that’s not helping either. 

Because I don't have the records for accounts that are several years old, I don't know what I can dispute. Who keeps all those records thinking your going to have this issue?

 

Since I don't have the records and GW has been good to all those other people from the thread I posted, I was thinking that was my possible way out but I guess I'm screwed if the GW doesn't work anymore. 😢

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1 hour ago, kaylee34 said:

Centex absolutely knows their stuff. 
 

Are all those people on the other forum lying? No probably not. There’s tons of GW successes posted here also. 
 

The thread from the other forum is 8 years old. The few linked threads in that I looked at were all 12 years old. 
 

What everyone here is telling you about GW letters is that times have changed since then. GW letters don’t work like they used to. IMO, They’re a last resort when all else fails because they can firmly cement something to your report. 
 

 

Drawing on my own experience and others:

 

In 1995, a well worded goodwill request, backed up by some documentation of surrounding adverse experience, was gold.  I'll suggest that upwards of 80% of creditors were receptive to clearing past delinquencies from an active account, having received such a letter.

 

As of 2005, internet forums had become the rage and there was a lot of advice floating around.  "Goodwill" letters had become part of the credit repair handbook and creditors were receiving more requests, a good number of which were little more than sloppy, "Clear my delinquencies too, please!".  Still, I would guess the success rate of a well-prepared goodwill request was approx 60%.

 

As of 2015, creditors had been flooded by goodwill requests from anyone with a pulse.  No one really was staffed to sieve out "deserving" requests from disingenuous ones.  Further, the CRA's began stressing that, by agreement, creditors were obligated to report all history, rather than selectively suppressing some information.  The boilerplate response to a goodwill request in 90%+ cases is now, "Sorry, but we're required to report accurately".

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On 4/10/2020 at 3:24 PM, kaylee34 said:

You can ALWAYS opt back in.

Following the dubious advice* I got shortly after I joined CB, I opted out.

 

I've tried opting back in several times over the course of the last 6 or 7 years.  The requests always appear to be successful, but offers do not follow.

 

My spouse gets pre-screened offers at both of our addresses.  So do both of my parents (yes, at our addresses).

 

But I haven't gotten a pre-screened offer via USPS for as long as I can remember. 

 

I get plenty of offers from places where we have an existing relationship, but they are targeting me based on that.  The offers never have opt-out language in them.

 

It might be a COMPUTER GLITCH somewhere along the line, but I don't know how to address it. 

 

 

 

 

 

 

* I also joined multiple credit unions.  Not everything you read here is rooted in facts or logic.

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  • 2 months later...

Time to give CB a big THANK YOU and especially my lifelong friend here whom I'm really indebted to forever. This person generously gave me their time and knowledge. I'd mention their name but not sure if they want me to do so. Therefore I'll refrain for the time being.

 

Thought I'd share my progress that since I fired the CRO 3 months ago and took my credit in my own hands I HAVE IMPROVED MY FICO 8 SCORES 72 POINTS IN THE LAST 75 DAYS!!!

 

Thank you all so much for your input and patience with me. I'm working my way to 850 and will get there within the coming months. Back to work!

 

 

Edited by maverick9
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11 hours ago, maverick9 said:

Time to give CB a big THANK YOU and especially my lifelong friend here whom I'm really indebted to forever. This person generously gave me their time and knowledge. I'd mention their name but not sure if they want me to do so. Therefore I'll refrain for the time being.

 

Thought I'd share my progress that since I fired the CRO 3 months ago and took my credit in my own hands I HAVE IMPROVED MY FICO 8 SCORES 72 POINTS IN THE LAST 75 DAYS!!!

 

Thank you all so much for your input and patience with me. I'm working my way to 850 and will get there within the coming months. Back to work!

 

 

Under any circumstances it's fun to see a celebratory post like this, but it's especially exciting given its stark contrast with the thread title!!

 

Great work!

 

 

Edited by cv91915
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