Plan of Action Help

[Anonymous]

Hi everyone.  I am new to the forum section of myFico, though I've literally been looking through the advice of this site and other sites for quite a while now.

I've been helping my husband rebuild his credit, though I am no expert, and am also starting to rebuild mine.  I am more patient than he is and am combing through EVERYTHING before I get started for me.  I have gone through having poor credit to having stellar credit and am not in a rush for mine.

So, he had quite a few negatives on his credit report.  Between him making calls to PFD and me writing a few dispute letters he has managed to raise his score and his report is looking better.  We weren't able to get everything off, so I'm hoping to get a little advice.  This is what his reports are looking like.

Open Accounts
Amex piggyback $30,500 limit w/ 56% UTI (getting paid down) - Did not inherit payment history, only 2 months of positive payments

Home Depot piggyback $13,500 limit w/ 41% UTI (also getting paid down... and if not we will remove both) - 3 years of positive payments
The same HD account is listed again with 0% UTI

Kay Jewelers $400 limit increased to $660 - Opened January 2016 All payments made on time

Zales GEM $400 limit increased to $660 - Opened January 2016 All payments made on time

4 SCT Comenity cards opened in the last week (I know) Limits of $250, $500, $250, and $750

We made purchases on 5 cards (2 jewelers and 3 SCT) and will either PIF or pay to a low amount to show usage.  One is just under 30%, the others are around 10% or less.

Baddies
Transunion
- One collection for over $2000 larger amount that we're having trouble with.  It's aphone bill that we got messed over with from a buy back program.

- Another is a collection account he did a PFD for a small medical bill that apparently got overlooked from being paid by the insurance.  We're not too worried about that.  It has not yet updated.
- The third is a collection he did a PFD for.  They agreed for him to pay the "high balance" which is $111 lower than the amount requested.  They updated the reports stating he paid the agreed amount and still owes $111 no PFD, and not even an update stating the account is settled and closed.
- Credit One chargeoff (bought by Midland and not yet reporting)

Equifax
- The $2000+ phone bill we're having trouble with disputing.
- Credit One chargeoff

Experian

- The 2000+ phone bill

- Credit One chargeoff

He also had a chargeoff for Fingerhut for a small amount that he forgot about.  He paid in full and they reopened the same account.  That chargeoff should be falling off the report and replaced with the opened account (hopefully).

I know this is long, but I would like any advice you can give.  I'm really concerned about the $2,000 collection account that seems to be indisputable, the PFD that was updated to show a balance of $111 and not removed, and the Credit One chargeoff including the unreported Midland account.  Any advice you can give would be grateful.

In the meantime I've encouraged him to be patient and not to apply for anything else.  He has a plethora of inquiries that are scheduled to fall off between now and the new year.  He created a few hard pulls recently, but prior had not created a single inquiry in about a year.

FICO Scores:  Experian 579, Equifax 583 as of last week, Transunion unknown

[Gidgetmom]

Welcome to the forums, chicgeek.

A few things came to mind while reading your thread...

I would PIF the Comenity cards.  You already have two cards reporting high utilization.  It is not good to have all cards reporting balances.  I use my Comenity's occasionally and pay in full.  They will report to credit bureaus for the month you use the card.  If you go a couple of months without using the cards, then Comenity will not update your credit report again until you have some activity (charge/pay).  

The piggyback ( I'm guessing Authorized User?) accounts are not really helping him due to the high utilization.  It can't be helping your score either.

I have read some threads about success writing GW letters to Credit One for removal.  However, I have also seen some failures.  I suggest searching the forum for Credit One Goodwill Success.

I read a thread recently regarding phone bills and credit reports, but cannot for the life of me remember the specifics.  It had to do with statute of limitations on reporting.  Hopefully, someone will chime in on this.

On the settlement and PFD, did he get it in writing before paying? An email, a fax, a letter?  That is the key advice here...get it in writing. 

I wouldnt apply for anything else right now.    I would take him off the high utlization cards and suggest only letting one of the cards he has report a balance less than 9% of the limit with all other cards reporting zero.  Once it reports to the bureau, I'd pay that card off.  Comenity has some high interest rates!  Due to Comenity's reporting policy, I would change up the card that you let report each month.  

My two cents for what it's worth,  There are much smarter, more experienced folks here that may offer better advice.  I wish you two the best of luck on your rebuilds!

[Anonymous]

Thank you Gidgetmom!

We're going to go ahead and PIF those cards.  The high UTIL cards are fortunately not mine.    The card holder plans on reducing that debt.  Since my DH won't applying for anything anytime soon we'll be patient, unless the length of time the UTIL is high drives down his score.

As for the account he did the PFD, he received 2 letters that conflict with what is on his credit report.  The letters state that the account is settled and that he owes a $0 balance.  His credit report states he owes $111.  I figure a dispute letter will easily take care of that.  I'm wondering though, should I include the letters from the CA stating he owes nothing, or does including information with the letter act as a disservice?

Thanks again!