@Anonymous wrote:Hey guy's,
I'm 22 and trying to rebuild my credit that my parents **bleep**ed up in the past (no need to get into detail)
However, 4 months ago my FICO score was 506, at the time I had no credit cards because nobody would approve me. I first applied to First Premier and they approved me for $300, I than got a Discover IT Secured card and deposited $700 into it, I later got a CITI Secured card and also put in another $500 into there. I use the cards for most of my expenses and pay them off in full at the end of every month never carrying a balance. I also got a new car from Ford and they approved me due to my income (Steady 3-4K a month) and that is also showing on my credit reports. From August to now my FICO score has increased from 506 to 588. I would like some help as to how to raise my score to get atleast into the average pile. As an individual I am very respoinsible with money and do not spend more than I can afford. Should I be looking to apply for more secured cards? Or should I just keep doing what I am currently doing with the 3 cards I have,
So, here is all the nasty things on my credit report
$911 Owed to Directv, disputed right away -FIRST NATIONAL COLLECTION BUR
$4K Owed to a apartment complex? -NATIONAL CREDIT SYSTEMS INC
$526 owed to Capitol One, disputed right now - PORTFOLIO RECOVERY ASSOCIATES
$822 owed to Sprint, will be disputing-PORTFOLIO RECOVERY ASSOCIATES
That's all the bad stuff I have on my report, biggest issue is the apartment complex which I will be disputing.
TU is showing 545, Equifax is showing 539, FICO at 588
Is this salvagable? I have 3 rotating cards, and a car loan. I have made all my payments on time for all of my open accounts. What do you guy's think about the sitation?
I dont see anything here that isnt salvagable if you have the funds to settle. On the 4 derogs you want to appoach the CAs/JDBs with PFD offers, granted you are dealing with one if the worst for refusing (PRA) if they are reporting monthly its in your interest to settle and stop the updating as that keeps your Fico score depressed. You can also contact the OCs before contacting the CAs and see if they will recall their collectors in exchange for full payment on the account this takes care of the CA if they agree to do so. If the OC has sold the debt that isnt an option and in order to request their TL be removed you need to begin a GW letter campaign asking for forgiveness and removal of the TL (the older the better for getting GW).
Now on the disputes, what is the basis for said dispute? If you know they are valid and reporting correctly then a dispute isnt the way to go after them one big reason is if they are not reporting monthly an update will cause a Fico score drop as the derog looks like it just happened in the eyes of Fico. On myFico we can only advocate a dispute if there is a factual error in the way an account is reporting.
http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/td-p/2031275
http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519
