Suggestions or Tips for Rebuilding?

[Anonymous]

Hey guys and gals, new here and looking for any suggestions or tips for rebuilding! Looking to buy a home this year or next, that is my ultimate goal!

Credit Cards - The bad

Captial One - Best Buy Credit originally with HSBC

Paid charge-off/collection. 

DOFD = 12/2011

Chase - Circuit City

Paid charge-off/collection

DOFD = 06/2008

CB/Express

Open with no credit limit available and no balance.

Opened: 10/17/2008 - 3-30 day Lates, 2-60 day Lates and 1-90 Day late.

DOFD = 11/2009

Auto/Installment Loans - The Bad

Credit Union Auto Loan

Paid off/refinanced with new credit union

7-30 day Lates

Credit Cards - The good

GeCaptial/Home Design - Joint

$1,820/$3,500 Balance/Limit

Opened 10/06/2013 - Never Late

Chase - AU

$300/$300 Balance/Limit

Opened 02/12/2006 - Never Late

Capital One - Individual

$0/$200 Balance/Limit

Opened 06/25/2014 - Never Late

Capital One - Individual

$0/$500 Balance/Limit

Opened 06/16/2014 - Never Late

Best Buy Credit Card - AU

$3,714/$3,800 Balance/Limit

Opened 09/23/2008 - Never Late

Credit Union Credit Card - Individual

$38/$500 Balance/Limit

Opened 09/23/2014 - Never Late

Auto/Installment Loans - The good

Credit Union Auto Loan - Individual

Refinanced from above mentioned auto loan

$2,197 - Balance

Opened 9/23/2014 - Never Late

[Anonymous]

The AU accounts are not helping you at all since they are nearly maxed out. The neative on your UTI (30% or your score) is much heavier than the AAoA (10% or your score)they might be adding.

[Anonymous]

Ok, so remove the AU accounts. Got it!

[Anonymous]

Remove the auth or pay them down the ratio is wayyy to high.

[RobertEG]

The paid CO/Collection has a few years before CR exclusion, so I would begin a concentrated request for GW deltion of thos two major derogs, , one with the OC relating to the charge-off, and another with the debt collector regarding the collection.

[Anonymous]

Great information everyone, I appreciate it! I have removed the AU accounts. We shall see when they update! Would anyone be able to PM me a GW letter example to send?

[jeffeverde]

Unless you're the spouse of the primary account holder, remove the AU's.  Under the new FICO 08 model, AU accounts do nothing for your score.

Circuit City/Chase - I'd start by calling the CRA's - be friendly, chat up the agent, then lead into "This is soooo old.  Isn't it time for it to be deleted?".  The agents have some discretion on when to delete, and 6 months early is about the cut off.  You might have to call several times till you get friendly agent.

BestBuy/HSBC/CapOne - when HSBC sold it's credit card business to CapOne, and CapOne later transfered the accounts back to HSBC - it wasn't a smooth process and a lot of.  I'd 623 CapOne (via certfifed mail w/ proof of delivery) - if they don't have ready access to the records, in some cases they'll delete themselves.  If they simply fail to respond, dispute with the CRA's, with a copy of your dispute and your proof of delivery, and say "OC cannot verify this account, please delete". 

CB/Express - I'm not clear - is this an Open account, or is it a CO that was not sold?  If it's an open account, first check your bank records to confirm the lates actually were late.  If they're valid, a Goodwill letter is about all you can do.

[RobertEG]

Filing a direct dispute under FCRA 623  requires providing some basis for an inaccuracy in their reporting.

Simply sending a dispute does not require any investigation on their part, and can be dismissed as frivolous or irrelevant.

[MarineVietVet]

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@jeffeverde wrote:

Unless you're the spouse of the primary account holder, remove the AU's.  Under the new FICO 08 model, AU accounts do nothing for your score.

Circuit City/Chase - I'd start by calling the CRA's - be friendly, chat up the agent, then lead into "This is soooo old.  Isn't it time for it to be deleted?".  The agents have some discretion on when to delete, and 6 months early is about the cut off.  You might have to call several times till you get friendly agent.

BestBuy/HSBC/CapOne - when HSBC sold it's credit card business to CapOne, and CapOne later transfered the accounts back to HSBC - it wasn't a smooth process and a lot of.  I'd 623 CapOne (via certfifed mail w/ proof of delivery) - if they don't have ready access to the records, in some cases they'll delete themselves.  If they simply fail to respond, dispute with the CRA's, with a copy of your dispute and your proof of delivery, and say "OC cannot verify this account, please delete". 

CB/Express - I'm not clear - is this an Open account, or is it a CO that was not sold?  If it's an open account, first check your bank records to confirm the lates actually were late.  If they're valid, a Goodwill letter is about all you can do.

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This is a common misconception. Although less emphasis is given to AU's under the FICO 08 model they are still counted in scoring.