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Need serious help with rebuilding

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enterclevernamehere
Valued Member

Need serious help with rebuilding

Hey all, thanks for reading my post.  So, I have been lurking these boards for just about a year and have found great encouragement from other posters stories on here.  Seems like I have had a lifetime of bad credit decisions, but I am determined now to take responsibility for my actions and do what I need to fix it.  As of today my TU is at 511 (sadly that is an increase from 2 months ago), and I am a 504 with EQ.  A little backstory, right out of high school (11 yrs ago) I got a CC with about $1000 limit, ran it up and continued that with several accounts over the years.  I have 24 CAs showing on my TU currently and 7 public records (these are mostly from apartments/houses for co-signing for people, i know I know).  My only open lines of credit are an auto loan (something like 21% interest) but have not been late at all in the 6 months that I've had it.  I also have a us dept. of education student loan showing, but its showing 120 days past due.  I was able to call them and get a forbearance and deferral though so hoping that clears up.  I have tried what seems like every credit card possible, unsecured and secured.  Got denied for Cap 1 secured, and was approved for open sky and matrix secured cards (although have not pulled the trigger due to very bad reviews).  Any advice would be very very appreciated!  I would like to buy a house in a year or so if possible, and would love to refi my auto loan or get a new car all together asap.  Thank you all very much.


Starting Score: FICO EQ = 503 | TU - 504
Current Score: FICO EQ = 561 | TU - 551 EX FAKO = 549
Goal Score: 650


Take the FICO Fitness Challenge

Message 1 of 9
8 REPLIES 8
golo
Frequent Contributor

Re: Need serious help with rebuilding

Look on the search bar on top and read till your eyes bleed,jk,jk,but read and then read,theres a lot of useful info on this forum.

Message 2 of 9
llecs
Moderator Emeritus

Re: Need serious help with rebuilding

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

 

 

Repair then rebuild. I'd skip the CCs for now.

Message 3 of 9
enterclevernamehere
Valued Member

Re: Need serious help with rebuilding

lol, I have read so much on here over the year, i dream about the myfico forum, haha.  I think i know the basics, I need to dispute some things on my CR because they are reporting multiple times.  One thing that I haven't figured out is if an AU account will help at all anymore?  I have seen conflicting reports with the FICO 08.  Thanks again everyone, it's nice to have a place to get advice without feeling like an outcast.


Starting Score: FICO EQ = 503 | TU - 504
Current Score: FICO EQ = 561 | TU - 551 EX FAKO = 549
Goal Score: 650


Take the FICO Fitness Challenge

Message 4 of 9
enterclevernamehere
Valued Member

Re: Need serious help with rebuilding

Thank you very much for the links on here, this will be very helpful!  I get distracted while reading through here, so guidance is always great.  While reading I start dreaming of an amex card, lol.  Again, cannot thank you enough.


Starting Score: FICO EQ = 503 | TU - 504
Current Score: FICO EQ = 561 | TU - 551 EX FAKO = 549
Goal Score: 650


Take the FICO Fitness Challenge

Message 5 of 9
llecs
Moderator Emeritus

Re: Need serious help with rebuilding


@enterclevernamehere wrote:

lol, I have read so much on here over the year, i dream about the myfico forum, haha.  I think i know the basics, I need to dispute some things on my CR because they are reporting multiple times.  One thing that I haven't figured out is if an AU account will help at all anymore?  I have seen conflicting reports with the FICO 08.  Thanks again everyone, it's nice to have a place to get advice without feeling like an outcast.


While disputing is OK for inaccurate items, I'd hold off until you are 100% certain that's what you'd want to do. In some cases it can cause grief especially when OC duplicates are removed hurting your history or when collection activity increases if unpaid.

 

FICO08 scores AUs. At one point there was a PR by FICO saying otherwise, but they reversed their decision a couple months later. In any case, it wouldn't matter anyway since lenders generally aren't using FICO08; they prefer the older versions.

Message 6 of 9
enterclevernamehere
Valued Member

Re: Need serious help with rebuilding

Sorry for all the ?s as I am sure they have been asked several times.  If I DV the CAs on my report, if they do in fact validate, then should I be concerned about them increasing collection activities on me?  I have been pretty lucky with not many calls or letters regarding my debt.


Starting Score: FICO EQ = 503 | TU - 504
Current Score: FICO EQ = 561 | TU - 551 EX FAKO = 549
Goal Score: 650


Take the FICO Fitness Challenge

Message 7 of 9
llecs
Moderator Emeritus

Re: Need serious help with rebuilding


@enterclevernamehere wrote:

Sorry for all the ?s as I am sure they have been asked several times.  If I DV the CAs on my report, if they do in fact validate, then should I be concerned about them increasing collection activities on me?  I have been pretty lucky with not many calls or letters regarding my debt.


IME, calls and letters increased. If inside your state's SOL, always make sure you have 100% saved up before sending any letter or doing anything. If the increased collection activity includes a risk of a judgment, as an extreme example, you can always pay them off to avert further damage. If 100% isn't saved, and inside SOL, then do nothing. If outside SOL, then no worries.

 

If the CA verifies and you agree, then send a PFD.

Message 8 of 9
enterclevernamehere
Valued Member

Re: Need serious help with rebuilding

Just thought I would share, decided to pull my EQ today, and it's at 534, so up 30 points in a month.  I know there is a long long way to go, but that is definately the little glimmer of hope needed to try to tackle my issues.  Just thought I would share, thanks all.


Starting Score: FICO EQ = 503 | TU - 504
Current Score: FICO EQ = 561 | TU - 551 EX FAKO = 549
Goal Score: 650


Take the FICO Fitness Challenge

Message 9 of 9
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