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Hi, new to the forum. My scores were bad & I honestly didn't pay attention to them. In the last few years, while not paying attention I did manage to be more responsible. With that said, this new year I want to do better & fix it. I made some bad mistakes. Time to own up and correct my mistakes. So I pulled all 3 reports on 1/1/13. I'll summarize what's on them, and also describe what I've sone in the few days since. I'll need your direction as to whether I'm doing the right or wrong thing, along with maybe what I need to do. Thanks in advance:
NOTE: when I pulled these reports these were my FICO scores before I took any action:
Trans: 605 Equif: 595 Experian: N/A because I can't get FICO score & didn't want another variation
*The following are on all 3 reports, in good standing w/ no "lates":
1) Car Loan (2011-Current)
2) Prior Car Loan before another bank took over the last 2 yrs (2006-2009) Payed as agreed, CLOSED
3)Personal Loan (2008-2012) Payed as agreed, CLOSED
*This item, EXP has it correct and in good standing, but TU/EQX have it wrong:
Car Loan(2004-2006) for a average car, 3yr loan
EXP says Paid, No lates, Closed (this is correct)
TU/EQX show it as closed, but with a 30day late in last month ACTION: disputed this to TU/EQX to show paid as agreed/never late
UPDATE: TU deleted it. I think they went to far and that could sting. They said I had to call creditor to get it back on.
When I called,they said I had to call creditor to get it back on
Don't know how to handle that yet.
No update from EQX yet
*This item shows negative on all 3 reports due to "lates." But it is closed & paid in full
Car Loan/ this company picked up last 1 1/2 yrs loan (2010-2011) CLOSED, 5 "30 day Lates" in late 2010, but paid in full.
ACTION: I disputed on all 3 reports because I only had 2 late payments
Still poending as of today at all 3 bureaus
*This item is under "Collections" on all 3 reports
Cell Phone Company (2010) Balance Owed=$625.00
This is my fault. I changed carriers & never paid the last bill. But after the acct was closed/ phone shut off,
charges kept coming for months like I had service & I ignored it.
ACTION: Disputed the extra charges that occured with no service over a 6 month period with all 3 Bureaus
Still Pending as of today on all 3
*These 2 items are under Collections also, and my fault, and are correct, but thankfully ONLY showing on Experian & they're tied together:
Cable/Internet (2009) Balance Owed=395.00 Balance Paid:0
Cable Equipment If not returned, which I hadn't = 400.00 Balance Paid:0
ACTION: I paid the balance in full
I returned equipment 2 days ago
Result: Cable Company says equip collection WILL come off report, BUT
I may need to consider a GOODWILL letter to get the balance off because when
I asked the debt collector he said he can't get it off.
*Maybe 3 inquiries between all 3 reports not hurting anything
*Other actions taken:
I applied and got approved for 2 unsecured credit cards. Limits of $300/$500. No annual or monthly fees
and both APR's in the mid teens. Honestly, I didn't get these to shop, just to manage credit.
(plan on using the utilization pecentages based on posts I've seen) and I didn't need them,
but had the decent job to get them to try and help my credit.
SOOOOOOOO, I don't know how any of the action I took will affect my scores but I'm open to suggestions
& also criticism (I prop deserve). Sorry this was long but to get great advice you got to know whats "really"
going on. I do have questions about the credit card statements as far as what day to exactly pay off to do best for credit, best pay method,
0 balance or slight balance......I'm sure someone will bring this up. I just want to know where to go from here please. Any info that can help this current
situatio will help. Thanks all
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
Once the disputes come back, offer PFD on the accounts that remain.
I would send GWs on all of your late payments. If you fail the first try, do it again. Persistance is the key!
I would also leave the car loan deleted, odds are if they put it back it will include the late again. I would lay that to rest.
Leave one card under 9% balance, pay the other off. Add a third if you can. You might be able to get Walmart with a 605 TU. And then you get a free FICO score. I was approved for their card with just over 600. Pay your cards off just before the statement cuts as this is usually what gets sent to the CRAs. You may have to watch that to see what days they report. Watch them on Credit Karma for a month or two, and you will know just what days things get reported.
I think you have a great start, and keep us posted on your progress!
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
Looks like your hitting the ground running. Not bad. Once all the dust is settled, let's see what's left and go from there. You're in far better shape than I was when I started!
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
Sounds good, and yes, really.
*These 2 items are under Collections also, and my fault, and are correct, but thankfully ONLY showing on Experian & they're tied together:
Cable/Internet (2009) Balance Owed=395.00 Balance Paid:0
Cable Equipment If not returned, which I hadn't = 400.00 Balance Paid:0
ACTION: I paid the balance in full
I returned equipment 2 days ago
Result: Cable Company says equip collection WILL come off report, BUT
I may need to consider a GOODWILL letter to get the balance off because when
I asked the debt collector he said he can't get it off.
can you Clairify this for me? Balance 395 + 400. and you returned Equip and Paid balance in full to Who?? Cable Company or Debt collector?
The Credit Card thing is easy, I can help with that.
You have a due date of 2/3/13 and pay the balance you charged up in full. Then on 2/9/13 ( example from one of mine) they will add interest if any and that is the last day of the statement for February and they send out a new bill for March. on 2/10/12
Its easier after you get the first stement becuase it shows what the last statement date was. So good rule of thumb just starting out, pay balance in full by due date on statement.
I cant pay mine off in full just yet, so what I do is pay my amount due by the due date, then before the statement date ( last date of billing cycle) I will pay extra on it. So the next month is still shows less.
Honestly, I would let it report a very small balance, say $20 the first month, so it shows that you have activity. I paid before statement on the Walmart card I got, and on my report it looks like it has never been used. Then, after that first month, check to see what date the statement pulled and you can pay it a few days before.
And Shogun is right, you are really not that bad off. You will be seeing great scores in no time. You have taken the right step by taking action now, and it will pay off for you in the end. Way to go! I would recommend getting signed up for Credit Karma (its free) and it will give you info like when your accounts update, etc. I checked mine daily until I knew what was going on. The score is a FAKO but the trend is still there, so it is helpful. Best of luck!
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |