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Cleaning up while I rebuild

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Anonymous
Not applicable

Cleaning up while I rebuild

So I started aggressively cleaning up my credit today. I PFD 2 accounts, PIF one and settled another. I have 4 charge-offs and 3 collections left to deal with. Will I start to see an increase in scores as the PFD records fall off or will it not matter until I get the last of the baddies handled. I am willing to settle instead of PIF because I know something is better than nothing and all but 1 is currently updating monthly. 2 of the 3 collections will most definitely be PIF because they are tiny and I would have taken care of them today had they answered the phone. 2 of the charge-offs are also small enough to PIF today. That will leave me with about 4k in debt that I need to clear up. Any ideas on the best course of action here? My current scores are EQ 609, TU 615, EX 614. I really don't want to see these plummet as I do this either.

 

Message 1 of 5
4 REPLIES 4
Adkins
Legendary Contributor

Re: Cleaning up while I rebuild

You can see a score jump with PFD, since the collection won't be weighing the score down. Start good will campaigns on the PIF collections, to get them completely removed. We need more information on accounts you have left: amount, utilization, age, etc. 

 

I highly recommend reading ABCD2199s rules about credit rebuilding, I think they're pretty solid.


Last HP 08-07-2023



Message 2 of 5
Anonymous
Not applicable

Re: Cleaning up while I rebuild

So I PFD 3 more collections this morning.
I have a $2100 c/o that is updating monthly due to fall off in 22.
2 predatory lender loan charge offs one is $550 and one is $120. They update randomly and are scheduled to fall off in 21.
I have a TXU charge off for $226 that will fall off in 19.
I have no more collections.

Aaoa is 3 years ish and oldest account is 10 years
Utilization is hovering at 15%.
Discover $500 c/l reporting 0
Cap 1 $200 c/l reporting 34
Chase AU $1500 c/l reporting $115
Cap 1 AU $6500 c/l reporting 0
Open sky $500 c/l reporting 0
Credit 1 $300 c/l reporting 0

Student loans $18k 1 30 & 1 60 day late in fall 2016
Message 3 of 5
Anonymous
Not applicable

Re: Cleaning up while I rebuild

Bump
Message 4 of 5
Adkins
Legendary Contributor

Re: Cleaning up while I rebuild

If the student loans are federal loans, the lates are not going to come off. They'll have to age off.

I would PFD as many accounts as possible. Good will those that won't PFD. Your utilization is good (get it under 9% to be excellent) but I'd add a secure loan. (See ABCD2199s rebuild thread about the loan). Once that credit one is about to charge the annual fee, close it. Most people say to close it immediately but you've already paid an annual fee, might as well get a one year history out of it.

Last HP 08-07-2023



Message 5 of 5
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