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Hi and welcome to myFICO! Glad you have decided to take some action.
Additional info would be benefical and lead to a more specific and personalized approach for your situation.
If possible, list out:
- all your credit cards, past (if there are any lates with closed accounts) and present, their current balances and limits, and payment history (how many lates you have with each, the date of the lates, and the extent of the lates - 30/60/90/120 days etc)
- all your current installment loans and their payment history (if you were ever late with a payment and it was reported)
- any charge-off's, collections, etc and their dates
- anything else on you credit report that is negative and the dates
Have you ever pulled you FICO score? If so, when and what was it.
With this the suggestions will be more suited for you.
Thank you for your responce and recomendation Below I will itemize my credit report, I just pulled m free anual report. I will also list the current actions that I am curently taking on each account and see what you all recommend. Thank you again
Good reports
Navy fedral auto loan Balance $8394 open Feb 2013 reports monthly total of three 30 day late payments back in jun, sep, and oct of 2013 since then payed on time
Personal credit plan instalment loan balance $324 reports only pays as agreed nothing else no monthly payment history
Military star card revolving credit balance $1,456/1,775 Reports as pays as agreed but is listed as potentialy negative due to 3 30 day late payment 3 60 day late payment I am disputing 5 of the late payments because after the 1st one it began paying automaticaly our of my paycheck
Chase Card-- This one I am confused about I was an authorized user for a while on someone elses account and it went well but this just has date reported 2008 pays as agrees
Les schwab revolving reports as open but no credit limit and last reported 6-2007
DSHS support enforcment
type: open pays as agrees 2 120 day late report back FEB 2009 and DEC 2008 but they only report every other month
Closed acounts several installment accounts that were paid and they closed when they were paid off
except these
Pioneer/mac instalment loan Status Charge Off Balance $5 353 CO since Nov of 14 oct 180dl sep 150 DL aug 120 DL jul 90 DL Jun 60 DL may- Jan 2014 30 DL which isnt correct.
USA discounters installment account CO since nov of 2012 late since nov of 2011 but NR from the open of the account in jun 2010 untl the late report in nov 2011
--- This one I am fully disputing I payed this off early and the decided that After I payed it off they were still going to charge me the intrest that would have accumulated on the account if paid as planed despite their contract having no early pay off penelties.
Midland credit
was a colection account that I paid of jan 2013
Navy fedral revolving" Balance $5642/ closed for change of intrest rate from 17.99% down to 6% several 30 date late payment last one dec of 14
Collections
Stellar recover: random $696 from century link. --Disputing this as not my account as i havent had century link.
a medical bill for $43 trying to investigate this one
CBE group for $903 for a direct tv bill-- Disputing and trying to validate I had D-tv but cancled it correctly and dont know why this exist
Credit managment paid collection in 2-2014
OK so that is my god awful report. A few courses of action that I am curnently look at. Debt conslidation loan at least for the pioner loan and try a PTR
to improve my score which If I understand correctly is 521 ( reported from a lender)
Also 2 other things Im milling around
option A - scrape up $300 some how and get a secure CC and use it for something small everymonth but paying it off
option B - taking that same $300 and pay down the military star card to improve my ratio
What say you all ?? Thanks and sorry for the horible and long winded post
I've been helping my friend improve his credit score. Since October of last year, he's gone from a 573 to a 644 by getting a credit card (not a secured card...but one for people with sub-prime credit) through Capital One and paying it off in full every month. He started with a $300 CL, then they raised it to $500 after a few months, and then to $2500! He also paid down the balance on two credit cards that were almost maxed out. So I'd say do those two things first and just keep making on time payments on the installment loan, but don't worry about rushing to pay it off, necessariliy. Accounts with a longer history of on-time payments are going to help buld your score, too, so you'd be cutting that account short by paying it off sooner than you have to. For people who already have great credit, I'd say it's not a big deal to pay off installment loans early. But in your case I'd focus on the other two things first.
A bit easier on the eyes, let's see what people say (if I missed something or messed up something please update and repost)
Account | Issue |
Navy Federal Auto Loan | 3 30-Day Lates (June,Sept,Oct 2013) |
Military Star revolving | 82% UTIL. 3 30-Day, 3-60 Day Lates (Disputing 5) |
DSHS Support Enforcement | 2 120-Day Lates (Dec 2008, Feb 2009) |
Pioneer/Mac Installment | $5353 CO 11/2014 |
Midand | paid collection 1/2013 |
Navy Federal revolving | Multiple 30-Day back to Dec 2014 |
Stellar Recovery collection | $696 disputing as not mine |
Medical collection | $43 unsure, investigating |
CBE Group collection/Direct TV | $903 disputing as account closed with no balance |
Credit Mngt collection | paid, Feb 2014 |
@Anonymous wrote:
I am trying to rebuild my credit from years of neglect and stupidity as of now I have a 521 through equifax but a 601 through trans union (no idea how the big difference is posible but that's a different matter) most of the reson it's so low is a very poor payment history. I am now on track with all my bills that aren't in either charge off status or collection and only have one 1 more collection to take care of. And one care off( thinking of trying to do a debit consolidation loan for that thoughts?) But 2nd and main question is which is better to pay down a current revolving debt, pay off an installment loan or get a secure cc to increase my available ratio/ usage ? Thoughts please this journey is just beginning
Forget the consolidation loan idea. When You scores are tanked, its just not a viable option. Secured credit card is a good idea, as well as settling any revolving charge offs that the OC is reporting a balance, AND paying down revolving debt. Paying down installment debt does not help scores.
For good score growth going forward, you need to establish three revolving accounts.
@tufa4311 wrote:A bit easier on the eyes, let's see what people say (if I missed something or messed up something please update and repost)
Account Issue Navy Federal Auto Loan 3 30-Day Lates (June,Sept,Oct 2013): GW REMOVAL OF LATES Military Star revolving 82% UTIL. 3 30-Day, 3-60 Day Lates (Disputing 5) DSHS Support Enforcement 2 120-Day Lates (Dec 2008, Feb 2009): GW REMOVAL OF LATES Pioneer/Mac Installment $5353 CO 11/2014 Midand paid collection 1/2013: GW REMOVAL OF COLLECTION Navy Federal revolving Multiple 30-Day back to Dec 2014: GW REMOVAL OF LATES Stellar Recovery collection $696 disputing as not mine Medical collection $43 unsure, investigating CBE Group collection/Direct TV $903 disputing as account closed with no balance Credit Mngt collection paid, Feb 2014: GW REMOVAL OF COLLECTION
@Anonymous wrote:
Not disputing pioneer but the rest is dead on thanks for the formating job
Updated
Thank you for the advce. I am currently in the process of writing GW letters to those that you recomended, I was reading an artical last night about GW adjustments and there seems to be some more luck with those when people directly write company presidents or VPs what do you think about that?
Also to my supprise I was actualy able to get a non secure credit card from Capital one only a 400 limit but thats fine not going to use it for anything but our netflix account so i just pay that small amount off everymonth so I can improve my UT rate