Newbie Needs Help lol

[mzicare]

Hello Fico Fam,

So I'm a newbie here looking to pick the brains of the credit geniuses. I have compiled what I feel is the most important information from my EQ report that I got today from myFico and would like to know where I should start. My number was 459 smh and I do have monthly income plus I am a student. My goal is to try to get my score in a much better place by graduation and to keep my family away from my credit (it sucks that i have to feel this way). Anyhoo your help is greatly appreciated!!!!

Current Accounts

Capital One

CL: $200

Balance: $177

Date Opened: 02/2011

Badcock

CL: 1000

Balance: $793

Date Opened: 05/2011

US Dept Edu

CL: 12,500

Balance: 11,345

Never Late/Pays as Agreed

US Dept Edu

CL: 29,137

Balance: 29,137

Never Late/Pays as Agreed (Deferred)

Macys (Paid/Closed)

Student Loans (Paid/Closed)

Past Due/Collections Accounts

First Premiere

CL: $300

Balance: $491

90 Days Past Due

Date Opened: 01/2010

**Open Acct**

Wells Fargo

Auto Loan

Balance: $1,693

30 Days Past Due

Date Opened: 05/2005

**Open Account**

AFNI-Bloom

DOLA: 05/2005

Balance: $171

120+ Days PD

BOA

DOLA: 7/2009

Balance: 739

**Collections**

CA

Date Assigned: 3/2009

Balance $224

CA (Sprint)

Date Assigned: 3/2011

Amount: $329

CA (Eviction)

Date Assigned: 6/2008

Amount: $4033

[llecs]

For your two open CCs, I'd PIF now.

Pay the loans as scheduled.

I would pay BofA and First Premier in full today. That'll result in a very nice increase and I bet you could see at least 60-80+ gained just by paying the active CCs down and the two CC COs off. I personally wouldn't mess with PFDs on these two.

When was the late on the WF loan? If opened in 2005, how long is the term of this loan? It's past 6 yrs already. If beyond the payback terms for this loan, I'd PIF now.

For the CAs, send DVs. If they verify and you agree, then mail PFDs.

For any bad unpaid debt, keep an eye on your SOL. If SOL had not expired or if you don't have the $$$ to PIF if you had to, then wait until SOL expires.

[LTomBerry]

Where to start... obviously rule #1 is to stop charging more debt, but since you're about maxed out that's a no brainer.

1. Since you are still a student can you defer the other student loan to free up some funds to pay down other debts?

2. Start by getting your delinquent open accounts current. Time to stop the skid marks from getting any longer. Especially the auto loan because it is secured debt and they can repo your car and that'll make everything suck more.

3. AFNI-Bloom is a collection agency IIRC, how are you "past due" with them unless you have a payment plan setup or something?

4. If you can pay in full listen to what Ilecs says. If not, start a "snowball" paying down those balances by paying minimums on all but one account, and pay everything you can to that one. Once it's paid off take all you were paying and throw it at the next account. Mathematically it is more efficient to start with highest interest rates, but some people start with lowest balances. You don't have any humongous balances so maybe start with the low hanging fruit like FP and Cap1.

5. I'll let the experts chime in on the collections accounts.

I'm not sure what advice to give on the family situation without more details besides removing them as authorized users if they are.

Good luck, keep your chin up you'll make it out soon enough. Let us know what other questions you have.

[Booner72]

AFNI reported my Qwest collection on my reports as "past due" also.  They're Mod cut

Anyway, I got it deleted.  AFNI will totally PFD - but you have to get the right person - emailing doesn't work.  LETTERS to AFNI.

---

Please watch the language. Thanks.

MarineVietVet, myFICO moderator

[mzicare]

Thanks everyone for the feedback! I will be paying all of the open accounts this upcoming Friday.

The car situation is frustrating because I no longer have the vehicle. It started out as mine cosigned by a family member, but then they needed a vehicle and I had access to one of my parents vehicles that didn't require monthly payments so I agreed to give them the vehicle since they would be paying for it monthly (or at least suppose to). Well they havent so there are over 20 lates and because I don't want the reposession on my CR, I've been in constant contact with WF and they're aware of the situation but I'm still paying trying to pay it off. I was told by them that if I continue to do so once it's paid I can request for it to be completely removed from my CR (do you think this is correct?).

I'm not sure why AFNI is reporting as past due. So i'm assuming that I should start out with a Debt validation letter for all of the collections accounts? Is this correct?

Thanks again.