Looking for help rebuilding my credit score

[Anonymous]

Hi Everyone,

My name is Jennifer and I have been a member for about 2 months now. My credit score is presently 596. I have a credit card that I have paid down in the last two month, however, the section where MyFico shows changes/updates to accounts does not show any changes to this credit card; in fact the last change it shows was 2/10. I was wondering if this effects my score and should I contact MyFico to inquiry as to why there has been no change. I would like to purchase a home this year and need to get my score up to at lest 640, however my goal is 700. Thanks for the help in advance.

[Repo-ed]

We need some information.

Mostly, what is your current credit file looking like. Collections. Charge-offs. Liens. BKs. 

You have any positive TLs?

This is the info needed for the resident pro's around here to get you pointed in the right direction.

[LIGHTNIN]

Hi and Welcome to the forums,

As Repo-ed said, we would need more info...Do you have any negatives? How many CC's? What reporting postive?

I dont know what you mean by this ......"section where MyFico shows changes/updates to accounts" Please explain why this is.

Oh and where did you get your credit score?

Talk with you soon

[Anonymous]

Hi,

Thanks for responding. I got my credit score from ScoreSense.com and it is as follows: TransUnion- 597; Equifax 579; and experian 537. I also got my Fico score for Exquifax and TransUnion from Myfico.com and it is 596 and 585. My credit report from ScoreSense is as follows; these show up on all three reports except where noted:

1 mortage loan -(Paid settlement) 120 days late

1CC- never late paid as agreed (line of credit is $375 and I owe $245)

1 personal loan- paid as agreed, never late

1 loan company- paid on time in the past year ( 120 days late)

1 Educational loan - paid ( never late)

1 educational loan - paid as agreed (owe $7751)

1 car loan- paid as agreed (1 30 day late)

1 Collections - not paid (owe $1998) (trans/Exp only)

1 collection - paid (Equ/Trans only)

1 collection - paid (exp only)

1  dismissed bankruptcy (exp only) schedule to drop off 07/12

I receive alerts from Myfico.com when there is a change in credit. I think I am confused. Is my credit score and fico score the same thing? Do I need to keep up with both of them? Is "Myfico.com a good source of information to help me obtain my goal which is a  credit score of 700? Thanks for the help. Hopefully, I won't leave you too confused this time.

[llecs]

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.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

The scores from ScoreSense are not FICO scores. They are a score called the CreditXpert score and lenders don't touch them (AFAIK). I'd ignore the scores and advice offered. Ignore the advice because sometimes it is contradictory to FICO and taking that advice can hurt your FICO score in some situations.  I don't recall the specifics on ScoreSense, but it seems like you can pull a new report monthly for each CRA. The report information should be fine if you wanted to keep the service. Just ignore the scores. There is a cheaper alternative if you wanted the ability to pull your reports more frequently. For more info, check out the CMS Guide.

On tackling the baddies...

Mortgage - when was the late? When was the mortgage opened? And it is paid and settled, right?

CC - you'd benefit from a lower balance. You might hit into 600 if you bring the balance down into the single digit$.

Personal loan - do nothing if never late (except for paying it off to avoid interest).

loan company - When was the 120 late?

education loan (x2) - do nothing if never late (other than paying down to avoid interest).

car loan - Are you still paying on it? When was the 30?

Collections - save up $2000 assuming your state's SOL has yet to expire. If it has expired or if you have the $$$ to pay in full if you had to, then send a DV. If they verify and you agree, then send a PFD. You can always settle and pay less. YOu'd want 100% saved just in case you are inside SOL and they decide to sue.

Paid collections (x2) - send a GW letter asking them to delete. A $0 balance CA is equally as damaging as one unpaid, per FICO. Paying a collection will never help your score unless deleted.

BK - let it be.

SW monitors EQ only. IMO, it is worth keeping because you can get discounts (30%) off your next purchase assuming you used up the free report. But it's also important to have a CMS on the side where you can monitor changes on each report as they occur.