cancel
Showing results for 
Search instead for 
Did you mean: 

Need Some Advice

tag
Anonymous
Not applicable

Need Some Advice

I am new to credit rebuilding. I started working on my credit about  months ago. I have a lot of student loans totaling about $60 at this moment and would love to pay it down over time. When I first started repairing my credit I was declined for everything. However now I am starting to get approved for everything now. My scores are still pretty low. 

I just need some advice on ways to improve all of scores. I recently got approved for the following:

 

Capital One Platinum: $500 

Capital One Rewards: $500

Bloomingdales: $500 

Macys: $600

Total Visa: $300

NY&CO: $250 

Merrick Bank Secured: $250

 

I don't want to apply to any more cards at this time. Please let me know if I'm on the right track? 

 

First started with the following scores 

Equifax: 502   Transunion: 513     Experian: 521

 

Now at the following:

Equ: 582          Transunion: 603     Experian: 613

Message 1 of 7
6 REPLIES 6
TRC_WA
Senior Contributor

Re: Need Some Advice

Yes you are on the right track.  I wouldn't apply for any more CC's for a minimum of 6 months.

 

What issues do you have with your CRs?  Collections? CO's? Lates? Did you file BR?  Those issues will need to be addressed.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 2 of 7
Anonymous
Not applicable

Re: Need Some Advice

I have 1 collection that's for $582 was thinking to paying it off will it improve my score immediately? I have 5 late payments on my auto loan from last year when I was out of work now everything has been paid before the due date and in full. Do you think I could get those late payments removed from the auto loan? Never filed BR. 


@TRC_WA wrote:

Yes you are on the right track.  I wouldn't apply for any more CC's for a minimum of 6 months.

 

What issues do you have with your CRs?  Collections? CO's? Lates? Did you file BR?  Those issues will need to be addressed.


 

Message 3 of 7
TRC_WA
Senior Contributor

Re: Need Some Advice

Paying the collection won't help your score. The score impact with a paid/unpaid collection is the same. Removal via PFD with the CA would help your score.

 

A GW campaign to the auto loan lender would be your best bet to get those lates removed.

 

 

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 4 of 7
Anonymous
Not applicable

Re: Need Some Advice


@TRC_WA wrote:

Paying the collection won't help your score. The score impact with a paid/unpaid collection is the same. Removal via PFD with the CA would help your score.

 

A GW campaign to the auto loan lender would be your best bet to get those lates removed.

 

 


Okay, so I will give them both a call later today to see if they would be willing to negotiate. Is there anything else you think I should be doing to help  improve the scores? 

Message 5 of 7
Anonymous
Not applicable

Re: Need Some Advice

Even if they won't remove it, pay it.  It will look much better on your report. Smiley Wink

Message 6 of 7
TRC_WA
Senior Contributor

Re: Need Some Advice


@Anonymous wrote:

Even if they won't remove it, pay it.  It will look much better on your report. Smiley Wink


Yeah my bad... definitely pay it cuz it will LOOK better... you just won't see a score increase.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.