Hi, new to this site and trying desperately to rebuild my credit. As I was browsing, I found some pertinent information, but just looking for a little more clarification.

I have a very low credit score (577 per Transunion) and several collections accounts, most are quite old, a couple are a little more recent (approximately a year ago). I currently have a Target card that I pay in full every month, and all of my current accounts are paid on time or ahead of time every month.

What I would like to confirm is this: for the collections accounts, since my credit score is currently already so low, will accepting settlements and dealing with the stigma of "settled" be a detriment or not? I would like to clean these all up, but still have relatively limited funds. It seems with my credit as low as it is, anything would be an improvement, correct? Even "settled"?

Hi, I was just reading your words here. I will start by saying this. Please continue paying your cards and other payments on time, it will surely help you and your credit. I am starting up a business in 3 weeks for credit repair. If you would like me to help you I would love to do that. I know there is a lot of credit repairs out there that charge way too much and promise you that all the bad items will go away, but that's a lie. All we can do is try our best. My email is [email protected]. I only charge $80 initial payment and $40 a month and we stop when you say stop. I do all the work for you while you just sit and wait. The most you'd have to do it mail, fax or whatever papers to me, while I work for you. I hope to hear from you to try to help you out.

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Originally Posted by WorkingOnIt

Hi, new to this site and trying desperately to rebuild my credit. As I was browsing, I found some pertinent information, but just looking for a little more clarification.

I have a very low credit score (577 per Transunion) and several collections accounts, most are quite old, a couple are a little more recent (approximately a year ago). I currently have a Target card that I pay in full every month, and all of my current accounts are paid on time or ahead of time every month.

What I would like to confirm is this: for the collections accounts, since my credit score is currently already so low, will accepting settlements and dealing with the stigma of "settled" be a detriment or not? I would like to clean these all up, but still have relatively limited funds. It seems with my credit as low as it is, anything would be an improvement, correct? Even "settled"?

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If you got that score from TransUnion, it is likely not a true FICO score, which is what most lenders look at.

Paying collections does nothing to help your score. However, you can negotiate with your creditors and have negative items removed.

You always want to know your SOL before you begin credit repair, this way you don't end up getting sued.

The date of first delinquency is important as well, this is the date that the clock ticks from and determines when the account will be removed.

When me and my husband went through all this ourselves he started with a score of 408 and almost 2 yrs. Later he's up to almost 800. We did all the work ourselves, that's why I say I can help.

Ok, I got a better offer. You go to Debt Consolidation Credit Counseling Free Credit Reports Increase Your Credit Score you start reading the stuff you'll found in there and any problem or doubts you post it here, I'll tell you exactly what to do and write. Free of charge won't cost you a penny only the mailing expenses. This forum is here to help people not to advertise doubtbable business.

Farmgirl is right, that one year old collections can get you into big trouble if you don't deal with them carefully, the SOL still up wich means they can sue you if you or somebody you hired tells them the wrong thing.

Carl.-