What steps should I take next?

[Anonymous]

My credit scores as of this moment on myFico are EQ 568, TU 571, and EX 597.  

I had three CapOne cards that were charged off and I just PIF two of them directly with CapOne, didn't catch the third before it was picked up by Portfolio Recovery but have that PIF as well before they've reported to the credit reports.  Had a CreditOne that was also charged off and sent to Midland Financial, and that has been PIF as well.  All of this was done within the past two weeks, so waiting on those to all change on my credit report to showing as paid. 

All I have left is a Merrick I'm making payments on (at $1304 owed at the moment), but I am going to call and PIF on that one as well within the next week.  

Debts I currently have are: 

CapOne Secured $0 balance, $601 limit (have not had first billing cycle yet, I've used and paid it right away for small things, recieved approx 2/18).

GMFinancial loan on my pickup with a balance of approx $13,350 with a few derogetories (30 days late, and is a joint account with my husband)

Student loans (Finishing my BFA) of approx $42,000 (two of the loans from the state with derogitories, rest paid as agreed)

What steps should I take now to bring my credit score up higher?  Would like to finance a new car at some point, but I know I need my credit scores higher.  

[Anonymous]

Anyone?

[Anonymous]

you need those charge off's  to come off your credit report.     even if you paid them off they still hurt your report.  i would try calling them and see if they can complete remove  them off your report,espiecally since they have a bad history.   if not write them a letter which you can find here.    for that last PIF you are about to do.   before you pay them off try the pay to delete option.     

[Anonymous]

Would CapOne be willing to do that though? I didn't think to ask that when I called to pay them.

I tried PFD with both portfolio and midland and that was a no go. Midland actually hired a law firm to come after me and neither were the firm nor midland were willing to work with a PFD.

Merrick is also being done through a law firm, there isn't a collection showing for that one, just showing charge off and over limit on the Merrick card on my reports.

[Anonymous]

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@Anonymous wrote:
Would CapOne be willing to do that though? I didn't think to ask that when I called to pay them.

I tried PFD with both portfolio and midland and that was a no go. Midland actually hired a law firm to come after me and neither were the firm nor midland were willing to work with a PFD.

Merrick is also being done through a law firm, there isn't a collection showing for that one, just showing charge off and over limit on the Merrick card on my reports.

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The fact that you have paid them all is key - that will allow them to age and your score to recover. Getting them removed is helpful, but not critical. What is critical is establishing new accounts. You've made a start there, but you will need to get at least two more opened to get the best score growth. Once the new Cap One secured card reports, you should see a score increase. App for an unsecured Cap One card. If approved immediately apply for a second one. You may or may not get it having the secured card - there is a two account limit, but sometimes the app system doesn't seem to count the secured card. So if you can't get the second unsecured cap one card, you'll need to get a second secured card for your third account. I would suggest SDFCU for your third. After that its simply a matter of keeping current and not letting your UTI get out of control. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Would CapOne be willing to do that though? I didn't think to ask that when I called to pay them.

I tried PFD with both portfolio and midland and that was a no go. Midland actually hired a law firm to come after me and neither were the firm nor midland were willing to work with a PFD.

Merrick is also being done through a law firm, there isn't a collection showing for that one, just showing charge off and over limit on the Merrick card on my reports.

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The fact that you have paid them all is key - that will allow them to age and your score to recover. Getting them removed is helpful, but not critical. What is critical is establishing new accounts. You've made a start there, but you will need to get at least two more opened to get the best score growth. Once the new Cap One secured card reports, you should see a score increase. App for an unsecured Cap One card. If approved immediately apply for a second one. You may or may not get it having the secured card - there is a two account limit, but sometimes the app system doesn't seem to count the secured card. So if you can't get the second unsecured cap one card, you'll need to get a second secured card for your third account. I would suggest SDFCU for your third. After that its simply a matter of keeping current and not letting your UTI get out of control. 

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Thank you so much! Should I wait to app for another CapOne until after the secured starts reporting?  Its not like I NEED the car loan at the moment, so I do have the time/ability to work on this stuff to get them to age.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:
Would CapOne be willing to do that though? I didn't think to ask that when I called to pay them.

I tried PFD with both portfolio and midland and that was a no go. Midland actually hired a law firm to come after me and neither were the firm nor midland were willing to work with a PFD.

Merrick is also being done through a law firm, there isn't a collection showing for that one, just showing charge off and over limit on the Merrick card on my reports.

---

The fact that you have paid them all is key - that will allow them to age and your score to recover. Getting them removed is helpful, but not critical. What is critical is establishing new accounts. You've made a start there, but you will need to get at least two more opened to get the best score growth. Once the new Cap One secured card reports, you should see a score increase. App for an unsecured Cap One card. If approved immediately apply for a second one. You may or may not get it having the secured card - there is a two account limit, but sometimes the app system doesn't seem to count the secured card. So if you can't get the second unsecured cap one card, you'll need to get a second secured card for your third account. I would suggest SDFCU for your third. After that its simply a matter of keeping current and not letting your UTI get out of control. 

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Thank you so much! Should I wait to app for another CapOne until after the secured starts reporting?  Its not like I NEED the car loan at the moment, so I do have the time/ability to work on this stuff to get them to age.

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Yes, the score increase from it reporting will increase your approval chance.

[Anonymous]

NormanFH - Thank you so much for your time and advice.    I'll wait for the reporting to happen and go from there!