Hi all,
I just registered for an account on myfico and this is my first post. I am currently trying to rebuild my credit and would like some advice from others on these boards.
First, my Fico Scores are TU-592; EQ-587; EX-560. I have been using the free sites, but knew I needed to look at the real deal. TU and EQ were both within 2 points on ck and quizzle, EX is 52 points lower than credit.com and credit sesame. So that was too bad, but it is what it is.
So to the details of my reports. I will start with the bad:
First and possibly worst, I am currently defaulted on student loans. They are reporting as "transferred to the government."
I have a repo on a vehicle from a little over 5 years ago, showing as an open collection account with a 7kish balance.
I have 2 credit card charge offs, 4 years old. Credit one also reports as a paid collection, Capital one was paid in collection before the CA reported it.
One collection account that I have already unsuccessfully disputed, about 1k. About 2 years old.
One collection account that I have not disputed, plan on attempting a PFD. It is about $800. About 2 years old.
Now the good:
I have an installment auto loan that I have made 13 payments on, never late.
I have a secured BofA credit card, low $300 limit, util never above 10%, pif every month on time, for about 8 months.
One installment auto loan that was never late and was paid off. Reporting still as "closed" and "paid as agreed", though its at least 10 years old.
Non credit score related, my personal finances are in good shape since finishing school and getting a real job finally, so I feel confident in my ability to do well going forward, just made some mistakes while in school and working lower paying jobs. I have spent the last 2 years getting my personal finances in order, building a bit of a nest egg, and managing my finances on that level. I am on a path to have the resources to purchase a home in 2-4 years, and want to have the credit to be able to do so.
Now where I could use some expertise:
What should I do now? My thinking is the student loans. I have contacted them already and plan on getting in a rehab program once I finish a job assignment that has had me out of town for the last 5 months. So that program can hopefully be started in Feb. Then deal with the 2 open collection accounts that are 2 years old. I may wait out the older auto repo/collection, though I will keep an eye on it because I believe it is within the SOL for another several months. I want to obviously avoid a judgement. I have been researching credit cards that I may qualify for, do you think I should go ahead and pursue one or 2 more cards (secured is fine) or wait on that til the loans are rehabbed and collections dealt with one way or another? If I it would be best to get another card or 2, any recommendations? I have the BofA secured, cannot get a CapOne or CreditOne since I burned them both already. I have looked at FNBO Kickstart Secured, I would love to do Discover IT secured (or unsecured) but think that may be premature, read up on swagbucks, so forth. If secured I would like for it to graduate eventually, and no First Premier, First Progress, or basically any of those because the terms are absurd. Basically I would like a card that could turn into or PC into something I will find useful say 5 years from now.
Any thoughts, advice, suggestions, or general information would be greatly appreciated!
Thanks!
CRA
