Alright, here we go... Any advice is welcome...

[reasonthis]

I've had my go arounds with credit cards over the years, and finally able to try and rebuild... My length of accounts is great.  Lucky to have some lingering stuff in good standing (12 years i believe) which really helps out the little bit of credit I have.  Currently myFico has me at a score of 566.  I have 3 secured credit cards all about 6 months old, <500 limits on all, and 2 $500 limit cards with Merrick and 1st Premier, about 2-3 months old.  All are in good standing, as I'm just using the heck out of them, and paying them off.  I guess my biggest question would be; Should I cancel the 1st premier? Consolidate the secured into 1 or just 2 cards with a higher limit?   I know this is going to be a process, but being 30 and having to rent is taking it's toll on me.  Thanks!

[Shogun]

The fees with FP are pretty high, I would get rid of them before the AF kicks in again.  As far as Merrick, no, don't consolidate, leave it at 2 TLs, you don't want to thin that file down.  Garden those cards well and let them grow.  While you're gardening, it might be time for some weeding out too.  What's bad on your CR that's holding your score down and what can we do to clean some of that bad stuff up?

[RobertEG]

My first reaction would be to hang on to those active accounts for now.  They represent multiple revolving accounts, which is important in FICO scoring.

With a score below 600, the major factor is most likely poor payment history, which is the most highly weighted scoring category.

I would place emphasis at this point on cleaning up payment history prior to cancelling your current CCs or apping for new ones.

That is the most likely source of future score improvement as a basis for then obtaining new or better credit.

Can you proivde some details on your current derogs?

[reasonthis]

Sorry for the dramatic buildup.. I never got around to listing any details because I think I was pretty much as good as I could get there.. still have Diaz and Associates coming after me for 5k on an $800 high credit from 12 or so years ago, but I digress.  So after those 3 cards I consolidated to just the capital one and wells fargo secured cards.  I've been using the hell out of them, and finally just in the past week or so I got a notice from WF that they were going to credit back my deposit! I'm already approved for a Capital One card, so I'll be transferring the balance from the unsecured there to get my deposit back.. New question being: Should I add another couple of store cards which I'm sure I could get? I'm definitely going to look in to a 3rd primary credit card, so I'll have WF, CapOne, and _____ as some good revolving credit, but I know too much of a good thing can be a bad thing.. 

[Anonymous]

I'd recommend a second Cap One card. Don't add a bunch of store cards, one is all you need.

[gdale6]

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@reasonthis wrote:

Sorry for the dramatic buildup.. I never got around to listing any details because I think I was pretty much as good as I could get there.. still have Diaz and Associates coming after me for 5k on an $800 high credit from 12 or so years ago, but I digress. 

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This is past SOL in most every state and cannot be put back on your CRs so I would just ignore them or send them a C&D (cease & desist)

[reasonthis]

They keep re-negotiating the deal every few years or whatever to keep it active, but I hope I can do it. Can you provide a link with some good easy steps? I'm pretty resourceful but love the help.

[Anonymous]

I'm a little confused here - what exactly are they doing? In what way are they 'keeping it active'? Who are they re-negotiating with?

Nothing they do can *legally* allow it to be reported for more than 7.5 years from the original DoFD. NOTHING. It is very illegal for them to do so.

The only way the SOL can be reset is if YOU make agreed payments and then stop paying, or you make a firm promise to repay (in some states) and fail to do so, or sign a written agreement to repay (required in about a dozen states) and fail to do so. They cannot, on their own, do anything the reset the SOL. To be clear, the SOL is how long they have to be able to sue you in court, and get a judgment. 

So if you would please elaborate on whats going on with this one.

[reasonthis]

I'm just looked back into my report and it looks like it hasn't been 12 years, sorry about the exaggeration. It shows up actually as a civil judgment where LVNV Funding filed it in 7/29/2008. I'm pretty sure the account was opened in '05 though, and 3 years later after I didn't pay the lawyers, this judgment?  I'll call the lawyers soon to verify when it was opened, as I'm rather certain it was '05 as a mastercard, then maybe changed to a civil judgment?  but nothing shows because of this claim here?  Attaching a snip from my TU report......

https://drive.google.com/file/d/0B625ac5I6ibRWUlxb2hlVE0wY1U/view?usp=sharing

[gdale6]

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@reasonthis wrote:

I'm just looked back into my report and it looks like it hasn't been 12 years, sorry about the exaggeration. It shows up actually as a civil judgment where LVNV Funding filed it in 7/29/2008. I'm pretty sure the account was opened in '05 though, and 3 years later after I didn't pay the lawyers, this judgment?  I'll call the lawyers soon to verify when it was opened, as I'm rather certain it was '05 as a mastercard, then maybe changed to a civil judgment?  but nothing shows because of this claim here?  Attaching a snip from my TU report......

https://drive.google.com/file/d/0B625ac5I6ibRWUlxb2hlVE0wY1U/view?usp=sharing

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Oh well, disregard everythng I said about SOL it doesnt apply to judgments, they have a life of their own. FIrst thing I would do is call the court and confirm an actual judgment was granted. If you are not now living in the same state that the judgment was granted in its slightly to your advantage, they would have to domesticate it in the state you are now living to collect on it and that costs more money and time. The judgment will drop at the 7 year mark or at most the number of years it can be statuatory active in the state it was granted in. FYI a judgment can typically be renewed for ever in most states so you are going to want to settle it at some point if in fact it exists.