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Looking For Advice

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brentlamb6708
Valued Member

Looking For Advice

Ok i am looking for some advice in how to get into the 700 Range. In 2008-2009 I was unemployed for a nearly 4 months which caused every thing that was not a necesity, to become delinquent. So i have several charge offs and 120+ late payments in that range. Two student loan accounts went 120+ in 2010 due to them coming out of deferment with out my knowledge. I am thinking that if i EE the Charge offs i should see a score bump.

 

Current FICO 8 Scores are EQ 599, TU 615, EX 581.3

8 Years worth of history, if the Charge offs are removed i will only have a very few accounts that have that long of history.

38 Total Accounts, 18 Revolving(AU on about 5 of these.) 21 Installment Accounts and 1 Mortgage account

4 Inquires in the past year.

2 Collections showing on EX, One has already been removed the other the CA said to call monday and speak with ***** to have it removed.

UTI is around 68%. It looks as if the AU cards dont count towards my UT can any one verify this?

 

What advice would you give me to get my scores into the 700 in 6  months?


Starting Score: 501
Current Score: 2/04/2012 611
Goal Score: 10/01/2012 720


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Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Looking For Advice


@brentlamb6708 wrote:

Ok i am looking for some advice in how to get into the 700 Range. In 2008-2009 I was unemployed for a nearly 4 months which caused every thing that was not a necesity, to become delinquent. So i have several charge offs and 120+ late payments in that range. Two student loan accounts went 120+ in 2010 due to them coming out of deferment with out my knowledge. I am thinking that if i EE the Charge offs i should see a score bump. BUMP yes but I wouldn't expect a huge JUMP. You may see a sizable bump but you've got other issues that will tend to keep you from hitting 700 unless you can successfully address them too.

 

Current FICO 8 Scores are EQ 599, TU 615, EX 581.3

8 Years worth of history, if the Charge offs are removed i will only have a very few accounts that have that long of history.

38 Total Accounts, 18 Revolving(AU on about 5 of these.) 21 Installment Accounts and 1 Mortgage account

4 Inquires in the past year.

2 Collections showing on EX, One has already been removed the other the CA said to call monday and speak with ***** to have it removed.

UTI is around 68%. It looks as if the AU cards dont count towards my UT can any one verify this?

 

What advice would you give me to get my scores into the 700 in 6 months?


IMO, that is next to impossible given your history as you state it here. My file doesn't have near the negatives yours has and my FICO8 is just above 600 and I've been at this hard for 3mths already. I have 1 CO reporting on 2 bureaus and a couple of PR's and all are from the same time frame as yours.

 

I am not anywhere near an expert on the issue of dealing with lates, student loans, etc. but I think you need to pay most of your UTI down ASAP, the AU's are probably not helping you but you could check and see if they are reporting by pulling all 3 reports (annualcreditreport.com) and see if they are on them.

 

I do, however, want to encourage you to give it your all.

 

If you want it bad enough then you'll have to treat it as a 2nd job for the time being. You need to search everyone of your issues here in the forums and learn as much as you can. Don't just read 1-2 threads but really dig in as you may find some very important info buried in 1 of them. Don't pay anything without trying every way possible to get a PFD in writing, go after GW's for the lates

Message 2 of 4
Anonymous
Not applicable

Re: Looking For Advice

To get to 700, you have to get your util down below 10%. AU cards do count towards util. Seeing as you have so many revolving accounts, be sure that only a small amount (like 1) shows a balance as the percentage of cards with a balance is part of your credit score. As the previous poster stated, if you want a quick turnaround, you have to treat this as a second job and make it an obsession. I did so last year and took my wife from around 580 in June, to the 730s by November. In less than a year I've raised my own scores from the low 600s to what you see in my signature. Read everything and bookmark the most relevant info for your situation. And ask a million questions. You will get all the help you need here.

Message 3 of 4
Anonymous
Not applicable

Re: Looking For Advice

First and foremost, Congrats on taking the steps necessary to fixing your credit, now with that being said, as mentioned before....you are going to have to be very diligent for awhile to get your scores to the 700's and beyond. Lots of letter writing, phone calls, emails, etc. Lots of leg work to succeed in that short of a time frame. 

I would make sure you get the student loans back into deferrment if you can and see if they might remove the lates due to hardship or something of that nature.

Get your Utilization down to 10%

Any charge off's, Collections, baddies, see about doing Pay for Deletions, Start with the newest ones because they will hurt your score more than the older ones will, to my knowledge, but Im sure one of the more experienced folks will chime in.

Pay everything on time....seems easy but life gets in the way.

 

Best of luck and keep at it. You'll succeed eventually.

Message 4 of 4
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