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Valued Member
Posts: 60
Registered: ‎08-18-2011
0

Rebuilding Help

Hi all!

 

I have read many of the threads on this board and have used much of the advice. So I wanted to thank all of the great contributors.

 

Here is my scenario and wondering if anyone can help

 

In 2000 I was doing very well - VERY WELL! Had multiple cards, lines of credit, etc. Didn't go bankrupt but definitely left lots of creditors "hanging"

 

AMEX for $42K

A Few bank lines - $30K

Mercedes Benz for $35K

 

You get the idea

 

I never entered into bankruptcy - Just left everyone hanging

 

In 2007, as things started coming off my credit report, I started replying for things

 

I got a First Premier Bank Card for $200

then another for $300

 

Next came Orchard Bank for $500

 

A car loan from Citifinancial for $35K at 20%

 

Then Cap One for $1K

 

I have paid them all mostly on time and cleaned up most of the negatives on my credit report. I currently don't have any balances also except on the Citifinancial car loan.

 

About 3 months I applied for a Best Buy card and was declined.

 

I wanted to get a mortgage 12 months from now and start rebuilding my credit.

 

Can anyone give me some advice?

 

Thanks!

 

Johnny Credit

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Rebuilding Help

[ Edited ]

Are your credit reports clean now or will they be in a  year?

Established Contributor
Posts: 1,008
Registered: ‎01-22-2008
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Re: Rebuilding Help


Johnny-Credit wrote:

 

I have paid them all mostly on time and cleaned up most of the negatives on my credit report. I currently don't have any balances also except on the Citifinancial car loan.

 


What do you mean by "mostly on time"?  Are there recent lates on these new accounts?  Also, when you have ZERO balances on all of your revolving accounts, that actually brings your score down.  As silly as it sounds, it gives the appearance that you are not utilizing credit reponsibly because well, you're not using any credit.  The rule of thumb is no matter how many cards you have, you want to leave a small balance less than 10% on ONE card. 


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
Take the FICO Fitness Challenge
Valued Member
Posts: 60
Registered: ‎08-18-2011
0

Re: Rebuilding Help

My credit reports are mostly clean.

 

I have a small charge off of $109 from Partners Federal Credit Union. I tried to negotiate with them to get it paid off and off my report

 

I have some 30 day and 60 days late from Santander and First Premier in the past 12 months.

 

When I run a "grade" at credit.com it gives me a B

 

Thoughts?

Valued Member
Posts: 60
Registered: ‎08-18-2011
0

Re: Rebuilding Help

KJM,

 

I don't use Orchard Bank at all $500 - Credit Limit

I use and keep a balance on the First Premier - $200 Credit Limit

I use and don't keep any balance on the Capital One - $1,000 Credit Limit

 

My hope would be to get a card with a $5,000 credit limit and eliminate the Capital One card

 

Bluntly, I would like an AMEX but don't think I have any chance from the posts I have read about the "blacklist" especially with them writing off $42K 10 years ago

Valued Member
Posts: 60
Registered: ‎08-18-2011
0

Re: Rebuilding Help

 

Estimated Credit Score Ranges:
GradeFICO® ScoreVantageScoresmPLUS ScoresmTransUnion® ScoreCreditXpert Score®
B700-749801-900695-739765-844740-799
 

Your Standing:

You have a score better than 105 million people.

Your Rate:

Your credit score qualifies you for good rates.

Credit Grades:

 
C
Payment History
35% of your scoreYou aren't doing quite as well as you could be in this category. Even a few late payments can hurt your
A+
Debt Usage
30% of your scoreGreat job keeping your debt under control! Low balances and high limits are giving your credit score a boost.
C-
Credit Age
15% of your scoreIt doesn't look like you've had credit very long. Leaving accounts open for more than 7 years can help boost your score.
F
Account Mix
10% of your scoreYou don't have a very good balance of credit and loan accounts and it is hurting your credit score.
A+
Inquiries
10% of your scoreYou are doing well in the inquiry category. Applying for new credit conservatively is helping to boost your score.
Established Contributor
Posts: 1,008
Registered: ‎01-22-2008
0

Re: Rebuilding Help


Johnny-Credit wrote:

My credit reports are mostly clean.

 

I have a small charge off of $109 from Partners Federal Credit Union. I tried to negotiate with them to get it paid off and off my report

 

I have some 30 day and 60 days late from Santander and First Premier in the past 12 months.

 

When I run a "grade" at credit.com it gives me a B

 

Thoughts?


The recent lates are hurting your scores the most.  But it also sounds like you have a major derog with the CO.  Ignore the "grade".  True FICO scores do not have "grades".  Have you pulled your reports and FICOs from this site?  They give you a list of what's helping and hurting your score(s). 

 

It's going to take some time and some work to get rid of the negative info and let your positive history start working for you.  And let one of your cards report the small balance, just pay it by the due date to avoid paying any interest.  Letting the small balance reports boosts your score. 


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
Take the FICO Fitness Challenge
Valued Member
Posts: 60
Registered: ‎08-18-2011
0

Re: Rebuilding Help

KLM,

 

The CO is $109 - How bad does that hurt me? I have thought about getting a FCRA attorney to go after them. I was never contacted that there was a balance and then it appeared on my credit report.

 

Any advice?

Established Contributor
Posts: 1,008
Registered: ‎01-22-2008
0

Re: Rebuilding Help

The amount of the CO isn't really hurting you. It's the CO itself.  You said you tried to negotiate with them, did you try a PFD? 

 

Don't waste the time, money, or other resources getting any attorney to go after them.  What it boils down to is it's the consumer's responsibility to know what they owe to who.  They don't have to notify you either.  Best thing you can do is try and offer the PFD.  How old is it?  Do you have an estimated fall off date?


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
Take the FICO Fitness Challenge
Valued Member
Posts: 60
Registered: ‎08-18-2011
0

Re: Rebuilding Help

[ Edited ]

PARTNERS FED CR UN

Address:

PO BOX 10000

LAKE BUENA VISTA,

FL 32830

(800) 948-6677

Account Number:

Status:

Account charged off. $479 written off. Status Details: This account is scheduled to continue on

record until Jun 2014.

Date Opened:

09/2007

Type:

Deposit

Credit Limit/Original Amount:

$3,000

Experian - Printable Full Report Page 4 of 14

Reported Since:

06/2009

Date of Status:

06/2009

Last Reported:

06/2011

Terms:

NA

Monthly Payment:

$0

Responsibility:

Individual

High Balance:

NA

Recent Balance:

$109 as of 06/2011

Recent Payment:

$0

Account History:

Charge Off as of Jun 2009 to Jun 2011

Balance History -

The following data will appear in the following format:

account balance / date payment received / scheduled payment amount / actual amount paid

May 2011: $109 / no data / no data / no data

Apr 2011: $109 / no data / no data / no data

Mar 2011: $109 / no data / no data / no data

Feb 2011: $109 / no data / no data / no data

Jan 2011: $109 / no data / no data / no data

Dec 2010: $109 / no data / no data / no data

Nov 2010: $109 / no data / no data / no data

Oct 2010: $109 / no data / no data / no data

Sep 2010: $109 / no data / no data / no data

Aug 2010: $109 / no data / no data / no data

Jul 2010: $109 / no data / no data / no data

Jun 2010: $109 / no data / no data / no data

May 2010: $109 / no data / no data / no data

Apr 2010: $109 / no data / no data / no data

Mar 2010: $109 / no data / no data / no data

Feb 2010: $109 / no data / no data / no data

Jan 2010: $109 / no data / no data / no data

Dec 2009: $109 / no data / no data / no data

Nov 2009: $109 / no data / no data / no data

Oct 2009: $109 / no data / no data / no data

Sep 2009: $109 / no data / no data / no data

Aug 2009: $109 / no data / no data / no data

Jul 2009: $109 / no data / no data / no data

The original amount of this account was $3,000

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