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Would love some help, advice, etc ;)

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lachrymosa
Established Member

Would love some help, advice, etc ;)

Hello everyone,
 
I'm new to the boards and am trying to learn more about improving my credit.  I really want to improve my credit since I'm considering an attempt to buy a new car in the (hopefully not too distant) future. Smiley Happy  Can anyone experienced with credit improvement give me a bit of advice on how best for me to go about improving my score?
 
I've only gotten my FICO score from one bureau so far - Equifax, at a dismal 549.  I intend to purchase the remaining two shortly.
 
This is what my Equifax report looks like:
 
Macy's account - $0 balance - Pays as agreed - This is not my account and I've used the MyFICO dispute letter to dispute this.
 
San Antonio FCU - Installment account for $1000, paid off - Paid as agreed except for one 30 day delinquency in Feb. 07.  This is my second most recent account.
 
HSBC Bank - Revolving account - Bad Debt/Collection for $467.  This is my most recent credit account.  It went to collection after I lost my job and I have not paid on it since the beginning of last year.
 
Toyota Motor Credit - Truck loan that was paid off in 2004 - Was reported 30 days past due 12 times.
 
A collection account from 2002 for Tanco - $258 - Disputed using the MyFICO dispute letter.
 
A collection account for a $50 medical bill that was double-reported.  I've used the MyFICO dispute letter to report the double-collection.
 
And that's it.  I was a little shocked to see that my score was so low, considering I don't have a ton of accounts or high balances, but I guess the collections are really hurting me, as is my payment history with Toyota.  What I'm afraid of is that even if I get these items currently on my report taken care of, how can I possibly get my score up to a good one when I don't have any open credit accounts, car loans, etc. etc. to help me rebuild my credit?  I am not able to get approved for anything at my current standing. Smiley Sad
 
Any help at all would be greatly appreciated!!
You can't take the sky from me...

Starting scores 8/18/15
Experian 590 Transunion 609 Equifax 620
Message 1 of 3
2 REPLIES 2
modernsurrender
Established Contributor

Re: Would love some help, advice, etc ;)

To start with Welcome to the forums and I'm from SA too!!!
haha
 
Anyways, it looks like you need some revolving credit.
You should try and Goodwill the late payment in 07 away because it is pretty new.
PFDing your charge offs is best, but hard to do with most companies, if they're figuring into your UTL then even if they're not deleted, getting the balance down to 0 will help alot.
GW'ing the Toyota lates could help as well, not sure how much though since the lates are significantly older, I'd expect the increase to be minimal.
Other than that wait for your disputes to come back, and if any of those ARE indeed your debts andyou're just disputing the amount or something like that you'll want to send out a DV asap since the timer on your 30 days of knowing about the debt is ticking.
 
Ja' Net
Start 2/2008: TU 495 || EX 539 || EQ 528
Now 5/2013: TU 716 || EX ??? || EQ 702

Slate: $5000 Simplicity: $5000 David's Bridal: $3500 SW Chase: $3000 FNBO: $3000 Barclay NFL: $2500 BofA: $2400 Discover IT: $1700 Walmart: $1500 Victoria's Secret: $1000 Cap1: $750 Amex Zync: NPSL
(2 derogs to go until I'm squeaky clean in 2014!)
Message 2 of 3
modernsurrender
Established Contributor

Re: Would love some help, advice, etc ;)

In terms of approvals, check with SAFCU and see if they can set you up with a new line of revolving credit (secured still helps you just have to put down the collateral).  If they'll offer you a small loan that could help too, not terribly sure though on that one.  I know credit mix is good, but I don't know if that's just in general or only applies to Open accounts.
 
If they won't you can try with BofA, I bank with them, and they pulled EQ for me which was between 539 and 553 at the time and I got approved for a secured card, which is better than nothing.
 
You can also try Orchard, they'll accept secured card apps at lower scores than BofA but they're not going to "grow with you" as your credit improves, they're really just for building.
 
 
Start 2/2008: TU 495 || EX 539 || EQ 528
Now 5/2013: TU 716 || EX ??? || EQ 702

Slate: $5000 Simplicity: $5000 David's Bridal: $3500 SW Chase: $3000 FNBO: $3000 Barclay NFL: $2500 BofA: $2400 Discover IT: $1700 Walmart: $1500 Victoria's Secret: $1000 Cap1: $750 Amex Zync: NPSL
(2 derogs to go until I'm squeaky clean in 2014!)
Message 3 of 3
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