Reply
Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
0

Planning - worst case scenario (need advice on timing)

My scores are moving at a slower pace than my initial jumps but they are still trending up.  Right now I have TU 672, EQ 635 and EX (FAKO either 651 or 712).  Im trying to GW my lates and Verizon CO but having little success.  SO assuming that Im unsuccessful in my GW attempts, how should I proceed in my rebuild? (In particular Im worried about applying for new credit cards).

 

My last late was 30 days in March.  I have a 90 day late in SM July 2011 and a 30 day late Dec 2010.  The Verizon CO is from summer 2009.  Here is my mess that is cap1 Auto.

 

cap1 car.png

 

How long can I expect these derogs to keep me from getting good credit cards? March next year (which would be 1 year from last late), 2 years? 3?  What can I do to minimize the impact of the lates I currently have other than paying on time? Open new accounts? (IF so which ones should I aim for?)

 

Thanks,

 

 

Duncan



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Senior Contributor
Posts: 3,491
Registered: ‎07-25-2008
0

Re: Planning - worst case scenario (need advice on timing)

I'd beg them to delete the account and eat any lost history/AoAA. Not being harsh but it'll take you a long, long time to bounce back from that rough patch.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
0

Re: Planning - worst case scenario (need advice on timing)

[ Edited ]

Its a mess of mine and CSR's at Cap1 doing.  Im trying as best I can but getting little progress.  My scores will probably be in 700's but I'll have this one horrible account.  I dont know what to do?  I dont want crappy cards for multiple years.

So any suggestions???


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
0

Re: Planning - worst case scenario (need advice on timing)


drkaje wrote:

I'd beg them to delete the account and eat any lost history/AoAA. Not being harsh but it'll take you a long, long time to bounce back from that rough patch.


This right here.  thats alot of lates and i know you maybe had some hard times we all have but those lates are going to keep you away from good cards for awhile. It would take a miracle from cap one to gw those lates. have you thought about asking for the whole TL to be removed?

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
0

Re: Planning - worst case scenario (need advice on timing)

I didn't think removing the whole trade line would be easier than just the lates. I didn't even think removing the whole trade line was possible. How would I go about it?

I have a balance on the loan so would I send them a PFD type letter?


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Senior Contributor
Posts: 3,491
Registered: ‎07-25-2008
0

Re: Planning - worst case scenario (need advice on timing)

Start asking for goodwill the minute they're paid off.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
0

Re: Planning - worst case scenario (need advice on timing)

You think GW after payoff would be easier than a PFD type approach?


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Senior Contributor
Posts: 3,491
Registered: ‎07-25-2008
0

Re: Planning - worst case scenario (need advice on timing)

[ Edited ]

Try digging through the threads here to see if anyone's had success that way.

 

Pretty sure I've read about credit card goodwill/deletions from Cap1. Don't recall PFDs, though.

 

Re-read to make sure. I've read here Cap1 auto can be a bear.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
0

Re: Planning - worst case scenario (need advice on timing)

Im thinking PFD with a 100% PIF onetime payment would look more appealing to them right now. Also, we are talking thousands of dollars to PIF. If im going to shift these extra funds into this then I want to know I would get rid of the problem.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
0

Re: Planning - worst case scenario (need advice on timing)

I appreciate the comments above and I'll still try to get rid of this horrible account. However, if I can't then what strategies should I use to minimize it's impact? Open additional trade lines with some subprime cards?


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.