My credit, issues, and what I've done.

[dreaminofthetropics]

I actually am trying to repair my, my mother, and my girlfriends credit all at once! I read and read and read some more of course I'm still reading and researching and will continue to do so. We have nothing pressing coming up per say, however I am in Nursing school and soon will have a good income and will want to buy a home, car etc.

All scores are PLUS scores from Experian, which I know aren't accurate, but they do give me an idea if I'm moving in the correct direction and since there is nothing immediately coming up I figure it will work until I get seriously ready to start looking for a home or car. I have monthly monitoring via Experian and can pull our reports everyday free if I want to :D

My score is 541

I have 14 medical collections on my credit (all from THREE ER visits and people billing separately) 6 of these will fall off by September 2011, so I'm not bothering with them since they will be gone before I am applying for financing. I sent pay for delete with settlement offers to the others figuring it was worth a try. I just sent regular mail to see if I would get any response from them. NONE of them have called or sent me mail in MONTHS, so I'm hoping me contacting them offering money will get some attention. This is the case in the ones on my mom and my gf's as well. As far as mine I could pay off one a month as most are under $200 a few are around $500. I figured it couldn't hurt to offer a settlement in chance that they would take it.

I looked into validation and almost sent out validation letters until I found that it wasn't any good after 30 days (which all of these are) We have just got new credit cards from capital one that we are using and paying off two days later (we got rewards cards so we're earning money and no interest until June and haven't previously had any cc issues) I have one cc that has been open for 14 months has a $26 balance on $350 limit and has been paid on time and in full every month. I'm hoping opening the other new cc (we each now have 2) will help 2 years down the road when we go to apply for credit as we have below 15% utilization and will have all on time payments at that point. I also blanket disputed everything on all 3 of our reports and am awaiting the results of that.

My gf's score is 561 and she only has 2 negative collections both medical (she has 3 that will fall off within the next 6 months) and then she has positive on cc, car just paid off, and installment account (furniture purchase)

My mom has a perfectly paid mortgage for 8 years (courtesy of me! I live in the house) and she has SIX yes 6 delinquent cc's....


I sent the disputes, pay for delete settlement offers to those I could afford. In the meantime, any suggestions? After reading I paid the cc's that we have off (one hasn't reported so all the scores might jump as our current utilization is at 58% and will drop to about 8%) I added my mom as a authorized user to our cc's (14 mo history, 3 mo history, and new one) in hopes of combating all of her charge off credit cards.


I intend on keeping all of the credit cards (4 total for an avail credit of $1250) paid down all the time. Is there anything else I can do? With all of these medical bill collections if I don't get them off or get them to pay for delete would Lexington Law be a good option once I am working as an RN? These all will be years old by the time I'm ready to apply and I will have the money to pay so I guess I could try pay in full to delete letters maybe 1-2 a month ??? I know I'm saying a lot but my head is spinning from all of this and I'm just trying to get a handle on what to do. I believe right now I should just wait, but I really want to know in the future what options might be available and if they ignore my pay for delete letters should I try again CM or CMRRR? I have a couple years to fix all of this so time isn't of the essence I just want some ideas for long term.

Thanks for anyone's suggestions, comments, critiques etc!!!

[chane]

You should dispute the accounts with the CRAs before you do any pay for deletes. Why pay them if they will come off your credit report for free? They are more than likely out of SOL so there is no reason to pay them.

Debt validation can be done at any time.

Other than that you're doing good. Try to get higher credit limits once negatives start coming off. It's very smart of you to start cleaning this up way ahead of the time you are applying for a loan.