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Looking for some advice and feedback on rebuilding

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ZeusLaser
Established Member

Looking for some advice and feedback on rebuilding

I'll spare everyone the backstory—basically just irresponsible with credit in my 20's. I'm looking for some advice on where to go next, I've been lurking this forum for awhile now and have found it extremely valuable (and civil). Financial situation is as follows: I have $0 in debt, $75k/year gross pay, just paid off my auto loan (on time, didn’t PIF early) and my rent/bills equate to ~$1,200 a month. Apologies in advance, this is a long post.

 

All scores and information below are taken from a MyFICO 3-score pull dated 03/26/2014

 

Overall Information

 

EQ(FICO): 664 / TU(FICO): 647 / EX(FICO): 647

 

Age of Accounts:

EQ: 4 / TU: 2 / EX: N/A

 

Inqueries:

01/2014 - BAC pulled EX for an unsecured card, was denied

11/2013 - Capital One pulled all 3 for my unsecured, success

08/2013 - BAC pulled EX for secured, success

08/2013 - AMEX pulled EX for unsecured, denied.

 

 

FICO Score Ingredients notes:

 

EQ: Payment History – Not Good, Debt Amount – Great, Length – Good, New Credit – Good

TU: Payment History – Not Good, Debt Amount – Great, Length – Not Good, New Credit – Good

EX: N/A (doesn’t show anything)

 

Current revolving accounts as of 3/26/14:

 

BAC Secured 

Last report to CRB: 3/26

Util/Limit: $0/$300

Opened 8/2013

0 lates, 0 derog, 0 anything bad

 

Notes:

No updates to TU at all on this card, which worries me.

Had this PC'd to the student version of the Travel Rewards in December, shows as secured in my report but I'm not worried about that, hopefully will graduate to unsecured once it hits the 1 year mark, I'll attempt an early graduation request around June of this in or around 2014.

 

Capital One Platinum (non-secured)

Last report to CRB: 3/19/14

Util/Limit: $25/300

Opened: 11/2013

0 lates, 0 derog, 0 anything bad

 

Notes:

None, Capital One has been pretty great, reports to all three, posts payment quickly. Not expecting much in terms of CLI from them but it’s been great as a rebuilding tool.

 

Installment loan – Auto:

Opened: 01/2012 for 36 months @ $5,000 financed

0 lates, 0 derog, 0 anything bad

Just made the final payment last month, have PIF letter, stamped contract, etc. Received the pink in the mail last week.

EQ – last status 12/2013

TU – last status 11/2013

EX – last status N/A

Notes: Neither EQ or TU show payment status reports in my “Payment Timeline”, only EX does and it’s perfectly green across the chart. All CRB’s report good standing/paying as agrees. I’m sure this TL will get updated to PIF/closed within the next few months.

 

CLOSED Accounts – Problems and Derogatory Items:

 

Capital One Platinum (secured)

Charged Off 10/2013 – limit $300

30 day: EQ – 1, TU – 0, EX – 1 (12/2011)

60 day: EQ – 1, TU – 0, EX – 1 (01/2012)

90 day: EQ – 3 (03/2012, 05/2012, 02/2012), TU – 0, EX – 19 (02/12 – 09/13)

Worst Deliquency: EQ – 120+ late, TU – none, EX – Collection

Remarks: EQ – Closed @ Consumer Request + paid charge off, TU – Account closed by credit grantor, EX – Closed @ consumer’s request.

Notes: I paid this off (stupidly) via collections in 10/2013 without attempting a PFD or anything else.

 

BAC (non-secured)

Limit $1000

Closed in 04/2009

30 day: EQ – 1, TU – 0, EX – 1

60 day: EQ – 1, TU – 0, EX – 1

90 day: EQ – 10, TU – 0, EX – 10 (12/2008 being the last)

Worst delinquency: EQ – 120 day, TU – none, EX – 180+ day

Remarks: EQ – Closed @ consumer request, TU – none, EX – Closed @ consumer request

Notes: Paid via collections in 04/2009, did not attempt PFD or anything else.

 

Collection:

 

Charter Communications/Credit Management LP

Closed 12/2009 – Paid Off

Notes: Should have PFD, collections issue is Charter’s fault – equipment was returned as requested yet I was still charged for it.

 

 

Where to go next?

 

  1. The 90+ lates on the 2 closed cards are the main culprit, EQ reports 13 in total and EX reports 29, I don’t know what TU’s deal is about not having info on those and not even seeing my new BAC card from 08/13. Is it worth trying to GW that many lates? How do I get BAC to report to TU on my newer card?
  2. Is the closed collection worth going after either on my own of through a credit repair service (just due to lack of free time)? It’s been paid of since 2009 and I’m not sure if poking it with a stick will end up working or doing even more damage to my report.
  3. I’m going to attempt to get a CLI on the un-secured Capital One card next month after it hits the 6th month mark. If there’s no (or a low) CLI, I’ll attempt the EO route. Yay or nay?
  4. Since my current BAC card is secured, the limit is set by the deposit, is it worth it to up this card to ~$1,000?
  5. I’d like to get another TL in here at some point in the year, recommendations?
  6. Goals now until end of year are to add 1-2 more TL, just a matter of what and when. I’d like to have something along the lines of a Chase Freedom (I think Sapphire is beyond my reach at the moment). Ideally I’d like something in the next 2 months and then app for an AMEX charge (Green or Gold) in December to lock in 2014 and then backdate the card with a revolver in Jan of 2015. Input on cards and time frames? 2015 goals, 700 + and a loan from BMW financial around Q3. 

Thanks in advance to anyone willing give any feedback on this extremely long post.

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