I have some money to pay on my credit cards. I have about 5. I've been working hard the past few years to increase my credit rating. I want to know if it would be best to pay off one card entirely or put money toward each to get them down below 50% of my credit limit. Thank you

To recover from bankruptcy or bad credit you can:
1) Open a secured credit card that reports the account activity on your credit report
2) You can use other credit reporting agencies like PRBC that use non-traditional accounts to re-establish your credit history such as cable bills, utility bills and alimony
3) Pay all of your bills on time - mail payments at least 7 days prior to the due date
4) Reduce your expenses
5) Create a budget and stick to it
6) Buy needs vs. wants and live within your means

If debt collectors are unwilling to setup a payment plan contact the original creditor to setup a payment plan. If you are unable to setup a plan with either company file a complaint against both companies.

Based on the Fair Credit Reporting Act multiple companies cannot report on the same account. Only one listing of an account can be reported on your credit report. You have to identify who has a legal right to collect on your account and send payments to that company.

Chapter 7 or 13 bankruptcy can lower your credit score 100-300 points. It affects your future credit because it will prevent you from getting approved for a loan, line of credit or getting employment.

I heard you speaking on the Micahel Baisden show yesterday. It occured to me that I had met you whne we attended Hampton University. I remembered you because your name was unique. You had a freind or roommate named Robin.

Onto my situation at hand. How can an individual, who let their credit lag for over a decade due to divorce and poor financial choices begin to repair their credit? How do you negotiate with debt collectors who purchase your charged off account from the original creditor? Generally speaking, they are unwilling to agree to a payment plan. Second, how can one correct or eliminate duplicate collection actions from a second or third collector for the same account? Once this collection action is reported, it is extremely difficult to have removed from your report. Now you have multiple collections and inquiries for the same account which in turn lowers your credit score.
It is good to see you have become successful in your endeavors.
Thank You in advance for your reply.

Anthony

I heard you speaking on the Micahel Baisden show yesterday. It occured to me that I had met you whne we attended Hampton University. I remembered you because your name was unique. You had a freind or roommate named Robin.

Onto my situation at hand. How does an individual who let their credit lag for over a decade due to divorce and poor financial choices begin to repair their credit. How do you negotiate with debt collectors who purchase your charged off account from the original creditor. Generally speaking, they are unwilling to agree to a payment plan. Second, what happens when you a second or third collector for the same account. Once this coolection action is reported, it is extremely difficult to have removed from your report. Now you have multiple collections and inquiries for the same account which in turn lowers your credit score.

Thank You in advance for your reply.

Anthony