483 to 620 in 9 months?

[hmandaddyo]

Looking for some advise on trying to pull off a miracle.  I've made some dumb mistakes when I was younger that have really F'd my score.  I pulled my FICO on December 8 and it was a 483.  Currently i'm at a 510 and here is the run down.

Revolving accounts $1800

Installment loans 32,484

Chase Credit Card. Settled with CA and have sent a GW for deletion.

VW Credit 3-30 day lates and have sent a GW for deletion of lates.

Midlandmcm purchased my bad debt from WellsFargo $4,119. Sent PFD today, trying to settle for $1,000

Wells Fargo Card Services sold debt to Midland. 

BestBuy 3-30 day lates.  GW sent on 12/20/12.  HSBC DELETED LATE PAYMENTS, GW WORKED!!!!!!

Capital One.  2-30 day lates 1-60 day late.  Send GW

Wellsfargo Dealer Services.  2-30 day lates. Faxed GW on 1/7/13

Trek Credit 2-30 day lates.  Mailed GW on 12/20/12

2 Medical Bills in Collections for an accident I had without insurance & 1 broken lease in collections.  I filed a dispute with equifax for all of them on 1/7/13.

Does anybody else see any other way for me to drive my score to a 620 to purchase a house?  Would a secure credit card help at all?

Thanks in advance.

[maluba]

Do you have any positive tradelines? I see that you mentioned a few cards, but I'm not sure if they are still opened?

[annielorie]

Do you have a family member or close friend that has a good credit card line no baddies with a long history you can become an authorized user that would work for history and utilization if its a card that is not maxed out.

[rckstrscott]

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@hmandaddyo wrote:

Looking for some advise on trying to pull off a miracle.  I've made some dumb mistakes when I was younger that have really F'd my score.  I pulled my FICO on December 8 and it was a 483.  Currently i'm at a 510 and here is the run down.

Revolving accounts $1800

Installment loans 32,484

Chase Credit Card. Settled with CA and have sent a GW for deletion. - Does the Chase still show? If so, you will have the GW Chase as well, as the CA will have no control over Chase.

VW Credit 3-30 day lates and have sent a GW for deletion of lates. - Good step, how old are these lates? 30 day lates are FICO killers within a year, but not so much after a year and virtually no damage after 2 years.

Midlandmcm purchased my bad debt from WellsFargo $4,119. Sent PFD today, trying to settle for $1,000 - What is the DOFD on this debt? Is it still within SOL? If it is, $1000 will not be enough to get this debt settled. In addition, no way will $1000 be enough for a PFD

Wells Fargo Card Services sold debt to Midland.  

BestBuy 3-30 day lates.  GW sent on 12/20/12.  HSBC DELETED LATE PAYMENTS, GW WORKED!!!!!! - Congrats!

Capital One.  2-30 day lates 1-60 day late.  Send GW - How old are these? 60 day lates are FICO killers for up to 4 years.

Wellsfargo Dealer Services.  2-30 day lates. Faxed GW on 1/7/13

Trek Credit 2-30 day lates.  Mailed GW on 12/20/12

2 Medical Bills in Collections for an accident I had without insurance & 1 broken lease in collections.  I filed a dispute with equifax for all of them on 1/7/13. What was the basis of the dispute? Do you have a reason for disputing or did you just dispute hoping they would delete? Who are the CA's with these debts and how old are they?

Does anybody else see any other way for me to drive my score to a 620 to purchase a house?  Would a secure credit card help at all?

Thanks in advance.

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65 percent of your FICO score are current payments and current revolving utilization. 

What are your revolving accounts? Are they in good standing? How close are they to maxed out?

How old are these late payments? Within the last year? The dates of these debts/lates will really help make an assement.

Short story; sure it COULD be possible, but we would need to know the status of your revolving accounts, how many you have, you AAoA, and the age of your negatives.

-scott

[hmandaddyo]

The only revolving account that I currently have is being an authorized signer on my mother's AMEX card.  It is currently paid off. 

I settled with chase before it went to a CA and GW them. 

The 30 day lates with VW are 5 months & 6 months old. I was in between jobs at the time. 

The DOFD for Midland is January of 2012 so we still have a long time on that one.  How much do you think would be enough for a PFD?

The 60 day lates for capitol on were mid 2011.

The CA for both of my medical bills is SYNERPRISE CONSULTING SVS. My grounds here are that I was never a patient with the CO.

The CA for my broken lease is NATIONAL CREDIT SYSTEMS. No grounds here.

I realize not having any revolving credit is a HUGE issue that I need to correct in order to make my goal happen.  Will a secure card really even help?

[rckstrscott]

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@hmandaddyo wrote:

The only revolving account that I currently have is being an authorized signer on my mother's AMEX card.  It is currently paid off. 

I settled with chase before it went to a CA and GW them. 

The 30 day lates with VW are 5 months & 6 months old. I was in between jobs at the time. 

The DOFD for Midland is January of 2012 so we still have a long time on that one.  How much do you think would be enough for a PFD?

The 60 day lates for capitol on were mid 2011.

The CA for both of my medical bills is SYNERPRISE CONSULTING SVS. My grounds here are that I was never a patient with the CO.

The CA for my broken lease is NATIONAL CREDIT SYSTEMS. No grounds here.

I realize not having any revolving credit is a HUGE issue that I need to correct in order to make my goal happen.  Will a secure card really even help?

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Usually with new debt, most people suggest offer in full for a PFD -- I don't know who amicable Midland is with PFDs these days.. maybe someone else could chime in..

Your moms AmEX, is it a charge card or is it revolving? ie does it have a limit? Reason being, if there is no limit, it's not really giving you a boost.. AAoA it is, but if possible you might want to hop on another one of her cards.. I went on two cards when I first started, and it helped by over 60 points right there, as long as the accounts are in good standing, low util, and have decent AAoA..

You will likely not have luck with that broken lease dispute.. I know people have some success with frivalous disputes, but usually for provable debt, it doesn't help, especially if you intend to tyr to GW later.. they may tell you to go take a flying leap if you disputed it a bunch of times..

I would send a DV to the CAs with the medical debt.. if you haven't already... 

The VWs might be too new to GW, but, if you are in good standing with them now, you might be in luck..

You need revolving accounts for sure, a secured can definitely help..adding additonal AU could help too -- keep in mind however, that if you are going for 620 to by a house, the lender may ask you to remove the AU accounts so they can get an accurate score. Happens more than occasionally. Not all the time though, it did happen to me. Luckily by then I was able to get myself in good shape on my own. Took me about 14 months ot so. 9 months might be pushing it for you; but you could do it.

-scott

[hmandaddyo]

Scott,

Thanks for all of the help.  My mom's AMEX doesn't have a limit so it's not helping me.  I will try and find a couple of family members that don't mind adding me as an AU to give the score a quick bump. 

I send a DV on the medical last week.  We'll see what comes from that.  Thanks again.

[hmandaddyo]

Was able to be added as AU to one of my sisters cards with a 4K limit with a 2K balance.  My mom is applying for a card that she will only carry a 5% balance on and will add me as AU.

[sunshine24]

It does help a lot. I added my son to my oldest (12 y/o) perfectly paid bank card and my Chevron account right before he turned 18. He started out the gate with a score in the 720's.

[Anonymous]

Definitely get added as an AU but if it's someone you really trusts with a long line of good credit history and large limit ask if they'll add you as a joint account holder, this pulls more weight .. Some credit cards don't even report AU's....