New Here! Need Help/ Feedback?

[Anonymous]

Hello Everyone!

I am new here. I decided to join because I thought this would provided me with 1. Useful Information 2. Accountability 3. People to communicate with. 

When I was in my undergraduate work (piano performance) I was stupid and got a few credit cards -- despite the pleas of my mother and father (both socialite executives) warning me of early credit "madness". Plus, even though I was awarded a full-tuition and fees scholarship, I took out loans anyway (which are all in deferment as long as I remain in school).

Well, at the time, I knew it all -- ha ha. Well, I am post-bachelor's degree and starting Master's work soon in the same field (plan to pursue doctorate as well). I have no clue how to approach fixing my credit report/ score. So, below, I have listed everything inside my credit report; hopefully, one of you can tell me what to do first. 

Thanks! I will appreciate all feedback. 

Also, if it is important, I am 22-years-old now. How long, once things are paid, will credit score increase? Which leads me to another thing, should I just pay it all right now? It's really not much... 

(P.S. None of these debts are out of SOL, yet). 

BANK OF AMERICA

Student Loans $19,625 (current and in good standing)

ALLIED INTERSTATE

$872 (Credit Card that went bad)

AMERICAN EXPRESS

Current Balance: $5,478 (in good standing, always pays-in-full, never late)
Credit Limit: $26,900

CAPITOL ONE

$800 (bad debt, charged off account, credit card)

CHASE BANK 

$1,178 (bad debt, charged off account, credit card)

Macy's Department Store Card

Balance: $587.00 (Current, in good standing, pays in full)

Credit Limit: $4,000

Neiman Marcus DPSC

Balance: $1,845 (current, in good standing, pays in full, never late)

Credit Limit: $5,000

NORDSTROMS

Balance $0.00 (current, in good standing)

Credit Limit: $2,500

Bloomingdales DPSC

Balance: $356.87 (current, pays as agreed, never late)
Credit Limit: $1,400

Regions Bank

Starting Balance: $37,890

Current Balance:  $27,510 (auto loan, never late, pays)

Monthly Payment $515 @ 5%

CREDIT SCORES

EXP: 555; TU: 566; Equi: 579 

[llecs]

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.

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

Because you are not out of SOL, only go after these baddies if you have the $$$ to PIF. Otherwise doing anything like DVing or PFDing can lead to a lawsuit.

The only baddies you have are the two CO CCs and the CA. If you have the $$$ to PIF, then send PFDs to the CCs and DV the CA. If the CA verifies and you agree, then offer a PFD. IMO, after a couple attempts with PFDing fail for CapOne. IMO, PIF without a PFD.

Pay all your CCs down below 9% and let 1/2 report $0.

You may want to pull your two FICO scores. As of earlier this year, EX no longer allows consumers to pull their own FICO score. Your EQ and TU scores could be higher than what you have written.

[Anonymous]

Your credit score will not increase by paying off collection accounts. You need to get your debt utilization under 9% this will help you out alot. Although paying off collections won't increase your score you can PID which is pay for delete.

[Anonymous]

Thanks!

I sent PFDs... now I guess I just wait? 

Christopher

[Anonymous]

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concertpianist wrote:

Thanks!

I sent PFDs... now I guess I just wait? 

Christopher

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Sent PFD to who?

Are there any CAs reporting?