Rebuild advice?

[striper]

First of all, I did scan through tond of messages here first, but didnt see my situation so I thought I'd post.

I have an Experian score of 509 and recently got denied for a Toyota loan (or at least below 20%).

First of all, I have no bankrupcies.  I have a Verizon account that is listed as charge off/paid.  It went into collections but I DID pay it off.

No where in my report is there any mention of never having paid a debt.

I have a few "closed by grantor" that were completely paid for.

I have several credit cards (BOFA, Citi, Home Depot, BMW, Amex Optima, Amex via bank, Exoon, Banck cc).  Nearly all are at limit.

I have an installment loan for motorcycle via BMWFS.

I have had 5-6 auto secired loans in the past 8 years.

Now, there are many lates in my record.  Some at 60 and a few at 120.

I have a cc that was reported as currently delinquest, it was at 60 days up till last week.  Will this delinquency tag be removed once I get that current?

So, I have nothing catastrophic like bankuptcy or charge off, but I guess all of the lates and the % of credit is causing the problem  Its kind of odd that p[eople with bankruptcy have higher scores.

One thing I never did was walk away from a debt.  I always made sure to pay it no matter what.

Now, what can I do?  I dont think disputing is the way, as I believe the negatives are accurate.  I dont want to dispute something I know is legitimate.

 I cannot pay off current balancs.  I can make monthly payments.

I probably answered my own question, but are there any options?  Or do I just keep going making payments and sooner/later the score will improve?

 I spoke with a credit guy at a dealership and he said I would be better off having filed chapter 11.  To me that is ridiculous.  You would think the credit companies would give me a little more "credit" for never having walked away from a debt.

I have plenty of credit from good companies, but unfortunately its all used up and there are many lates.

[GFer]

Now, there are many lates in my record.  Some at 60 and a few at 120.  Who are your lates with? Some companys are more GW friendly than others. Either way--it cannot hurt to try! Many people have had success with GW's.

I have a cc that was reported as currently delinquest, it was at 60 days up till last week.  Will this delinquency tag be removed once I get that current? It will not be removed unless you GW and they agree. Who is this with? You can search for that company's name and GW and hopefully this is a company that is GW friendly.

So, I have nothing catastrophic like bankuptcy or charge off, but I guess all of the lates and the % of credit is causing the problem  Its kind of odd that people with bankruptcy have higher scores.

One thing I never did was walk away from a debt.  I always made sure to pay it no matter what.

Now, what can I do?  I dont think disputing is the way, as I believe the negatives are accurate.  I dont want to dispute something I know is legitimate. And you're right--you shouldn't.

 I cannot pay off current balancs.  I can make monthly payments.

I probably answered my own question, but are there any options?  Or do I just keep going making payments and sooner/later the score will improve? Yes they will--albeit slowly unless you get those balances down and work on GW's.

 I spoke with a credit guy at a dealership and he said I would be better off having filed chapter 11.  To me that is ridiculous.  Exactly!

You would think the credit companies would give me a little more "credit" for never having walked away from a debt. This is great, but not the only thing they factor in risk management.

I have plenty of credit from good companies, but unfortunately its all used up and there are many lates. This is why you're still considered a risk. Isn't there anything you can do to get these balances down? Second job, OT at current job, cut every frivolous expense, sell things??

[Anonymous]

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striper wrote:

First of all, I did scan through tond of messages here first, but didnt see my situation so I thought I'd post.

I have an Experian score of 509 and recently got denied for a Toyota loan (or at least below 20%).

First of all, I have no bankrupcies.  I have a Verizon account that is listed as charge off/paid.  It went into collections but I DID pay it off.

No where in my report is there any mention of never having paid a debt.

I have a few "closed by grantor" that were completely paid for.

I have several credit cards (BOFA, Citi, Home Depot, BMW, Amex Optima, Amex via bank, Exoon, Banck cc).  Nearly all are at limit.

If you have 8 CC that are nearly maxed, it is killing your score and showing you as high risk. For maximum points in the util dept, you want less than half your cards showing a balance, individual util below 9%, and overall util below 9%.

I have an installment loan for motorcycle via BMWFS.

I have had 5-6 auto secired loans in the past 8 years.

Now, there are many lates in my record.  Some at 60 and a few at 120.

120 is as bad as a charge off, score wise.

I have a cc that was reported as currently delinquest, it was at 60 days up till last week.  Will this delinquency tag be removed once I get that current?

The current status will be updated, but it will still be a negative account because of all the lates.

So, I have nothing catastrophic like bankuptcy or charge off,

The string of lates up to 120 days late, the Verizon charge off, all the closed by credit grantor accounts.......

but I guess all of the lates and the % of credit is causing the problem  Its kind of odd that p[eople with bankruptcy have higher scores.

One thing I never did was walk away from a debt.  I always made sure to pay it no matter what.

Now, what can I do?  I dont think disputing is the way, as I believe the negatives are accurate.  I dont want to dispute something I know is legitimate.

 I cannot pay off current balancs.  I can make monthly payments.

I probably answered my own question, but are there any options?  Or do I just keep going making payments and sooner/later the score will improve?

 I spoke with a credit guy at a dealership and he said I would be better off having filed chapter 11.  To me that is ridiculous.  You would think the credit companies would give me a little more "credit" for never having walked away from a debt.

I have plenty of credit from good companies, but unfortunately its all used up and there are many lates.

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Your score isn't going to improve until you get current, pay the balances down, and stay current.

Yes, having nothing unpaid is good.

You can send GW letters to have lates removed. If you are still late or being late is a habit, the creditors will likely be less forgiving compared to having a one time late.

The good news is that your score will improve, but it is going to take time.

My advice would be to stop applying for credit and learn to manage what you have.

[striper]

Sorry, I made a mistake in describing my reports.

I went back through 2 of the 3 reports and there are no 60's or 120's.

Not sure why I thought there were.  There are many 30's, but none higher.