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Ok I have info now! Advice plz? :)

Established Member

Ok I have info now! Advice plz? :)

Ok, FICO scores, 590 EX, 587 TU, 590 EQ. I have lots of collections, some say open and some say closed. What's the difference? Sorry, just starting and I don't know much. I don't know what a charge off is. Says 0 public records. No missed payments. Few current accounts. No credit card activity. No revolving activity. Installment balances.
Message 1 of 7
6 REPLIES
Frequent Contributor

Re: Ok I have info now! Advice plz? :)


Brooketrupiano wrote:
Ok, FICO scores, 590 EX, 587 TU, 590 EQ. I have lots of collections, some say open and some say closed. What's the difference? Sorry, just starting and I don't know much. I don't know what a charge off is. Says 0 public records. No missed payments. Few current accounts. No credit card activity. No revolving activity. Installment balances.

Pay off the lowest collections and work your way to the highest amount of collections. Try for a PFD ( Paid in Full Delete). Also, see if you can get a Cap1 card to open some good standing account, that would help your scores. 

FICO Scores starting as of 3/11/16: EQ-607,TU-639 ,EX-627 (6/22/2016 EQ-621,TU-637, EX-653)
USAA Classic 1k, F.Premier 300, CreditOne 600, CareCredit 500, CareCarOne 700, AmazonStore 3500, WalmartStore 3500, Target 700, VS 250. Cap1 Plat 800 Lowes 300..Legacy 500 and Blaze 750..AU on Cap1Quick 300...ULTI 65.2%
Goal is 700 across all 3 scores by Christmas of 2016
Message 2 of 7
Valued Contributor

Re: Ok I have info now! Advice plz? :)


Rewis25 wrote:

Brooketrupiano wrote:
Ok, FICO scores, 590 EX, 587 TU, 590 EQ. I have lots of collections, some say open and some say closed. What's the difference? Sorry, just starting and I don't know much. I don't know what a charge off is. Says 0 public records. No missed payments. Few current accounts. No credit card activity. No revolving activity. Installment balances.

Pay off the lowest collections and work your way to the highest amount of collections. Try for a PFD ( Paid in Full Delete). Also, see if you can get a Cap1 card to open some good standing account, that would help your scores. 


+1

EX 08 Fico: 729 TU 08 Fico: 735EQ 08 Fico: 740Total Credit Line: $128,600Utilization: 6%Inquiries:EX-6TU-7EQ-5


Message 3 of 7
Regular Contributor

Re: Ok I have info now! Advice plz? :)

This is good news!! You are actually in okay shape with the start of your rebuild (meaning very close to 600s) vs being at 525 ..... so a charge off is a number of things. In simplistic terms, it is when you miss so many consecutive payments that the creditor belives they will not be able to collect the money from you & will soon (if not already) sell your debt to a collection agency. If it is not yet in collections, handle this charge off FAST. 

 

CLOSED COLLECTIONS: either have been paid, settled, or sold to another agency. These affect your credit score. You want to get them REMOVED.

OPEN COLLECTIONS: have not been paid, settled, or sold to another agency. These affect your score. You want to pay/settle them IF you can get them REMOVED.

......Try to apply for a Capital One Secured Card & Fingerhut. Once you get your collections straightened out a bit, go for the Cap1 unsecured lines of credit to get some revolving history. 

 

 

Start Fico: EX 526 | EQ 532 | TU 537 --- Feb 2016
Curr Fico: EX 652 | EQ 663 | TU 680 --- Sep 2016

Goal Score : 620 all across the board. . . . Started in the mid/high 400s in October 2015
Message 4 of 7
Established Member

Re: Ok I have info now! Advice plz? :)

Thank you so much!!!! Should I call some of these collections and try to get them to settle for less? Will they for sure remove it?
Message 5 of 7
Established Contributor

Re: Ok I have info now! Advice plz? :)


Brooketrupiano wrote:
Ok, FICO scores, 590 EX, 587 TU, 590 EQ. I have lots of collections, some say open and some say closed. What's the difference? Sorry, just starting and I don't know much. I don't know what a charge off is. Says 0 public records. No missed payments. Few current accounts. No credit card activity. No revolving activity. Installment balances.


Also, try to come up with a Plan, and create a sense of Organization.


I can say that it is easy to get over-whelmed with this information, and sometimes confused.


I have information copied and pasted (based upon my needs) into documents, and I have them in electronic file folders, and I update that information when I come across new or more correct information.


And just when I think I am getting a solid knowledge base on one topic, another one pops up!


I also use the "search" function for different topics such as Ch 13 or NFCU's credit card. The amount of information and exceptional advice here is endless. But I find I have to keep it organized so that if I have to update my Strategy and Timeline, I can.


Part of my strategy includes what card I will apply for, and when. As well as other types of loans both for my benefit, and for the rebuilding of my credit and credit score. Why do I mention this? Because different vendors each has their preferred Credit Agency they use, and then also if it will be a HP or SP, Hard Pull or Soft Pull. Yep, it can appear a bit complicated at times, and my creation of a matrix for myself helps keep me on track.


Be Patient!

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
Message 6 of 7
Established Contributor

Re: Ok I have info now! Advice plz? :)


Brooketrupiano wrote:
Thank you so much!!!! Should I call some of these collections and try to get them to settle for less? Will they for sure remove it?
No it is not for sure that they will remove it particularly if you try to settle for less than the full amount owed.
FICO 8 Scores Eq 821 Ex 820 TU 841, 180K Available CL, 1% Util

Message 7 of 7