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Steven Lisker's Credit Repair Journey


StevenLisker
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I'm starting this post to seek credit repair guidance, along with being able to keep everything in one spot for others to reference in the future. I'll give a little background about me below so I get help that's needed in order to improve my credit scores. Keep in mind the background listed below mentions 401k, but you care ignore that as this was cross posted on the /PersonalFinance subreddit seeking help with that. All my post will mostly stay on the topic of credit repair to stay in posting guidelines of this forum. 

 

I’ll try to keep it short, and sweet with 100% transparency (probably going to end up being long). I’m a 26-year-old male that’s starting a new job in the tech industry as a Engineer. I’ll be making 105k with 10% bonus at the end of the year. This will what I consider my first “major” job as the previous job was 1099 work, I did make about 35k doing that, and before that was retail sales where I was making about 47k. I only left the retail job to do 1099 work because I needed experience in order to get the role I’m fortunate enough to now have. I made some mistakes in my early 20’s such as running up credit cards, and not being able to pay them off resulting in them being sent to collections or being charged off. I’m working on getting that all fixed up by submitting letters for Pay for Delete, Debt Verification or Goodwill Letters all of that is something I’m working with Credit Boards forums to improve my credit score to remove as much negatives I can. Another thing I know I screwed up on is not starting a 401k with my previous retail employer where they were matching up to 5%, to be honest I was living pay check to pay check before, and never really understood 401k stuff or bothered with it. I’ll make a list below outlining where I stand with current expenses, and some details followed by questions I’m seeking answers for in order to guide me down the right path this time.

 

--Personal Info--

Age: 26

Marital Status: Single

 

--Current Expenses per month--

$150 for Gas

$500 paid to brother for mortgage we split, loan is under his name

$582 paid to brother for bills (cellphone, internet, alarm, water, electric, gas home, and car insurance)

$250 paid to brother for groceries.

= $1482 + 10% buffer considering if bills, gas or groceries cost more

Total: $1630.20/per month

 

 

--Current Job--

Location: 100% Remote

Salary: $105,000 with 10% bonus at the end of year

Bi-Weekly Pay: $4038.46 before taxes

401k Provider: Prudential

Company Match: “The first 4% of your eligible earnings that you contribute to the 401(k) Plan at 150%, and will match the next 2% you contribute at 50%. The company match applies to pre-tax and/or Roth 401(k) after-tax contributions”

 

03/16/2022 - Paper Copies Obtained 

I have taken the first step already, and got all my paper copies from major credit bureaus, including Innovis. My next post will include all details regarding my credit once I have finished reviewing each copy. 

 

 

 

 

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03/16/2022 : Checked all information across the credit reports, and listed below. 

 

** There is other info/accounts on the credit report that I list below because they were positive such as a car loan from 2015 that was paid off without any missed payments. 

 

 

Card Name: American Express

Responsibility: Individual Account

Account Type: Revolving Account

Loan Type: Credit Card

Credit Limit: $2000.00

Balance: $2512.00

Data Opened: 08/2016

Date Updated: 09/2021

Data Closed: 02/2018

Status: Charge Off

DOFD: 06/2018 (Listed on Equifax Only)

Remarks: Closed by Credit Grantor

----------------------------------------------------------------------------------------

Card Name: Bank of America

Responsibility: Individual Account

Account Type: Revolving Account

Loan Type: Credit Card

Credit Limit: $500

Balance: $1061.00

Date Opened: 09/2015

Date Updated: 04/2019

Date Closed: 06/2018

Status: Closed/Paying as Agreed

DOFD: 03/2018

Remarks: Closed by Credit Grantor/ Pay’s as Agreed

----------------------------------------------------------------------------------------

Card Name: Capital One

Responsibility:  Individual Account

Account Type: Revolving Account

Loan Type: Credit Card

Credit Limit: $4000.00

Balance: $1189.00

Date Opened: 02/2015

Date Updated: 02/2022

Date Closed: 03/2018 (Only listed on TransUnion)

Status: Charged Off

DOFD: 10/2017

Remarks: Closed by Credit Grantor

----------------------------------------------------------------------------------------

Card Name: Discover Bank

Responsibility: Individual Account

Account Type: Revolving Account

Loan Type: Credit Card

Credit Limit: $500.00

Balance: $628.00

Date Opened: 06/2015

Date Updated: 02/2022

Date Closed: 04/2018 (Only listed on TransUnion)

Status: Charged Off

DOFD: 12/2017

Remarks: Disp Invg Comp-Consum Disagrs

----------------------------------------------------------------------------------------

Card Name: JPMCB Card Services

Responsibility: Individual Account

Account Type: Revolving Account

Loan Type: Credit Card

Credit Limit: $4500.00

Balance: $865.00

Date Opened: 06/2015

Date Updated: 04/2019

Date Closed: 09/2017 (Only listed on TransUnion)

Status: Charged Off

DOFD: 08/2017

Remarks: Closed by Credit Grantor/Unpaid Balance

----------------------------------------------------------------------------------------

Card Name: Wells Fargo

Responsibility: Individual Account

Account Type: Revolving Account

Loan Type: Credit Card

Credit Limit: $2100.00

Balance: $2432.00

Data Opened: 02/2022

Data Updated: 02/2022

Data Closed: 01/2022 (Only listed on TransUnion)

Status: Account Closed

DOFD: 12/2021

Remarks: 90 days past due, Account Closed by Credit Grantor

----------------------------------------------------------------------------------------

Card Name: Wells Fargo

Responsibility: Individual Account

Account Type: Revolving Account

Loan Type: Note Loan

Credit Limit: $11,000

Balance: $4848.00

Date Opened: 02/2017

Date Updated: 01/2022

Date Closed: N/A

Status: 120 days past due, Open

DOFD: 11/2021

Remarks: 120 Days Past Due

 

 

 

 

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16 hours ago, StevenLisker said:

@hegemony What do you recommend I do next? 

your current job is W-2? have you adjusted your W-4 to make sure you avoid a refund?

 

do you have any funds to use for PFD or lump payment to avoid a CO (e.g., the WElls card)?

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9 hours ago, hegemony said:

your current job is W-2? have you adjusted your W-4 to make sure you avoid a refund?

 

do you have any funds to use for PFD or lump payment to avoid a CO (e.g., the WElls card)?

Yes, the new job is W-2. I haven't adjusted my W-4 yet, any tips? 

 

I do have funds set aside right now, but checking the Wells Fargo account now it seems like both of them were charged off recently. 

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15 hours ago, StevenLisker said:

Yes, the new job is W-2. I haven't adjusted my W-4 yet, any tips? 

 

I do have funds set aside right now, but checking the Wells Fargo account now it seems like both of them were charged off recently. 

the IRS has a worksheet you can play with for the W4.

 

for the derogatory tradelines, I'd bifurcate them into those within and those out of SOL. Tread carefully with those within SOL. I'm a little surprised you haven't been sued for some of these. Avoiding a judgement would be my number 1 priority. What kind of communication have you had with each?

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23 hours ago, hegemony said:

the IRS has a worksheet you can play with for the W4.

 

for the derogatory tradelines, I'd bifurcate them into those within and those out of SOL. Tread carefully with those within SOL. I'm a little surprised you haven't been sued for some of these. Avoiding a judgement would be my number 1 priority. What kind of communication have you had with each?

 

I haven't really had any communication with them at all, also haven't got any calls or anything. 

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18 hours ago, StevenLisker said:

 

I haven't really had any communication with them at all, also haven't got any calls or anything. 

 

have you considered BK13? It is probably the cleanest way to deal with all the within SOL charge offs.

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On 3/24/2022 at 9:22 AM, hegemony said:

 

have you considered BK13? It is probably the cleanest way to deal with all the within SOL charge offs.

I honestly havent, and was to avoid going down the route as much as possible. Most of the negatives should be dropping off by 2025 if I'm looking at the DOFD correctly. 

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You are making triple what you were before and pulling down 8 grand a month. Maybe $2,000 of that is being deducted and your expenses are under $2,000, leaving you $4,000 in your pocket.  Your debt is $13,535.  If you want to be a pauper for a very short time and put the entire $4K towards debt, that debt can become zero in about 4 months and the following month you can start applying for secured cards and do the rebuilding thing.  If you don't want to lead the pauper life, and I don't blame you, put $2K towards the debt and it will be gone before 2022 ends.  

 

I'm WAGing that you are paying over $200 a month in interest.  The faster you can pay this down, the faster you can spend that money on you instead of giving it to banks.

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4 hours ago, A Credit Ed said:

You are making triple what you were before and pulling down 8 grand a month. Maybe $2,000 of that is being deducted and your expenses are under $2,000, leaving you $4,000 in your pocket.  Your debt is $13,535.  If you want to be a pauper for a very short time and put the entire $4K towards debt, that debt can become zero in about 4 months and the following month you can start applying for secured cards and do the rebuilding thing.  If you don't want to lead the pauper life, and I don't blame you, put $2K towards the debt and it will be gone before 2022 ends.  

 

I'm WAGing that you are paying over $200 a month in interest.  The faster you can pay this down, the faster you can spend that money on you instead of giving it to banks.

 

Yeah I have no issue paying it off, just want to get over with this part of my life where I'm constantly worrying about. Is the best approach since most of these are Charged Off to just settle with the original creditor as a certain percentage of the original debt? From what I understand it will go into a status where it shows settled/paid, and should lower my overall utilization on my reports right? 

 

Really appreciate you guys for taking time out of your day to help me with this.   

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  • 1 month later...

The only ones that appear to be within SOL are the 2 Wells accounts. You could easily dispose of those in a couple of months with all that excess income you have. The rest, all beyond SOL, will report until they fall off or you make a PFD deal, which most big banks don't like  to do. Wells is likely to sue for 7K if they find out you have a good income.

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