Advice on next steps

[Anonymous]

Hey folks - I'm about 90 days in to my rebuild. I seem to have hit a wall and would love a fresh perspective on what the next 60-90 days should look like. Below is information I just pulled from CCT. This is my current Experian report. The other CRA's look identical although my scores are highest on Experian for some reason. My scores as of today are: 635EXP 619TU 589EQ. Equifax went up to 601 yesterday and I was thrilled that all 3 were above 600. Then, I got a notice today that a new recently opened credit line reported and it plumetted back down to 589. I'm bummed but I know it's temporary. 

Credit Used

Revolving Debt

$1,568.00

Revolving Credit Limit

$13,601.00

Revolving Credit Usage

12%

Real Estate Debt

$275,334.00

Installment Debt

$37,547.00

Total Debt

$314,584.00

Negative Information

Accounts Ever Late

6

Accounts In Collections

1

Time Since Negative

0.2 year(s)

Inquiries Summary

Inquiries

30

Public Record Summary

Public Records

0

Length of History

Oldest Account

11.3 year(s)

Average Account Age

2.9 year(s)

I have 2 Auto loans that are both current. (Last late 3/2015).

I have a mortgage that is current(Last late 7/2015). I tried to delete some lates through GW and was denied.

I have 8 credit card accounts and 3 AU accounts(Perfect history on all - no lates)

I have 1 recently charged off personal loan(one main) for $6900 that was just sold to Midland. I was not in a position to do anything about this to prevent charge off. When Midland makes contact I will attempt to settle this account before the collection is reported.

I have 1 small medical collection($130) that I sent a PFD offer for 2 weeks ago. Waiting for a response.

My Experian score has gone up to 635 but I have hit an approval wall as every APP I have tried in the past 10 days was declined. I can't get in with Barclay, Discover or any other major bank right now. I have 2 Cap One accounts so they won't let me open another until I qualify for a premium card. I realize that I have to garden now but I'm wondering if there is ANYTHING at all beyond what I mentioned above that I should be doing? I appreciate anyone taking the time to read this and welcome any feedback. Thanks!

Brian

[RobertEG]

Are you sure the charged-off debt was actually sold to the debt collector?

If only assigned, if you havent yet done so, I would make an offer to the OC to terminate the collection assignment and then accept payment from you.

If you have not yet requested a PFD from the OC, then you could also include that in your request to them, thus attempting deletion of the CO while also preventing reporting of a collection.

[Anonymous]

Robert...Thanks for the response. Unfortunately, yes. I received a letter from One Main telling me that the debt was sold and to direct all questions to Midland. Also, on my reports it says "charge off" with a zero balance. I have yet to be contacted by Midland.

[Anonymous]

I would get on top of the Midland collection before they get a judgement and add legal fees and interest, if you can.  

[Anonymous]

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@Anonymous wrote:

Hey folks - I'm about 90 days in to my rebuild. I seem to have hit a wall and would love a fresh perspective on what the next 60-90 days should look like. Below is information I just pulled from CCT. This is my current Experian report. The other CRA's look identical although my scores are highest on Experian for some reason. My scores as of today are: 635EXP 619TU 589EQ. Equifax went up to 601 yesterday and I was thrilled that all 3 were above 600. Then, I got a notice today that a new recently opened credit line reported and it plumetted back down to 589. I'm bummed but I know it's temporary. 

Credit Used

Revolving Debt

$1,568.00

Revolving Credit Limit

$13,601.00

Revolving Credit Usage

12%

Real Estate Debt

$275,334.00

Installment Debt

$37,547.00

Total Debt

$314,584.00

Negative Information

Accounts Ever Late

6

Accounts In Collections

1

Time Since Negative

0.2 year(s)

Inquiries Summary

Inquiries

30

Public Record Summary

Public Records

0

Length of History

Oldest Account

11.3 year(s)

Average Account Age

2.9 year(s)

I have 2 Auto loans that are both current. (Last late 3/2015).

I have a mortgage that is current(Last late 7/2015). I tried to delete some lates through GW and was denied.

I have 8 credit card accounts and 3 AU accounts(Perfect history on all - no lates)

I have 1 recently charged off personal loan(one main) for $6900 that was just sold to Midland. I was not in a position to do anything about this to prevent charge off. When Midland makes contact I will attempt to settle this account before the collection is reported.

I have 1 small medical collection($130) that I sent a PFD offer for 2 weeks ago. Waiting for a response.

My Experian score has gone up to 635 but I have hit an approval wall as every APP I have tried in the past 10 days was declined. I can't get in with Barclay, Discover or any other major bank right now. I have 2 Cap One accounts so they won't let me open another until I qualify for a premium card. I realize that I have to garden now but I'm wondering if there is ANYTHING at all beyond what I mentioned above that I should be doing? I appreciate anyone taking the time to read this and welcome any feedback. Thanks!

Brian

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Patience, Grasshopper! Keep in mind this is a long term game, and you are only 90 days in. Thats like the first five minutes of the first quarter. Stop apping, your scores and history just don't support those cards yet. You need to get further out from those lates before your scores are going to recover much more. Relax, sit back and use you cards to your best advantage and grow their limits, while working on removing the derogs and settling old accounts.

Don't app for anything else until your scores hit the 660 range.

[Anonymous]

Thanks Norman. I have to spend less time here. Every time I see someone get approved for something I can't get with similar scores I get mad. Lol. I appreciate the advice.

[lamplight2012]

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@Anonymous wrote:

Thanks Norman. I have to spend less time here. Every time I see someone get approved for something I can't get with similar scores I get mad. Lol. I appreciate the advice.

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I second that feeling! It's brutal.

[Anonymous]

It's not nearly as painstaking as 30 years to pay off the house if that helps