New to forum - credit rebuilding needs major help/advice

[Anonymous]

Hey everyone, I finally decided to join and take things seriously about my credit. Just like other's I've made some serious mistakes in the past and have began to finally do what needs to be done to secure a better financial future for myself. I used Lexington in the past for several months and it was a very slow process but I did not see much gain from that. I have my TransUnion credit report and am in the process of obtaining the others. After getting married, my wife added me as a AU on her cards. Currently the balances on those are all pretty high and we've come up with a strategy to have all of those paid off within the next 2-3 months. Here's an overview of my credit situation now.

Credit Scores:

Experian: 551

TU: 563

Equifax: 568

The score factors from each of the 3 agencies are 

- Serious deliquency

- Ratio of balance to limit on bank revolving or other revolving too high

- Length of time accounts have been established

- Number of accounts with deliquency

Below is what is listed on my TU report

Revolving:

Chase Southwest: $5000/5000 - No late payments reported

AmericanAir Barclays: $2600/$3000 - No late payments reported

Capital One Secured: $0/$550 - One 30 day late payment

First Premier Bank: $300 CL - Charged off for $453 balance on 5/2013

Installment: 

Car Loan: $483/Month - No late payments reported

Car Loan GM Financial: Opened on 12/2010 - 10/29/2015 Charged off with balance of $2586 - repo

Car Loan Regional Acceptance: Opened on 5/2012 - Charged off balance $10983 - repo

Does anyone have suggestions on where to start, steps I should take etc.?

[Anonymous]

I thi k you wuld benefit from your own secured card. Not sure if the capone is yours or your wife's au account. Maybe remove yourself as AU and apply fr your own card. Start building a positive history while you are paying down her cards.

[Anonymous]

I'm an AU on the Chase and Barclays. The CapOne is mine

[Anonymous]

I'd get removed as AU from the Chase card and take care of the First Premier charge off first. Those 2 cards are killing your UTI. And possibly remove yourself from the Barclay's too. Once those are taken care of you should get a decent point boost.

[Anonymous]

So possibly removing myself as a AU from those 2, and then paying the First Premier charge off, in the meantime continue to pay down the Chase and Barclays and then maybe adding myself back as an AU when they are paid off would help in the short term significantly?

[Anonymous]

Any sugguestions on the 2 repo's or are those just stuck with me?

[Anonymous]

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@Anonymous wrote:

So possibly removing myself as a AU from those 2, and then paying the First Premier charge off, in the meantime continue to pay down the Chase and Barclays and then maybe adding myself back as an AU when they are paid off would help in the short term significantly?

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Forget the whole AU thing. Just get your own accounts set up.

[RonM21]

Agree. I think it is better to try and get your own accounts and profile established.