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[UPDATED] Help! Repossession, TU 587 EQ 586

New Member

[UPDATED] Help! Repossession, TU 587 EQ 586

Update (10/8/17):

 

The below is my current credit snapshot.  If you have any advice for me on what to do next, it will be greatly appreciated.  I am current (in good standing) on all accounts and I have a new job that will allow me to pay about $1,000 a month towards my debt (after making all of the payments on time).  I am not sure whether to pay off old debt or open a new credit card because in January I want to sign a lease on an apartment.  I really want my Capital One auto repossession to come off but I believe that is impossible (please let me know if I am wrong).  All help is appreciated.  I see myself no longer struggling one year from now!

 

 

10/5 TU 587, EQ 586

 

CCU- 105%

Payment History - 90%

Derog Marks - 1 (collections)

Credit History - 7 yrs, 8 months

Total Accounts - 34

Inquiries - 0

 

Credit Cards-

(open) - 1 - capital one.  Balance - $3,148.  Limit - $3,000

(closed) 3 -  citi.  Balance $912. Limit $700

                    discover. Balance $6,767. Limit $ 8,500

                    credit one.  Balance $0. Limit $300

 

Auto - 1

(open) - capital one Balance $14,289.  Remarks - April 2017 - In Repossesion 

 

 

Collections - 1

Penn Credit - $550

 

 

 

[Original Post]

 

Long story short, I was laid off twice and underwent financial ruin.  Last month, my car was repossessed, but next week I will pay the necessary funds to get my car back and have the Capital One auto loan reinstated.  I just recently started a new job and will be able to pay down all of my debts immediately.  With my TU credit score being 523, and my EQ being 505, I need to raise my score up as quickly as possible.  Can anyone give me advice on what I need to do, and in what priority, to raise my score as quickly as possible?  Should I open secured cards, or pay off certain debts first??  Also, is it possible to ever have a 700 credit score with a redeemed repossession in your history?  Thanks.  My credit snapshot is below:

 

5/19 TU - 523, EQ - 505

CCU - 108%

Derog Marks - 1 (collections)

Credit History - 8 yrs, 1 month

Total Accounts - 33

Inquiries - 0

 

 

Credit Cards-

(open) - 1 - capital one.  Balance - $3,248.  Limit - $3,000

(closed) 3 -  citi.  Balance $912. Limit $700

                    credit one.  Balance $491. Limit $300

                   discover. Balance $8,461. Limit $ 8,500

 

Auto -       (will be redeemed repo/reinstated next week)

(closed) - 1 - capital one Balance $16,508. Remarks - Repossesion 

 

 

Collections - 1

Utillity Company - $550

 

 

Thank you for your help.

 

16 REPLIES
Community Leader
Valued Contributor

Re: Help Recovering from Redeemed Repossession/Reinstatement and 523 TU Score

Pull your actual FICO scores from creditchecktotal.com. you may be in better shape than you think.
New Member

Help Recovering From Redeemed Repossession/Reinstatement

(Mod Edit - Original post was removed in error; subsequent post has been merged into restored original thread.   --SE)

New Member

Re: Need Advice Recovering From Redeemed Repossession/Reinstatement

And what is the highest possible credit score with a auto reinstatement/repo in your history>

Moderator

Re: Help! Repossession and CC Closed, TU 523


spaneasy1 wrote:

Long story short, I was laid off twice and underwent financial ruin.  Last month, my car was repossessed, but next week I will pay the necessary funds to get my car back and have the Capital One auto loan reinstated.  I just recently started a new job and will be able to pay down all of my debts immediately.  With my TU credit score being 523, and my EQ being 505, I need to raise my score up as quickly as possible.  Can anyone give me advice on what I need to do, and in what priority, to raise my score as quickly as possible?  Should I open secured cards, or pay off certain debts first??  Also, is it possible to ever have a 700 credit score with a redeemed repossession in your history?  Thanks.  My credit snapshot is below:

 

5/19 TU - 523, EQ - 505

CCU - 108%

Derog Marks - 1 (collections)

Credit History - 8 yrs, 1 month

Total Accounts - 33

Inquiries - 0

 

 

Credit Cards-

(open) - 1 - capital one.  Balance - $3,248.  Limit - $3,000

(closed) 3 -  citi.  Balance $912. Limit $700

                    credit one.  Balance $491. Limit $300

                   discover. Balance $8,461. Limit $ 8,500

 

Auto -       (will be redeemed repo/reinstated next week)

(closed) - 1 - capital one Balance $16,508. Remarks - Repossesion 

 

 

Collections - 1

Utillity Company - $550

 

 

Thank you for your help.

 


UTIL makes up 30% of your FICO scores, and closed accounts with a balance still factor into your UTIL.   So what I recommend doing first and foremost is pay down your CCs, especially the ones with balances higher than the CLs.  Are the closed CCs charge-offs?  

 

Don't worry about trying to get new credit until you can resolve the UTIL issues.   Once you resolve and your scores update, then you can start adding some accounts once you evaluate where you're at.  



Start: 619 (TU08, 9/2013) | Current: 791 (TU08, 10/26/17)
Sam's Club MC $25000 | Marvel MC $25000 | Macy's AMEX $25000 | AMEX BCE $20400 | Macy's Store $20000 | Discover IT $18000 | Cap 1 QS WMC $17250 | BoA BBR #1 $17200 | JCP $15000 | Citi DC $12600 | Freedom VS $12000 | BofA BBR #2 $11800 | Disney VS $11500 | Care Credit MC $11200 | Cash+ VS $10500 | CashForward WMC $10000 | Barclay Rewards WMC $10000 | WCU Visa $10000 | Amazon Store $8000 | Blispay $7500 | Sony Card $4250 | Target MC $4000 | Costco Anywhere $3200 | ~~Gardening Since 11/2/17
New Member

Re: Help! Repossession and CC Closed, TU 523

Thanks for the response.  The only charge off is the citi (Balance $912. Limit $700).  The other two are canceled.

 

 My plan, since I just started a new job, is to pay off all of the closed credit cards in the next six months.

Valued Contributor

Re: Help! Repossession and CC Closed, TU 523

"As fast as possible" after a recent repo don't work together well at all, unfortunately.

 

At this point, you're looking at probably 2 years of rebuilding.  You want 3-5 solid credit cards from REPUTABLE lenders.  Get secured cards like Capital One and Discover (secured) and keep their utilization to $0 except for ONE credit card where you show a small balance on statement cut (1-8% not more).  If you can't manage $0 balances, you really aren't ready for rehabbing because you'll get credit and run it up.  The next 2 years is for you to budget, building a real savings account, and learn to manage what credit you have.

 

After 2 years of good payments, you can start a goodwill campaign with the lenders you burned and see what you can get.

 

I was able to goodwill 100% of all my lates off by showing good payment history for 6-18 months.  One lender I had up to 90D lates a bunch of times and recently they deleted ALL bad history thanks to me showing good credit usage since the lates.  But it took a lot of time.

FICO8FICO8Visit:
03/1710/17My 11
Rules to
Credit
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550EX
570TU
559EQ
710EX
699TU
734EQ
Community Leader
Epic Contributor

Re: Help! Repossession and CC Closed, TU 523

Upon a manual review of yur credit report by Cap One, they will see that all CCs are maxed, and that may be a trigger for reduction of your credit limit on your remaining open card as you pay the debt down.  That will keep your % util very high even as you pay down the balance.

I would thus lower % util on all cards as soon as possible to avoid triggering a credit limt decrease on your open card.

 

I would also contact the lendor and request a good will removal of the reported repo after you have reinstated the loan.

Highlighted
Community Leader
Epic Contributor

Re: Help! Repossession and CC Closed, TU 523

Upon a manual review of yur credit report by Cap One, they will see that all CCs are maxed, and that may be a trigger for reduction of your credit limit on your remaining open card as you pay the debt down.  That will keep your % util very high even as you pay down the balance.

I would thus lower % util on all cards as soon as possible to avoid triggering a credit limt decrease on your open card.

 

I would also contact the lendor and request a good will removal of the reported repo after you have reinstated the loan.

New Member

Re: Help! Repossession and CC Closed, TU 523

What should I pay off first? The credit card that is open (balance is around $3K) or the credit card that is closed (not charged off, balance is around $8K)??