Would love some advice to help rebuild credit

[Anonymous]

Hello all! I've been working on rebuilding my credit profile for several months, and would love some advice on what my next steps should be. Here are the details:

I started out with a FICO score of a dismal 439 in March 2015, now my FICOs are TU 617, EQ 625, EX 608. I was approved for secured CO w/ $200, sent in addt'l $350, CL now $750. In October 2015, I was approved for CO QS1 and Platinum for $500 each (platinum is now $1500 CL). November 2015 I got an Overstock store card w/ $250 CL via SCT. Utilization is as follows: QS1 19%, platinum 29%, secured 9%, Overstock 0%.

I have four student loans totaling $11818 that rehabbed in July 2015, always pay more than the $150 pymnt. Depending on the credit bureau, I have 1-3 collections, two of which I need to dispute as they are outdated. The valid collection is a medical bill from 2014 for $500 (have not yet paid). Also 3-5 inquiries. Have an Ohio tax lien from 2014 (currently paying off, $1200/$2100 paid), and have had 3-4 older, smaller collections drop off due to age.  

I'm very new to this, and not sure what to do next. Do I need to app for another small limit credit card? Any advice would be very much appreciated!  :-)

[Anonymous]

Getting less than half your cards reporting a balance will give you a boost. Ask for a CLI from Overstock. They will quite often give you one every 31 days. My DH got an overstock card in November for 250 with an immediate cli of 200. He has also gotten one in January and February for a total increase of 600. If the collections are outdated (past 7 years of DoFD, not just past SOL) then call the credit bureaus and ask for an EE not a dispute.

[Anonymous]

Try to keep cc utilization at 10%. Pay down balances before your statement cuts. That may mean paying multiple times a month.

Pay your most recent outstanding debts. It's better to have them report as "paid in full". As for old items about to fall off, I would just be patient & them fall off.

Keep paying a little more on your student loans and dispute items that shouldn't be on your reports.

As far as applying for more credit, IMO work on what you have. Ask for cli's, most are soft pulls and won't add to your inquires.

I can relate to your story! These are some the same things I had to do & it worked for me. Scores went from 580s to 690+ in less than a year. You can do it, good luck!

[Anonymous]

As for the medical collection google the HIPAA Letter Process follow it exactly as laid out.  If you have any problems finding the website or have questions PM me.

[Indianaguy]

If I were you app for a few more cards, with those scores you can get a Walmart, Amazon or any store card with comenity bank or synchrony bank you can build them well up to over 5k credit limit like I did when first starting out.

[Anonymous]

Thank you! 

I do plan on paying down the two cards with the highest interest/balance. 

Can you please tell me what an EE is?? 

[Anonymous]

Definitely will research the HIPAA letter. 

And another question. I have actually requested a CLI on my Overstock store card but my requests keep getting denied due to my credit score. If I charged an item and then paid it off right away, do you think that might help? 

[Indianaguy]

The more you use the card and pay it off the better chance your having in getting Automatic CLI