A little lost

[Anonymous]

Hello,

I've been browsing the forum looking for various tips but still in need of some help as I start the credit rebuilding journey.

My FICO score is 595 as of 02/22/2018. I have three credit cards: CapOne QS1 - $300, CreditOne - $300, recently approved for CapOne Platinum Unsecured - $300. Carrying a balance on QS1. I am an authorized user on AMEX BCE - $1000. There is also a balance on that card. I was recently an AU on Chase Sapphire Preferred - $5,000. 

My questions are:

1. I am no longer an AU on CSP, can it be removed from my credit report? The high utilization was hurting my score so I saw fit to be removed.
2. I had a few charged off accounts that were settled. I recently signed up for Lexington Law to get the marks removed. Is it worth it?
3. What general tips can you offer to stabilize my credit and increase my score? 

Thanks in advance!

[radfam]

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@Anonymouswrote:

Hello,

I've been browsing the forum looking for various tips but still in need of some help as I start the credit rebuilding journey.

My FICO score is 595 as of 02/22/2018. I have three credit cards: CapOne QS1 - $300, CreditOne - $300, recently approved for CapOne Platinum Unsecured - $300. Carrying a balance on QS1. I am an authorized user on AMEX BCE - $1000. There is also a balance on that card. I was recently an AU on Chase Sapphire Preferred - $5,000. 

My questions are:

1. I am no longer an AU on CSP, can it be removed from my credit report? The high utilization was hurting my score so I saw fit to be removed.
2. I had a few charged off accounts that were settled. I recently signed up for Lexington Law to get the marks removed. Is it worth it?
3. What general tips can you offer to stabilize my credit and increase my score? 

Thanks in advance!

---

Welcome!  There is lots of great information here.  Going to address your questions below:

1.  I would think  you can have it removed from your reports.  I think it would have to be disputed.  Keep in mind, if that AU account is older than any of  your other accounts, your AAoA could be affected.  I'm certain that someone with more insight than me can give you better advice.  I have never been an AU.

2.  You will find mixed reviews on Lexington Law here.  My 2 cents, for what its worth, if you have the time to do your own credit repair  you will be better off.  It isn't hard and LL will not do anything you cannot do for yourself for free.  I almost used LL before I found these forums.  So glad I didn't.  There are people that will likely chime in that LL was great for them bc they didn't have time.  I think if  you don't have time to do  you own credit repair, you likely will fall right back into the pits on scoring because you didn't really learn a thing from the previous bad habits.  Of course, that is solely my opinion.

3.  I always recommend new people to search for ABCD on these forums and read every link in his siggy.  He has an immense amount of good advice in those links.  Beyond that, read as much as you can on here, ask questions, and don't let off the gas until you are satisfied.  Best of luck!!

[DollyLama]

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@Anonymouswrote:

Hello,

I've been browsing the forum looking for various tips but still in need of some help as I start the credit rebuilding journey.

My FICO score is 595 as of 02/22/2018. I have three credit cards: CapOne QS1 - $300, CreditOne - $300, recently approved for CapOne Platinum Unsecured - $300. Carrying a balance on QS1. I am an authorized user on AMEX BCE - $1000. There is also a balance on that card. I was recently an AU on Chase Sapphire Preferred - $5,000. 

My questions are:

1. I am no longer an AU on CSP, can it be removed from my credit report? The high utilization was hurting my score so I saw fit to be removed.
2. I had a few charged off accounts that were settled. I recently signed up for Lexington Law to get the marks removed. Is it worth it?
3. What general tips can you offer to stabilize my credit and increase my score? 

Thanks in advance!

---

1) Have patience. Length of Credit, and Payment History is important. You don't state how old your oldest non AU credit card was obtained. 

2) If you were removed as an AU on the CS, it should stop reporting, any problems of it reporting, dispute the account. You are under no financial responsibilty for repayment, nor did you apply for the credit based upon your credit history. 

3) I would not expect much from Lexington Law, except exorbitant fees, and they will just dispute the paid off collections, hoping they will drop. Nothing that a consumer can not do on their own. 

4) The AU you are on, AMEX, how old is this person's credit history with this particular card, and exactly how much of a balance are they carrying if any? AUs are only helpful if the card is many years old, and basically zero balances reporting each month to the bureaus.

5) Use your personal cards monthly to establish a continous reporting of payment history, never be late, and let only ONE of the 3 cards report a balance at statement cut. That balance should not exceed 8.9% of it's credit line. You can alternate the cards each month. Each one is $300 TL. So charge but only let one report a balance of $26 max monthly (again statement date not due date). 

6) Do you have any open installment loans in the credit mix? Auto, student loans. Getting a small shared secured loan with your bank or a credit union will give you some points, if you do not have any. 

7) Wait- let credit inquiries age off  (1 year for FICO 8 is unscoreable). 

8) As your credit starts climbing to a decent range, perhaps see if you pre-qual for a Discover IT card, and get rid of Credit One (subprime and often with annual fees). Just work your way up from there. 

9) If collections are validated, come back to rebuilding forums, and you will most likely be advised to start a goodwill letter plan to have the collections removed. Are any so old, that according to your credit reports, that they will age off within the next year? It will give you the date of the reports. 

10) Make sure you are obtaining FICO scores and not Vantage Scores (Capital One is Vantage Score on their CreditWise on your statements).