First look at real credit score. Poor. Need help

Submitted by mykel on Mon, 03/15/2010 - 01:04

Today I got my credit report from all 3 companies and my FIFO score as well. It was a 544. I have 10 open accounts in collections. And 10 closed accounts as well. What is the best way to go about fixing this the best most affordable and quickest way? Most accounts are store cards such as best buy, sears, macys, pacsun, express, medical
bills, and utility I believe. They all total 4500$. I would like to negotiate with them on a price because they have increased over the past 3 years from intrest. I would like to have them completely off as well. Is this possible? Please experts help. Thank you

Hi mykel,

Can you tell me if the closed accounts are reported as having zero balance? Did you pay off the dues before closing the accounts?

As for the collection accounts, if you are not sure how much you owe and to whom, you can send debt validation letters to the collection agencies (CA). After the debt validation, request the CA to agree to a "Pay for delete" agreement (PFD). With a PFD, your account will be reported "Paid". This will improve your credit score quite a lot.

Hope this helps.



Mon, 03/15/2010 - 06:17 Permalink
Anonymous (not verified)

Yes all of the closed accounts have balances of 0$.

I don't think I paid dues before they were closed. Will I still be able to negotiate a price if I ask for a pfd? Thanks I will post mire detailed info later today. I appreciate the help

Mon, 03/15/2010 - 11:41 Permalink


You should first talk about the settlement. After the collection agencies agree to the settlement, request them to agree to the PFD agreement. However, not all collection agencies agree to a PFD. Still, you can give it a try.

Hope this helps.



Mon, 03/15/2010 - 12:07 Permalink

I also forgot to ask but I have about 2000$ now
and was wondering if I could eliminate if not all but quite a bit of this 4500 of my debt. Ok so I send a dv letter then a settlement letter then a pfd letter?

Mon, 03/15/2010 - 12:34 Permalink