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Skipper

Day 1: Beginning the journey to good credit

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So here's my story: In 2007, I lost my job and it caused some severe problems with my credit. Soon after that, my wife had a stroke and we had medical bills that we couldn't get ahead of. We also almost lost our house. Cry me a river, right. These problems are bad but there's people who live in fear for their lives everyday. What I have is just a situation.

Today is the day that we turn over a new leaf and get some of this stuff fixed.

Here's what I am doing to get started

1) I got a copy of our report

2) Highlighted every creditor that had any negative information and created a folder for each of them.

3) I've got an organized section of my desk with envelopes, stamps etc.

4) Openend up a CapitalOne secured Mastercard to get the good credit flowing again even though we do have some solid accounts that just need some seasoning.

I'm working on a plan of attack as we speak but after going through the credit report, I have some specific questions:

1) I have a Midland Funding account that is showing it's DLA as of 8/11. There hasn't been a payment or correspondence on this former Bank of America account since 2004. Any thoughts here?

2) Some of my collection accounts are showing twice by different creditors. I just need to write them to inform them that since it was sold there is not a need for them to report it correct?

Thanks for listening to my issues. Any feedback would be greatly helpfull

My goal is another 50 points to my FICO in 12 months.

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Hey skipper,

Good to see your getting into to credit repair game, good for you. I'm in the midst of the same thing and learning a ton. If you can be more detailed on what your credit report looks like right now I'm sure you would have a lot of good response. It seems to me you have a manageable case from what you've described. But I'm a noob here so not the best to give advice.

I can tell you that the credit utilization of your new card will affect your score, so try to keep your balance on that low. I think 20% or less of your available balance is what you want at all times.

As for the midland account it sounds like it might be outside of the statute of limitations (SOL) do you know the date of first delinquency (DOFD)?

To those veterans reading this please let me, and skipper know if my feedback is incorrect.

Anyway, good luck Skipper keep us updated!

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Did you get a hard copy from the CRA's or just an online version? The hard copies provide more information. its hard to get a real person on the phone but be persistent you will get someone.

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First to have a very clear picture, and for someone to suggest anything here, they have to have a very clear picture of accounts that are negative. You can list them here, hiding all the real account info. Mention their status (chargeoff, sold/transferred or collections) and give DOFD!!! Out of SOL/Within SOL.

Once you have it, people can suggest things that can boost your score!!!!!!..

Opening a secured card with Capital One is a good thing? Not using it at all is very bad.

Secondly, utilization upto 30% of your available credit limit balance shows good history.

Not utilizing cards and leaving zero balances may actually be bad!!!!.. Utilize it, but keep it below 30%. this way you are building a history since opening account. Most lenders require upto 24 months of on time payment history!!!!!.That way when its time for mortgage, you know what to do.

Secondly, if your tradelines show consumer disputes, have them taken out before getting ready for a mortgage. See threads here that help in that!!!!!. You dont want to find yourself having consumer disputes when ready to apply for mortgage.

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Thanks for the responses all. I think I just learned something already.

I had a mortgage broker friend of mine pull a tri-merge credit instead of one from the credit bureaus. Maybe that's my first mistake?

I guess I'll go pull one from the bureaus as well.

My report just shows DOLA and not the first delinquency.

On the plus side, I did dispute a handfull of items last week and got my first correction. I had a charge-off account that was paid as agreed and had that removed.

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Just updating here....

I had another negative account removed today. Just disputed it online and after 30 days it dissapeared.

So far, I had a judgement removed, a collection account removed, and a pay for delete. I'm working on my second pay for delete which I think I can pull off this week.

Here's something that's been working for me in the way of a pay for delete and might be worth a try. I call the CA and kinda play dumb about the account. I explain to them that I applied for a mortgage and this showed up and I'm trying to get to the bottom of this and stress that I need to get it removed. I ask them if they have something they can send me and they have been telling me what they have on file.

Get a name and number and of whoever you speak with and be very polite with them.

I'll call back and give a solid story about how the account isn't mine. That it would save me a bunch of hassle if I could just pay them now and have it removed. This has seemed to work.

I then ask for something in writing stating our agreement and have it faxed over. Then I make the payment. It's worked once so far and hopefully a second time once this supervisor signs the letter.

I've still got a ways to go and I've made a couple of mistakes. Just gotta keep plugging along.

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Pulling this one up from the dead.

 

I kinda got lazy with my credit repair but needed to kick it into high gear in April.

 

I'm just about done but my FICO is up 100 pts from this time last year so the goal has been met.

 

The one thing to take away from all of this is to just keep plugging away.  Don't take no for an answer.

 

I put in BBB and FTC complaints and even filed lawsuits and sent the creditors the paperwork.  You just have to keep plugging away and you'll get where you want.

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Pulling this one up from the dead.

 

I kinda got lazy with my credit repair but needed to kick it into high gear in April.

 

I'm just about done but my FICO is up 100 pts from this time last year so the goal has been met.

 

The one thing to take away from all of this is to just keep plugging away.  Don't take no for an answer.

 

I put in BBB and FTC complaints and even filed lawsuits and sent the creditors the paperwork.  You just have to keep plugging away and you'll get where you want.

@Skipper - Excellent update!

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