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UPDATE: On the road to better scores....NEED REBUILD HELP

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Anonymous
Not applicable

UPDATE: On the road to better scores....NEED REBUILD HELP

Hello All! :-)

 

I am new to the forums, and I am in the middle of rebuilding my weak and sad CS. December 2016 I was around 460ish across the board. I am currently at the high 500s. I will post to my best ability, the overview of my reports.

 

Current Scores: EX-573 TU-593 EQ-597 (via credit check total)

 

THE GOOD

 

Credit Cards (Never/0 Lates):

VS - $250

J Crew - $250

Fingerhut (just graduated freshstart 6/17) - $200

Baxter CU Secured - $200

Cap One Secured (just approved on Sunday ) - $200

 

THE BAD

 

Collections/Charge Offs:

Farmers Credit Union Credit Card - $526 (Chargeoff. PIF 5/24, waiting for deletion)

Skyone Credit Union Credit Card - $509 (Chargeoff. EX scheduled to fall off 1/18, TU scheduled to fall off 2/20, so I am torn on what to do)

Diversified Consultants/Sprint - $1,062 (Collection. Settled/paid 60% on 6/21)

Security Credit Services/American Credit Acceptance (repo 2014) $6.282 – (Collection. Settled/paid  40% on 6/15)

Portfolio Recovery Associates/Capital One - $397 (Collection. PIF 6/2)

Southwest Credit Systems/AAA - $60 (Collection only reporting to EQ, PIF 6/21)

 

I have the majority of my baddies paid, and have been current on all new credit. My plan and hope is to buy a car in December 2017, about 6 months from now. The one I have now, is holding on by a thread. So it is time for an upgrade, as I feel I've been punished long enough from my poor decisions in the past :-)  I will have about $6-$7k to put down, and my mom(750+ CS)  has offered to cosign for me for a better rate. I’ve done a total 360, and have become educated on how to handle credit now and she sees that in me, so defaulting on the new auto loan would not be an option nor a concern. Also, with such a large down payment, I plan on keeping my payments around the $150-$200 range, financing something around $10-$12k.

 

My questions are, is it likely that I could get financed with what is on my reports, past and current (repo specifically)? Will the cosign help my situation get an approval? If I can’t get my collections deleted, will the “paid” notation look better than unpaid at least? Any and all help/input is much appreciated!! THANK YOU!! :-)

14 REPLIES 14
gdale6
Moderator Emeritus

Re: On the road to better scores....NEED REBUILD HELP


@Anonymous wrote:

Hello All! :-)

 

I am new to the forums, and I am in the middle of rebuilding my weak and sad CS. December 2016 I was around 460ish across the board. I am currently at the high 500s. I will post to my best ability, the overview of my reports.

 

Current Scores: EX-573 TU-593 EQ-597 (via credit check total)

 

THE GOOD

 

Credit Cards (Never/0 Lates):

VS - $250

J Crew - $250

Fingerhut (just graduated freshstart 6/17) - $200

Baxter CU Secured - $200

Cap One Secured (just approved on Sunday ) - $200

 

THE BAD

 

Collections/Charge Offs:

Farmers Credit Union Credit Card - $526 (Chargeoff. PIF 5/24, waiting for deletion)

Skyone Credit Union Credit Card - $509 (Chargeoff. EX scheduled to fall off 1/18, TU scheduled to fall off 2/20, so I am torn on what to do)

Diversified Consultants/Sprint - $1,062 (Collection. Settled/paid 60% on 6/21)

Security Credit Services/American Credit Acceptance (repo 2014) $6.282 – (Collection. Settled/paid  40% on 6/15)

Portfolio Recovery Associates/Capital One - $397 (Collection. PIF 6/2)

Southwest Credit Systems/AAA - $60 (Collection only reporting to EQ, PIF 6/21)

 

I have the majority of my baddies paid, and have been current on all new credit. My plan and hope is to buy a car in December 2017, about 6 months from now. The one I have now, is holding on by a thread. So it is time for an upgrade, as I feel I've been punished long enough from my poor decisions in the past :-)  I will have about $6-$7k to put down, and my mom(750+ CS)  has offered to cosign for me for a better rate. I’ve done a total 360, and have become educated on how to handle credit now and she sees that in me, so defaulting on the new auto loan would not be an option nor a concern. Also, with such a large down payment, I plan on keeping my payments around the $150-$200 range, financing something around $10-$12k.

 

My questions are, is it likely that I could get financed with what is on my reports, past and current (repo specifically)? Will the cosign help my situation get an approval? If I can’t get my collections deleted, will the “paid” notation look better than unpaid at least? Any and all help/input is much appreciated!! THANK YOU!! :-)


Welcome to the board Smiley Happy

 

Paid off debt is always better then open unpaid when you are going for new credit. You want to settle them ASAP so they dont keep updating. Chances are you would still get an auto loan and more so with a strong cosigner.

Message 2 of 15
rmduhon
Valued Contributor

Re: On the road to better scores....NEED REBUILD HELP

Take care of the Skyone card by either paying or settling before it becomes a collection Wichita will further damage your scores. It may still be affecting your utilization as well. Paid always looks better than unpaid. What are the balances on your cards?
Message 3 of 15
Anonymous
Not applicable

Re: On the road to better scores....NEED REBUILD HELP

Thank you for the welcome and quick replies!!! :-)

 

My cc balances are all at $0, except VS is at $15.

Message 4 of 15
rmduhon
Valued Contributor

Re: On the road to better scores....NEED REBUILD HELP

Once your derogatory accounts update start a GW campaign for each of them asking for deletion. Other than that it's a waiting game now letting everything age. Have you tried for a CLI from VS and JCrew ywt?
Message 5 of 15
Anonymous
Not applicable

Re: On the road to better scores....NEED REBUILD HELP

What should I say in the GW? And who do I send to?

 

I haven't tried for a CLI yet, I've only had them since Feb...is it not too soon?

Message 6 of 15
rmduhon
Valued Contributor

Re: On the road to better scores....NEED REBUILD HELP

Comenity is odd in the fact that there isn't a set time period you have to wait before asking for a CLI. And the majority of the time (90% or better) it's a SP. In a tear and a half hubby only received 1 HP and that was also going monthly across 3 accounts. As for the GW, send them to whoever is reporting and explain why the charge off/collection happened. If the reason is good enough or it gets to someone who's been there you might get lucky. But it can take multiple tries for that to happen
Message 7 of 15
Anonymous
Not applicable

Re: On the road to better scores....NEED REBUILD HELP

Thank you!! I appreciate the help! I will see about getting some letters out soon, and see if I can get lucky with some deletions. Will disputing do anything?

 

Just really hope I'm able to qualify for a loan by the end of the year.

Message 8 of 15
rmduhon
Valued Contributor

Re: On the road to better scores....NEED REBUILD HELP

If they are legitimate debts and they are reporting correctly then no, it won't help.
Message 9 of 15
gdale6
Moderator Emeritus

Re: On the road to better scores....NEED REBUILD HELP

Message 10 of 15
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