Starting My Credit Journey

[Kizzel00]

So like a lot of people i messed up my credit pretty badly early on. I started to rebuild a couple years ago, lost my job and made things a little worst. My wife is pregnant now and it was like a kick in the face, i need to get this under control so I can provide for my soon to be family. So here i am, trying to make the biggest impact that I possibly can. Right now we are living with her mother and in the next 2 years or so I really want to be in a position where I can buy a house. Right now I make decent money, between 45K-50K a year, but the problem ive been running into is available money. I got myself into a really bad car loan with JD Byrider because i couldnt get approved elsewhere and I am paying around 400 a month for that, after all bills are paid I generally have between 300-500 a month left over, but as im bad with money it usually doesnt last me. Im committed to turning this around, stop unneccssary spending and get my credit turned around. My Credit Score from CK is around 580, so its probably lower then that with FICO. Any advice would be greatly appreciated. Here is what im working with....

I have 8 Negative closed accounts reporting... and numerous Collections

IC SYSTEMS- Old Utility account $277 DOFD 08/2014

Continental Coll Agency-Old Debt, already paid off, DOFD is 7/2012 so I still have years on this

Enhanced Recovery group- Phone bill $134 DOFD 03/2014 (I plan on calling them tomorrow, and offering to pay in full for deletion)

Stellar Recovery- Comcast $283 DOFD 04/2012

Credit Coll- Progressive insurance $163

Midland Funding- Old Capital One card from 2009, $502, Shows it should fall off in dec of this year.

Portfolio Recovery-Shows as webbank, $217

These are all that im showing, but I would need to check my other reports to be sure as well.

Good Stuff-

While the Car loan is a bad loan through CNAC they do report it every month. Right now Ive made 19 On TIME payments, NO lates

In April, I got approved for a  Secured CC through Capital 1 with a 99 Deposit with $200 Credit limit, No missed payments, although, they havent reported to all credit reporting agencys yet.

Student Loans-No Lates, been on there for 4 years, in deferment.

Whats my next steps? LIke i said, i plan on offering the ATT bill a PIF for deletion tomorrow, and I want to start doing that with a lot of the smaller amounts, the bigger amounts may take me awhile as we are obviously buying baby stuff and saving for that as well as the medical costs for the baby. Should i get a couple more Secured cards? I have already tried for some Unsecured and got declined 3 times, so im done applying for them for now. Once again I appreciate any insight! Thanks.

[Anonymous]

PFD as many as you can, gw the rest. You might actually be surprised by your score, CK is notorious for being inaccurate. It's higher than Fico for some people and lower than Fico for others. As for being bad with money maybe your wife can take over the finances?

[Kizzel00]

Sounds like a good plan. Will def starting doing this whenever possible. Will start with the lowest. My money management skills are getting a lot better and honestly a baby is a smack in the face to get things turned around. I also have a bank charge off showing, it shows as it was a line of credit, I never had a line of credit through them though, it was a small over draft fee. Is this disputable?

[Anonymous]

That I'm not sure about. Hopefully someone here will know what to do

[RonM21]

You could dispute it, and it may result in an update to showing the correct info.

[Anonymous]

When you say it was a 'small overdraft fee' ...
Are you say you had an overdraft for your checking account?

If so that actually can be classified as a LOC....
Some places will give a small line, like $500 use the term overdraft but it's really a CLOC... checking-line-of-credit.

Other places just offer reattached LOC not connected to the checking account at all but for CR purposes there both lines of credit.

I'm not sure you're saying you simply thought you were charged a fee but once you use the term overdraft it sounds like you knew you had 'something' where you could 'borrow' by overdrafting your account, that being the case, you had a line if credit.

Even if it were small, if you have the ability to use other people's money... and pay later, it's credit.

If you decide to dispute and tell the truth regarding an overdraft it will be confirmed as a legit LOC...you might be better offering PFD
Especially, since you say it was a small amount and obviously you know you wrote the checks.

One other thing, even if you can't get an actual PFD what you can do is pay it then dispute it as inaccurate (not 'I paid that') just a dispute...most times the now 'paid' vendor won't respond ( cause they've been paid and it's not worth the trouble) and since they don't respond the CRA deletes due to non verification= back door PFD.

[Kizzel00]

Oh nice. I see. The problem with the other over draft fee is, I had overdraft declined, meaning they should have denied the charge. I switched banks and didn't realize they had charged it until it was to late. When I called about it they told me monthly subscriptions such as netflix, which is what charged me, automatically get approved even with me rejecting the ability to over draft. Makes no sense to me

[Anonymous]

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@Kizzel00 wrote:

So like a lot of people i messed up my credit pretty badly early on. I started to rebuild a couple years ago, lost my job and made things a little worst. My wife is pregnant now and it was like a kick in the face, i need to get this under control so I can provide for my soon to be family. So here i am, trying to make the biggest impact that I possibly can. Right now we are living with her mother and in the next 2 years or so I really want to be in a position where I can buy a house. Right now I make decent money, between 45K-50K a year, but the problem ive been running into is available money. I got myself into a really bad car loan with JD Byrider because i couldnt get approved elsewhere and I am paying around 400 a month for that, after all bills are paid I generally have between 300-500 a month left over, but as im bad with money it usually doesnt last me. Im committed to turning this around, stop unneccssary spending and get my credit turned around. My Credit Score from CK is around 580, so its probably lower then that with FICO. Any advice would be greatly appreciated. Here is what im working with....

I have 8 Negative closed accounts reporting... and numerous Collections

IC SYSTEMS- Old Utility account $277 DOFD 08/2014

Continental Coll Agency-Old Debt, already paid off, DOFD is 7/2012 so I still have years on this

Enhanced Recovery group- Phone bill $134 DOFD 03/2014 (I plan on calling them tomorrow, and offering to pay in full for deletion)

Stellar Recovery- Comcast $283 DOFD 04/2012

Credit Coll- Progressive insurance $163

Midland Funding- Old Capital One card from 2009, $502, Shows it should fall off in dec of this year.

Portfolio Recovery-Shows as webbank, $217

These are all that im showing, but I would need to check my other reports to be sure as well.

Good Stuff-

While the Car loan is a bad loan through CNAC they do report it every month. Right now Ive made 19 On TIME payments, NO lates

In April, I got approved for a  Secured CC through Capital 1 with a 99 Deposit with $200 Credit limit, No missed payments, although, they havent reported to all credit reporting agencys yet.

Student Loans-No Lates, been on there for 4 years, in deferment.

Whats my next steps? LIke i said, i plan on offering the ATT bill a PIF for deletion tomorrow, and I want to start doing that with a lot of the smaller amounts, the bigger amounts may take me awhile as we are obviously buying baby stuff and saving for that as well as the medical costs for the baby. Should i get a couple more Secured cards? I have already tried for some Unsecured and got declined 3 times, so im done applying for them for now. Once again I appreciate any insight! Thanks.

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Have you made any purchases on the cap1? Mine started reporting the second month I had it and I got mine in May. 

[Kizzel00]

Yes, I made a purchase, in fact I had maxed it out, I've paid it both months in full, just messed up the timing of paying as I see it reporting to 1 agency right now with 200 balance nothing on the other 2 thou

[Kizzel00]

Yay it finally showed up. Also I disputed an old collection on Trans union, it was one that was paid awhile ago and was scheduled to fall off next year, the approves the dispute and removed it!