Major Repair Needed - Seeking Advice Please

[SNJGuy]

Folks,

I'm in total credit re-build mode at the moment, now that my divorce is almost over. I purchased my FICO Score 3-Report and I'm working with the following:

Equifax -  507

TransUnion - 512

Experian - 610

Needless to say, its a mess. I'm currently up to date and on time with my bills as of October 1st, and anticipate being able to continue doing so moving forward. I have a total of 8 derogatory remarks greater than 60 days on my report, and at one time my mortgage payment with Chase was greater than 120 days, but is now up to date. Other than maintaining good habits about paying on time, and reducing the utilization on my cards, what else can I do to clean up my credit score and rebuild? Also, I do have 2 credit cards that I made a settlement on for less than the full amount. One of which went to collections.

I'm grateful for any advice the forum can share on how I can move forward...

Many thanks in advance!

[themizlyne]

More information is needed to provide advice. What is on the reports good and bad. Do you have any CC, installment loans. What is the CL and balances on CCs. How many inquiries.

[SNJGuy]

Thanks very much for the reply...

Here are some more details:

Revolving Account 1

Current - was 30 Days Past Due

Limit - $560.00 with $450 balance

Revolving Account 2

Account in good standing - No delinquency

Limit - $900.00 with $600 balance

Revolving Account 3

Current - Was 60 Days Past Due

Limit - $5,000 with $2,000 balance

Account closed by credit grantor

Revolving Account 4

Payment after charge off/collection - legally paid in full for less than full balance

Revolving Account 5

Current - Was 30 Days past Due three times

Limit - $2,850 with $3,000 balance

Revolving Account 6

Current - Was delinquent 120 Days Past Due Date

Limit - $10,500 with $10,00 balance

Account closed by credit grantor

Revolving Account 7

Current - Was delinquent 90 days past due

Limit - $10,400 with $9,649 balance

Account closed by credit grantor

Revolving Account 8

legally paid in full for less than full balance

Revolving Account 9

Charged off as bed debt - However I was only an authorized user (This was a Sears Card)

Auto Lease

Current Account/Was delinquent 60 days past due date

Auto Loan

Balance - $8,800

Current/Was 30 days four times

Mortgage

Current/was 120 Days

There are 5 inquires in the last 60 days.

Please let me know if any additional information is needed. Thanks again!

[Shogun]

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@SNJGuy wrote:

Thanks very much for the reply...

Here are some more details:

Revolving Account 1

Current - was 30 Days Past Due

Limit - $560.00 with $450 balance

 Minor derog, 30 day lates lose their sting after a year, leave it.

Revolving Account 2

Account in good standing - No delinquency

Limit - $900.00 with $600 balance

 Good account

Revolving Account 3

Current - Was 60 Days Past Due

Limit - $5,000 with $2,000 balance

Account closed by credit grantor

 Same with 60 day late, minor derog.

Revolving Account 4

Payment after charge off/collection - legally paid in full for less than full balance

 Send a GW

Revolving Account 5

Current - Was 30 Days past Due three times

Limit - $2,850 with $3,000 balance

 Minor derog, I'd leave it

Revolving Account 6

Current - Was delinquent 120 Days Past Due Date

Limit - $10,500 with $10,00 balance

Account closed by credit grantor

 Major derog, will hurt for some time.  Is paid now?

Revolving Account 7

Current - Was delinquent 90 days past due

Limit - $10,400 with $9,649 balance

Account closed by credit grantor

 See above

Revolving Account 8

legally paid in full for less than full balance

 Send a GW

Revolving Account 9

Charged off as bed debt - However I was only an authorized user (This was a Sears Card)

 Have yourself removed

Auto Lease

Current Account/Was delinquent 60 days past due date

 Minor derog, leave it

Auto Loan

Balance - $8,800

Current/Was 30 days four times

 Minor derog

Mortgage

Current/was 120 Days

 Try a few GWs

There are 5 inquires in the last 60 days.

Please let me know if any additional information is needed. Thanks again!

 Just need some time and patience.  Those 30 and 60s are minor, they lose most of their sting after a year and at that point the account actually helps more than hurts.  90 day lates and above are major derogs and will hurt as long as they are on there.  A few GWs might help.

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[SNJGuy]

Thanks! Any advice on how to remove the one account that shows as a write off when I was only an authorized user?

All the accounts are being paid on time as of last month...

I will google GW letters for some examples. Any advice on how they should be addressed to within the company/collections agency?

[Shogun]

You could just use the contact information on your CR for the AU account and advise them you wish to be removed.  It shouldn't be a problem.

For GWs, try this link to our forums sticky notes.  Goodwills

[SNJGuy]

Thank You Shogun! One other question - In some cases I have no idea what the account numbers are, and finding them may be a huge issue. Any advice on that? The credit report pull I made doesnt list the account numbers.

[Shogun]

Where are you pulling your reports from?  Some 3rd party CSMs skewer the info a bit.  Did you pull from annualcreditreport.com ?

[SNJGuy]

Hi, pulled the report from myFico 3-Report.

[Shogun]

myFICO is a 3rd party CSM and it may not list the full account numbers.  Have you pulled form www.annualcreditreport.com ? They have the most accurate reports, minus scores.  It's free once a year.