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I'm Rebuilding / Need Advice

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RonM21
Valued Contributor

I'm Rebuilding / Need Advice

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: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 1 of 24
23 REPLIES 23
jandj80
Regular Contributor

Re: I'm Rebuilding / Need Advice

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! 


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 674 TU 679 Ex 686 EX
Goal Score: For now: 640s


Take the FICO Fitness Challenge
Message 2 of 24
RonM21
Valued Contributor

Re: I'm Rebuilding / Need Advice

Jandj80
Thanks so much for the info. I'm glad you think I have had a good start to cleaning my mess up. I have the cable bill that will now soon report as paid in full that I'll need the GW letter for. Depending on what the Bureau's determine on the cell phone bill, if it doesn't go my way, you're right, a pay for delete is definitely the next step. As far as the credit cards, I'll be brand new to this. It only took the first inquiry on both for me to be approved so hopefully those hard pulls, being only 2 of them, won't hurt the scores at the moment.
Now you said "when the statement cuts".....can you possibly go into more detail? This is something I'd like to get right the first time. Also, I wandered about getting a 3rd card, but is it too soon after just getting approved for 2 last week?
Thanks


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 3 of 24
Shogun
Moderator Emeritus

Re: I'm Rebuilding / Need Advice

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!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 24
RonM21
Valued Contributor

Re: I'm Rebuilding / Need Advice

Really Shogun? I didnt think it could be any worse lol... Honestly I was surprised my scores were what they were. I thought they'd be lower. I credit the action I've taken so far to u and others because before I started this, I been reading these forums. Still am! I had some $ to work with so i figured, do it right & go hard at it!
Anyway, I agree, lets see where this goes. For all I know maybe, just maybe, already some of the actions I have taken will help my scores very soon. A key right now is getting this new credit card thing right. If I can figure out exactly when to pay, and the quickest "processing method" (pay by phone, or online, mail, etc) me actually paying the tiny balances I plan on having won't be difficult.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 5 of 24
Shogun
Moderator Emeritus

Re: I'm Rebuilding / Need Advice

Sounds good, and yes, really.  Smiley Happy

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 6 of 24
ktl72455
Valued Contributor

Re: I'm Rebuilding / Need Advice

*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?

 

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
Message 7 of 24
ktl72455
Valued Contributor

Re: I'm Rebuilding / Need Advice

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.

 

 

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
Message 8 of 24
jandj80
Regular Contributor

Re: I'm Rebuilding / Need Advice

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! 


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 674 TU 679 Ex 686 EX
Goal Score: For now: 640s


Take the FICO Fitness Challenge
Message 9 of 24
RonM21
Valued Contributor

Re: I'm Rebuilding / Need Advice

Thanks Shogun!!


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 10 of 24
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