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Starting Credit Repair.Just Got Orchard...Some Questions


Yawo64
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Hi,

Thanks for all the information and support from this site.

As of this month, my debt breakdown is:

-- 4 collections accounts, ranging from $80 to $400.

* I DV'd each of them, got the green cards and waiting for response.

* I disputed each of them, and waiting for result of the investigations.

* If they come back verified/validated, I intend to send them a PFD letter.

-- B of A CC $4900 Charge-Off ($900 over the limit).

** I entered into an agreement with BOA to pay $100 per month. It is deducted from my account monthly, but the interest charges offset it.

** At the end of this month, I will try and pay about $300 to bring it current, and then see if I could clear the over limit within the next two months.

Positive TLs

-- I am up-to-date on my Suntrust car loan..but it will take sometime before the last years lates clear off.

-- One Target card from an ex partner on which i as an AU ... that has good history, but it was closed when the relationship ended)

-- I also applied for Orchard secured ($350) and got the card yesterday.

** do they report to the CRAs as secured cards?

As of this month, my FACO scores from the 3 agencies range from 520 (TU) to 580 (Equifax).

I am trying harder to pay off current debts and stay within low utilization? What can i do to decrease my BOA debt...I believe that is really hurting my scores at the moment?

Thanks - YY

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I'm confused on your BoA account. Will they reopen if you pay? Because a charge off isn't going to be scored higher if you pay it. A charge off is bad, paid or unpaid. If you could get them to re-open, maybe that would help...

Oh, and Orchard does not report the card secured. It's reported as "HSBC" which is the parent company that does both secured and unsecured cards.

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Just a quick plug for Orchard. After searching high and low for literally 8 hours scouring the internet for the best secured card.

I have found Orchard to be the most reasonable as far as their fees.

BEWARE--- All of the other Secured Cards out there have enormous fees, for example, it's very common to advertise "$300 credit limit", but after all their fees and charges, you end up with $72 credit... so they just "stole" $227 from you,

some will charge to go on-line to view your file, they charge you if you increase you balance, and some even charge for paying you bill........read the fine print.

The best card is Orchard Bank.

They have reasonable start-up fees, I paid $35.

and you can access you info on line for free and pay your bill for free.

They have a small monthly finance charge, but they all do.

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I'm confused on your BoA account. Will they reopen if you pay? Because a charge off isn't going to be scored higher if you pay it. A charge off is bad, paid or unpaid. If you could get them to re-open, maybe that would help....

I called them, and actually it is not a charge-off; they merely closed the account and put me into what they call "hardship program" - which entails lower interest rate (12%) and waiver of fees until it is paid off.

I asked if they would open, and they indicated the chances are very unlikely given previous delinquencies. But I am hoping that once I pay it off a bit, they can either (1) reopen at a lower limit or (B) give me a secured card

So the best I can do right now is to pay it off, else it will continue to be reported as late, every month.

What a mess....

/Yawo

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Hi,

Thanks for all the information and support from this site.

As of this month, my debt breakdown is:

-- 4 collections accounts, ranging from $80 to $400.

* I DV'd each of them, got the green cards and waiting for response.

* I disputed each of them, and waiting for result of the investigations.

* If they come back verified/validated, I intend to send them a PFD letter.

-- B of A CC $4900 Charge-Off ($900 over the limit).

** I entered into an agreement with BOA to pay $100 per month. It is deducted from my account monthly, but the interest charges offset it.

** At the end of this month, I will try and pay about $300 to bring it current, and then see if I could clear the over limit within the next two months.

Positive TLs

-- I am up-to-date on my Suntrust car loan..but it will take sometime before the last years lates clear off.

-- One Target card from an ex partner on which i as an AU ... that has good history, but it was closed when the relationship ended)

-- I also applied for Orchard secured ($350) and got the card yesterday.

** do they report to the CRAs as secured cards?

As of this month, my FACO scores from the 3 agencies range from 520 (TU) to 580 (Equifax).

I am trying harder to pay off current debts and stay within low utilization? What can i do to decrease my BOA debt...I believe that is really hurting my scores at the moment?

Thanks - YY

until you check your scores @ myfico.com you really dont know what your actual score is.

Obtain a score from anyplace other than myfico.com is not a score a lender or ceditor would use to evaluate granting credit.

h

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