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Established Member
Posts: 12
Registered: ‎02-02-2013
0

Help in rebuilding my credit

[ Edited ]

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

 

Established Contributor
Posts: 510
Registered: ‎09-25-2009
0

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
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Take the FICO Fitness Challenge



Established Member
Posts: 12
Registered: ‎02-02-2013
0

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?

Moderator
Posts: 13,319
Registered: ‎04-15-2011
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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!
Established Member
Posts: 12
Registered: ‎02-02-2013
0

Re: Help in rebuilding my credit

What do you mean gw? How exactly is that done?
Moderator
Posts: 13,319
Registered: ‎04-15-2011
0

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!
Established Member
Posts: 12
Registered: ‎02-02-2013
0

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

Moderator
Posts: 13,319
Registered: ‎04-15-2011
0

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!
Established Member
Posts: 12
Registered: ‎02-02-2013
0

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
Moderator
Posts: 13,319
Registered: ‎04-15-2011
0

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!
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