Where to even begin....?

[jdorz]

Hello everyone.

I have been watching the forums for a while, but this is going to be my first post.

My wife and I are trying to improve our credit significantly. From some very dumb financial decisions, I find myself with a nice less than desirable credit score.....

I had a Wells Fargo credit card that had a credit limit of 750, that had a balance almost $900 in late fees and interest. I was able to get that paid down to almost 0 balance, but it's now closed by WF for non-payment for so long.

Same story goes with Care Credit, and a Tires Plus Credit card (I am still paying that one down).

The only three tradelines that I have that are decent (not a missed payment) are as follows:

American Express Delta card (credit limit of $2000, got this one before I trashed my credit and was somehow able to keep it pristine)

Capital One Secured card (credit limit of $200).

One Main Financial loan for $5500

I have two accounts in collections right now. They are as follows.

Affiliated Group (for Xcel Energy bill of $224)

Southwest Credit Systems (for Comcast bill of $85).

That Comcast bill was after my wife and moved from MN to CA, and we continued service with Comcast. But evidently it was created as a new account.

When I started tracking Myfico score, it was at 509 on Oct. 14. As of today, I have gotten it to 546. But I would love to know where to start on this. I know this is my own fault, but I really want to get right because my wife and I are going to be looking at getting a house in the next two years.

I have read people doing PFDs for collections, but I am not yet at all familiar with these or know what I am doing. So any advice or next steps would be greatly appreciated.

Thanks!

[jdorz]

I think where I want to begin is attempting PFDs. Has anybody had any luck getting these removed from either Southwest or AG?

[-NewGuy-]

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@jdorz wrote:

I think where I want to begin is attempting PFDs. Has anybody had any luck getting these removed from either Southwest or AG?

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Welcome to the forums. PFDs are an exercise in patience, but you are right that it's probably where you should start. I would search this forum (Rebuilding your credit) to see if others have worked with them. If they say no at first, contact them again and talk to someone else. Then write emails, letters, etc. There's always a next step. 

[Anonymous]

You aren't even nearly as screwed as I was.

You were smart in keeping a few in pristine condition through the tough times and that's your meal ticket.  Above all else, keep your good accounts good because you won't be getting favorable credit anytime time soon.

With that said, you aren't far off.

Even with Chargeoffs still sitting on your report, you can get to a 650 score if you take care of them.

What kind of score are you looking to get and how much time are you willing to wait it out?

Because of your active tradelines, you are way ahead of most people coming out of bad credit..and not far from "fair" credit.  Good credit will take some money and time but certainly attainable within the next year

[jdorz]

I am hoping to get back into the 650 - 700 bracket back over the next 12 to 18 months. The biggest driver is that my wife and I are going to be having our first kid due in February, and want to get right with our finances so that it's one less thing to worry about.

We are moving from a one bedroom apartment to a two bedroom and the credit situation is screwing us over badly. We did get approved for the 2-bed, but with a higher security deposit. We would like to be looking at a house in the next 24 months or so, but that is presuming I can get my credit back into a half decent position.