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I started my journey to rebuilding credit about 2 months ago and so far Im making progress. Initially all 3 of the bureaus had me at about a 550 score. I had some late payments and items in collections and hospital bills I neglected to pay. I got the collections account deleted and the same for he medical bill. I tried sending out a goodwill letter for the late payments but the creditors said they don't adjust reports unless it was inaccurate. So basically I have 1 secured credit card with no lates with a $50 balance and $500 credit limit. 4 student loan accounts that all come from 1 loan that's has a $12,800 balance that I had a late payment on in February but it's been on time since. I have a loan with conns for $1,700 with no lates that I've had for about 7 months now. And my last account is a vehicle loan with the last late being January of this year, the balance on it is $13,800, I've had this loan for 4 years now and I'm expecting to pay it off in December of next year. I'm unable and scared to get new credit cards because the last time I inquired about 3 weeks ago it dropped my score 19 points. I make about $70,000 a year by myself and I'm looking into trying to get a mortgage. My current MyFico scores from the app are, Transunion: 648, Equifax: 630, Experian: 642. I really don't have anything bad on my report besides late payments I can't do anything about and inquiries. Tried getting a credit card and was denied. I'm not sure what I can do anymore to get it raised besides just paying everything monthly.
Edit: Just to add that when I last inquired for a credit card I settled on a previous credit card with usaa but they only subtracted the settled amount from the amount owed. I disputed it and today they updated those accounts with a $0 balance, maybe this was why I kept getting denied. It had a $2000 limit with $1300 used. But now the account is closed with a balance of $0
You really want to work at getting your late payments removed. You said you sent a letter. You need to send letterS. Plural. Lots of them. I've sent over 100 to a single creditor, but eventually they cracked. You can read about what I call the Saturation Technique here:
Getting your late payments removed would be the single greatest thing you could do to improve your score and position yourself most favorably to apply for a mortgage in the future.
Thanks for the info. Once they sent the letter saying they won't change anything I just thought they were final with that decision.
It's not uncommon to get a handful of denial letters and then one day getting the response you were looking for. I received probably 30+ denials from both Wells Fargo and Synchrony Bank before someone finally sent me a "yes" response.
Since my charged off credit card now shows a balance of $0 should I now try and apply for a credit card? If so which company or card would be best?
Try a pre-qualification first. Capital One, Chase, Discover, and American Express have them. I'm sure there are more. That way you aren't risking the hard pull.
Well I checked out some of the preapprovals and decided to try American Express everyday card and was approved. The credit limit is only $500 but I'm just happy to be able to get one at all.