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My score is 563

Valued Member

My score is 563

Hello,

 

I'm 24 & I have terrible credit..... my score is 563 from Experian It sucks.  I have 2 positive accounts & two negative accounts. I paid down the CC to $88 right now & increasing my CL to $500 next week. I'm going to work on keeping my balance low from now on. So this is what it looks like.

 

 
Account NameWELLS FARGO BANK  
Account #XXXX  
Account TypeSecured Credit Card  
Balance$241.00  
Date Opened4/1/2010  
         
  Account StatusOpen  
  Mo. Payment$25.00  
 Close Account DetailsPast Due   
  Payment StatusCurrent  
  High Balance$287.00  
  Limit$300.00  
  TermsRevolving  
  Comments

 

 
ccount NameHSBC/RS CE  
Account #XXXX  
Account TypeInstallment Sales Contract  
Balance$2,161.00  
Date Opened2/1/2007  
         
  Account StatusOpen  
  Mo. Payment$191.00  
 Close Account DetailsPast Due   
  Payment StatusCurrent  
  High Balance   
  Limit   
  Terms60 Months  
  Comments

 

 
Account NameCAP ONE  
Account #XXXX  
Account TypeCredit Card  
Balance   
Date Opened7/1/2006  
         
  Account StatusClosed  
  Mo. Payment   
 Close Account DetailsPast Due   
  Payment StatusPaid, was a charge-off  
  High Balance   
  Limit$500.00  
  TermsRevolving  
  CommentsCredit line closed-grantor request-reported by subscriber

 

 
Account NameUS COLLECTIONS WEST IN  
Account #XXXX  
Account TypeCollection Department / Agency / Attorney  
Balance$3,605.00  
Date Opened1/1/2009  
         
  Account StatusClosed  
  Mo. Payment   
 
Past Due$3,605.00  
  Payment StatusSeriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department  
  High Balance   
  Limit   
  Terms1 Month  
  Comments

 

 


















Entered Garden 6/3/2014, Staying until Jun 2016. Score 797 via Discover
Chase Freedom 0/$3000, Amex BC 0/$5000, Wells Fargo 0/$2400, Amazon 0/$5000, Discover IT 150/$4800, Walmart Mastercard $0/$5000, Barclay NFL AZ Cardinals 0/$5000
Message 1 of 10
9 REPLIES
Valued Contributor

Re: My score is 563

Looks like you paid Cap1 after the CO, maybe try sending them a Good Will Letter and see if they will remove the negative listing and report it as Closed/Paid Satisfactorily (but don't ask them to remove the tradeline, just the negative) You can do a search here for GW Letters.

 

As far as the last baddie, have you tried contacting the OC to see if you can work out a payment plan? Make sure you get any agreements in writing, not verbally.

 

Hopefully a more experienced member will chime in and give you better advice.

 

Best of Luck!!


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

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Message 2 of 10
Moderator Emeritus

Re: My score is 563

Ditto to CapOne.

 

The first two look like they are reporting OK. For best results, get the WF to report a balance of under $27 or PIF monthly.

 

Ditto to the CA. Keep an eye on SOL too. If you don't have the $$$ to PIF if you had to set aside and if SOL had not expired, then wait it out.

Message 3 of 10
Valued Member

Re: My score is 563

Honestly, I dont see capital one helpimg you on that, I hear they are tough to work with...if their customer service for current customers sucks, imagine what the service would be for a previous customer who charged off an acount would be... Ifyou opened another card with them and paid on it for a year or so on time, you might have better luck...but it cant hurt to try! The other one, I would definately contact the original creditor and see if they can work out a pmt plan and recall the debt from the CA if possible... .

Starting Score: 500s
Current Score: 780
Goal Score: 800+


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Message 4 of 10
Valued Member

Re: My score is 563

The collections is for a broken lease at a apartment complex, only had 2 months left on lease. I dont feel good paying 3x's what I really owe. Id be interested in settling for 1/2 but I think I should save up 1500 or so before attemping to contact them.
Entered Garden 6/3/2014, Staying until Jun 2016. Score 797 via Discover
Chase Freedom 0/$3000, Amex BC 0/$5000, Wells Fargo 0/$2400, Amazon 0/$5000, Discover IT 150/$4800, Walmart Mastercard $0/$5000, Barclay NFL AZ Cardinals 0/$5000
Message 5 of 10
Established Contributor

Re: My score is 563

I would take the $500 and pay down my HSBC balance rather than increase the limit on my secured card because increasing the limit does nothing for you while reducing your balance does a world of wonders.

Message 6 of 10
Valued Member

Re: My score is 563

Yea thats probably a good idea if you are really serious about cleaning up your credit... At least after clearing that up there will only be one thing left...if it was me I would GW the heck out of CapOne while savin up for the other one...you never know! I GWd the heck out of Nissan Motors Finance n got them to take off three lates...so give it a shot n be patient n NEVER GIVE UP. Smiley Wink

Starting Score: 500s
Current Score: 780
Goal Score: 800+


Take the FICO Fitness Challenge
Message 7 of 10
Valued Member

Re: My score is 563

Ok so I payed down my Secured WF CC to $50 & increased my CL to $500. I'm goin to try & throw everything extra I have at it at HSBC. So hopefully I'll have it payed off in 3 months.

 

I dont think theres much I can do with Captial One other than a good will letter right? What should I ask for?

 

Now down to the nitty gritty US Collections West. Let me be honest I dont want to pay them, Im under the inpression that the damage is already done to my credit so paying really doesnt do much for me right now.  So should I put some cash together & approch them with an offer to settle? Should I wait for them to contact me? They sent me a letter in January saying to contact them that they were willing to talk about a settlement. Of couse  this was because tax time, but I didnt receive a refund.Smiley Mad

 

 

 

Entered Garden 6/3/2014, Staying until Jun 2016. Score 797 via Discover
Chase Freedom 0/$3000, Amex BC 0/$5000, Wells Fargo 0/$2400, Amazon 0/$5000, Discover IT 150/$4800, Walmart Mastercard $0/$5000, Barclay NFL AZ Cardinals 0/$5000
Message 8 of 10
Valued Member

Re: My score is 563

So I signed up for the quarterly monitoring here & MyFico score with Transunion is 656 but the US Collections West account isnt listed on this credit report. I feel like that score is a lie. Smiley Tongue

The credit report & score I posted at first was from Experian. I'll pull Equifax eventually to see where I stand with them.

Entered Garden 6/3/2014, Staying until Jun 2016. Score 797 via Discover
Chase Freedom 0/$3000, Amex BC 0/$5000, Wells Fargo 0/$2400, Amazon 0/$5000, Discover IT 150/$4800, Walmart Mastercard $0/$5000, Barclay NFL AZ Cardinals 0/$5000
Message 9 of 10
Valued Member

Re: My score is 563

I got curious to see if the US CO West account was on Equifax..........Nope not there Smiley Surprised yay! lol My current score with EQ is 662.

Entered Garden 6/3/2014, Staying until Jun 2016. Score 797 via Discover
Chase Freedom 0/$3000, Amex BC 0/$5000, Wells Fargo 0/$2400, Amazon 0/$5000, Discover IT 150/$4800, Walmart Mastercard $0/$5000, Barclay NFL AZ Cardinals 0/$5000
Message 10 of 10