Credit repair help!

Anonymous · ‎08-28-2017

Hi guys! I have lurked around these forums for quite sometime dating back to 2014, and for a brief period of time (about 6-9 months) I was able to see some good improvement on my relatively new credit history and obtain some nice credit card accouts. Unfortuntaly, I was not very responsible in the way that I handled my credit and it all went down south very quickly. I find myself in a position now that I would like to buy a house for my family and I am unable to do so.

My credit scores per Credit Karma are as follow:

TransUnion- 486 - 6 HARD INQUIRIES

Equifax- 518 - 1 HARD INQUIRY

Allthough my Equifax report shows 0 collection accounts, it shows 5 total accounts (all closed)

1.DISCOVER BANK- Closed- $605 Balance (This account started as a $200 secured credit card)

2.COMENITY BANK/ EXPRESS- Closed - $0 Balance

3-BMW FINANCIAL SERVICES- Closed- $8,780 Balance (This was a Mini that I had financed and was ultimately repo'ed)

4-HARLEY DAVIDSON FINANCIAL- Closed- $0.00 Balance (Motorcycle that I purchased (financed) paid well during 3 months and then paid off - well, was traded in for the mini, but this is how it shows on my report)

5-SANTANDER FINANCIAL- Closed- $0.00 Balance (This was a Corolla i had purchased, again repo'ed. This account used to show a balance similar to the BMW account but for some reason it no longer shows.)

My TransUnion on the other hand is a little more messy:

1.DISCOVER BANK- Closed- $605 Balance (This account started as a $200 secured credit card)

2.COMENITY BANK/ EXPRESS- Closed - $0 Balance

3-BMW FINANCIAL SERVICES- Closed- $8,780 Balance (This was a Mini that I had financed and was ultimately repo'ed)

4-HARLEY DAVIDSON FINANCIAL- Closed- $0.00 Balance (Motorcycle that I purchased (financed) paid well during 3 months and then paid off - well, was traded in for the mini, but this is how it shows on my report)

5-SANTANDER FINANCIAL- Closed- $0.00 Balance (This was a Corolla i had purchased, again repo'ed. This account used to show a balance similar to the BMW account but for some reason it no longer shows.)

The following collections only appear on my TransUnion report:

1- AFNI - $2,945 - ORG CREDITOR: ATT MOBILITY

2-CAINE & WEINER - $795.00- ORG CREDITOR: PROGRESSIVE INSURANCE

3-PORTFOLIO RECOVERY- $784.00 - ORG CREDITOR: CAPITAL ONE

4-PORTFOLIO RECOVERY- $696.00 - ORG CREDITOR: CAPITAL ONE

5-CREDIT COLLECTION SERV - $321 - ORG CREDITOR THE GENERAL INSURANCE CO.

6-BULL CITY FINANCIAL SOLUTIONS- $259.00- ORG CREDITOR: ENERGY CO. OF SOUTH FLA

7-CAPIO PARTNERS- $150- ORG CREDITOR: HOSPITAL

With all that being said and done, what would be the best course of action that would yield the best results in terms of improving my credit score? I'd like to think that I have matured a lot when it comes to managing finances, specially now that I have a family. I have tried to obtain at least a secured credit card but no one is willing to give me one, I went to local credit union and was unable to obtain an account due to information they received from a background research firm in regards to a checking account I had back in 2010 that was closed by the bank with a overdraft balance (somewhere in the $400 range, dont quite remember the amount, was looking for it in the credit reports but can't seem to find it).

I would really appreciate all the feedback and help! Thank you very much in advance.

RobertEG · ‎08-28-2017

Reporting by a creditor of closed, $0 balance could mean one of two things.

It could signify that the debt was paid, or that the creditor no longer owns the debt.

The Santander account, for example, was updated to show $0 balance even though the debt was not paid, which indicates that the creditor sold the debt to another.

The new owner can, at any time, report to a CRA, and if less than 7 years plus 180 days has expired since the DOFD, it can appear in your credit report.

For each account that is closed with a $0 current balance, is the debt paid?

As for credit scoring, the payment history of each account is the highest-weighted category affecting scoring of the account.

Thus, the type and age of derogs reported on each account is important in determining how to approach credit repair.

What are the derogs that are currently being reported, and what is their age?

Anonymous · ‎08-28-2017

@RobertEG wrote:
Reporting by a creditor of closed, $0 balance could mean one of two things.
It could signify that the debt was paid, or that the creditor no longer owns the debt.
The Santander account, for example, was updated to show $0 balance even though the debt was not paid, which indicates that the creditor sold the debt to another.
The new owner can, at any time, report to a CRA, and if less than 7 years plus 180 days has expired since the DOFD, it can appear in your credit report.

For each account that is closed with a $0 current balance, is the debt paid?

As for credit scoring, the payment history of each account is the highest-weighted category affecting scoring of the account.
Thus, the type and age of derogs reported on each account is important in determining how to approach credit repair.
What are the derogs that are currently being reported, and what is their age?

Thanks for explaining to me why some accounts are showing a $0 balance when they still have not been paid. With the exception of the Harley Davidson account, the ones with a $0 balance have not been paid. I know express should be around $1100 and santander to be almost $9,000.

Under Transunion none of the derog account have had a payment made on them. They all show as missed payments up until June/July.