Here's my story, help me increase credit score

[amanda1266]

Hi All,

I have been working diligently on repairing my credit.  I have had a lot of success with getting medical collections removed, but I have had no success with getting lates removed from a credit card, a student loan, and a couple auto loans.

I was wondering if anyone can help me to determine what I should do next in an effort to increase my credit score. 

Here are all my details:

My current scores according to the USAA service:

Experian: Started 582, now 607

Equifax: Started 561, now 577

Transunion: Started 573, now 604

Toyota Auto Loan, paid off, reporting to all 3 CRA: two 30 day lates, July/Dec 2006, I have GW'd 3 times, all denied. 

Ally Financial, Auto Loan, paid off, reporting to all 3 CRA: total of 8 30 days lates throughout the course of the loan, I have GW'd 3 times, all denied.. Yesterday I emailed quite a few employees I found on their website

Capital One Credit card, reporting to all 3 CRA: one 30 day late, December 2008, GW'd 3 times, all denied

Sallie Mae, reporting to all 3 CRA: one 30 day late, November 2010, GW'd 3 times, all denied

Paid Medical collections, only reporting to Equifax.  Sent GW letter, waiting for response

Unpaid Medical collections, only reporting to Equifax.  Sent PFD letter, waiting for response

Verizon chargeoff, not paid, reporting to all 3 CRA.  Sent PFD letter, waiting for response.

Ok, So as far as Utilization goes:

I have 3 credit cards, total credit line of $5300, balance due of $2300.

My fiance has two cards I could be added as an Authorized user.  The credit lines are $3000 and $1500 with $0 balances.  The accounts are about 5 years old.  Do you think this would bump up my score?? 

Ok, so there is my story.  I know the late payments are killing me, but the GW letters don't seem to be working.

[Lois5669]

Hi amanda -

They say that 30 day lates don't hurt "a lot" on your score. I'm sure with multiple 30 day lates it is hurting. However, as time goes on, they will hurt less and less. Those from 2008 are probably not doing much at all.

My first suggestion from what you have going on is, don't take no for an answer. Keep on sending those GWs.

And second, pay down the balance you have. If you can get that $5300 CL card down to under 10% util, you will see a big jump in your scores, right there. And, as long as you are assured that the cards you can be added as AU on don't have any lates on them and will be maintained at that low balance, it won't hurt to get added. I don't like not having control over my fate so I wouldn't get added, personally. It's up to you.

The last thing I would suggest, just to get yourself a good barometer, is to buy your true Fico scores from TU and EQ as the USAA scores of FAKOs.

[LIGHTNIN]

Your true FICO score maybe higher or lower then the FAKO's. My FICO were about 100pts higher then my FAKO's. YMMV.

How old are your collections and the Verizon CO?

And What are the balances and limits on each of the 3 CC's?

FICO scoring looks at both..... overall CC Util(utilization) and the Util of each individual CC.

The fastest way to increase a CS, is to lower your CC Util. 

[amanda1266]

---

@Lois5669 wrote:

Hi amanda -

They say that 30 day lates don't hurt "a lot" on your score. I'm sure with multiple 30 day lates it is hurting. However, as time goes on, they will hurt less and less. Those from 2008 are probably not doing much at all.

My first suggestion from what you have going on is, don't take no for an answer. Keep on sending those GWs.

And second, pay down the balance you have. If you can get that $5300 CL card down to under 10% util, you will see a big jump in your scores, right there. And, as long as you are assured that the cards you can be added as AU on don't have any lates on them and will be maintained at that low balance, it won't hurt to get added. I don't like not having control over my fate so I wouldn't get added, personally. It's up to you.

The last thing I would suggest, just to get yourself a good barometer, is to buy your true Fico scores from TU and EQ as the USAA scores of FAKOs.

---

Thank you for the reply!! I wasn't sure how much the lates were hurting me, I'm glad to hear they might not be hurting as much as I thought.  So do you think the high utilization is the major factor that is causing my scores to be so low??

I actually did purchase my Equifax Fico score last week and it was 567. 

Thanks again!

[Lois5669]

Don't get me wrong, they are hurting but over time, they are hurting less and less.  Your util, CO, and collections are hurting you most. Hopefully those GWs and PFDs will work for you. But, yeah, get that util down and it will help a LOT

[amanda1266]

---

@LIGHTNIN wrote:

Your true FICO score maybe higher or lower then the FAKO's. My FICO were about 100pts higher then my FAKO's. YMMV.

How old are your collections and the Verizon CO?

And What are the balances and limits on each of the 3 CC's?

FICO scoring looks at both..... overall CC Util(utilization) and the Util of each individual CC.

The fastest way to increase a CS, is to lower your CC Util. 

---

The collections are from 2010 and the Verizon CO is from 2008.  I hope they will all work with me.. We will see.

Card 1 is $2000 CL and $0 balance

Card 2 is $700 CL and $0 balance

Card 3 is $2600 CL and $2300 balance

I am working on paying down the $2300, so hopefully when I get that down I will see an increase.

[rckstrscott]

---

@amanda1266 wrote:

---

@LIGHTNIN wrote:

Your true FICO score maybe higher or lower then the FAKO's. My FICO were about 100pts higher then my FAKO's. YMMV.

How old are your collections and the Verizon CO?

And What are the balances and limits on each of the 3 CC's?

FICO scoring looks at both..... overall CC Util(utilization) and the Util of each individual CC.

The fastest way to increase a CS, is to lower your CC Util. 

---

The collections are from 2010 and the Verizon CO is from 2008.  I hope they will all work with me.. We will see.

Card 1 is $2000 CL and $0 balance

Card 2 is $700 CL and $0 balance

Card 3 is $2600 CL and $2300 balance

I am working on paying down the $2300, so hopefully when I get that down I will see an increase.

---

There is no hopefully in this. Get that down, see an increase if you get that down to about $250 dollars you will see a large point increase.

-scott

[Anonymous]

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@amanda1266 wrote:

---

@LIGHTNIN wrote:

Your true FICO score maybe higher or lower then the FAKO's. My FICO were about 100pts higher then my FAKO's. YMMV.

How old are your collections and the Verizon CO?

And What are the balances and limits on each of the 3 CC's?

FICO scoring looks at both..... overall CC Util(utilization) and the Util of each individual CC.

The fastest way to increase a CS, is to lower your CC Util. 

---

The collections are from 2010 and the Verizon CO is from 2008.  I hope they will all work with me.. We will see.

Card 1 is $2000 CL and $0 balance

Card 2 is $700 CL and $0 balance

Card 3 is $2600 CL and $2300 balance

I am working on paying down the $2300, so hopefully when I get that down I will see an increase.

---

Pay everything you possibly can to pay down that $2300.If you have to, make some sacrifices like not going to the bars or concerts or any activites for a couple months so you can blow this debt away. In the meantime, cut those other 2 cards up, but don't close the accounts.

[casmith1980]

Oh...and one more note for the PFDs and GWs:

Be persistent   Most of us didn't get "yes" on our first round of letters