So I helped my mother debt out two years ago and everything went well!
However, I guess bad credit “itis” just runs in my family? lol…
Story:Enough about my family though, lets get to the main point at hand! My brother is not rolling in debt but he has a bad history so far, and I want to fix that before it is too late. It is already too late, but since it has happened recently, and he has valid reasons for not being able to stay on top of it, I want to help him out. He got a DUI as soon as I co-signed for his car (2014 Chevy Camaro) and well let’s jsut say that car is now mine and he want be getting it back until he completes his programand proves he is more responsible. He learned his lesson, but again the main point is during all this time, he got fired from the Airport, after he went in for re-badging and he has been making end meats and paying his necesity bills while his two credit cards (he only has two) has went to shi*s… after I went through the process of getting him on a good start with capital one! (I am glad I just started him off, and did not get him any more credit, as I expect right now he would be solely reliant on it, and probably be in a deeper whole!)
Skip the story if you want to get to the credit part.
Credit Part: He has a Cap 1 Card, and a BBY/CBNA card totaling a meager $ 1500 debt. However the debt was sold I am sure of it. For the cap1 debt CBA said they will accept $ 500 to settle the account (I am negotiating that they involve a delete of the TL in the clause,, and the BBY I might be able to get them to delete the TL as well, if not at least just close the account as paid in full. (Since his situation above he could not just simply pay them off, and now he is in this unique situation.)
However since the cards I knew for a fact were charged off he is now doomed for 7.5 years. (However on his reports it looks like Best Buy/CBNA did him a favor)
HIs best buy card was fine when it was with cap1 but when cbna bought them out and took over best buy cards, that is when his payment history got bad so I am hoping to keep the Best buy Cap 1 TL, and aiming to get the delete of the CBNA best buy TL even though they are the same (if you guys get what I mean).
Collections: The last two things affect his score it says are the collections one for a sprint bill totaling $ 500, and another for $ 70 for a medical bill that was suppose to be taken care of by his health care. How can I go about getting the $ 70 medical bill remove? I will call the sprint collection and ask them for a pay for delete, as I am sure they will process it once the funds deposit (in writting of course)
Future Plan: After those two TL’s can get removed and or hopefully closed, I feel that I can get him back on the right path! Right now he is at a 503 for Fico 8 for Equifax with the two charge off’s once I am able to get them off, I am looking to get him in the BOFA secured option until they get him a card, then start him up from there! (If you guys have any better recommendaitons please don’t hesistate to list them!) -All Advice Appreciated!
Inquiries: He has 4 inquiries on Transunion and 5 on experian because of him trying to co-sign for his gf before the DUI hit! -.- (Should fall off in a year) But no inquiries on Equifax at all! (The most hardest score to keep up in my opinion) So experian and transunion should not be that hard to raise once the negatives fall off, or change status (hopefully)
The Good: positive is that he had a car in his name worth $ 19,000 that was paid off in full with no late payments, for a 1 year and four months (1.4) credit history!
He also had a car worth $ 7,000 that he paid in full within a year, in 2012 granting him his 4 year history. (He is 23)
That is his breakdown and I need you guy’s help to put me in the right direction of getting his stuff together.
Any help I would appreciate! I know that I have been gone for a long time, but life has it’s calling! hahaha now that I am back I want to complete this project for him, so he can financially stable again and have a promising future ahead of him with less no’s!