Where Do I Go From Here? NEED ADVICE

[jrubedjmp311]

Hey Everyone!

So thanks to everyone on here, I have made some strides. I want to give you all my current report and please tell me what are my next steps?

I had a lot of collections, Charge offs etc that I had removed. This is what I am dealing with now. For the accounts I paid in full, GW letters have not worked. 

Current/Open Accounts

1. Citicard - Authorized user - ON TIME

2. Student Loans - ON TIME

3. **Just got a Total VISA ($300 limit) not on report yet but just made my first payment on time**

Closed Accounts

1. Chase Card - Settled for Less - Balance $0

2. Chase Card - Settled for Less - Balance $0

3. Barclays - Balance of $2,408

4. First Premier - Paid In Full - $0 Balance

5. Capital One - Paid in Full - $0 Balance

Collections

none

Judgements

none

[Anonymous]

Need your DOFD on chargeoffs.

You want a total of 3 credit cards reporting open so try to snag the Cap1 secured and the Discover secured and you'll be at the magic 3 credit cards + 1 installment loan for maximum FICO boost with no aging penalty.

Once your AAoA goes over 1 year and a new account added won't drop you below 1 year, add a 4th credit card.  Then do the same again with a 5th when you can keep your AAoA over 1 year total.

[jrubedjmp311]

Thanks!! According to this credit score calculator, it says my score is going to drop with the new addition

[Anonymous]

Which simulator?

[jrubedjmp311]

experian. is there a better one? it says it will go down. However the report next month will have a much lower utilization since the balances will be reflected

[Anonymous]

All of those simulators are generally terrible. Some are worse.

With FICO scoring, you get free FICO point bumps for the first 3 credit card accounts reporting.  You will get additional FICO bumps when 4 and 5 are added but those last two will hurt you a little the first year they each report.  For maximum FICO boost, you want 5 credit cards reporting for at least 2 years of aging.

Another FICO bump that is "free" comes with your first installment loan reporting, although you have student loans so you're covered there.

[jrubedjmp311]

You are awesome thanks!!

So ill grab 2 unsecured cards to get the ball rolling. I wish I could work the closed accounts to get off my report but that is near impossible with those OC's. I am going to settle/pay off barclay soon as well.

I wonder how much the authorized user is going to help. Its a 16 year old Citi account that my wife has. never been late. 10,000 limit. $140 balance