Good Credit Driven - Update May 2014

[goodcreditdriven1025]

Hello all!!!

I am new to the forum but have been lurking for awhile.  Today I signed up for Score Watcher as I would like to start building my credit score and hopefully qualify for a home by the end of the year.  Here’s a snap shot of what my credit looks like, any advice would be greatly appreciated.

*****It has been a month since I started my credit building journey and my score has gone up from 490 to 541.  Thats 51 points in one month! I'm very excited at the progress I'm making. I have not paid down all my debt where I want it to be but I'll have some extra money at the end of the month and plan to keeping knocking down those balances.

Active Accounts

Hyundai Motor Finance – Currently reporting 30 days past due but will be caught up this month *Paid no longer reporting late

Target Store Card – Limit: $300 Balance: $275 *Balance now $243

Capital One Platinum Visa – Limit: $500 Balance: $508 *Balance now $450

Empower FCU Visa Platinum – Limit: $700 Balance: $699 *Balance now $606

Empower FCU Line of Credit – Limit: $100 Balance $99 *Balance now $64

Kay Jewelers – Balance $3765 * There is no credit limit this has been closed by Kay.  It is reporting as paid as agreed

Walmart CC – Limit $500 Balance $500 *Balance now $473

4 Student Loans – First payment due 4/28

The Negative

4 Unpaid Collections totaling $2500

8 Paid Collections dates range from 2006 – 2010

1 Judgment from Target National Bank – Filed in 7/2009, Satisfied 04/2011

My goals are:

1. Pay off all my active credit card balances – I will be doing this May 1st *Still working on this
2. Attempt PFD for the unpaid collections *Mailing two PFD's this weekend
3. Good will for paid collections to be removed *Sent GW letters to Chase, TWC, Best Buy, Midland Credit Management... No luck :-(
4. Lastly, good will for some late payments to be removed *Sending in June

I would like to use this post as a journal as I start to correct things but also as a means to get some valuable feedback on making the necessary corrections to my credit.  You can see my current credit scores in my signature.

[gdale6]

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@goodcreditdriven1025 wrote:

Hello all!!!

I am new to the forum but have been lurking for awhile.  Today I signed up for Score Watcher as I would like to start building my credit score and hopefully qualify for a home by the end of the year.  Here’s a snap shot of what my credit looks like, any advice would be greatly appreciated.

Active Accounts

Hyundai Motor Finance – Currently reporting 30 days past due but will be caught up this month. GW for the late if you have not been doing this consistently with the account

Target Store Card – Limit: $300 Balance: $275

Capital One Platinum Visa – Limit: $500 Balance: $508

Empower FCU Visa Platinum – Limit: $700 Balance: $699

Empower FCU Line of Credit – Limit: $100 Balance $99

Kay Jewelers – Balance $3765 * There is no credit limit this has been closed by Kay.  It is reporting as paid as agreed

Walmart CC – Limit $500 Balance $500

These balances are killing your FICO, pay them off before you even consider taking care of some of the negatives. You want only 1 of your revolving accounts reporting a balance to the CRAs of 1-9% of its CL the rest at 0.

4 Student Loans – First payment due 4/28

The Negative

4 Unpaid Collections totaling $2500

8 Paid Collections dates range from 2006 – 2010 GW letters to each one asking removal. The older ones first, a collection from 06 should already be gone, they can only report for 7.5 yrs from the DOFD of the OC.

1 Judgment from Target National Bank – Filed in 7/2009, Satisfied 04/2011 File motion to vacate on grounds its been paid if you can do so, if its granted its gone from your CRs.

My goals are: OK saw this after I commented, good start.

1. Pay off all my active credit card balances – I will be doing this May 1st
2. Attempt PFD for the unpaid collections
3. Good will for paid collections to be removed
4. Lastly, good will for some late payments to be removed

I would like to use this post as a journal as I start to correct things but also as a means to get some valuable feedback on making the necessary corrections to my credit.  You can see my current credit scores in my signature.

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[goodcreditdriven1025]

Thank you for the advice!  I had no idea that I could file a motion to vacate. I will look up how to do this. :-)

[Shogun]

Good plan and good advice from gdale6.  Good luck!

[goodcreditdriven1025]

Today I mailed out 4 GW letters to:

Chase Bank (I also emailed a copy): Update: I received a call from the Chase EO and the nice woman on the phone informed me that unfortunately they would be unable to remove this account from my credit report.  However, from her review of the account the balance of the charge off was reporting incorrectly.  She changed it from $1100 to $200 (which was my original credit limit).  I received a SW alert today saying that my score had increased by +4 due to this change.  So I'll leave this one alone, as it will fall off sometime next year anyway. :-)

Time Warner Cable 

HSBC/Best Buy

Midland Credit Management

I will come back and update as I hear back... FINGERS CROSSED!! :-)