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Newbie to the FICO site..Looking for some advice on next steps :)

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Anonymous
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Newbie to the FICO site..Looking for some advice on next steps :)

Hi Everyone!

 

I just recently joined the myFICO site to help monitor my credit as I'm beginning to rebuild it! I also have a Credit Karma account that I've been using for the past six months.

Anyways I'm kind of in a position right now where I'm not sure what I should focus my efforts on next, so any help would be greatly appreciated!

 

Scores are:

Equifax : 577

Experian : 575

TransUnion : 556

 

BAD STUFF:

 

Collections:

Verizon: $527...Sent Pay for Delete Letter, haven't heard back yet.

IC Systems: $1058..Sent Pay for Delete Letter, haven't heard back yet.

Credit Management: $348...Sent Pay for Delete Letter, they accepted, will mail check this week.

Unique National Collections: $238...Sent Pay for Delete Letter, they accepted, and mailed full payment last week.

 

Student Loans:

I have two student loans open with balances. I am currently in school right now, so they are both deferred. Both of these loans have late payments reported from the time I was out of school, trying to figure out if I was going to go back. They are from this year, so I'm assuming this is hurting my score a lot. I sent a goodwill letter today asking to remove these late payment remarks, as my account has been in good standing since this past June. Anyone have experience with Great Lakes?

 

Repossession from 2011:

I had a vehicle repo in Dec. 2011, the loan was satisfied and paid off when the bank sold my vehicle. I receive this is really hurting my score as well. I just sent out a goodwill letter to this bank asking for removal. I'm going to assume this isn't going to work though..any advice on this?

 

GOOD STUFF:

 

New Car Loan:

Opened August 2014 with very high interest rate, but I needed a new vehicle. My goal is to get my credit score up enough to be able to refi this loan late next year sometime. 

 

Capital One Secured Card:

Opened July 2014, $200 limit. Always make full balance payments. Should I make a deposit to increase the credit limit on this card?

 

Questions:

 

Should I apply for another secured card? Or should I wait until these collection accounts come off? I'm hoping to find a secured card with a credit limit of about $500.

Are there any other steps I should be taking right now?

 

Thanks so much for all your help! I've been reading a lot of these past posts and some stories are truly inspiring for those trying to build and fix their credit! So thank YOU! Smiley Happy

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Anonymous
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Re: Newbie to the FICO site..Looking for some advice on next steps :)

Yes get another secured card. On the current card, pay all but $10 each month so it gets reported and the scoring algorithm 'sees' the usage.

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