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3 years and not much success

Regular Contributor

3 years and not much success

Hello everyone! I signed on with a credit repair agency back in 2015. They were able to remove about collection accounts. I was paying $125 per month for 3 years and I feel it was wasted. There has been very little improvement. I want to do it myself, but I don't know where to start or how to start. I have 3 collection accounts on my Experian all dental from 5 years ago. I also have 12 late payments for Fedloan from 2013. And 3 late payments from an old vehicle I purchased back im 2012. Please, any help is appreciated!! Thank you in advance.
Message 1 of 5
4 REPLIES
Contributor

Re: 3 years and not much success

35% of your score is making payments on time so... make sure you are doing that for sure!

30% of your score is Amount of Debt. Get your Utilization LOW. Under 9% aggregate.

 

What are all your credit card balances in relation to your limits? 

Like 500 out of 1000 and 250 out of 300 is 750 out of 1300 for 58%... which is bad.

 

We can help more if we know those numbers

Rebuilding - Starting Scores: EQ 584 | TU 580 | EX 580 (Oct. '17) --- Current Scores: EQ 669 | TU 651 | EX 655
$16,750 Limit 1% UTI

Message 2 of 5
Established Contributor

Re: 3 years and not much success

I recommend reading ABCD2199s rebuilding rules thread, here in this forum. They are very solid. 

Gardening until June 2018

Starting FICOs: EX 623, EQ 589, TU 600 (06/10/17)
Current FICOs: EX 696, EQ 672, TU 678 (12/15/17)
1st Goal FICOs: EX 750, EQ 750, TU 750 (??/??/??)
Message 3 of 5
Community Leader
Super Contributor

Re: 3 years and not much success


CreditOCDinCali wrote:
Hello everyone! I signed on with a credit repair agency back in 2015. They were able to remove about collection accounts. I was paying $125 per month for 3 years and I feel it was wasted. There has been very little improvement. I want to do it myself, but I don't know where to start or how to start. I have 3 collection accounts on my Experian all dental from 5 years ago. I also have 12 late payments for Fedloan from 2013. And 3 late payments from an old vehicle I purchased back im 2012. Please, any help is appreciated!! Thank you in advance.

OK, thats the negative side of the equation, what do you have for positive accounts?

Most Recent FICO 8 Scores EX601/TU580/EQ589 12/08/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 4 of 5
Regular Contributor

Re: 3 years and not much success

I had 5 credit cards which I didn't do well with. I maxed them out and couldn't pay them off. My credit union offered me a debt consolidation loan @ 10.2% with a 611 credit score. So they paid off all my cards and closed them. My APR was 24% on my cards so obviously the loan was a better option. I pay $180 per month for 3 years. I only have 1 open card. Its Credit One with 16% APR much lesser than the 24% Capital One cards I had. The max is $500,I only use for gas and transport. I have Fingerhut $2500 line and Macys $700 line. All in good standing.
Message 5 of 5