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I finally have the money to do something!!!!


Wick33
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Hello-

My first time here and I am so astonished the amount of people who are in the same boat that I have been in for years!

My question is this:

I only have a few thousand dollars left that I owe anyone money to. Over the years I have either paid some things off or it was dropped due to time.

I am proud to say that I never considered bancruptcy, I guess it's a pride thing - I racked up these bills and it's my responsibility to take care of it! 8)

I have the money to pay it all off right now, but I want to make sure that I do it in a way that "raises" my score and record with all three Experian, Equifax and TransUnion. The best possible! My score is from 571 to 530 between the three. :cry:

What does someone recommend I do to make sure that when I pay them I have my score raised?

Also, how high do you think my score may go? I know that there are a lot of variables but I just have about three or four things on my credit that I need to take off!

I can honestly say that I am excited about getting this taken care of and being able to go get a new car or whatever and not be embarrassed. :lol::lol:

It used to make me sick to think about having to run my credit report for anyone!

Thanks so much!

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Please do a search for pay for deletion letters...that's your first goal. Get the creditor to accept full or partial payment for deletion of the tradeline.

If that doesn't work, ask twice! And then again. Make sure they know you are paying those that accept this "deal" first...

The worst thing (other than BK) to have on your report is UNPAID CHARGEOFFS or UNPAID COLLECTIONS ACCOUNTS.

The next worst thing is PAID CHARGEOFFS or PAIID COLLECTIONS! It doesn't help your score to pay them, you need to get them off your reports.

Note: it does help to pay them if applying for new credit such as a car or mortgage. Those loans you are usually able to go through and say "medical bill" etc and explain why you have the item on your report.

I also paid off almost all of my debt over the past 3 years...and didn't know I had any options. My score tanked for quite a while, it's moving back up now due to stuff dropping off and perfect pays for 2+ years.

My best advice is to read aol the stickies at the top. This will help you immensely in your journey. Listen to what everyone is saying, they've all been there or worse spots before.

Good luck.

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wick, how old are these debts? Are they past the SOL in your state? You need to start there. Pay the ones off that agree to DELETION letters, not the ones that say they will mark it as PAID.

I mistakenly had my daughter pay a small charge-off ($39) to Victorias Secret a few years ago and they STILL report it. She has tried to get it removed and so far has not been able to. PAID CHARGE OFF is almost as bad as an unpaid charge off. Of course, you will feel better that you paid a debt that you owe.

But, the point is, you need to take care of the debts first that will cooperate with you. If they are past the SOL they don't have a lot of leverage and the ball is in your court. Don't get discouraged, work hard and be diligent - that's what it takes! :D

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Here is some more info for you. Yes, do as the others said and pay the ones who are willing to delete or change to paid as agreed first. Now, make sure which ones are beyond the SOL, which should take care of 1997 and possibly 1999, but, you also need to check your State's Laws as to the SOL to make sure before you act. Then, if a debt is beyond the SOL, send a letter containing an offer of settlement at about $.10 on the Dollar. You will include in the letter that you are aware that the debt is timebarred, be sure to insert the actual State Law, that they have no legal recourse to the debt, and you are aware that the negative remarks have no great bearing on your score due to their date. But, you would like to settle the account. What you are wanting is a letter containing a counter offer of $.40 on the Dollar. You would then return another letter at $.25 on the Dollar. Many times this will be accepted. If the CA does not respond within the time frame you set up, say 10 days from receipt of letter, go to the next one. Next Month, send another and state it is a final offer or you will just let the debt run its course on your report. Remember, if the debt is timebarred, do not be afraid of them. Any and all threats they make are illegal. They cannot sue you on a timebarred debt. As to those that are within the SOL, send an offer of settlement of at least $.30 on the Dollar and you could possibly settle for about $.50-.60 on the Dollar. If you feel that you must pay the whole amount, it is entirely up to you. You are not doing them a favor by paying the whole thing. All you are doing is putting more money in their pocket. In short, you will set your goal at complete deletion or changed to paid as agreed. You will take no less for any reason. No matter what you agree to settle for, they must do one or the other or forget it.

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In regards to my previous emails, some of my old debts are from 1996 and 97......I have been told after 7 years they have to take the item off of your report.

when exactly does this occur? by calender year, based off of the month/year it was condiered a larte notice?

Thanks!

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Yes, a negative TL will fall off of your report at 7 years, usually at the end of the month of the designated year. It will be 7 years from the DOLA from what I understand. Sometimes it will fall off after 6 years 9 months. Some have disputed with the CRA within 6 months of it being deleted and it was deleted then.

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