Novice Needing Expert Advice

[billym81]

Good Morning Everyone!

I am pretty new to the forum and looking for some serious expert advice. I have been really focused on rebuilding my credit since the start of the year and have been doing pretty well at it. Credit Scores as follows: 1/1/10 Transunion-519 Equifax-513 06/01/10 Transunion-631 Equifax-585. Today I was approved for Best Buys Mastercard Gold with a limit of $510.00 I was pretty excited as in the past I would get rejected, so I am heading in the right direction. Below is my credit report information:

What should be my next steps to take? I am really trying to get my score at 700 to get approved for a new home and all the advice/help I can get will much appreciated. Any other information that might be needed please let me know. Thanks again!!

TRANSUNION

Prestigio Jewelers    6/2004 BALANCE $0 Charged off as bad debt (SHOULD BE DELETED FROM THE REPORT SOON)    
Public Savings Bank    4/2010 BALANCE $42 Paid or paying as agreed (OPENED 04/10)    
First Premier Bank    6/2004 BALANCE $0 Payment after charge off/collection    
Citifinancial Auto    4/2004 BALANCE $6,790 Paid or paying as agreed-60 DAY LATE PAYMENT BACK IN 09/

Arrow Ser    3/2007 BALANCE $0 120+ days past due (FIRST PREMIER WAS SOLD TO THIS COMPANY)

EQUIFAX

Publicsvbk    4/2010 BALANCE $42 Pays account as agreed (OPENED 04/10)    
Arrow Ser    3/2007 BALANCE $0 120+ days past due (FIRST PREMIER WAS SOLD TO THIS COMPANY)
Fst Premie    6/2004 BALANCE $0 Bad debt/collection-SOLD TO ARROW SER.   
Citi Auto    4/2004 BALANCE $6790 Pays account as agreed-60 DAY LATE PAYMENT BACK IN 09/09   

[daisyduke]

Hi and welcome,

Here's what I would do:

1.  Public Savings bank - nothing - it is a good standing TL.

2.  First Premier-Arrow is collecting on this correct? so I would do a pay for delete letter - PFD so at least the Arrow TL will be removed. See link below.

3. Citiauto - I would send a GW letter to remove the late payement in 2009. When will the First Premier TL fall off?

4. Prestigo Jewlery - You say this debt will fall of soon, when is your DOFD? - that would mean your date of first deliquency that you never caught up and caused the account to get charged off? I would probably let it age off naturally. However, was this paid through another CA perhaps and they are not reporting?

Here's some good general information to read as well.  check this out:  http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/What-Steps-Do-I-Take-Do-I-DV-PFD/td-p/337142

Congrats on your progress!

[leah5570]

I'm thinking your First Premier/Arrow will fall off between June 2011-December 2011. Since it was a chargeoff it may be until 2014, 10 years. Quick question for the pros: will the CA fall off at least in June-December 2011, and the chargeoff remain for the possible full 10 years?

Since there is $0 reporting on First Premier/Arrow, you have no leverage (Pay for Delete) and will have to GW any possible way for the CA to fall off a bit earlier. They aren't under any obligation or inclination to do so, but it's definately worth a shot.

I agree with daisyduke-

GW CitiAuto

GW Arrow

GW First Premier

Your Prestigio Jewelers falls under the charge off scenario too. If DOFD was June 2004, and if it falls under the 10 years, then it's possibly going to be June 2014. If that's the case I'd look into GW'ing that account as well. Otherwise, and TU says when the fall off date is and it's earlier, I'd leave it.

[guiness56]

---

@leah5570 wrote:

I'm thinking your First Premier/Arrow will fall off between June 2011-December 2011. Since it was a chargeoff it may be until 2014, 10 years. Quick question for the pros: will the CA fall off at least in June-December 2011, and the chargeoff remain for the possible full 10 years?

Since there is $0 reporting on First Premier/Arrow, you have no leverage (Pay for Delete) and will have to GW any possible way for the CA to fall off a bit earlier. They aren't under any obligation or inclination to do so, but it's definately worth a shot.

I agree with daisyduke-

GW CitiAuto

GW Arrow

GW First Premier

Your Prestigio Jewelers falls under the charge off scenario too. If DOFD was June 2004, and if it falls under the 10 years, then it's possibly going to be June 2014. If that's the case I'd look into GW'ing that account as well. Otherwise, and TU says when the fall off date is and it's earlier, I'd leave it.

---

Will you explain what you mean by this? 

[leah5570]

The OP's mention of the Prestigio Jewelers account was "charged off, bad debt". If that falls under the category of charge off, I was thinking it would be different than a regular late falling off, or the posting of a CA account.

But, I just read marinevietvets post on chargeoff's. 7-7.5 years after the DOFD, regardless of it's final status. Then I do agree with OP Prestigio Jewelers will fall off between June 2011-December 2011. My apologies.

The reason I thought charge offs stayed on reports for 10 years was because I was under the assumption (my bad) that it was the same as a positive tradelines staying on for 10 years as far as closed, no longer active. I'm sorry for the confusion.

[guiness56]

---

@leah5570 wrote:

The OP's mention of the Prestigio Jewelers account was "charged off, bad debt". If that falls under the category of charge off, I was thinking it would be different than a regular late falling off, or the posting of a CA account.

But, I just read marinevietvets post on chargeoff's. 7-7.5 years after the DOFD, regardless of it's final status. Then I do agree with OP Prestigio Jewelers will fall off between June 2011-December 2011. My apologies.

The reason I thought charge offs stayed on reports for 10 years was because I was under the assumption (my bad) that it was the same as a positive tradelines staying on for 10 years as far as closed, no longer active. I'm sorry for the confusion.

---

No problem and thanks for clarifying.