first off thanks for all the advice in these forums. I have been reading for days.. overwhelming abundance of info.
I can't seem to get any credit anywhere, even Capitol One turned me down for a secured card.
My credit report is as follows:
Scores: Trans 543, Exp 559 Equi 597
Total Accounts 5/8/8
Open Accts 5/0/1
closed accts 0/8/7
derogatory 4/8/7
balances 778/868/1213
payments 13/0/13
all of my bad accounts are medical.
I recently opened a Fingerhut account to have some for of revolving credit, thats the one in good standing, and its at $110 of $200 available
Will it help my score to start making small payments towards these delinquints or pay them off at once or try a PFD.
I spoke to CA GLA collections, the woman assured me they would send a letter to delete my records upon payment of the 5 accounts they hold.
Take them at their word?
Help please, I want to buy a home in the next year or so.
Direction Please
Welcome to the forums!!!
If you can afford, then it would be better for you to pay them off at once. Don’t rely on GLA collections word. Tell them to give you a written document to make sure that they will delete your records after repaying the debts.
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If the CRA removed it busceae of a dispute, it can be placed back on your reports. Per the FCRA, you must be notified by the CRA within 5 days of reinsertion.If an original creditor or a collector removes the account, and no dispute was made to the CRA's, then they cannot legally reinsert it.Many people who have bad debts that aren't reporting will find that once they start mortgage shopping the collectors will come crawling out of the woodwork and old debts start showing up on their credit reports. They do that since most banks/credit unions will require the bad debt be paid before the mortgage or paid with part of the mortgage money. If you are planning to on purchasing a home in the near future, you might want to opt out first.Opting out will not keep collectors that own or were assigned your debts from looking at or placing things on your reports, but it will keep other collectors from shopping your credit reports.If you want the information to opt out then you might Google FTC Opt Out.