Where to start, please help! Midland, Cap 1, and others

[redneck18]

I'll attempt to make this as easy to follow as possible. My credit is in the crapper, I've known it for some time, but due to circumstances way beyond my control, I am just now starting to be in a position to even do anything about it. I've been watching CK for several years, just found out here they are FAKO scores, so I pulled my actualy FICO's yesterday and all three reports. Exp - 541 TU - 564 EQ 561.

When I pulled my reports, I see two default judgements. One from midland, one from Cap 1. Both are hovering around 1k. I read on here that midland was just ordered to vacate default judgements? I called the court on Friday, and they claimed on the Midland case that they served me personally. I always have an attorney on retainer because I own a business, and any and all legal paperwork immediately gets forwarded to him. I assure everyone, they never served. This Cap1 case says they served my wife at my business. Didn't happen, my wife is never at my business, ever. What should I do on these? I will contact my attorney on Monday regarding these but I would like to go in with a direction for him. (Saves me money usually).

Beyond this, I am rehabbing my student loans, and about 90% of my negative info will fall off this year. In fact several items have already aged off in the past couple of months.

I am an AU on a Citi CC that is used strictly for the business. It has a 25k CL and currently near 100% UTI, this is common while we are nearing completion of a job, but always gets paid in full once a job is complete and the customer pays. This reason alone we are considering changing how we bill our customers. Also, this card has been reporting for 20 years and only has one 30 day late that was in 2013.

Any other advice on how to tame this beast? I applied (stupid, stupid, stupid) for Cap 1 plat and Barclay's a day or two ago, no surprise I was denied for both.

I do have a mortgage, and it is showing mostly favorable payment history. Had a little issue with it in January 15 while waiting on payment from a customer. (If you are considering starting a business, it's not all it's cracked up to be usually) Age of it is 6 years.

[redneck18]

Just received a letter from Cap 1 explaining their reason for denial. Surprisingly, it only says balance on revolving credit too high. I assumed it was due to too many derogs. Or maybe that was the first thing the algorithym encountered so it generated this auto response?

[redneck18]

Did a lot of reading over the weekend on this forum. As a result I contact TU this morning, they just deleted 3 TL and EE 10 others. That should be a bump in the score department. Also called EX, they were willing to EE 3 TL. Well it's a start.

[Outdoorstech1]

Redneck18  WHAT accounts did TU delete? 

[Anonymous]

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@redneck18 wrote:

Just received a letter from Cap 1 explaining their reason for denial. Surprisingly, it only says balance on revolving credit too high. I assumed it was due to too many derogs. Or maybe that was the first thing the algorithym encountered so it generated this auto response?

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Yeah, that maxed out UTI is killing you, even as an AU. I would contact Citi, and inquire about not reporting it as an AU account.

[redneck18]

Outdoorstech, maybe I used the wrong word. 3 TL aged off, a collection account American Agencies I think, an ERC collection account was actually deleted from my understanding, and LVNV funding. I'm not complaining regardless.

[redneck18]

Norman, I am within 30 days of having it paid down to well below 30% UTI. The age of the account alone may be helping me too possibly? If we change our business billing practices (right now we are biling at the end of a project, which can be as much as 6 months and in the 40-60k range) to where we bill weekly or possibly even monthly. That should also help cash flow and get this card paid on a more regular basis. I may hang off on contacting CITI until I see how we can make some changes.

[Anonymous]

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@redneck18 wrote:

Norman, I am within 30 days of having it paid down to well below 30% UTI. The age of the account alone may be helping me too possibly? If we change our business billing practices (right now we are biling at the end of a project, which can be as much as 6 months and in the 40-60k range) to where we bill weekly or possibly even monthly. That should also help cash flow and get this card paid on a more regular basis. I may hang off on contacting CITI until I see how we can make some changes.

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Yeah, anything that can get it out of the red zone every month will help considerably.