Yikes, my score is scary!

[Anonymous]

I just checked my FICO on here today and it is a 511. I checked it with my bank on all three bureaus a few months ago and the lowest was a 535 with the highest being a 586.

I don't understand the reason for such a drop in my score. I've paid off two very large collections accounts that have been on my credit, and haven't opened anything new in over a year.

I've been paying accounts with utilities companies and my rent on time for the past 3 years without fault, but cannot get credit through anyone. I'm at my wit's end and don't know what to do to fix my score or to improve my situation.

I was told by someone that I shouldn't bother paying off the collections accounts, because they will go off of my credit next year, but I need a loan for a car soon.

My vehicle now is falling to pieces and I can't afford to fix it! I have 10% down for a car, but mine and my husband's scores are poor to say the least.

Any suggestions on things I can do to repair the damage that started 6 years ago???

My debt includes 2 credit cards that are still showing a balance (one that has only increased well above my maximum limit) and I have several little hits for bills my ex-husband had in my name when we were separated.

I have several student loans that are coming due soon as well, but are in deference so I'm not making payments on the majority of those yet. I'm at a complete loss right now. I'd welcome any advice on how to sort out where to start!

My CU advised me to do a credit repair loan where they put 500 dollars in my account, freeze it, and directly debit the payment for that loan over a 12 month period to show good payment history, and then when it is completely paid off, they release that 500 dollars back to me.

 I will do this, but how much can it help with so much negative credit????

Okay, I'm through with all my questions. Thanks for anyone's help! I appreciate it all.

Current FICO-511 (wishing it were 711)

Edited to insert paragraphs. - sidewinder

Message Edited by sidewinder on 07-18-2008 08:10 AM

[Anonymous]

Sometimes when you pay off a collection it hurts because it updates the date of last activity. If you have credit cards or loans with high balances compared to credit limits that can hurt too.

[fishbjc]

While I'm no expert in collections, a PFD would have served you well.  If any of your ex-husbands bills are in collection, in your name, try for the PFD.

If you have any lates, gw those.

Get your two cards paid down around 9%.

Accept the CU rebuild offer.

Welcome to the forums!  Stick around, you'll be amazed at your progress!

[Anonymous]

heads up, rent and utilities doesn't go on your report unless you get it put into collections and then it hurts you Start out at whogavemecredit.com and look up people who got cc's with your scores. Also, may want to check out BOA secured cc to start rebuilding your credit (There are TONS of threads on here about it- just search) It may take a few months to start rebuilding/building, but it will be worth it in the long run.

Do you have anything on your reports other than the co? Loans, ect?


If your ex-husbands bills are in co with your name, you may be able to dispute as "not mine"


As far as the collections falling off in a year, you need to check with your SOL laws of your state. There's a possibility that they should all ready be off your reports. Search around and see what other people did that were in your situation.

With the car, if you have 10% down, why not try to buy a car for just that amount you all ready have? That way it saves you money on interest (which will be high with low scores) and the hassle of a payment.

Good Luck!

Message Edited by AlishaR on 07-18-2008 08:10 AM

[Anonymous]

With the CU thing, I did that a few years ago to start generating a score. It really helped me out. The only problem I have is that it only reports to EQ. Make sure they will report it to ALL 3.

[Anonymous]

For the paid collections and lates, send GW letters.

Are the CC open or closed?

For unpaid collections, you need to know DOFD, DOLA, and SOL. You can find SOL here -

http://www.bankrate.com/brm/news/cc/20040116b2.asp

List out each bad account, with who is reporting the account, and with the above information and we can better advise you.

If you haven't already, pull your free reports from www.annualcreditreport.com

The loan from the CU sounds like a good idea.

Message Edited by sidewinder on 07-18-2008 08:14 AM

[Anonymous]

Both of the cc are in collections now. I haven't cleared them out because they are 6 years old. I was under the impression that they wouldn't be affecting my credit as much since they are old.

Then I found out that Sallie Mae is now reporting their student loans differently which could have caused some of the drop in my score. 

I pulled my credit report off of a free site and checked over the items on there, and disputed the ones I was sure that weren't mine.  Three of those are now off my report, and as I mentioned, I paid the two accounts off.

The bills my ex had in my name are utility bills, and I doubt the companies will remove those. I am willing to try and I will see what I can do. Anything to help my score.

In response to the advice that I should buy a car with the 10% down I had for a car, that amount is 1500 dollars and I cannot find a decent, reliable vehicle for that amount of money anywhere.  I've purchased my last vehicle straight out for $4000 and now it is falling apart. I don't want to go through that again.

Thanks for everyone's help! I will keep checking out the site and see if I can answer some of my own questions. I appreciate all the advice.

FICO score= 511

[Anonymous]

for 1500 look for a toyota or nissan or honda.. those seem to run long At least until you can get can your scores a bit higher...You may also be able to check with local dealers and see about buying some of their cars that they would send to wholesale and aren't keeping on the lot.

If you would list your co and all the details you have and we can help you out a bit more. Every co agency can be handled differently. "To each their own" I guess you could say.