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Review my Strategy

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I am trying to create a strategy for me to regain my credit score/rating.  Can you please review and provide any updates.


1. Bring all open accounts current, as soon as possible.  Pay more than the minimum balance amounts monthly. 

2. Obtain credit reports from all 4 credit reporting agencies.  Do not request the free credit reports.  Obtain credit scores too.  Track scores.  - Any recommendations on a credit monitoring service? - credit karma was a recommendation from a friend.

3. Request last statement balance from original creditor - Verification letter.  Also, request the name, mailing address of collection company that is handling the debt.

4. Upload my information within my signature line here at creditboards for continued recommendations.

5. Send letters to collection companies to verify the debt.  1. verify that that are licensed and doing business with the original creditor with license as a collection company able to do business in my state, 2) update my mailing address for all mail correspondence 3) do not contact me outside normal business hours and at my work numbers (should i provide my do not call numbers? my cell phone number is a business number too and my full-time job phone number ) 4) verify that the debt belongs to me proof of signed contract 5) amount of debt 6 ) last outstanding actions on the debt - which should be within the last statement.  I will provide a sample letter after i solidify my strategy.  

6. Start making small monthly payments to original creditors.  Need to make payments to maintain good stature at my job position.

7. Start applying to secured credit card companies - obtain a card every 3 months with a $1000 credit limit (secured amount).  Will obtain a list of eligible companies (that i haven't had previous negative banking relationships).

8. Continue to monitor and respond to all letters sent to collection companies, from step 4 above. 

9. Review and monitor credit scores - for improvement monthly.  Prefer free.  Any recommendation on a company?

10. When I pay off a creditor, apply the month to the next debt.  Snowball effect.  

11. After 6 months, apply to a major credit card company.  Do this every 6 months.  - I will have two (2) additional new secured credit cards reporting positive - three (3) to six (6) months of credit payment history.


Anything wrong, missing, let me know.  I want to put it into action by Nov 17, next week Tuesday.




Edited by BetrCred
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First: get paper copies of your four reports before doing anything and determine the DOFD of each bad account. FICO scores are not very important while you are rebuilding; I'd rely on free FICO scores from your creditors or an occasional purchase from myfico.com for FICO scores. Ignore fake scores from places like credit carma.


Second: determine the SOL for your state for each bad account.


it sounds like you are talking about paying bad (charged off) accounts. Be careful before doing this; paying out of SOL debts is rarely worth it unless you get a PFD. If the debts are within SOL, there is also a risk.


If by "open accounts" you mean open, but late accounts will balances, bringing them current before they charge off is very important (this assumes you can afford to do so).





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thanks for your timely and detailed response!


I will get to work with pulling all of my reports by Nov 16.   I will upload the information within a week from the date that I receive all of the information.  


I will research my state's SOL - it hasn't been that long since... maybe a year or two at most.  But I will research for each debt, for some feedback.  How to I determine the date for each debt?  Is it from the date of the last activity (payment/charge) on the account?


Thanks, in advance!


11/11/2020 - the starting date of my credit repair!



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