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Help in rebuilding my credit

Established Member

Help in rebuilding my credit

Hello, I'm new to forums and needed some help on how to tacklemy credit. Right now myfico states that I'm at 620. Im trying to increase it as much as possible.

I made some awful mistakes in my life and i'm trying to rectify them now.  I'm debating in doing a Bankruptcy on the Car Loan that was repossed about  6 year ago, from what i understand theres a  7 year wait until it drops off. Would it be best if I wait?  I don't know what else to do to increase it. Any help would be greatly appreciated.

 

Gecrb/Care

 

12/2012

$35

Pays account as agreed

No

Cap One

 

9/2012

$13

Pays account as agreed

No

Sallie Mae

XXXXXXXXXXXXXXXX

10/2003

$23,812

Bad debt/collection

 yes

Sallie Mae

XXXXXXXXXXXXXXXX

3/2006

$17,686

Bad debt/collection

 yes

Us Dept Ed

XXXXXXXXXXX

9/2012

$8,269

Pays account as agreed

No

Us Dept Ed

XXXXXXXXXXX

9/2012

$5,354

Pays account as agreed

No

Sallie Mae

XXXXXXXXXXXXXXXX

3/2006

$0

Pays account as agreed

No

Sallie Mae

XXXXXXXXXXXXXXXX

10/2003

$0

Pays account as agreed

No

Sallie Mae

XXXXXXXXXXXXXXXX

3/2006

$0

Pays account as agreed

No

Sallie Mae

XXXXXXXXXXXXXXXX

6/2004

$0

Pays account as agreed

No

Sallie Mae

XXXXXXXXXXXXXXXX

10/2003

$0

Pays account as agreed

No

Sallie Mae

XXXXXXXXXXXXXXXX

3/2006

$0

120+ days past due

 yes

Sallie Mae

XXXXXXXXXXXXXXXX

3/2006

$0

120+ days past due

 yes

Sallie Mae

XXXXXXXXXXXXXXXX

6/2004

$0

120+ days past due

 yes

Sallie Mae

XXXXXXXXXXXXXXXX

10/2003

$0

120+ days past due

 yes

Sallie Mae

XXXXXXXXXXXXXXXX

10/2003

$0

120+ days past due

 yes

Santander

XXXXXXXXXXXXX

1/2007

$0

Bad debt/collection

 yes

Hsbc/Scusa

XXXXXXXXXXXXX

1/2007

$0

Pays account as agreed

 yes

Hsbc Auto

XXXXXXXXXX

1/2007

$0

120+ days past due

 yes

 

Message 1 of 15
14 REPLIES
Established Contributor

Re: Help in rebuilding my credit

bankruptcy is not going to help ur car loan, seems like u have a student loan issue.


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

Take the FICO Fitness Challenge



Message 2 of 15
Established Member

Re: Help in rebuilding my credit

Well i do have still 2 outstanding student loans still past due. Would u suggest if i complete a payment plan, help me with my credit?

Message 3 of 15
Moderator Emeritus

Re: Help in rebuilding my credit

It does look like you have a SL issue, but besides that, it doesn't look like you have a lot of debt, paid or unpaid.  I would concentrate on trying to rehab those and keep them up to date.  Everything that has a $0 balance and is a negative needs to have GWs sent.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 15
Established Member

Re: Help in rebuilding my credit

What do you mean gw? How exactly is that done?
Message 5 of 15
Highlighted
Moderator Emeritus

Re: Help in rebuilding my credit

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

 

Take a look at this thread, see what you think.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 6 of 15
Established Member

Re: Help in rebuilding my credit

How would the good will letter help in my case? I have  know the car was repo an sold to different CA. so I know show 3. If  i send a GW letter an I going to be needing to pay the balance? I really dont have that kind of money to be dishin out $10k, the student loans, I can work on a rehab and get them out of deliquency.

 

I just dont know how to do it with the car loans

Message 7 of 15
Moderator Emeritus

Re: Help in rebuilding my credit

All the car loans shown here have a $0 balance.  Where is the money owed?

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 8 of 15
Established Member

Status as of Sep, 2012 Re: Help in rebuilding my credit

It does seem like they charged off the accout. as you can see from below.  Status as of  Date opened [? Date of last activity [?] Account number [?] Largest past balance [?] Account Type [?] Account holder [?] Scheduled Payment Amount [?] Industry
Sep, 2012
Jan, 2007
Aug, 2008
XXXXXXXXXXXXX1000
$19,141
Installment
Individual
$450
Auto Financing

Descriptions [?]

  • Account transferred or sold
  • Charged off account
Balance [?] Current Status [?]
$0Bad debt/collection
Message 9 of 15
Moderator Emeritus

Re: Status as of Sep, 2012 Re: Help in rebuilding my credit

I'm seeing the balance on all of them as $0.  So to me, that means there is no money owed them.  That's why the GWs should be sent.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 10 of 15