Help with where to start!

Credit and mortgage advice Forums Consumer Credit Improve credit Help with where to start!

This topic contains 0 replies, has 1 voice, and was last updated by  davefollmer 7 years, 6 months ago.



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    davefollmer
    Participant

    Hello everyone,

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    I want to start by thanking you all and this wonderful forum that has helped me tremendously over this past year! I started off with not so great credit and successfully worked my tail off to bring my credit up 100 points +. My main goal was to purchase my first home this year and I will be closing tomorrow! *tear*

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    I’ve now taken on the task of helping my brother with his rebuilding journey. He’s not as bad off as I was when I started, but I need some advice on where to start with his credit. Keep in mind, when I started my rebuilding, all of my collections and CO’s were paid. I was able to bring my credit up through having the few lates I had and paid collections removed from my CR’s, and what a difference that made! I never*had to send*DV letters or anything like that since all my stuff had already been paid,*but it looks as though I’ll have to approach my brother’s situation differently.

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    Here is what is currently reporting (negatively) on his CR (via MyFico):

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    ACS/Panhnd – 120+ days past due

    Portfolio Recovery – $5468 120+ days past due

    Midland – $1279 – 120+ days past due

    Verizon – $1225 120+ days past due

    WFB-$0 bad debt/collection

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    Collections:

    Suddenlink – $91

    WTAMU – $1772

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    Here is what my plan is so far:

    Offer PFD for Suddenlink collection account.

    Offer PFD on Verizon account

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    The collection for WTAMU & Portfolio Recovery accts. are student loans that he’s behind on (from what he tells me…I haven’t seen any bills or anything yet to verify for sure).

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    I’ve suggested he consolidate his student loans all through DOE like I had done this past year in order to have them all combined together and have 1 affordable monthly payment. If he is able to do this, how can he go about cleaning up what all is currently being reported since it seems to be broken up through 3-4 different companies? Would he even qualify for consolidation since he is so behind?

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    As far as the WFB thing goes, it shows a $0 balance…would you just send a GW to have this remove since no balance is being reported?

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    The only items on his CR’s that are not student loan related are the Verizon account and Suddenlink collection. We’ve already decided how we are going to tackle those 2, but how should we go about the rest (student loans)? Any advice?

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    It’s funny how you’re able to give advice and help others with things you’ve experienced, but this is something I haven’t had any experience with and hoping someone could help offer some advice. I wonder if I should repost this in the student loan board as well, even though it’s a split topic regarding both student loans and credit rebuilding?

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    TIA!!

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