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Member
DjWesley
Posts: 9
Registered: ‎02-16-2012

Re: So frustrated and Confused ...

I pay Equifax.com to pull up my score of all three... I also have the score on this site (which always seems 30 points higher that the other 3 ... )   I don't have the means right now to get a 5000.00 CC.   I am holding 3 CC with a total limit of 1300.00 that of which i have about 25% utilized ... I had a Bank of America CC from 5- years ago that went to collections @ 1300.00 .. I paid it in full (in January) ... I've called BOA and the 3 agencies and can't get them to remove it ... It shows paid in full, but still shows up as a negative collections on my credit reports.... It's so deflating to spend hours upon hours to rebuild and mend and send letters to agencies for the greater good of finacial independence, and all I have to show after 10 months is a score raise of around 15 points... 





Starting Score: 800
Current Score: 800
Goal Score: 850


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Established Contributor
Jlu
Posts: 569
Registered: ‎06-12-2012

Re: So frustrated and Confused ...

Pay for a FICO. You are wasting money on a fake score. 

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Established Contributor
jamie123
Posts: 745
Registered: ‎03-22-2012

Re: Frustrated with no real progress on score...

[ Edited ]

Paying off old debt does ABSOLUTELY nothing to your scores. You need to have old collections and charge offs REMOVED from your reports. The way to do this is by writing PFD (Pay For Delete) and GW(Good Will) letters to your lenders.

 

You can find out how to to this on the REBUILDING YOUR CREDIT forum.

 

It really isn't too difficult to do and after you do the first one it becomes easy. You need to do this if you want your scores to improve.

 

Good luck!



Starting Score: EQ 658 6/18/12
Current Score: EQ 665 7/21/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
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Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: So frustrated and Confused ...


DjWesley wrote:

I pay Equifax.com to pull up my score of all three... I also have the score on this site (which always seems 30 points higher that the other 3 ... )   I don't have the means right now to get a 5000.00 CC.   I am holding 3 CC with a total limit of 1300.00 that of which i have about 25% utilized ... I had a Bank of America CC from 5- years ago that went to collections @ 1300.00 .. I paid it in full (in January) ... I've called BOA and the 3 agencies and can't get them to remove it ... It shows paid in full, but still shows up as a negative collections on my credit reports.... It's so deflating to spend hours upon hours to rebuild and mend and send letters to agencies for the greater good of financial independence, and all I have to show after 10 months is a score raise of around 15 points... 


I feel the high limit secured card is the best way to go.

 

If you want to be in a position to buy and keep a house. You should first be in a position that putting $5,000 away for a year won't impact you. In reality it should be more like $15k, because it would be good to have 3 cards. That $15k will help with unexpected costs associated with the house and/or a downpayment. Once you are in a position to do so and then go until the cards become unsecured, I think you will be able to buy a house. While the cards are building credit, save up your 20% down.

 

_______________________________

 

The process without the high limit secured cards is still possible, it will just take a bit longer. You will need to keep building credit. Apply for a card with the bank that you have the most active checking account with. Get a low limit low tier card. Use it and pay in full for six months. Then ask for a credit limit increase. After another six months of paying in full. Apply for another card with your bank, one that is slightly higher tier. You may also apply for one other card with another institution known for average credit individuals. As usual pay in full and garden the cards for another 6 months, then ask for CLI. After another 6 months. Apply for another card. Then tend to the cards for another 6 months paying in full. Do this until you have atleast 3 cards with limits over $5,000. Keep those cards in good standing for a year. During this year do not get any more HP's on your credit profile. A month or two prior to your mortgage application, get your credit utilization between 1-5% and keep it there until your loan is funded. During this whole process, build up as much for a down payment as possible. At least 20% plus closing and repair cost, more would be better. Also, build up an emergency fund to cover yourself during a time of lost employment. This will help prevent you from losing your house later on.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


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Frequent Contributor
jd5189
Posts: 470
Registered: ‎08-14-2012

Re: So frustrated and Confused ...

The Delinquencies - Your fico score is 35% payment history... see if you can get the lates removed. How old are the lates?

 

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: Frustrated with no real progress on score...


jamie123 wrote:

Paying off old debt does ABSOLUTELY nothing to your scores. You need to have old collections and charge offs REMOVED from your reports. The way to do this is by writing PFD (Pay For Delete) and GW(Good Will) letters to your lenders.

 

You can find out how to to this on the REBUILDING YOUR CREDIT forum.

 

It really isn't too difficult to do and after you do the first one it becomes easy. You need to do this if you want your scores to improve.

 

Good luck!


I agree with Jamie.......GW them like crazy.......different adress diff department CEO......etc..........don't give up.........the baddie holding your score down buddie


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


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