Please critique my 505 repair plan!

[jkstam3]

Hi all, this is my first post. First of all, a little background. I'm 22 yeard old, and a college grad student. First of all, I want to say my bad credit is not on the count of going crazy freshman year with credit cards- I have one instance of that that is a chargeoff status with a balance of $352.00- everything else I have is all medical related bills.



Anyways, I hit a point in my life recently where I came in to about $8,000.00. I need to buy a car, but didnt want to spend all the money at once so I attempted to finance one. I was baffled why I couldn't get financed when I had the money to buy the car sitting in the bank. Then I got smart and investigated my CR for myself, and decided things needed to change...I'll be graduating dental school in 5 years and will need a SUBSTANTIAL loan to start a practice with.

So I bought a car for $1000 bucks and it freakin sucks to hell and back. But I figured I'd put the money I have now to good work and attempt to build my credit back.


Currently my scores are: 571 trans, 504 exp, 526 equi.



Here's the breakdown: ITEMS IN RED I COULD REALLY USE ADDITIONAL ADVICE ON


Revolving Accounts


CareCredit - balance $0 - collection/chargeoff (they sold the debt another debt collection service) I assume there's not really anything I can do here, but I plan on disputing with credit bureaus and if I don't have any luck with that attempt the 623 method.



DSNB Macys- balance $352.00 - collections/chargeoff - I called and tried to get a PFD, they refused. They also would not setlle and mark my pay status as paid in full therefore I just plan to pay this off to a $0 balance, and then again try to get it taken off by lack of record keeping by reporting to CB and then attempting 623 method.



HSBC Bank (on my report twice?) - balance $651.00 - collection/chargeoff - I called and they have NO information on me as an account holder or attached to another account. They looked me up by SS #, address, birthday, full name, phone number- nothing came up. I plan to report this and get it deleted :smileyhappy:



Installment Accounts:


Chase - $6585- eductional - current - deferred until 2013 - I plan to make payments when deferrment is up


US DEPT ED- ~30k - educational - current - deferred until 2015 - I plan to make payments when defferement is up/out of school



Collection Accounts


NCO Financial - balance $685 - medical bills - I called and they said absolutely no to a PFD. I am currently debating Settling the account for $490 to show a $0 balance. The lady told me it would just said paid, but never specifically said it wouldn't say settled or something. Should I settle or pay the full $685? OR I'm thinking about attempting the whychat method with the OC to get this taken off


Portfolio Collections- balance $1917 - medical bills- There's no way I can pay this full amount. If they will settle for ~$1100 I will take it regardless of mark on my account. I've yet to be able to get someone on the phone to talk about my options. It's not coded as a medical bill becuase it's carecredit credit card and debt was sold, so I can't do the whychat method, but maybe reporting and working the 623 method will work here too..question I have is that if the disputing/623 method works for the OC listing above, will it delete this too or will I need to do the same process for this as well.


FFCC-Columbus- balance $130- medical bills - Said they would not PFD, therefore I will attempt the whychat method here with the OC


GLA Collect -balance $474 - medical (see below)



GLA Collect- balance $460 - medical/dental - I called and they said if I payed both in full they would completely delete. So no need for any special methods or tricks here, I'm just gonna get this in writing and pay it!


CRDT CLEARHA- balance $70 - have no idea what this is for, have no contact info for them and cant find any...just plan to pay them if I can ever reach them....



So step 1 of my plan is to basically pay my delinquent accounts to the sum of [B$3271B] (assuming Portfolio will settle for around ~1100 while attempting to get them taken off my report...I know this will not happen overnight, but I know 4 will come off (the HSBC error listed twice and the GLA collect accounts listed twice), I'm hoping the whychat method will get the other 2 medical collection accounts off as well...I'd be pretty happy at that point regardless of whether or not the Portfolio, Macys, CareCredit, and CRDT CLEARHA comes off.

Step 2 will happen simultaneously actually and my plan there is to get 3 secured credit cards for $300 each and use them for $75 worth of purchases each month while paying balances off at the end of each month, as well as take out $1,500 1 year loan secured with a CD from my credit union and have payments automatically withdrawn each month.

Step 3 will be to hope that my credit score will come up to around a 620 by this time next year? Maybe I'm being too optimistic??


Your advice and input is GREATLY appreciated!

[jkstam3]

for the record, I'm not interested in the SOL/letting them fall off my CR...I'm certain a few of them are off...for instance Portfolio is showing my start date as sometime this year which means SOL wouldn't be up for 7 years...but I know for a fact that I went deliquescent with that care credit account about 3 years ago..

regardless...I don't have the time to wait it out...would much rather pay a collection/chargeoff to show a $0 balance and keep attempting to get it disputed off there than to let it fall off 7 years from now because the majority of this stuff is from last year.

[jkstam3]

Update 12/22/2011- finally reach portfolio- they said they referred my account to their collectors which is another company? such a confusing process for me to grasp at my age!

Anyways I talked to the company handling the debt of $1917 and they kept saying stuff like "settling will stop the suit process" ect, but to my knowledge I haven't been informed of any suit pertaining to this account. Is this a scare tactic?

Anyways x2 I told her I wanted to settle for $1100 and she said absolutely not. I explained to her I know shes not with portfolio but there's no way they paid xxxx dollars to buy my debt from GE MONEY BANK, she said the best they could do was $1500.

I told her I'm not comfortable with that amount unless I get a PFD, which she said wasn't possible. So I began to tell her that unless we can settle for $1100 or do a PFD for $1500 my next move would be to report the actual portfolio mark on my credit report because it's inaccurate showing an activity date that makes the SOL 7 years from now, when in reality this activity date should reflect the OC first date of delinquency....she literally said; "I have no idea how to respond to that, here's my manager"

Mr. Manager answered the phone with "Mr. ____ what do you want from us" and I told him $1100 settlement and check secured today to you all, he said he'd call me tomorrow if that will do.

So, it doesn't look like a PFD will be easy enough with this collection, but like I said earlier...this is my BIGGEST debt...I will take a settlement on this one; unless you all have some advice and wanna chime in.