cancel
Showing results for 
Search instead for 
Did you mean: 

Somewhat new to this...looking for suggestions/advice

tag
jamiii
New Contributor

Somewhat new to this...looking for suggestions/advice

Ok, just a quick outline I guess....I am recently married and we're looking to buy a house in a year or two.  My wife's credit is 750+ and not a problem but mine is much lower.

 

I started at 514 but that has gone up to 566 with paying off my only card, a jewelry store card (always in good standing, opened 6/2010).  I have a car loan (since 9/2009) that has never been late along with a student loan that has always been paid on time (opened 8/2002)

 

My issues are collections/charge off which I have "collected" over the years.  I have tried PFD's but with limited success and wanted to see if there were any suggestions or luck with particular CAs.

 

Account Services - $467 - PFD sent and accepted.  Waiting for deletion in next 4 - 6 weeks.

 

Financial Control Services - $100 - I PFD'd them and they just flat sent back a deletion letter saying they would no longer pursue this account and would delete all entries.

 

Capital One - $596 - Charge Off

 

HSBC/Orchard Back - $531 - Charge Off

Calvary Portfolio Services - $531 - Collections Agency for Orchard Bank Account - Sent PFD letter, no response.

 

Credit One Bank - $600 - Charged Off

 

Credit Protection Association - $952 - Sent PFD, no response.

 

Enhanced Recovery Co. LLC - $187 - Says an account from AT&T but I have no clue what from and AT&T couldn't help. 

 

NCO Financial Services - $406 - PFD sent, No response.

 

National Credit Systems - Paid collections account ($1,038) - Paid this off over 4 years ago.

 

University of Texas - Paid collections ($300) - This one frustrates me the most.  You'd think a school would help out a graduate.

 

 

We are also considering making me an authorized user on my wife's credit card, and perhaps opening a gas card so that I can start rebuilding a good history.  Good idea?  Bad idea?

 

 

Thanks in advance.

 

 

 

Message 1 of 8
7 REPLIES 7
RobertEG
Legendary Contributor

Re: Somewhat new to this...looking for suggestions/advice

Charge-offs are, in my opinion, something I would put first focus on, not only because of what they are, but also because of their potential to do a lot more scoring damage.

 

When a creditor does a charge-off, two things occur.  First, they have stated that your probability of payment is now such that they consider the debt "uncollectible."

Not a favorable statement.  Second, by doing the CO, they will write the debt off in their accounting books, and thus recoup a portion of the loss via tax benefit.

 

Most charge-offs then result in referral for collection or outright sale of the bad debt at a discount.  If referred for collection, you get a debt collector reporting.

If sold, they recoup a bit more of the loss, and you lose all ability to offer a PFD to them.  Later requests for GW deletion of a CO face their impression of you as being one who let a prior debt become, in their opinion, "uncollectible."

And, with any unpaid, delinquent debt, you should determine its SOL status, and thus the potential for a legal judgment.

Thus, I would focus on the COs that are still with the OC, and try to prevent further damage. You would, as long as they still own it, have PFD potential.

 

Deletion of a collection often arises from the debt collector either having their collection authority termined, wanting to simply drop their efforts, or having sold it to another.

A new debt collector may still report, so focus on its potential scoring impact may not be gone simply because of a deletion.

 

As for an AU, my opinion....  It is a good way to boost your score if your immediate plans are to open new accounts where the creditor is likely to rely primarily or solely upon your score in their determination. It's an excellent rebuilding tool for securing smaller lines of credit.

However, if you are apping for credit that will most likely result in a creditor manual review of your CR, such as a mortgage, the AU does not establish your own, personal credit history, and may be discounted as such.  Having the account of another on your CR also makes your score itself less useful to a potential creditor, as they have no way, if they so desire, to determine what your score would be absent that history.  As with anything else in the scoring game, it depends......

Message 2 of 8
jamiii
New Contributor

Re: Somewhat new to this...looking for suggestions/advice


@jamiii wrote:

Ok, just a quick outline I guess....I am recently married and we're looking to buy a house in a year or two.  My wife's credit is 750+ and not a problem but mine is much lower.

 

I started at 514 but that has gone up to 566 with paying off my only card, a jewelry store card (always in good standing, opened 6/2010).  I have a car loan (since 9/2009) that has never been late along with a student loan that has always been paid on time (opened 8/2002)

 

My issues are collections/charge off which I have "collected" over the years.  I have tried PFD's but with limited success and wanted to see if there were any suggestions or luck with particular CAs.

 

Account Services - $467 - PFD sent and accepted.  Waiting for deletion in next 4 - 6 weeks.

 

Financial Control Services - $100 - I PFD'd them and they just flat sent back a deletion letter saying they would no longer pursue this account and would delete all entries.

 

Capital One - $596 - Charge Off

 

HSBC/Orchard Back - $531 - Charge Off

Calvary Portfolio Services - $531 - Collections Agency for Orchard Bank Account - Sent PFD letter, no response.

 

Credit One Bank - $600 - Charged Off

 

Credit Protection Association - $952 - Sent PFD, no response.

 

Enhanced Recovery Co. LLC - $187 - Says an account from AT&T but I have no clue what from and AT&T couldn't help. 

 

NCO Financial Services - $406 - PFD sent, No response.

 

National Credit Systems - Paid collections account ($1,038) - Paid this off over 4 years ago.

 

University of Texas - Paid collections ($300) - This one frustrates me the most.  You'd think a school would help out a graduate.

 

 

We are also considering making me an authorized user on my wife's credit card, and perhaps opening a gas card so that I can start rebuilding a good history.  Good idea?  Bad idea?

 

 

Thanks in advance.

 

 

 


 

Well, just got word this morning that by dispute with Enhanced Recovery Co. LLC led to a deletion so that's good news.  Still have no idea what it was for though.....but a got a 12pt bump up all the same so....

 

 

 

3 down, 5 to go.  (7 if you count the paid collections, but I don't think I can get those off until the just drop off.)

 

 

 

Message 3 of 8
jamiii
New Contributor

Re: Somewhat new to this...looking for suggestions/advice


@jamiii wrote:

Ok, just a quick outline I guess....I am recently married and we're looking to buy a house in a year or two.  My wife's credit is 750+ and not a problem but mine is much lower.

 

I started at 514 but that has gone up to 566 with paying off my only card, a jewelry store card (always in good standing, opened 6/2010).  I have a car loan (since 9/2009) that has never been late along with a student loan that has always been paid on time (opened 8/2002)

 

My issues are collections/charge off which I have "collected" over the years.  I have tried PFD's but with limited success and wanted to see if there were any suggestions or luck with particular CAs.

 

Account Services - $467 - PFD sent and accepted.  Waiting for deletion in next 4 - 6 weeks.  (Still waiting on deletion)

 

Financial Control Services - $100 - I PFD'd them and they just flat sent back a deletion letter saying they would no longer pursue this account and would delete all entries. (Still waiting on deletion)

 

Capital One - $596 - Charge Off

 

HSBC/Orchard Back - $531 - Charge Off

Calvary Portfolio Services - $531 - Collections Agency for Orchard Bank Account - Sent PFD letter, no response. (Still no response after two PFD letters...not sure where to go from here)

 

Credit One Bank - $600 - Charged Off

 

Credit Protection Association - $952 - Sent PFD, no response. (Never got a response from them, but the entry has disappeared from all credit reports...good thing I think?)

 

Enhanced Recovery Co. LLC - $187 - Says an account from AT&T but I have no clue what from and AT&T couldn't help.  (Deleted w/o payment)

 

NCO Financial Services - $406 - PFD sent, No response. (Another deletion without payment)

 

National Credit Systems - Paid collections account ($1,038) - Paid this off over 4 years ago.

 

University of Texas - Paid collections ($300) - This one frustrates me the most.  You'd think a school would help out a graduate.

 

 

We are also considering making me an authorized user on my wife's credit card, and perhaps opening a gas card so that I can start rebuilding a good history.  Good idea?  Bad idea?

 

 

Thanks in advance.

 

 

 


 

 

Just a couple of updates.  Had some luck with PFD's (without the whole paying part Smiley Happy

 

 

Now, just have to figure something out with those charge offs.

 

 

 

Message 4 of 8
madmann26
Valued Contributor

Re: Somewhat new to this...looking for suggestions/advice

The CO's if reporting a balance, will crush your scores as it throws your utilization out to left field. Pay those first, GW them and see how your score changes. My utilization with my charge-off's was 106%.

 

 

Current FICO 9 Scores



Message 5 of 8
jamiii
New Contributor

Re: Somewhat new to this...looking for suggestions/advice


@jamiii wrote:

@jamiii wrote:

Ok, just a quick outline I guess....I am recently married and we're looking to buy a house in a year or two.  My wife's credit is 750+ and not a problem but mine is much lower.

 

I started at 514 but that has gone up to 566 with paying off my only card, a jewelry store card (always in good standing, opened 6/2010).  I have a car loan (since 9/2009) that has never been late along with a student loan that has always been paid on time (opened 8/2002)

 

My issues are collections/charge off which I have "collected" over the years.  I have tried PFD's but with limited success and wanted to see if there were any suggestions or luck with particular CAs.

 

Account Services - $467 - PFD sent and accepted.  Waiting for deletion in next 4 - 6 weeks.  (They finally deleted but only after they originally updated as PIF and I had to fight with them a little and get the BBB involved)

 

Financial Control Services - $100 - I PFD'd them and they just flat sent back a deletion letter saying they would no longer pursue this account and would delete all entries. (Still waiting on deletion, probably need to check into this one as I think it's been over 30 days now.)

 

Capital One - $596 - Charge Off

 

 

HSBC/Orchard Back - 0$- Charge Off

 

Calvary Portfolio Services - $531 - Collections Agency for Orchard Bank Account - Sent PFD letter, no response. (Still no response after two PFD letters...not sure where to go from here, I guess I just keep PFDing?  At what point do I just pay and then try GWing?) 

 

Credit One Bank - $600 - Charged Off

 

Credit Protection Association - $952 - Sent PFD, no response. (Never got a response from them, but the entry has disappeared from all credit reports...good thing I think?)

 

Enhanced Recovery Co. LLC - $187 - Says an account from AT&T but I have no clue what from and AT&T couldn't help.  (Deleted w/o payment)

 

NCO Financial Services - $406 - PFD sent, No response. (Another deletion without payment)

 

National Credit Systems - Paid collections account ($1,038) - Paid this off over 4 years ago.

 

University of Texas - Paid collections ($300) - This one frustrates me the most.  You'd think a school would help out a graduate. (This one is using my SSN as my account number?  Anyway I can use this to get it knocked off?)

 

 

We are also considering making me an authorized user on my wife's credit card, and perhaps opening a gas card so that I can start rebuilding a good history.  Good idea?  Bad idea?  (Still haven't done this yet)

 

 

Thanks in advance.

 

 

 


 

 

Just a couple of updates.  Had some luck with PFD's (without the whole paying part Smiley Happy

 

 

Now, just have to figure something out with those charge offs.

 

 

 


 

 

*Updated above*

 

 Only real update is a PFD finally being deleted, but no change in my overall score. Still stuck at 578.   I guess because of the age of the account?  It was about 1 1/2 years old and all others are older so I'm guessing the only jumps in score I'm going to see from here on out is if I get the charge offs knocked off.

 

 

 

Message 6 of 8
jamiii
New Contributor

Re: Somewhat new to this...looking for suggestions/advice


@jamiii wrote:

@jamiii wrote:

@jamiii wrote:

Ok, just a quick outline I guess....I am recently married and we're looking to buy a house in a year or two.  My wife's credit is 750+ and not a problem but mine is much lower.

 

I started at 514 but that has gone up to 566 with paying off my only card, a jewelry store card (always in good standing, opened 6/2010).  I have a car loan (since 9/2009) that has never been late along with a student loan that has always been paid on time (opened 8/2002)

 

My issues are collections/charge off which I have "collected" over the years.  I have tried PFD's but with limited success and wanted to see if there were any suggestions or luck with particular CAs.

 

Account Services - $467 - PFD sent and accepted.  Waiting for deletion in next 4 - 6 weeks.  (They finally deleted but only after they originally updated as PIF and I had to fight with them a little and get the BBB involved)

 

Financial Control Services - $100 - I PFD'd them and they just flat sent back a deletion letter saying they would no longer pursue this account and would delete all entries. (Still waiting on deletion, probably need to check into this one as I think it's been over 30 days now.) Eventually was removed.

 

Capital One - $596 - Charge Off   (Ended up paying this one to help my utilization after multiple PFD denials, but the charge off remains)

 

 

HSBC/Orchard Back - 0$- Charge Off

 

Calvary Portfolio Services - $531 - Collections Agency for Orchard Bank Account - Sent PFD letter, no response. (Still no response after two PFD letters...not sure where to go from here, I guess I just keep PFDing?  At what point do I just pay and then try GWing?)

 

Credit One Bank - $0 - Charged Off

 

Credit Protection Association - $952 - Sent PFD, no response. (Never got a response from them, but the entry has disappeared from all credit reports...good thing I think?)  (Still gone. Smiley Very Happy )

 

Enhanced Recovery Co. LLC - $187 - Says an account from AT&T but I have no clue what from and AT&T couldn't help.  (Deleted w/o payment)

 

NCO Financial Services - $406 - PFD sent, No response. (Another deletion without payment)

 

National Credit Systems - Paid collections account ($1,038) - Paid this off over 4 years ago. (Can't get anywhere with this one.......)

 

University of Texas - Paid collections ($300) - This one frustrates me the most.  You'd think a school would help out a graduate. (This one is using my SSN as my account number?  Anyway I can use this to get it knocked off?)  (This one finally disappeared.....I think it aged off.) 

 

We are also considering making me an authorized user on my wife's credit card, and perhaps opening a gas card so that I can start rebuilding a good history.  Good idea?  Bad idea?  (Still haven't done this yet)     Did become AU on the wife's card (just got an unrequested CLI to $14,500) and opened a WalMart store card (Initially $300, increased to $800 last month)  and a Cap1 card ($300).

 

 

Thanks in advance.

 

 

 


 

 

Just a couple of updates.  Had some luck with PFD's (without the whole paying part Smiley Happy

 

 

Now, just have to figure something out with those charge offs.

 

 

 


 

 

*Updated above*

 

 Only real update is a PFD finally being deleted, but no change in my overall score. Still stuck at 578.   I guess because of the age of the account?  It was about 1 1/2 years old and all others are older so I'm guessing the only jumps in score I'm going to see from here on out is if I get the charge offs knocked off.

 

 

 



**Updated 5/31/2013**  New Updates in Red, Old in Blue.

 

 

Got my reports pulled by a mortgage broker and my mid score is 637.  Paying down my util a little will get me past 640 for an FHA but I'm still working and enlisted a credit repair company yesterday that was recommended by my broker to see about getting above 680 for a conventional.  Hopefully we'll be looking to buy a house in the fall.  

Message 7 of 8
jamiii
New Contributor

Re: Somewhat new to this...looking for suggestions/advice


@jamiii wrote:

@jamiii wrote:

@jamiii wrote:

@jamiii wrote:

Ok, just a quick outline I guess....I am recently married and we're looking to buy a house in a year or two.  My wife's credit is 750+ and not a problem but mine is much lower.

 

I started at 514 but that has gone up to 566 with paying off my only card, a jewelry store card (always in good standing, opened 6/2010).  I have a car loan (since 9/2009) that has never been late along with a student loan that has always been paid on time (opened 8/2002)

 

My issues are collections/charge off which I have "collected" over the years.  I have tried PFD's but with limited success and wanted to see if there were any suggestions or luck with particular CAs.

 

Account Services - $467 - PFD sent and accepted.  Waiting for deletion in next 4 - 6 weeks.  (They finally deleted but only after they originally updated as PIF and I had to fight with them a little and get the BBB involved)

 

Financial Control Services - $100 - I PFD'd them and they just flat sent back a deletion letter saying they would no longer pursue this account and would delete all entries. (Still waiting on deletion, probably need to check into this one as I think it's been over 30 days now.) Eventually was removed.

 

Capital One - $596 - Charge Off   (Ended up paying this one to help my utilization after multiple PFD denials, but the charge off remains) I'm still GWing this one, no success yet. 

 

HSBC/Orchard Back - 0$- Charge Off  - Still GWing this one, but now it's with Cap1 so not holding my breath

 

Calvary Portfolio Services - $531 - Collections Agency for Orchard Bank Account - Sent PFD letter, no response. (Still no response after two PFD letters...not sure where to go from here, I guess I just keep PFDing?  At what point do I just pay and then try GWing?)  - Got this one removed from TU via dispute but still remains on the other 2.

 

Credit One Bank - $0 - Charged Off - Just GWing this one, still.....

 

Credit Protection Association - $952 - Sent PFD, no response. (Never got a response from them, but the entry has disappeared from all credit reports...good thing I think?)  (Still gone. Smiley Very Happy )

 

Enhanced Recovery Co. LLC - $187 - Says an account from AT&T but I have no clue what from and AT&T couldn't help.  (Deleted w/o payment)

 

NCO Financial Services - $406 - PFD sent, No response. (Another deletion without payment)

 

National Credit Systems - Paid collections account ($1,038) - Paid this off over 4 years ago. (Can't get anywhere with this one.......) Still GWing this one....

 

University of Texas - Paid collections ($300) - This one frustrates me the most.  You'd think a school would help out a graduate. (This one is using my SSN as my account number?  Anyway I can use this to get it knocked off?)  (This one finally disappeared.....I think it aged off.) 

 

We are also considering making me an authorized user on my wife's credit card, and perhaps opening a gas card so that I can start rebuilding a good history.  Good idea?  Bad idea?  (Still haven't done this yet)     Did become AU on the wife's card (just got an unrequested CLI to $14,500) and opened a WalMart store card (Initially $300, increased to $800 last month)  and a Cap1 card ($300).  Cap1 limit was increased to $500 unsolicited....

 

 

Thanks in advance.

 

 

 


 

 

Just a couple of updates.  Had some luck with PFD's (without the whole paying part Smiley Happy

 

 

Now, just have to figure something out with those charge offs.

 

 

 


 

 


**Updated 5/31/2013**  New Updates in Red, Old in Blue.

 

 

Got my reports pulled by a mortgage broker and my mid score is 637.  Paying down my util a little will get me past 640 for an FHA but I'm still working and enlisted a credit repair company yesterday that was recommended by my broker to see about getting above 680 for a conventional.  Hopefully we'll be looking to buy a house in the fall.  



***7/24/2013** Updates in red, deleted items crossed out

 

Not much going on, really just have 4 accounts left to work on.  3 CO's and a paid collection so I'm just GWing the heck out of them to see if I catch a break.  My scores now are 651/644/655 so looks like we're good to move forward with an FHA if we wanted but with my utilization around 40%, I think I might be able to look into conventional loans once I get that paid down to 10-15% in a couple of months.

 

 

We'll see but either way it's a long way from the 435/514 FAKO scores that I started with. 

Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.