Originally Posted by rico (Post 10748962)

I'm trying to get a decorative concrete business going. It hasn't been a very quick process. I also announce sporting events via radio and podcast for the high school I graduated at.

I was in nursing school, but gave that a break after a year and a half (in December). Was raising 1 and 2 year old girls along with an 8 year old step daughter at the time. It became too much...timing was just awful. Not to mention, I was tutoring my wife through her electives and getting paid to tutor other students in Chemistry/Biomolecular Processes at the college I was enrolled at. Was in way over my head...I have never felt more defeated in every facet of life, than I did in December.

If the decorative concrete business doesn't work out, I'll probably either go back to nursing or try to get on at this local fertilizer plant that is in it's infancy stage. Place pays real well.

Prior to nursing school, I was the Service Coordinator and Regional Business Auditor for a mental health facility for 5 years. It was in these 5 years, where I decided I needed to pursue something different (nursing). That is a field infested with unsatisfying dead ends, low income, politics and drama.

Originally Posted by Tytanium (Post 10748560)

You can do what's called a "pay for delete". If you haven't paid off the debt, write a letter (actual letter!) to the collection agency offering to settle the debt. You can pay in full if you want (or try to negotiate a lower settlement), but stipulate in WRITING that you wish to have the collection deleted from your record. If they call you, ask for correspondence in writing prior to paying them to leave a paper trail. I did this with several creditors from my past who didn't even put up a fight and immediately removed derogatory marks from my record. Google around for some pay for delete letter templates, not too hard to find. Otherwise you have to wait 7 years for the record to drop off.

Otherwise, the keys to having a good credit score are:

1. Open revolving balance (credit balances available to you)
2. Debt utilization between 1-20% of your total revolving balance
3. Number of open accounts (the more the better, to a point)
4. Average age of open accounts (anything 3-4 years and over is decent)
5. No derogatory marks
6. Keep hard credit inquiries low (under 5)
7. Good mix of revolving and installment accounts (credit cards and loans)

Creditkarma.com is an excellent tool, and free. The estimated score is usually very close to the actual score, and you can manage your accounts through it.

Originally Posted by DaFace (Post 10748626)

Unless I'm remembering incorrectly (which is possible), it seems like Mr. Flopnuts used to work helping people with these types of issues. Might be worth a PM to him if he doesn't chime in.

Originally Posted by Tytanium (Post 10748560)

You can do what's called a "pay for delete". If you haven't paid off the debt, write a letter (actual letter!) to the collection agency offering to settle the debt. You can pay in full if you want (or try to negotiate a lower settlement), but stipulate in WRITING that you wish to have the collection deleted from your record. If they call you, ask for correspondence in writing prior to paying them to leave a paper trail. I did this with several creditors from my past who didn't even put up a fight and immediately removed derogatory marks from my record. Google around for some pay for delete letter templates, not too hard to find. Otherwise you have to wait 7 years for the record to drop off.

Otherwise, the keys to having a good credit score are:

1. Open revolving balance (credit balances available to you)
2. Debt utilization between 1-20% of your total revolving balance
3. Number of open accounts (the more the better, to a point)
4. Average age of open accounts (anything 3-4 years and over is decent)
5. No derogatory marks
6. Keep hard credit inquiries low (under 5)
7. Good mix of revolving and installment accounts (credit cards and loans)

Creditkarma.com is an excellent tool, and free. The estimated score is usually very close to the actual score, and you can manage your accounts through it.

Originally Posted by rico (Post 10748962)

I'm trying to get a decorative concrete business going. It hasn't been a very quick process. I also announce sporting events via radio and podcast for the high school I graduated at.

I was in nursing school, but gave that a break after a year and a half (in December). Was raising 1 and 2 year old girls along with an 8 year old step daughter at the time. It became too much...timing was just awful. Not to mention, I was tutoring my wife through her electives and getting paid to tutor other students in Chemistry/Biomolecular Processes at the college I was enrolled at. Was in way over my head...I have never felt more defeated in every facet of life, than I did in December.

If the decorative concrete business doesn't work out, I'll probably either go back to nursing or try to get on at this local fertilizer plant that is in it's infancy stage. Place pays real well.

Prior to nursing school, I was the Service Coordinator and Regional Business Auditor for a mental health facility for 5 years. It was in these 5 years, where I decided I needed to pursue something different (nursing). That is a field infested with unsatisfying dead ends, low income, politics and drama.

Originally Posted by rico (Post 10748621)

Inability to pay my massive student loan monthly payments is just destroying my credit score.

I never would have imagined 12 years ago, that the most catastrophic decision I'd ever make in my life would be the decision to go to college. I seriously wish I could travel back in time, kick my 19 year old self in the balls while screaming, "DO NOT ENROLL IN THAT PRIVATE COLLEGE!!! DO NOT MAJOR IN ****ING PSYCHOLOGY!!! **** WRESTLING!!! WRESTLE AT A JUCO IF YOU HAVE TO!!!"

Originally Posted by Pushead2 (Post 10748459)

So my credit score is considered average, but upon looking through it recently, I have one card that went into collection in 2010.

I clearly remember having it, being a jackass when I was younger and I just let it go thinking it was no big deal. After doing a lot of research, it seems like there are a bunch of answers on what I should with that collection.

I would like my credit score to improve (who wouldn't?) but some people have written that it could possibly bring my score down because it would make it "recent". Other people have put to let it take its course for 7 years and it'll disappear.

Has anyone here gone through the credit rebuild? Or even my situation of just trying to get it from average to great credit?

Originally Posted by npayne1978 (Post 10749152)

There is a company in Lee's Summit, MO called The Credit Guys. They can get that account completely removed from your credit bureau. I've sent dozens of my clients to them and they've always delivered. They get charge offs, repos and foreclosures off of peoples credit reports all of the time.

It might cost you a couple hundred dollars to get it done but it will be worth every penny.

Originally Posted by Tytanium (Post 10749190)

They just negotiate settlements, but then charge you to have them do it. I had several paid collections that I just sent out letters for, and the agencies removed it without a second though. You can do it yourself if you're willing to dedicate a little time and energy to it. I know dealing with asshole collections agencies is never fun, but if you want to save yourself some money, do it yourself.

Originally Posted by Tytanium (Post 10749190)

They just negotiate settlements, but then charge you to have them do it. I had several paid collections that I just sent out letters for, and the agencies removed it without a second though. You can do it yourself if you're willing to dedicate a little time and energy to it. I know dealing with asshole collections agencies is never fun, but if you want to save yourself some money, do it yourself.

Originally Posted by Tytanium (Post 10749190)

They just negotiate settlements, but then charge you to have them do it. I had several paid collections that I just sent out letters for, and the agencies removed it without a second though. You can do it yourself if you're willing to dedicate a little time and energy to it. I know dealing with asshole collections agencies is never fun, but if you want to save yourself some money, do it yourself.

Originally Posted by DaFace (Post 10749211)

While you're right that you can do all of this yourself, you can also do your own taxes and defend yourself in court. If someone has all the time in the world to learn all of the nuances and deal with all of the communications, great. But if you just need it done and done quick, reaching out to an expert isn't a bad route to go.

Originally Posted by Pushead2 (Post 10749256)

Yeah I'm torn about it, but you have a good point.

I have a great job, a car I own & I figure now is the time to take care of it fully since I just turned 30.

Originally Posted by Great Expectations (Post 10748607)

It is likely that it won't drop after 7 years. The creditor will likely sell it to another creditor starting the 7 year wait over.