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Hello MyFICOers!
I am helping a family member rebuild her credit. Right now there are 2 collections, both with Midland that are past the SOL in our state (one for Tmobile and another for a Target Visa) and a 4 yr old Charge off from Target (that same Target Visa that Midland is reporting). There are some 1.5 year old 120 day lates from Dept of Ed, her loans have since been transferred to Nelnet and now are in repayment, so rehabbing the loans are next to impossible. Right now there is a Wells Fargo CC with a 1K CL reporting Paying as agreed on her CRs but in reality its closed even though its listed as open and showing a zero balance, it will be removed from her CRs in Feb 2014. We sent DV letters to Midland via Certified Mail and have yet to hear a response, that was 2 wks ago. Her Fico EQ score now is 634.
She was pre-approved for a Capital One card, It didnt specify whether it was Secured or Not, but it did mention that after 5 statements she would get a larger CL.
I told her she should get a BOA secured CC (thats how I started my rebuild) because it has the possibilty to graduate. Since there is only the closed Wells Fargo CC (that will be removed in several months) reporting I think some more positive TLs reporting would help her credit. I told her I think that she should not apply to the Captial One CC until the BOA secured is reporting.
My question to my fellow MyFICOers, is how should we tackle this rebuild? Any and all advice would be greatly appreciated! Thanks!
oh yeah, her AAoA is 6 yrs and has 0 inqs.
If that is her only baddies, then she isn't in to bad of shape.
For the Target CO, it is affecting her Utilization. I would contact Target and see if you can settle with them or maybe a PFD (doubt they will go for this). If you do settle with them, ask them to pull the account back from the CA.
Two birds with one stone.
Once the balance is updated on her old Target account, it should net some points.
For the T-mobile, do the same. Call them up and see if they will settle or PIF and ask them to pull the account back from the CA.
If neither can/will pull the account back from the CA's, send the CA's a DV. Since the original creditor accepted payment, they are no longer entitled to the reporting of their account and thus, must delete the account.
Great! Thanks for your reply!