waslostnowfound Posted February 13, 2012 Report Share Posted February 13, 2012 (edited) background:i am a recent college graduate who took a little longer than some to finish college because i was paying my way and got distracted at times. i finally graduated with a great degree and landed great job and i still have a lot of income coming from consulting work on the side. needless to say, i finally have disposable income and hate that my credit isn't good and i am VERY determined to fix it. it is a top priority!problem:because i was paying my way i frequently found myself in financial trouble/stress and while i can't say that i "trashed" my credit score, its def. not great. i can still do things like sign up for cell phone plans and directv etc ... and i have 1 credit card that i got recently (its a repair your credit, credit card and i use it only for car stuff like gas). but its no where near buying a new car status. i need some serious advice on the best practices of repairing this as soon as possible. the things that i know are delinquent are a credit card, a shopping card, maybe medical bill, and a utility bill. my solution: first thing first, i need a credit report and a credit monitoring service to help me begin tackling this and find out exactly what is on there. next, i plan to start eliminating/settling things until it is clear. i am only settling in bulk. so no monthly payment plans to settle a debt. i am saving up a chunk and then throwing it at something to settle it. i know and have read that documentation is the key to doing this and i plan to be extremely careful with letters/wording/and having proof of a debt being settled.my edited questions:if it states that the item will be on credit report until a certain date ... if that date is soon, do i still worry about settling it?what is the best way to settle debt? pay the collection agency? see if i can pay the original account first? two of my delinquent accounts i have received mail for offering 25% or less settlement payout ... is this wise?how long will it take for me to start seeing an incline in my credit number?i appreciate any and all advice. and please don't berate me ... i was stupid in my younger days (well i guess i am still young but you know) and def. know it! Edited February 13, 2012 by waslostnowfound Link to comment Share on other sites More sharing options...
waslostnowfound Posted February 13, 2012 Author Report Share Posted February 13, 2012 (edited) well since no one will reply i will begin documenting my progress: 1st:I just zeroed all of my current utilities and credit card so they all have zero balance (just to start fresh).2nd:I opened a secured credit card through my credit union. (They basically open a CD and your limit on the card is the amount you put into the CD. This will remain open for at least two years.)3rd:I obtained and printed copies of my credit report.CREDIT REPAIR PROGRESS1Dominion Power Bill sent to Portfolio Recovery Associates, LLC ... I sent them letter stating in writing what I need from them if i were to accept their settlement offer for an amount that would change my account to "Settled in Full" ... awaiting reply2HSBC Credit Card sent to Northland Group Inc ... I received a letter from them with a settlement offer. I responded with a pay for delete settlement letter with a copy of the letter stating that I was offered to settle the account for x and I am willing to do so if they remove all information on this account from my credit report. 3This one I have no idea. Credit report shows account from Verizon that was only open for 2 months and has a balance of $232. Anyway, I called Verizon number listed and after about 15 minute conversation they are willing to remove it from my credit report if I can send them a copy of my internet/tv bill with comcast during the same period which I know I have somewhere. FIOS wasn't even available at the address they have listed on the account. very weird. Oh well, this is an easy settlement.That is it so far. Edited February 13, 2012 by waslostnowfound Link to comment Share on other sites More sharing options...
cinnamngrl Posted February 20, 2012 Report Share Posted February 20, 2012 my edited questions:if it states that the item will be on credit report until a certain date ... if that date is soon, do i still worry about settling it?what is the best way to settle debt? pay the collection agency? see if i can pay the original account first? two of my delinquent accounts i have received mail for offering 25% or less settlement payout ... is this wise?how long will it take for me to start seeing an incline in my credit number?i appreciate any and all advice. and please don't berate me ... i was stupid in my younger days (well i guess i am still young but you know) and def. know it!I need some specifics to respond to. How many tradelines are there? is the item that is coming close to the drop off date a judgment? Settling can work but you should try to include deletion in the settlement. Link to comment Share on other sites More sharing options...
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