Hello!
Okay, my scores are:
Equifax 619
TransUnion 614
Experian 639
Now for report deets. Let me know if I have to give more.
Revolving Accounts
Home Depot / Cbna
(This account is actually in good standing.)
Limit: $500
Balance: $0
Account Opened: May 2011
Last Activity: Jan 2105
Late days: 2 times, 30 days
Synhcrony Bank / Sewing and More
(This is my bad boy right here. Collections information below.)
Limit: $7,000
Balance: $4,615
Account Opened: 8/2012
Last Activity: EQ - Oct. 2015, TU Jan 2015 EX Not available
Late Days:
EQ - 5x 30 days, 2x 60 days, 4x 90+
TU - 0
EX - 5x 30 days, 2x 60, 4x 90+
Remarks:
EQ Charged off
TU unpaid balance charged off
EX (nothing)
Mortgage Accounts
Opened: Sep 2010
Balance: $127,289 (except TU, they show $127,633 - odd)
Remarks: One mortgage account, paid as a greed, accounts in good standing
Installment Accounts
Nissan Motor Accept Co
Opened: Jul 2011
High balance: $27,741
Condition:
EQ Not Updated
TU & EX Closed
Last Activity:
EQ & TU Jun 2014
EX Not available
Status:
EQ & TU Paid as agreed
EX Paid account was 30 days past due 2 or 3 times
Late:
EQ, TU, EX, 2x 30 days
Note from me: The vehicle caught fire. It was totalled. I was told NOT to pay on the vehicle and insurance would pay out. Insurance did pay out the vehicle and paid off the vehicle. The 2x 30 days late was when I "followed instructions" from my insurance company and not paid. I regret that decision hence why it is showing late. It is right after these 2x 30 days late that the payment timeline ends for this account.
Navient
The next 9 accounts on my report are Navient for student loans. If you are wondering why these are so aged, it is because in 2003 I filed chapter 13 bankruptcy. I paid that bankruptcy off a year early, and got my discharge in 2007. This information is NOT shown on my credit report. That said, I have had so many deferrments and during the 4 years while in bankruptcy I never paid on the student loans.
They all show pretty much the same information and all accounts right now are showed as paying as agreed since May 2015.
Date Opened: Sep 1994, Aug 1994, Sep 1995, Aug 1996, Apr 1997, Sep 1997 (2 accounts)
3x 90+ days late, worst delinquencey of 120+ days past due
The 90+ days late were all March, April, May of 2015.
The highest balance on any of these accounts is $5,500 - which shows on 2 of them.
Collections
Americollect, Inc
Original balance: $32.
Status: unpaid
Date Assigned: Jun 2013
Description: medical
Note: I did not know I had this in collections. I can pay this off right now.
Midland Funding
Original Lender: Synchrony Bank (note: account information above.)
Original Balance: $4,615
Current Balance:
EQ & TU $0
EX $1,846
Status:
EQ (nothing)
TU Payment after charge off / collection
EX Account seriously past due date / account assigned to attorney, collection agency / collection department
Date assigned:
EQ Jan 2016
TU & EX Jul 2015
Description:
EQ - account paid for less than full balance, paid collection
TU - settled less than full balance
EX (nothing)
I have NO account showing for "Public Records."
I am unsure of how to proceed in order to raise my credit rating. I was playing with the MyFico.com "simulator" and it suggests to "Pay down $192 of your total revolving / open account balances of $4,615 very month for 24 months." I am assuming the simulator is looking at the Synchrony Bank account. Thing is, it has since been charged off.
I am in a good place financially right now in that I can easily take care of that $32 medical collections, and I am paying extra on my mortgage and on my student loans in order to bring those accounts down (1 student loan Navient account will be paid in full in 2 months). But I know that paying on an account or contacting a collection agency regarding an account "resets" the activity date.
I called Capital One about a HELOC for repairs to my home and was told that a score under 630 on Experian is an automatic rejection so I did not have them process an application as I did NOT want to have an application hit to my credit scores. I may call Chase and see what their absolute bottom limit number is as the lady I spoke to said that they "take different things on my report into consideration."
As for Midland Funding, I did NOT want Synchrony Bank to go into collections. Life situations happen and I ended up being late twice last summer and Synchrony bank almost immediately sold the debt. Much to my surprise when I logged on in August to make a payment I find it was in collections. It was just 60 days. Based off of advice of a gentleman who helps people to settle debt, he said to just pay Midland Funding because the $4,615 is a really small amount. Well, as it would have it.. when I logged on to the Midland Funding site I was made an offer: pay $2,769 as a one time payment and I would be through with them. I did. And, of course, it is being shown on my credit report as "settled less than full balance."
Ugh.
I don't know if that hurt me or what.
Anyway, I am completely unsure of where to go from here. All of these items I don't think I can get a HELOC for some necessary home repairs and so I'm going to have to scramble to find cash (need a roof immediately) and then maybe pay cash for something as I can get to them. The house has been in some sore need of repairs for at least 3 years.
Where do I go from here in order to help build my score? According to the MyFico.com credit simulator I could really raise my score if I get a credit card for $5,000. Should I do that? Everything is being reported accurately so it's not like I have any real disputes.
What do you folks suggest I do? Should I just go ahead and apply for a credit card or 2?
Thank you.
