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My plan and goal

Regular Contributor

My plan and goal

My goal is to buy a house when the last baddies fall off in apr/may 2018. It's a paid CO and a unpaid medical collection.
My plan is to start a GW letter campaign on the CO and if that succeeds, I will attempt a PFD again on medical collection. If not I'll just wait it out.
I plan on adding a SSL from alliant very soon to add to credit mix. Like really soon my AAOA is 1.3 years and the only thing holding it up that high is the CO.
I have 3 cards a discover secured, capital one, and walmart.
Is there anything else I need to do?
Will I even qualify with a thin file?
Would appreciate any feedback you have for me.
Message 1 of 8
7 REPLIES
Established Member

Re: My plan and goal

Do you cary balances on all three of your cards. If not, then just try to keep your UTL to under 10% on one card and PIF after statement. Also try and rotate your cards around so that each card shows use. Also how long have you had these cards?

 

Now as far as things go on the medical collection, have ou tried DV to try and dispute the debt. Sometimes this will be the easiest of ways to remove a collection account, as around 50% of CA don't have enough info to validate the debt. The other option that I have seen a lot of reccomendations on is to check out collection sheild 360, as their service is free and they can get a CA to fall off your CR.

 

You also do have a great idea with the SSL, this can help you with account mix, and also if you immediately repay most of the SSL back, then you will be able to have several months of on time payments, and you will show that the account is in good standing compaired to the original-current balance. 

 

The last thing that would help you is TIME, as I have seen all over the place on this site, good credit is not a race. It takes time and time can also heal all wounds. 

Starting Scores 645 EX, 619 TU, 626 EQ 8/26/16 Current scores: 656 EX, 629 TU, 639 EQ 9/5/16
Goal of 680 across the board by 08/2017
Current cards:
Meijer $500, VS $500, OS $250, Barclays Rewards $500, Walmart Card $800, Pay-Pal Extras MC $500
Gardening for at least the next 6 months now!!! Getting closer to having back all of my old cards again.
Message 2 of 8
Regular Contributor

Re: My plan and goal

Thanks for your reply.
Message 3 of 8
Established Contributor

Re: My plan and goal


thefinz wrote:

Do you cary balances on all three of your cards. If not, then just try to keep your UTL to under 10% on one card and PIF after statement. Also try and rotate your cards around so that each card shows use. Also how long have you had these cards?

 

Now as far as things go on the medical collection, have ou tried DV to try and dispute the debt. Sometimes this will be the easiest of ways to remove a collection account, as around 50% of CA don't have enough info to validate the debt. The other option that I have seen a lot of reccomendations on is to check out collection sheild 360, as their service is free and they can get a CA to fall off your CR.

 

You also do have a great idea with the SSL, this can help you with account mix, and also if you immediately repay most of the SSL back, then you will be able to have several months of on time payments, and you will show that the account is in good standing compaired to the original-current balance. 

 

The last thing that would help you is TIME, as I have seen all over the place on this site, good credit is not a race. It takes time and time can also heal all wounds. 


The SSL will only report the payments each month not several all at once below is how my SSL reports on all CRA's despite the fact that payments are made up to 3/23/21.  It will however as you stated add to OC's credit mix

 

Last Reported Aug 31, 2016

Creditor Name ALLIANT CU

Account Type Secured Loan

Account Status Open

Opened Date Jun 16, 2016

Closed Date –

Limit –

Term 60 Months

Monthly Payment $9

Responsibility Individual

Balance $42

Highest Balance $500

Payment Status Current

 

2016            Ok OK

 J  F  M  A  M  J  J  A  S  O  N  D

            
FICO 8 Scores Eq 821 Ex 820 TU 841, 180K Available CL, 1% Util

Message 4 of 8
Community Leader
Epic Contributor

Re: My plan and goal

I would presume that, if the collection has gone through a PFD offer/rejection, that a DV would no longer be timely, as more than 30 days has likely expired since dunning notice.  A DV at this point would not seem to be productive.

 

Do you  have a compelling reason why the debt with the creditor went to the extreme of being 150-180 days late, resulting in the charge-off?

If so, then a personal plea to an upper management official might be a next step......

Message 5 of 8
Community Leader
Super Contributor

Re: My plan and goal


tel12 wrote:

thefinz wrote:

Do you cary balances on all three of your cards. If not, then just try to keep your UTL to under 10% on one card and PIF after statement. Also try and rotate your cards around so that each card shows use. Also how long have you had these cards?

 

Now as far as things go on the medical collection, have ou tried DV to try and dispute the debt. Sometimes this will be the easiest of ways to remove a collection account, as around 50% of CA don't have enough info to validate the debt. The other option that I have seen a lot of reccomendations on is to check out collection sheild 360, as their service is free and they can get a CA to fall off your CR.

 

You also do have a great idea with the SSL, this can help you with account mix, and also if you immediately repay most of the SSL back, then you will be able to have several months of on time payments, and you will show that the account is in good standing compaired to the original-current balance. 

 

The last thing that would help you is TIME, as I have seen all over the place on this site, good credit is not a race. It takes time and time can also heal all wounds. 


The SSL will only report the payments each month not several all at once below is how my SSL reports on all CRA's despite the fact that payments are made up to 3/23/21.  It will however as you stated add to OC's credit mix

 

Last Reported Aug 31, 2016

Creditor Name ALLIANT CU

Account Type Secured Loan

Account Status Open

Opened Date Jun 16, 2016

Closed Date –

Limit –

Term 60 Months

Monthly Payment $9

Responsibility Individual

Balance $42

Highest Balance $500

Payment Status Current

 

2016            Ok OK

 J  F  M  A  M  J  J  A  S  O  N  D

            

For scoring purposes, "no data" is equivalent to "ok" in regards to monthly payment status.

Most Recent FICO 8 Scores EX592/TU539/EQ574 11/01/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 6 of 8
Regular Contributor

Re: My plan and goal

I do have a reason the account became a CO, one I'm very ashamed of. It was actually hard for me to explain in a goodwill letter. I have the rough draft going to type up today and mail tomorrow.
Message 7 of 8
Established Contributor

Re: My plan and goal


NormanFH wrote:

tel12 wrote:

thefinz wrote:

Do you cary balances on all three of your cards. If not, then just try to keep your UTL to under 10% on one card and PIF after statement. Also try and rotate your cards around so that each card shows use. Also how long have you had these cards?

 

Now as far as things go on the medical collection, have ou tried DV to try and dispute the debt. Sometimes this will be the easiest of ways to remove a collection account, as around 50% of CA don't have enough info to validate the debt. The other option that I have seen a lot of reccomendations on is to check out collection sheild 360, as their service is free and they can get a CA to fall off your CR.

 

You also do have a great idea with the SSL, this can help you with account mix, and also if you immediately repay most of the SSL back, then you will be able to have several months of on time payments, and you will show that the account is in good standing compaired to the original-current balance. 

 

The last thing that would help you is TIME, as I have seen all over the place on this site, good credit is not a race. It takes time and time can also heal all wounds. 


The SSL will only report the payments each month not several all at once below is how my SSL reports on all CRA's despite the fact that payments are made up to 3/23/21.  It will however as you stated add to OC's credit mix

 

Last Reported Aug 31, 2016

Creditor Name ALLIANT CU

Account Type Secured Loan

Account Status Open

Opened Date Jun 16, 2016

Closed Date –

Limit –

Term 60 Months

Monthly Payment $9

Responsibility Individual

Balance $42

Highest Balance $500

Payment Status Current

 

2016            Ok OK

 J  F  M  A  M  J  J  A  S  O  N  D

            

For scoring purposes, "no data" is equivalent to "ok" in regards to monthly payment status.


Norman not sure what you are saying, my point was to inform the OC that paying in advance does not show as several monthly payments in his history.
FICO 8 Scores Eq 821 Ex 820 TU 841, 180K Available CL, 1% Util

Message 8 of 8