[Profe]

I'll try my post here as it seems more active....

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Ok well, I'll inroduce myself as Manny, and from Texas. I have many questions as I have been reading thoroughly and I guess I seemed maybe more informed but yet more confused lol-lol
here goes....

1-So I had some bad credit (no pay) in 2001/2002.....WHERE do I start?

2-As I have read, Texas has a 4 year SOL(picked up on the Acronyms )------> what does this mean for me?

3-I have somewhat picked up by reading that the 1st step is to get a CR from each CRA; right?

4-Then get the debt "validated", what does this mean(literally), and what letter do I use and WHO do I send it to? Is it the CA ,/or the original creditor?

5-After getting through the validating process(to which I hope you can explain) what happens....I have been monitoring my credit almost religiously but almost every month I get inquires. DO INQUIRES HURT MY SCORE?

6- If there is SOL, can they continue to do inquires?

7-After these validation letters, do I just wait for the bad credit to "drop"?

8-Also, There is a bank that I used to use, and left an overdraft about, 4years ago, I actually want to pay this off, but RJM has the account, My banker has told that we can do it in his office, so that they can fax over a settlement letter right to him when I pay in that moment so that he can open me up another account at that bank .......WHAT should I request when paying off that bad debt? anything in particular? He(banker) has told me to do 85% less of original amount, is it better to pay the full amount? how can I request that it be reported to the credit reports?



please sorry for the long post, its just that I have LOTS of questions, and my goal is to become an active an informed member on here. When I dont know something, I research, read, google, etc.

[jlynn]

Originally Posted by Profe

I'll try my post here as it seems more active....

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Ok well, I'll inroduce myself as Manny, and from Texas. I have many questions as I have been reading thoroughly and I guess I seemed maybe more informed but yet more confused lol-lol
here goes....

1-So I had some bad credit (no pay) in 2001/2002.....WHERE do I start?

Is that the Date of First Delinquency (DOFD) as reported on your credit reports?

2-As I have read, Texas has a 4 year SOL(picked up on the Acronyms )------> what does this mean for me?

It would mean for you that the accounts in #1, if someone sued you for them, you would have an affirmative defense, and likely win.

3-I have somewhat picked up by reading that the 1st step is to get a CR from each CRA; right?

yes

4-Then get the debt "validated", what does this mean(literally), and what letter do I use and WHO do I send it to? Is it the CA ,/or the original creditor?

Only CA's validate - that literally means proving the debt. Simple letters - but get your credit reports first.

5-After getting through the validating process(to which I hope you can explain) what happens....I have been monitoring my credit almost religiously but almost every month I get inquires. DO INQUIRES HURT MY SCORE?

Who is inquiring?

6- If there is SOL, can they continue to do inquires?

Depends on who you ask . Really not an easy question.

7-After these validation letters, do I just wait for the bad credit to "drop"?

You could, if they are as old as you think in #1, they would all be gone by sometime next year.

8-Also, There is a bank that I used to use, and left an overdraft about, 4years ago, I actually want to pay this off, but RJM has the account, My banker has told that we can do it in his office, so that they can fax over a settlement letter right to him when I pay in that moment so that he can open me up another account at that bank .......WHAT should I request when paying off that bad debt? anything in particular? He(banker) has told me to do 85% less of original amount, is it better to pay the full amount? how can I request that it be reported to the credit reports?

A collection can never be a positive - you want it deleted. Do you know this is on your reports?