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Seeking rebuilding advice!

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Seeking rebuilding advice!

Hello Everyone! I've been in a rebuilding process for 6 months now, and I'm wondering if I could acquire some guidance from the community guidance from the community! This will be a stringently detailed overview, so I apologize in advanced.

 

I will be turning 25 in November and I'm hoping to secure a loan on acerage for a home this time next year. Back in January of this year I started checking on my credit only to realize that my fathers credit reports (who has very poor credit) had blended with mine I assume because of having similar names. After reading extinsvely on this forum I submitted letters to all three bureaus asking to remove the inaccurate items with success on all three. My scores went form 504 EX, 515 EQ, and 541 TU in January to 615 EX, 609 EQ and 610 TU. All scores were in the 620s last week but I closed a capital one secured credit card and they dropped from that. I am currently a member at Navy federal as I am a service member. My current accounts are a Navy federal CC with a 5500 CL and currently a balance of 2500, a Personal loan from navy federal that I've had for 4 years, the same length as my card, that has a 1600 balance left from the original 7700.

 

A personal loan with a small hometown company that I've had since 18 I was using to establish credit but realized it hurt more than helped because every time I've renewed it reset the life of the loan showing as a new account. I have quite a few baddies from a situation on my first deployment where I left my at the time fiancè to manage bills. Needless to say things happened there I returned home to nothing and a lot of debt/missed payments. These include two charge offs, a repo, and a separate 90 day late payment on the capital one secured card I just closed. The charge off was an ATV through Honda that had 4 missed payments, when I returned home they had t yet repossessed it but when I tried to make the payments they wouldn't accept anything less that the loan payoff (7600) that I couldn't afford so I had no choice but to allow it to be repossessed. The car was the same scenario except they had already taken possession of the car when I returned.

 

My secured credit card which was maxed (200 limit) and already charged off. Then the capital one payment which I was able to pay on full and they kept the card open. All of this occurred in 2014. So really what I'm seeking is Reccomendationas on what I should do as far as my current accounts, starting any new accounts, and any ideas on how to handle the baddies on my report? My goal now is within 6 months raise my score 25-50 points and hopefully 51-75 in a year. Thanks in advanced to everyone!

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Re: Seeking rebuilding advice!


Jliebherr wrote:

Hello Everyone! I've been in a rebuilding process for 6 months now, and I'm wondering if I could acquire some guidance from the community guidance from the community! This will be a stringently detailed overview, so I apologize in advanced.

 

I will be turning 25 in November and I'm hoping to secure a loan on acerage for a home this time next year. Back in January of this year I started checking on my credit only to realize that my fathers credit reports (who has very poor credit) had blended with mine I assume because of having similar names. After reading extinsvely on this forum I submitted letters to all three bureaus asking to remove the inaccurate items with success on all three. My scores went form 504 EX, 515 EQ, and 541 TU in January to 615 EX, 609 EQ and 610 TU. All scores were in the 620s last week but I closed a capital one secured credit card and they dropped from that. I am currently a member at Navy federal as I am a service member. My current accounts are a Navy federal CC with a 5500 CL and currently a balance of 2500, a Personal loan from navy federal that I've had for 4 years, the same length as my card, that has a 1600 balance left from the original 7700.

 

A personal loan with a small hometown company that I've had since 18 I was using to establish credit but realized it hurt more than helped because every time I've renewed it reset the life of the loan showing as a new account. I have quite a few baddies from a situation on my first deployment where I left my at the time fiancè to manage bills. Needless to say things happened there I returned home to nothing and a lot of debt/missed payments. These include two charge offs, a repo, and a separate 90 day late payment on the capital one secured card I just closed. The charge off was an ATV through Honda that had 4 missed payments, when I returned home they had t yet repossessed it but when I tried to make the payments they wouldn't accept anything less that the loan payoff (7600) that I couldn't afford so I had no choice but to allow it to be repossessed. The car was the same scenario except they had already taken possession of the car when I returned.

 

My secured credit card which was maxed (200 limit) and already charged off. Then the capital one payment which I was able to pay on full and they kept the card open. All of this occurred in 2014. So really what I'm seeking is Reccomendationas on what I should do as far as my current accounts, starting any new accounts, and any ideas on how to handle the baddies on my report? My goal now is within 6 months raise my score 25-50 points and hopefully 51-75 in a year. Thanks in advanced to everyone!


Welcome to the board Smiley Happy

 

You may be able to get some remedy from the banks if you were deployed overseas there are laws that protect you when you are.

 

The way to go after the lates in good accounts are with a GW letter asking that they be removed,  http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

 

For COed accounts you would attempt the PFD but its real hard to get with an OC and you still would want to settle even if you cannot get such espcially if they are updating monthly as that is keeping your Fico score depressed.

 

You will need at minimum 3 open credit cards to drive your score during the rebuild. You already have open installment loans so a share secured rebuilder isnt necessary. You also want to drive that balance down to under 10% on the Navy card to help raise Fico as well.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
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