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Newbie needing advice

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Anonymous
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Newbie needing advice

Hello all.  I decided to take my head out of the sand and get my credit together and need some of you guys advice.  My EX score is currently a 552 and I want to improve it as much as I can over the next year. My husband decided to embark on a life of crime and left me the bills. My pity party ended a couple of months ago, so now I am getting my life back together.  Enough of that.  Here is my scenario:

 

I have an auto loan that I am currently paying on as agreed, but it has a 30 from 02/09 and another one previously from 08/08.  I have no hope of paying the car off because it upside down by about 5,000 and another 2 yrs to PIF.(Have a current contract with Vaseline)Smiley Indifferent

 

I have one collection account that should age off in 01/09.  I can pay it off, but should I?

 

I have a credit card that I currently owe $150.00 and will pay it off by due date, but should I still keep it open? Also should I still use it monthly and PIF each month to help my credit?

 

My house is paid as agreed with a 30 in 02/09 and a 60 in 07/08 and 30 in 08/07.Definitely cant pay that off, but I wanted to give you all info.

 

Lastly, I want to know if I should try to get a cheaper car and trade this one in to help my credit-Util % or ride it out until the end? My util is currently around 70%.

 

I dont know where to start. I have read all the beginners threads and am ready to make some changes but I dont know what will help/hurt most.  I see alot of knowledgeable posts from Noah_Bodie, Sidewinder, etc and thank you all.  Any suggestions are appreciated.

Message 1 of 6
5 REPLIES 5
203bravo
Established Contributor

Re: Newbie needing advice


@Anonymous wrote:

Hello all.  I decided to take my head out of the sand and get my credit together and need some of you guys advice.  My EX score is currently a 552 and I want to improve it as much as I can over the next year. My husband decided to embark on a life of crime and left me the bills. My pity party ended a couple of months ago, so now I am getting my life back together.  Enough of that.  Here is my scenario:

 

I have an auto loan that I am currently paying on as agreed, but it has a 30 from 02/09 and another one previously from 08/08.  I have no hope of paying the car off because it upside down by about 5,000 and another 2 yrs to PIF.(Have a current contract with Vaseline)Smiley Indifferent

 

Have you attempted to GW the lates?

 

I have one collection account that should age off in 01/09.  I can pay it off, but should I?

 

1/09? did it age off?

 

I have a credit card that I currently owe $150.00 and will pay it off by due date, but should I still keep it open? Also should I still use it monthly and PIF each month to help my credit?

 

Excellent Idea.

 

My house is paid as agreed with a 30 in 02/09 and a 60 in 07/08 and 30 in 08/07.Definitely cant pay that off, but I wanted to give you all info.

 

Attempt to GW?

 

Lastly, I want to know if I should try to get a cheaper car and trade this one in to help my credit-Util % or ride it out until the end? My util is currently around 70%.

 

Can you afford the payments?  Car loans are not factored into your revolving credit usage ratio - you can't pay it off and reborrow the money  Smiley Happy

 

I dont know where to start. I have read all the beginners threads and am ready to make some changes but I dont know what will help/hurt most.  I see alot of knowledgeable posts from Noah_Bodie, Sidewinder, etc and thank you all.  Any suggestions are appreciated.


 

Message 2 of 6
Anonymous
Not applicable

Re: Newbie needing advice

Where did you get your EX score? Chances are it is a FAKO(non-FICO) score.

 

I would start by pulling all 3 reports directly from the CRA-- see link below for your free reports.

 

On the collection.....what is the DOFD? You stated it should fall off in 1/09, but that has passed. Was that a typo? Is it beyond SOL? Can you PIF?

 

On the CC....if it is your only one, keep it open.

 

On the car loan.....that is considered installment util and counts for much less than revolving util and I wouldn't trade it in just to help your score. Don't worry about the utilization on it.

 

Do you only have the 1 collection? Is it medical?

 

 

 

 

Message 3 of 6
Anonymous
Not applicable

Re: Newbie needing advice

Have you attempted to GW the lates?

 

I just looked at some good examples on this site and am doing so now.

 

1/09? did it age off?

 

I am sorry the DOLA is  03/03 so it will age off on 03/10 (right?)  The other account will age in 01/10 (prev typo)

 

Unfortunately I cannot pay the car off. I dont have the money.  How long b4 I can see any results to score?  I plan not to open any more accounts and will pay early for current monthly debt (per credit 101).

Message 4 of 6
Anonymous
Not applicable

Re: Newbie needing advice

Hi Sidewinder

 

I made a previous typo the collection debt actually ages off 01/10 (not 09).  Should I even mess with this one?

 

I have another non-med collections account that has DOLA 04/04. Should I pay it off? I can.

 

Just got them. Thanks for the link. My EX score is 544. Yuk. My TU is 547.

 

I plan on writing GW to my mortgage and auto dealer.  My interest rate on the car sucks and I dont know if it will last for another year.  (My ex ran it to the ground). How long will it take for me to see improvement?

Message 5 of 6
Anonymous
Not applicable

Re: Newbie needing advice


Missiz wrote:

Hi Sidewinder

 

I made a previous typo the collection debt actually ages off 01/10 (not 09).  Should I even mess with this one?

 

I have another non-med collections account that has DOLA 04/04. Should I pay it off? I can.

 

Just got them. Thanks for the link. My EX score is 544. Yuk. My TU is 547.

 

I plan on writing GW to my mortgage and auto dealer.  My interest rate on the car sucks and I dont know if it will last for another year.  (My ex ran it to the ground). How long will it take for me to see improvement?


When the accounts age off is dependent upon DOFD, not DOLA.

 

The scores you got are likely non-FICO and there are rarely any creditors who use those.

 

I would work on getting the collections removed and GW the lates. Getting the collections removed are the biggie right now.

 

I would at least do what you can on the collections before trying to get anymore credit.

Message 6 of 6
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