Rebuilding recommendations

[Creditplz]

Hello everyone, I'm a new user to these forums but have always been a avid observer of what people have had to say in these so I'm joining now,


Just turning 20 years old my credit profile has
Cap 1 Secured (201) BofA cash rewards (750) Discover IT (500) Cap1/Saks fifth store card (2000) Wells Fargo student (2250) and a Premier Bank Card (300)

I've been late payment 60-90 days to Capital one Secured and Premier bank card just recently because I've been helping my girlfriend with her credit by paying off her cards, I decided Premier Bank Card is just a no go and decided to cancel it because of the 36% APR and paid them off the $297 balance I had with them. And I just paid capital one the $238 I owed them (yes I know it's over the limit ... Late fees added on to that problem) my credit because of those two in the past 3 months has really deteriorated, I'm wondering what you guys recommend I do? I'm currently at 560 on Credit Karma and have 22&18 HP on Equifax and TU, I have a income of about $47,000-49,000 being a student and working for my dad part time,


My credit used to be 722 at its peak.. I'm wondering if paying off all 1422 owed to my cards will boost me up 50-100 points?? Maybe even ask Capital one to remove the late payments?? Since it was my first card and prior to this 60-90 days late always PIF???

What would you guys recommend I do?
Or better yet what would you do in my position? I have the cash available to pay every balance owed off.

[OmarGB9]

Pay off all balances except for one, and on that one leave a small balance to report. Next, set up auto pay on all accounts (even if it's just for the minimum) so you won't miss a payment again. Third, send some goodwill letters to cap1 and see if they'll forgive a few of the lates, though to be honest, it's not likely as the CARD act forces them to report accurate info, which in this case it would be since you said you missed payments with them. But it can't hurt to try. Beyond that, there's not much more you can do other than to always pay on time from now on and just let those lates (and copious amounts of inquiries) age and affect you less and less. Time is your ally, IMO.

[Creditplz]

Yeah I forgot to add that I had missed a Capital one/ Saks Fifth payment before (30 days) and about a month after I paid x3 the minimum, when I looked on Credit karma it was removed from my report.

[jeffeverde]

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@OmarGB9 wrote:
Pay off all balances except for one, and on that one leave a small balance to report. Next, set up auto pay on all accounts (even if it's just for the minimum) so you won't miss a payment again. Third, send some goodwill letters to cap1 and see if they'll forgive a few of the lates, though to be honest, it's not likely as the CARD act forces them to report accurate info, which in this case it would be since you said you missed payments with them. But it can't hurt to try. Beyond that, there's not much more you can do other than to always pay on time from now on and just let those lates (and copious amounts of inquiries) age and affect you less and less. Time is your ally, IMO.

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The FCRA requires that any information provide to the CRA's by a data furnisher must be accurate.  But it in no way compels a data furnisher to provide ANY information.  Creditors are free to report or not report to the CRA's as they choose, so long as the information they do report is accurate.  Not reporting information is not the same as reporting inaccurate information.

It's common for the CRA's and creditors to misquote this secton of the FCRA when it suits them. 

[dragontears]

Unfortunately by trying to help your grilfriend's credit you messed up your own and it will be messed up for awhile. A 90 day late is considered a major derog and will effect your score as long as it is on your report. Learn from this and always make sure you are taking care of yourself first when trying to help others.

Paying off your balances will increase your score some but I doubt you will see a 100 point jump with your profile showing new derogs.If you are paying interest on any of these balances and have the money to pay them off then do it ASAP. there is no point in paying a CC high interest if you have the cash in the bank.

You can attempt to goodwill the lates off, people have mixed results with it but if you are lucky Cap1 might take them off. The only other thing you can do right now is used your cards responsibly from here out and let the derogs (lates) age.

[Anonymous]

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@jeffeverde wrote:

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@OmarGB9 wrote:
Pay off all balances except for one, and on that one leave a small balance to report. Next, set up auto pay on all accounts (even if it's just for the minimum) so you won't miss a payment again. Third, send some goodwill letters to cap1 and see if they'll forgive a few of the lates, though to be honest, it's not likely as the CARD act forces them to report accurate info, which in this case it would be since you said you missed payments with them. But it can't hurt to try. Beyond that, there's not much more you can do other than to always pay on time from now on and just let those lates (and copious amounts of inquiries) age and affect you less and less. Time is your ally, IMO.

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The FCRA requires that any information provide to the CRA's by a data furnisher must be accurate.  But it in no way compels a data furnisher to provide ANY information.  Creditors are free to report or not report to the CRA's as they choose, so long as the information they do report is accurate.  Not reporting information is not the same as reporting inaccurate information.

It's common for the CRA's and creditors to misquote this secton of the FCRA when it suits them. 

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And I would also note that the CARD act that the poster cited does not in any way address reporting of information.

[Creditplz]

Thank you so much guys!

[Anonymous]

It's nice to help the GF but should at least pay minimum on your own account. Remember she's a GF now if her credit is good and you guys break up she have good credit and you have messed up credit. Having 30 days late is bad but as time goes by it does less damage on report. Having 90 days late will haunt you for maybe 7 years. Hope you have a talk with your girl. So she doesn't think cause you helped her once. She can rack up her cards again and you will help her pay again.