@Anonymous wrote:
ok awesome and thanks for the feedback I was starting to think nobody would reply.
Thats why Im confused as to why I would pay the medical bills for the mortgage but Im really doing it to help bring my scores up because the credit repair person Im getting advice from states that new debts in collections 24months old are hurting my scores tremendously no matter what they are.
Its confusing for sure and I just want better scores and better credit to make way for a better life for my family
My sum
30y.o.
FP $300 (4 yrs) 30%
CU M/C $500 (`1yr) 30% (at update)
FH $200 (1yr) 30% (at update…due to recent spend)
A/U on Cap1 (age ?) 30% (at update)
Collections within 24 months…been working w/ LL and some repair dude
1st off all this credit guru ‘hate’ is over stated …yes disputing can be
- Too simplistic an approach and too often it is the ‘only’ thing too many ppl see as restoration (thanks, a lot to the WalMart of repair LL) problem is they are a single focus checker player in a chess match.
- Disputes aren’t the be-all for everything. And certainly one doesn’t normally BUILD a credit profile by disputing alone.
A true credit enhancement project consist of a well-balanced plan and attack. And quite honestly the ‘you can do it yourself’ crowd can be as tone death as the dispute-only pushers.
The fact is every case is going to be unique…yet we humans love headlines and ‘simple’ one-size for all slogans.
Some ppl don’t need real estate professionals but the NAR and Phil Dunphy might disagree every time…same thing with credit repair, it just depends on how hairy the situation and how well versed the subject is prior to setting sail on said journey…it’s a crap shoot, especially possible not knowing what one doesn’t know, until after the fact!
I always remind ppl that H & R Block doesn’t use any laws or deductions that one couldn’t find, use or apply for themselves….however close to 70% of ppl PAY a pro to do their taxes for a reason.
So just TELLING the general public that they CAN DO IT on their own can be going a bit too far…after all taxes can be redone, refilled like 3 years back but screwing up your credit rebuild can cost a lot more than one tax filing.
Remember this is a public that knows some of the ppl doing their taxes just took the 2 week course the company was advertising with the spinning sign guy and ppl still drive in and say ‘you do it’ but we think most ppl can competently do a better managing repairing their credit and financial reputation….right!
Not a 1040EZ but the financial key to just about all life’s financial doors, this is the one to play with…yeah that makes sense?
Yes, there are hacks that don’t do a great job in this space…same as barbers, realtors and lawyers but to say in general it’s ‘waste’ of money to get help from a person with knowledge and experience goes too far.
Seeking qualified ‘better’ help yes…belittling the value of experienced knowledgeable= short sighted
(again info is one thing knowing how to put things in practice is quite another).
Knowing about a law, even reading what SUPPOSEDLY ‘is’ going to happen if one does X is many times a different story in real life.
Like they say anybody can TRAIN to fight but you don’t know what or whom you’re dealing with until the fight starts…
Everybody looks great shadowboxing but in life the punching bag hits back…Now what?
That’s where and when ‘help’ becomes important, problem is one doesn’t know when or how the bag is gonna swing
( sounds like a realtor speaking to a FSBO about listing huh?)
OP
Either your advisors aren’t saying clearly or you’re not hearing them correctly
30% should be your MAX debt ratio not your Goal ratio
I advise my clients to use 20% as a ‘base’ ratio…25% as an oh snip…30% as a Stop-drop-& Roll
Next, it isn’t ‘best practice’ to have a balance of any % on every card in your profile…
it seems some how it’s been translated that your goal is to have all accounts reporting at 30%.
When it should be all accounts at 0%, except one at 1-9%..obviously this is a huge difference, so there is a communication breakdown somewhere..
because we’re talking night and day difference.
Which is likely why, you’re banging your head for 4 years with a $300 CL
(again, a knowledge gap that has to be closed somehow and it’s less likely done ALONE…Free or not)
I’m not sure if the A/U card with the aunt was for age or not but the FP is 4 years old itself, so it’d be interesting to know what positive was pitched in having that account,especially since it had to be PAID DOWN just to get to 30%.
An A/U is only of any real use for ‘aging’ if you have none,
to help provide data for scoring if you’re dead empty, like a total credit ghost and really only if the debt load is outstanding,
otherwise..it’s an anchor not a help (in this case right now, it seems of no use b/c it is as debt/loaded as every card on the profile)
but it makes sense if one is under the impression that all cards need to show 30% usage…once the wrong idea is floated it spreads, just hurting a person over and over.
Granted, this is a good thing because once a person ‘gets’ what needs to be changed bam, easy fixes baby!
This used to happen to me back in school…we’d trade papers in math then ‘ya know go over the answers..there were times I’d get every one wrong, because if you learn it wrong or hear it wrong, you do it wrong…then after seeing it correctly I’d never get it wrong again to the point of being accused of cheating, because
they’d ask how could you go from 0% to 100%...I’d say once you get it, you got it, if you actively pay attention, and have something to lose at stake...
This is what I heard when the OP said 'for a better life FOR MY FAMILY' that struck a nerve with me...when a person VALUES getting it right they'll hang in
long enough to correct, misunderstandings and never look back or get it wrong again
BEST TO YOU OP...Good Luck!
You need help PM me!
