All my delinquencies started out in 2005- early 2006.How should i start the process of cleaning up my credit and dealing with debtors.Should i:

A.Call DEBTORS try to get a LOW settlement AMOUNT,pay off and then have bad items removed.

B.Wait it out 7-10 years

c. FILE BK

.(These debts are in their early stage).I owe $35,000

I have a car payment that i am current with three 30 day lates back march, april and may of last year.
Just got an Orchard Bank Credit Card with $300.00 limit in December.
Asked my sister to add me to 2 of her credit cards with high credit limit.

All my other Loans are in Charge-off stage

True Credit

Transunion:541
Equifax:521
Experian:561


My fico
Transunion:561
Equifax:488
Experian:578

I guess i'm almost out of the 400 club into the 500 club.aiming for 700 club or better.

I really need a credit make over.I'm hoping to improve my my score 100 points by 2008 this time.With ur experience is this realistic or impossible?
All my delinquencies started out in 2005- early 2006.How should i start the process of cleaning up my credit and dealing with debtors.Should i:

A.Call DEBTORS try to get a LOW settlement AMOUNT,pay off and then have bad items removed.

B.Wait it out 7-10 years

c. FILE BK

.(These debts are in their early stage).I owe $35,000

I have a car payment that i am current with three 30 day lates back march, april and may of last year.
Just got an Orchard Bank Credit Card with $300.00 limit in December.
Asked my sister to add me to 2 of her credit cards with high credit limit.

All my other Loans are in Charge-off stage

True Credit

Transunion:541
Equifax:521
Experian:561


My fico
Transunion:561
Equifax:488
Experian:578

I guess i'm almost out of the 400 club into the 500 club.aiming for 700 club or better.

I really need a credit make over.I'm hoping to improve my my score 100 points by 2008 this time.With ur experience is this realistic or impossible?

I'm responding to your request from the "towing" thread.

With that said and in all honesty, with derogatories you have being so new, your scores are not that bad. For that reason, I would advise the following:

1) Try to avoid Bankruptcy if you have the means to at least settle. Bear in mind that not all creditors will settle (most will although the terms will vary). In some cases, a Bankruptcy will actually improve one's FICO score, however, it probably won't yours. Even assuming arguendo that it would, many prime creditors won't touch a newly discharged petitioner and for those that will, the interest rates can be less than favorable,

2) Try to negotiate terms wherein the account tradeline will be marked as "pays as agreed." If this is a non-option, negotiate the status. That is to say, see if the creditor will report the status as pays as agrees but, leave the balance/account history. They sometimes will elect to do this,

3) Consider paying the full amount if you have it and if they will mark the account as pays as agreed w/ no late history or simply delete it,

4) If they will do none of the above, I still advocate paying them rather than seeking BK protection inasmuch as even a zero balance will improve your scores via utilization effects,

5) If you get no movement regarding the notations, engage in the dispute process. The subject tradelines will likely be verified but, shoot for FCRA violations such as not marking the account as in dispute (authority has held this to be a s-2b violation) whereby, you can utilize such to your advantage for deletion via direct communication or ultimately, litigation;

and,

6) Finally (or during the course of any of the above), consider adding some tradelines which have sufficient age. Ask a friend or relative to add you to their accounts which have clear histories and proper utilization. If this cannot be had, consider purchasing them through any number of service providers (check them out before making a decision).

Hope that helps . . .
One more thing if i get all derogitories deleted will i still have to deal with collection agencies.Does deletion releive me of obligatoin to debts.This is why i ask,before i learnt about this forum i ask a very good friend of mine to try to get my derogitories off my credit profile.He is well in the process,if he should succeed will i still have to pay debt off????
One more thing if i get all derogitories deleted will i still have to deal with collection agencies.Does deletion releive me of obligatoin to debts.This is why i ask,before i learnt about this forum i ask a very good friend of mine to try to get my derogitories off my credit profile.He is well in the process,if he should succeed will i still have to pay debt off????

Credit repair does not mean that you don't have to pay them. You can have excellent credit, sued and watch your credit scores crash.

You need to either pay them off or start learning how to defend in court because lawyers aren't likely to help much if at all.
I wanna know which credit cards besides Orchard Bank credit card i can get with a low credit score in the mid 500s.Maybe the second best to build my credit back.

Also i owe $35,000 but if i get my hands on $10,000 i can settle with collection agency/banks.My question is as follows:

Where can i get a loan to pay off my debt provided i have bad credit.Is there any company thats made for my situation and if there is which one comes highly recommended???????


My journey to A+ credit rating

P.S.Thank you so much Apex & Cap1sucks,u guys dont know how much i appreciate ur replies.
try prosper.com,Why waste so much energy on personal credit.Start looking into business credit.