I’m officially starting my credit repair journey and figured I should document it to keep myself accountable. I love this forum and I know with help of everyone I can get my situation turned around. My goal is to purchase a home and hopefully a new car in the next 24 months. I have the resources to pay off the baddies on my credit report but I’m really not sure how to approach them.
I somewhat started my credit repair journey in January 2015 and my starting scores were.
EQ: 511 (Fico)
TU: 521 (Fako)
I pulled my official fico scores again on 4/14/15 and they were:
I’m up 58 points on my Equifax file so I’m absolutely ecstatic about that. I realize that I have ton’s more baddies to address and no clue what to do. My remaining baddies are….
Suncoast Credit Union – Reporting as a charged-off revolving account; balance $ 331; updating monthly
Cap 1 Credit Card – Charged off; balance $ 0; fall-off 12/2017
HSBC Credit Card 1– Charged off; balance $ 0; fall-off 12/2017
HSBS Credit Card 2 – Charged off; balance $ 0; fall-off 12/2017
Portfolio Recovery Collection (HSBC card 1) – Balance $ 627; fall-off 12/2017
Portfolio Recovery collection (HSBC card 2) – Balance $ 597; fall-off 12/2017
Midland Funding collection acct (Cap 1 charge-off) – Balance $ 509; fall-off 12/2017
Convergent Outsourcing collection acct (cable bill) – Balance $ 218
Credit Protection Association (cable bill) – $ 456; fall off 12/2017
Penn Credit collection acct (utility Bill) – $ 166; fall off 12/2019
First National Collection (utility Bill) – Balance $ 323; fall-off 12/2019
I’m thinking that my first step should be to offer a PFD to Convergent Outsourcing, Credit Protection Association, Penn Credit and First National Collection.
I’m also thinking about sending a PFD letter to Suncoast Credit Union. Wasn’t sure if a PFD could be sent to a credit union? Also wasn’t sure if I should send a DV letter first because I have no idea where this balance came from. I assume it’s a charged off bank account, but I don’t remember having an account with them. I want to resolve this as expediently as possible so I don’t mind paying the $ 382. Just not sure if PFD or DV and then PFD would be more effective.
For Midland and Portfolio, I thought about just paying them out directly. From scanning this site I can see that it’s like pulling teeth to get them to do a PFD out of either one. Does it benefit me at all to pay them in full? Perhaps, I should just allow them to age off.
Any advice that anyone could give would be GREATLY, GREATLY appreciated. Thanks in advance for your help!!!