Hello,

I am 23 years old and am trying to clean up my messy credit to obtain a car loan within the next few months, and buy a house with the next few years. My middle score is 500 and I have no open credit lines. I had one bank card that was charged off 3 years ago and 3 store cards all charged off as well. All my accounts have been placed into collections, except my student loans and car loan which are current. Do you recommend that I negotiate with the collection agencies and try to settle the debts in exchange for deletion from my credit report? Any help would be appreciated, I don’t know where to start, I feel helpless in trying to rebuild. By the way, I have all the cash available to pay all my collections.

Thanks in advance for any advice
---------
Are the collections on your report? If so pay them if they will remove the data all together. Get a letter. Keep the loans open and pay them before 30 days elapse no matter what. Try to re open the bank card if they report to bureaus. The same account number. Tell them what you are trying to do and explain to them why you were not able to pay before and you plan to make it right.
--------------------
Thank you for the quick response. I have another question. Is it ok for the credit company to report a balance and a collection agency report the same balance? Also, do you have any other suggestions for me obtaining new credit? My only major card was charged off about 4 years ago and I am now going to pay it off, I don’t think they will reinstate my account. As far as negotiating to settle charged off accounts, do you suggest contacting the collection agencies, or credit companies directly?
----------------
They do it all the time so I guess it is ok. I do think it is double jeopordy. If one is reporting the other shouldnt. So try to get one off.
Try the collection agencies
------------------