@Anonymous wrote:
Hi, okay so I am in the process of cleaning up my credit and raising my score which is between 520-546 to a goal of 650+ so that I can purchase a home within the next year, but I really don't know where to begin. I really need some help figuring out the best and most beneficial method to clearing up my credit and seeing a score increase as well, my over all debt is pretty low, close to 3500 in all, any advice would be much appreciated. so for some background, I have 5 collections, 1 settled, 2 PIF, and 2 I still need to pay. I also have 3 CC's, 2 CO and 1 secured in good standing wit one 30 day late I am going to try to GW off. I settled 1 CC to reflect paid, and the other one I have not dealt with yet because I'm not sure what to do. I am in the process of trying to GW the 3 paid collections to get them deleted, and here is where I need guidance. I don't know if I should PFD the 2 remaining collections first or should I save up to PIF the CO CC, and if I PIF should I PFD, because that card is my oldest card on record making my AAoA 5yrs. I am worried if I PFD on that card and they agree to delete it will actually hurt my score by lowering my AAoA. The card is currently hurting my credit score because it is at its highest limit making my utilization about 110%, so I know I need to pay it to lower my CC UTL, my questions is should I just pay it to reflect paid 0 balance and keep all the negatives or should I forget about the AAoA and just do a PFD, which would have a better impact on my increasing my score? I just need a plan of attack because I am afraid of making a wrong move, Im sorry if it got a little confusing if you need further explanation just let me no and Thanks.
Welcome to the forums!
I'd suggest reading the following:
Common Abbreviations
Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.
and What Steps Do I Take - great for learning the repair process.
For the paid and settled CAs, send a GW.
For the unpaid CAs, if you have the $$$ to PIF or if SOL expired, send each a DV and then send a PFD if they verify and you agree.
GW the 30 day late.
For the settled CC, look closely at the language within the TL especially within the comments section. If it says settled or paid for less than full, send a GW asking them to remove that notation and also ask to remove any reporting lates.
For the unpaid CC CO, look around on the forums to see if they are even open to accepting a PFD. Some CCCs like CapOne or HSBC would wait for hell to freeze over before accepting a PFD. If your CC is like that, then I'd suggest PIF and then GW them vs. taking time to PFD, having interest added, CAs calling, etc. If your oldest TL, then you can always modify your PFD asking them not to delete but to remove any baddie references like lates.
