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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
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.
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.
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.
@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?
Even if they won't remove it, pay it. It will look much better on your report.
@Anonymous wrote:Even if they won't remove it, pay it. It will look much better on your report.
Yeah my bad... definitely pay it cuz it will LOOK better... you just won't see a score increase.