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.
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.
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