PLEASE HELP. I need to credit repair advise

[Anonymous]

So I am rebuilding. In my past I only had 2 open child support accounts. It took me 3 years to pay all back child support that is as of today at a ZERO balance for the first time ever. It was just paid off and has not yet been reported to the CRA's. Over the years they were reporting 120 DAYS late. one of the accounts has been reporting OK monthly for the past 15 months with a balance & the other has only been reporting OK for the past 4 months with a balance. Both accounts were reporting 120 Days late every month until the started reporting OK- CURRENT, but the showed a balance that was paid in full today, but has NOT reached the CRAs yet.

Since I knew both accounts were about to be paid off - I went on an new account spree for the past 3 months to gain some positive credit history & on time payments. I knew that this was bad, but I figured I could wait out the negative effects while my child support accounts were being paid and updated.

Also out of the blue I had 3 collections from way back show up on all of my reports. Of course they are stating that the collections are recent. Which is a bunch of bull**. I have already submitted a dispute with all 3 agencies and I am waiting for the investigations to be completed. The estimated remaining time is 2 weeks from now. I think somehow they new I was trying to restore my credit.

So on my new account spree I acquired the following new accounts. Also gained 15 to 20 hard inquiries depending on the report.

January 2017

Walmart Store Card $400 CL

Gap Store Card $400 CL

Victoria Secret $400 CL

Febuary 2017

Credit One Visa $300 CL

Overstock Store Card started at 250 CL then received 2 increases of $200 *Now at $650

**Personal Instalment Loan** $268 paid over 6 monthly payments

March 2017

Bealls $350 CL

J Crew $250 CL

Kohls $300 CL

Ann Taylor $250 CL

Remember that I had no open credit accounts for many many years, so I felt the need to establish some positive credit.

Since I have opened the new accounts I have had no problems. I pay on time & my UT is currently less than 30% on all accounts & at 8% as a combined total for all accounts. Ive been trying to make a decent charge of less than $100 let it report at less than 30 % then paying most of it let it report less than $20 then pay it off then let it report a ZERO balance. I want to show some usage, so that the creditors are happy with my account.

My score reached almost 650 on TU then dropped literally overnight over 100 points. Im sure its do to the collections reporting, but my new accounts and credit inquires did not help.

My current scores are

Tu 538

Ef 616

Ex 616

V 505

Fico 582 according to Walmart statement

I am considering closing some of my new store cards. I have also asked the company that gave me instalment loan if there was a way to keep my account open more than 6 months, but if I get additional funds it will count as a new account. Most of the cards I accounts I chose to open are useful in there own way, but I honestly could cut most of them and be ok with it. The only thing I really need from these credit cards is the positive payment history and available credit.

My original plan was to acquire a bunch of new accounts then maintain them for at least 6 months to gain some history and age. Possibly opening a secure CC account or maybe get another loan when this one is paid.

IM JUST FISHING FOR IDEAS, SO LET ME KNOW WHAT YOU THINK.

In the future I would like to get a new car and home, but im not in a hurry. 

[Anonymous]

You have plenty of store cards but only one bank card. I'd try Capital One unsecured or get 2 secured cards, then sit on it for as long as possible (12 months would be nice).

As for the installment loan, don't worry about AAoA. A couple of months lost on a single account won't hurt you. To make it a long-standing installement, use this: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

[Anonymous]

Yes. I agree my store cards are far too many compared to my one little $300 CL bank card.

I thought of opening 1 or 2 more bank cards to even them out.

I applied of all of the major credit cards and was declined & I got hard pulls on my report.

I know that at least the Walmart store card will offer an upgrade to a master card with a good account history. I have also been fishing for store approvals for Visa cards using the shopping cart trick. I figure when my report is good enough to prequalify I will accept. I have entirely too many hard pulls to apply for anything. 

I was considering the Open Sky secured card, since they don't do a hard pull.

BUT IM WORRIED THAT OPENING A NEW ACCOUNT WILL ONLY GET IN THE WAY OF PROGRESS.

the good thing about the child support on my report is that it counts as more than 6 yrs on one account & more than 7 on the other.

Bad thing is that will all of my new accounts, my new account average is less than a year.

[Anonymous]

I have never heard of Visa cards through the shopping cart trick. I thought it was only for store cards.

[Anonymous]

Yes the shopping cart trick works for Visa cards to. I know for sure it works for Sportsmans Guide. It has never worked for me, but my brother got a pre approval. He has a very long excellent credit history. Im so jealous. I just had to see if it would work & it does saw it with my own eyes. He did not accept the offer, because he has more credit than he will ever need. MUST BE NICE TO BE ABLE TO TURN AWAY CREDIT OFFERS.......

Anyways I thought I would give you guys a little update.

Today in the mail I got a Conns pre approval saying for $2000. I Googled it & others have said that it is definitely hard pull on all 3 agencies. Although a $2000 CL is tempting. Im gonna pass. I dont even know that I would get approved with the pre approval, since my score dropped 100 points this month - Also I don't need anymore store credit.

I also applied for Finger Hut in January during my spree. I was not approved for a revolving account, but I was approved for the fresh start program. They keep sending me reminders of my $180 CL. I dont intend to use it, because its just another store credit account.

CHILD SUPPORT

Since I just paid off the outstanding balances from my child support. The new ZERO balance has still not reached the credit agencies. I'm very curious to how it will effect my score.

Has any paid off back child support?

Did it raise your credit score?

What were your results?

ANY INFORMATION WILL BE HELPFUL.

[Anonymous]

GOOD NEWS UPDATE.

my Experian Report is free of collections as of today. I had to recent collections pop up. One for $250 the other for $950. I honestly think they were reported in error, because I also seen that in my personal information someone with the same first name & last name Prop was also listed. I dont know anyone with the last name Prop. 

I had that name removed as well.

I feels like my hard work is starting to pay off. 

I just hope TU & EF will get it cleared up soon as well. Those exact accounts were reported to all 3 CAs within the past 3 months.

The weird thing is that I have not had any identity theft in the past only these malicious false reports.

[Anonymous]

Don't expect any score improvements from child support it is not used in scoring

[Anonymous]

NEW CREDIT UPDATE!!!!!

I in the past 3 weeks I had all of those collections removed from my credit report. I only have 1 more collection in dispute for $250. I am expecting that collection to be removed any day now. 

I still have a whole bunch of new store card accounts and around 20 inquiries on each of my reports. My utilization is maintaining at less than 10% for the past 3 months. I dont have a past due balance on my child support anymore, but the Texas attorney general still hasnt updated my account on any of my credit reports. It still says that I am behind $9K. They should update it anyday.

I wanted to give this update mainly because I strayed a bit from the my plan not to apply for or open any new accounts. 

I was in need of some new tires, so I applied for the "Tire Pros" credit card and I was approved yay! They ended up giving me a $500 Cl to start off with. So I was able to get 4 new tires and an oil change. That account is pretty much maxed out now, but I plan to pay it down to 30% or less before it post to my credit report. 

Since I was approved for this new account I went ahead and reapplied for Cap One, Discover and Ebates Visa. ALL 3 APPLICATIONS WERE DENIED. Not enough history, inquiries and too few accounts paid as agreed. 

Oh well back to the garden.

I am due to be increased on my Walmart & Gap card soon, but as of today - no increase

MY CURRENT SCORES ARE

TU 596

EF 580 - BUT I THINK THIS SCORE HAS WENT UP A BIT

EX 676

FICO 686 - According to my Walmart Statement

THANK TO ALL OF YOU THAT HAVE REPLIED - ANY ADVISE IS APPRECIATED