So long story but like many others I am a single mother who ended a relationship with my credit in despair. Now after a year I have stabilized financially and able to start building myself back up. I started by pulling my credit report after now the work begins. I am embarrassed to admit my score dropped from the 600s to now 498! It appears that I have approximately 98,000 in debt...3500 in hospital bills turned over to debt collectors, 1,500 in other random debt collection bills. The remaining in many student loans. I am successfully employed and simply became so overwhelmed. I don't have open credit cards and have a car note I've been making extra payments on. So tired of paying +850 for a one bedroom apartment for my son and self and have a dream of buying. I budgeted out all these debt collectors to pay them off in the next few months but how can I get them off my credit report without waiting until 2018? I read about mailing letters? Please help me fix my credit report so I can get out of this 1 bedroom dive! Feeling motivated and desperate!!! Oh I also have paperwork to consolidate my student loans. I read something about PFD Agreements, would this work? What about the accounts that were already paid and closed but still reporting?
Single mother determined to repair horrible credit score
Usually negative items remain on your credit report for 7 years from the date of your first default. You can make a written request to your creditors to remove the negative items from your credit report after repaying the debts in full and update your account status as “Paid-in-fullâ€. But it depends on their discretion whether or not to accept your request.
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Yep..true. Even if your debt says 'Paid In Full', it remain on your credit. However....you may want to talk to your creditors and see if they will possibly agree to removing the item after you pay it off. Sometimes this approach does work. Also..the debt that is on your credit. How long ago was the debt 'recorded?..has you SOL (Satue Of Limitations) expired on te debt? If it did, then those certain creditors cannot sue after the SOL is up. To give you a little piece of mind, too, the 'older' the debt on your credit, the 'better' (lack of a better word) it is. Concerning your Student Loans (I have a few myself)..did you receive them from the same lender? I would fill out the paperwork and send it in..and go from there. Consolidation with Student Loans sure did help me! I'm a single mom, as well. :)
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So where do I go about figuring the SOL? I was doing more research and found templates for "well-being letters" along with other types...Do you think its the student loans dropping my score?
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Any 'new' debt on your Credit Report can drop your score. You can look on the internet about 'your' sates SOL. Most states, the SOL is 4 years. What state do you live in? If you're having trouble trying to find the SOL for your state, I can try to help you on my end. Also..on your CR's there is (what you call ) a 'fall off' date. Dates that debts will come off your CR. Debts usually are on CR's for 7 years. So, when they 'fall off', your credit score does go up. You can actually get your credit scores free from 'www.annualcreditreport (dot)com. You can print it out, as well, for yourself...and see which items will 'fall off', too.
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I am currently in the state of colorado and in researching the SOL I found references for 3 and 6? After 7 years, the CA can still pursue it money but it can no longer be reported? I already have my CR and have reviewed it which has stimulated this who thing for me. I hadn't pulled my CR in probably 7 years! Has anyone heard of Goodwill Deletion letters? It appears that there are so many types of letters. Some of the negative information is on closed accounts and I was thinking these "Goodwill" letters would be appropriate. I just want to make sure I know what I am doing/talking about.
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Ok..I just looked up some information. 'SOL for debt in Colorado': domestic and foreign judgements (if you have any kind of 'judgement' aqainst you for any kind of dent) is 6 years; any 'regular' debt that invloves contracts (like credit cards, telephone bills, etc) is 3 years; "action to secure possession of personal property and arrears of rent" is 6 years. i can't find any SOL on child support, school loans, etc. ..however, I don't think school loans have one. If your school loans go into 'default' then they can take payments/balances from your taxes, etc. Now...reguarding the SOL's, LEGALLY a creditor cannot ask for any more payments after that time (trust me,..they will try). If a creditor attempts to sue you aftr the SOL is up, you can go to court and use the SOL Expiration as a defense (the website I just looked up had alot of great stuff on it!!). The SOL 'clock' starts when your last deliquent payment is posted on your credit report. Hope this helps you. :)
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OH!! I forgot about you question about 'Goodwill Letters'!! Sorry. Under one of the forums ('Credit Repair', I think) there are alot of 'stickys' (IE-'Pay for Delete letters, etc,) that you can read and they should be extremely helpful to you! Just make sure whatever you decide to do to deal with your debt, ALWAYS make copies for your self and document everything. My 'personal' advice?..if you send payments to anyone, I would send them in Money Orders and 'certified mail' so you can keep track if they received the payment and if the Money Orders were cashed. Hope this advice helps you, too!!
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Everyone falls on 'hard times'..beleive me. And, I think I had said, I'm a single mom, too!! My son is grown now. But, it was tough struggling with things when he was younger. 'Been there, done that'!! It's always good when you know what (or what NOT) to do. My credit score was in the mid 400's when I seperated 10 years ago. Just in the last few years I REAALY started working on my credit. Raised my scores to the low 600's..that's a start. And, in the next few years, I have ALOT of items that will 'fall off' my credit report!! YEAH!! If ya need anymore help, just let me know! :)
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I just got done reading the posts here, great info!!! I would like to know where you found the SOL?? I live in MN, I started working on my credit awhile back & just got to the point where I am able to payoff old credit cards & things from when I became ill & couldn't work. I'm working on getting my credit back in order to buy a house.