I was 13 times over 30 days late, 3 times over 60 days late, 1 time over 90 days late and finally charged off for1200 dollars on a local high interest rate finance company loan who financed our fitness club membership. We had gone back and refinanced the loan 2 more times. They sent us letters in the mail all the time saying come finance money for Christmas, a trip or to help with other loans. The next thing I know I owe them 3500 dollars. I started out at about 700. When I lost my job I had paid it way down but I still owed 1200 bucks when we moved. Don’t we all seem to move when we get kicked in the head real hard?
I had a 4000 dollar small local bank loan on a lawn mower that my lawn care boss co signed with me on so we could go into business together. Guess what? I didn’t pay that right either and was late more than half the time on a 48 month loan. My ex boss was furious and called me to make me pay as his credit got screwed up too because I was screwing up.
I had 2 medical collections from a small walk in medical clinic. One for 345 dollars and one for 145 dollars. I hoped by moving these would go away too.
I had 3 utility collections, one for water, one for electricity and one for my telephone. These collections where like 150 buck, 80 bucks and 60 bucks. Nothing big, but big enough to make my credit sink to the bottom of the barrel.
To top everything off I got charged off at BP Oil gas credit card for 345 dollars.
Whew what a totally mess. sure it could have been worse and many a person has worse problems. But these were my problems and this is how I got started with credit help and fixing my own credit
I had to get a good job and pay back my bills.
Everything on my credit report was true and accurate. When we moved and I got a good job my wife wanted a house and I went out to get one. My banker who I still talk to today told me. “Shewee Bo Majors you have to clean up your credit and get some good credit before you will ever be able to buy a house.” So I started to work. I got all three copies of credit reports and credit scores and went line for line trying to pay off, dispute, negotiate or re-open.
With my new job and remarkable wife we worked for about 1 year and were able to buy a house. Nothing is easy. This stuff takes time. But if I can do it, then so can you!
The very first thing I did was work with BP Oil because I knew I had to have good open and current credit. In 1992 I called them and told them I needed good credit and that I would pay the 345.00 and add and extra 300.00 down payment to start new good credit they agreed.
I charged gas and paid extra each month for 12 months.
I called and asked the Credit Card to remove anything older than 24 months which was a charge off, 5, 30 days late, 2, 60 days late and 1, 90 days late and they did.
My I checked my credit report and everything with BP Oil now said 400.00+ high credit limit with 0.00 dollars owed and a perfect “no late’s” payment record.
My score jumped huge in less than 13 months.
The couple of things I did was call Toyota Motor Credit and the utilities in hops of cleaning that mess up. I had paid off Toyota and most any car of home loan company is not going to go back and change anything more than a month or 2 old. I was up a creek but at least it was paid off.
I called the utilities and all I could do with them is pay them off to get my report to show I paid off the collection / charge offs. I did it and got nothing in return as far as taking the bad marks off my credit. BUT they did show collections paid in full. So at this point I had 3 paid of accounts that showed I was not a good payer or that I was a possible credit risk that did eventually pay. Some people call this SLOW PAY.
Next I tried to call the local finance company that financed my fitness club membership. Guess what. I could not find them. They had gone out of business. SO I disputed the account as not mine. Guess what. The bureaus got no response and deleted the account completely from my credit report.
Then I tried to contact the banker that my ex boss cosigned for my on. Guess what again. They went out of business too, or they moved or something happened and I could not find them. I disputed the account as not mine and the account was removed from my credit report.
Then I went after the medical collections. The collection agency’s would not agree to take the bad marks off my credit and they said only the medical clinic could give them authorization to do that. I called the clinic and explained, I was a decent guy that wanted to pay my bills but, I lost my job and now was trying to buy a house and this was all that was keeping from doing so. Would they please authorize the collection agency to take this mark off my credit if I paid them in full. The clinic agreed of I paid the collection and all fees. This happened less than one year after the collection was filed on me and I think this helped me. Plus I know the collection agency did not know where I lived since I had moved. They knew I meant business and this might be the only chance for them to get their money back.
So now everything was paid off and I had re opened my BP Oil credit card and most of my past bad credit was about a year old since date of last activity.
All I had to do was pay my BP Oil card good, keep a god job and after about 1 year my score jumped from 565 to a 670.At first I spent a lot of time trying to call the bureaus and call everyone and find help online. I knew I was not the only frustrated guy out there.