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What to do next / What score to believe?

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Anonymous
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What to do next / What score to believe?

Hey guys and gals, 

 

I'm rebuilding after some terrible decisions I made in my early 20's and I'm struggling to understand a few things. I've gotten really aggressive as of this year in order to get me back to my old score (705) I fell all the way down to a FAKO of 579 TU 585 EQ and a FICO 8 of 557. Which one should I honestly look at the most? 

 

I just started the rebuilding process by opening a Discover secured 200$ limit card (i'm gonna throw a tank of gas on it once a month and pay in full), and a Cap One platnium (500$ Limit I got approved for) this past weekend. I understand that these two actions alone will increase my score a fair amount (estimators show as a 20 point bump to my FICO 8 557 -> 577). I'm primairly concerned with credit score as GF and I are discussing buying a home in a few years, What do I do next other then the ovbious garden for the next couple years and maybe throw a few hundred bucks on that Discover card to increase the CL for when it goes unsecured? I would love to get a Venture card (Short term goal card) in a couple of months to build up some travel points as we're planning on going to Mexico or jamaica next year for a family wedding. 

 

I've Been scouring this site for rebuilding help and this is the richest community full of help. Thanks in advance for any assistance! 

9 REPLIES 9
ladyjaye82
Regular Contributor

Re: What to do next / What score to believe?

FICO will be the only score that matters in terms of what you're looking to do.

 

You're on to a good start with the two new cards. Be good to Cap1 and they will be good to you.

 

As far as any other recovery goes we would need to know a little bit more about the things that dragged your score down in order to help you raise it back up. Do you have any collections or late payments? Those kinds of details can help others give more specific advice as to what you might be able to do.

Message 2 of 10
Anonymous
Not applicable

Re: What to do next / What score to believe?

Hi Ladyjaye,

 

Well my worst fears were confirmed, the apartment my GF and I wanted to lease requires 550 EQ score, and I came up 2 POINTS short at 548. I have an open dispute with TU regarding an account that I was promised a PFD on, but I hate to think that i caused the 2 point drop by applying to Discover and C1 the weekend before the apps went thru, (Dumb attack as my dad would put it).  As soon as those two new credit cards show up it'll be a  huge bump already plus if I pay down one of my accounts in full it will hopefully bump my score up by 10 points before I reapply for that same apartment or a new apartment somewhere else. (Original company refused to override my application even if I gave them an entire month upfront which I have access to, or get a cosigner). 

 

 

My biggest things is I have lates, and 3 active collections, one of which is under 100$ which i believe is not marked. I've heard several things about collections I have heard send PFD letters and hope for the best, if they wont do PFD then ignore them (which I have been sheepishly doing). 

Message 3 of 10
ladyjaye82
Regular Contributor

Re: What to do next / What score to believe?

What type of collections are they? Sometimes PFD letters do work. A couple of things to consider....If you decide to ignore the collection and leave it unpaid then you could possibly be taken to court for it if you're not yet beyond SOL. A judgement would be far worse than a collection, imo. Secondly, if you don't pay it and you're never sued for it the debt will still be on your credit report even after 7 years. It just won't be visible if someone just looks over the initial credit report. If you're trying to buy a house in the future, mortgage lenders typically pull the whole profile and could see that unpaid collection.

 

Personally I think it's always better to settle the debt even if it means a temporary drop in score.

Message 4 of 10
Anonymous
Not applicable

Re: What to do next / What score to believe?

Hey again

 

One collection is for Verizon which I have heard success in PFD's on, one is from Crime warner for internet from my last apartment (321$), One is from Citi for a best buy card I forgot I had (404$ thru Midlands credit management which I read an article about a class action lawsuit somewhere on here about possibly joining), and the other is from Progressive Auto insurance. I'm going to try and PFD all of them and hopefully they'll drop off. 

 

In the last few weeks I have had about a 50 point jump by disputing Barclay's card (I got a PFD in writing from CA regarding the payment history and TU dropped it off but EQ and EX still show the payment history on the reports, should I open a dispute with EQ and EX for the same information? I thought it auto updated).

 

Thanks for all the pointers! 

 

EDIT: my state's SOL is 5 years. 

Message 5 of 10
Anonymous
Not applicable

Re: What to do next / What score to believe?

Also

 

I'm considering asking my GF to add me onto her PIF'd Discover It card with a 2K limit as an AU, will this drastically bump my scores up too? 

 

Thanks

Message 6 of 10
Anonymous
Not applicable

Re: What to do next / What score to believe?


@Anonymous wrote:

Also

 

I'm considering asking my GF to add me onto her PIF'd Discover It card with a 2K limit as an AU, will this drastically bump my scores up too? 

 

Thanks


No, apply for a second Cap One card. Build your own file rather than piggyback on another person credit. You put your own credit at risk of someone else wrecking it by doing so.

Message 7 of 10
Anonymous
Not applicable

Re: What to do next / What score to believe?


@Anonymous wrote:

@Anonymous wrote:

Also

 

I'm considering asking my GF to add me onto her PIF'd Discover It card with a 2K limit as an AU, will this drastically bump my scores up too? 

 

Thanks


No, apply for a second Cap One card. Build your own file rather than piggyback on another person credit. You put your own credit at risk of someone else wrecking it by doing so.


+1. Couldn't agree more.

Message 8 of 10
Anonymous
Not applicable

Re: What to do next / What score to believe?

Yeah I just opened that Cap 1 Platnium this past weekend and it got shipped last night along with my replacement chip and signature card for my QS1 account.

 

 

Message 9 of 10
Anonymous
Not applicable

Re: What to do next / What score to believe?

I drafted up a PFW for my 109$ collections account and will be dropping that in the mail tonight, if I get "approved" i'll pay it off within 2 weeks. if not then I guess i'll pay it off anyway 

Message 10 of 10
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