advice on best way to rebuild my credit

Anonymous · ‎03-03-2016

hello! looking to get some tips and sugesstions on the best way to get my score higher.

Here is what my credit profile looks:

Cap One Credit Tracker Score: 645

Credit Karma: 590 and 599

Here's what I currently have:

Citi Diamond Preferred Opened 05/2013 $3500 limit

Capital One Secured: Opened 04/2014 $900 limit

Discover Student Opened 06/2013 $650

Bank of America Secured card 01/2014 $3000 - two years and hasn't graduated! ( prod due to high utilization)

Just opened cap one plat and QS1 today with $500 limit each.

Cards I am an Authorized User on:

Cap One Plat Opened 04/2011 $1500

Cap One Secured 01/2011 $300

Discover 03/2013 $1250

4 student loans - deferred payment until may 2018 - total balance $12,500

Only negatives:

No late payments on any account.

Three verizon wireless accounts in collection charged off - about $700 each - from 09/2014 - not paid, working on settling, they wont do PFD.

So all my cards were used 95% of the limit, just paid off all capital one cards today. I am scared of paying off the discover and Citi, because I am 99% sure that they will close the account with Adverse action as soon as I pay them off.

thanks

Anonymous · ‎03-03-2016

In all honesty, if you can't get a PFD agreement, then just paying those open charge offs will keep them from suing you, but you won't gain any credit benefit. Paying down credit debt is the fastest way to get a boost in score. Get all but 1 cards down to $0 and let 1 report a balance of less than 10% of its total and your overall total util to see the biggest increase. Or you can pay them all to $0 if you don't want to carry a balance but FICO will not give you the maximum amount of points if you do that.

Anonymous · ‎03-04-2016

@Anonymous wrote:
hello! looking to get some tips and sugesstions on the best way to get my score higher.

Here is what my credit profile looks:
Cap One Credit Tracker Score: 645
Credit Karma: 590 and 599

Here's what I currently have:

Citi Diamond Preferred Opened 05/2013 $3500 limit
Capital One Secured: Opened 04/2014 $900 limit
Discover Student Opened 06/2013 $650
Bank of America Secured card 01/2014 $3000 - two years and hasn't graduated! ( prod due to high utilization)

Just opened cap one plat and QS1 today with $500 limit each.

Cards I am an Authorized User on:

Cap One Plat Opened 04/2011 $1500
Cap One Secured 01/2011 $300
Discover 03/2013 $1250

4 student loans - deferred payment until may 2018 - total balance $12,500

Only negatives:
No late payments on any account.

Three verizon wireless accounts in collection charged off - about $700 each - from 09/2014 - not paid, working on settling, they wont do PFD.

So all my cards were used 95% of the limit, just paid off all capital one cards today. I am scared of paying off the discover and Citi, because I am 99% sure that they will close the account with Adverse action as soon as I pay them off.

thanks

What makes you think that these 2 highly touted CC's would close good accts because you PIF? You say you have 0 late payments and 0 CO's so paying them just makes good sense.

Anonymous · ‎03-04-2016

the verizon charge offs would be the reason they close... I had a friend in similar situation, and as soon as he paid in full Citi closed his card due to "collection activity" and discover decreased the limits.

Anonymous · ‎03-04-2016

@Anonymous wrote:
the verizon charge offs would be the reason they close... I had a friend in similar situation, and as soon as he paid in full Citi closed his card due to "collection activity" and discover decreased the limits.

Hmmm, never heard of that but I don't have either of those cards so I tend not to follow those threads closely.

Maybe someone else is better able to speak to that.

Anonymous · ‎03-05-2016

@Anonymous wrote:
@Anonymous wrote:
hello! looking to get some tips and sugesstions on the best way to get my score higher.

Here is what my credit profile looks:
Cap One Credit Tracker Score: 645
Credit Karma: 590 and 599

Here's what I currently have:

Citi Diamond Preferred Opened 05/2013 $3500 limit
Capital One Secured: Opened 04/2014 $900 limit
Discover Student Opened 06/2013 $650
Bank of America Secured card 01/2014 $3000 - two years and hasn't graduated! ( prod due to high utilization)

Just opened cap one plat and QS1 today with $500 limit each.

Cards I am an Authorized User on:

Cap One Plat Opened 04/2011 $1500
Cap One Secured 01/2011 $300
Discover 03/2013 $1250

4 student loans - deferred payment until may 2018 - total balance $12,500

Only negatives:
No late payments on any account.

Three verizon wireless accounts in collection charged off - about $700 each - from 09/2014 - not paid, working on settling, they wont do PFD.

So all my cards were used 95% of the limit, just paid off all capital one cards today. I am scared of paying off the discover and Citi, because I am 99% sure that they will close the account with Adverse action as soon as I pay them off.

thanks

What makes you think that these 2 highly touted CC's would close good accts because you PIF? You say you have 0 late payments and 0 CO's so paying them just makes good sense.

He have 3 Verizon account in collection. Reason your score so low is cause your almost maxed out on all cards. Discover will only decrease your CL if u maxed out ur cards and be late on payments. Best way to get ur score up is to pay off all ur cards as soon as possible. The collection just leave it alone since they won't do PFD. If u have the money u can always pay for the collection and write a GW letter and hope they will remove it

Anonymous · ‎03-05-2016

Have you gotten your actual FICO scores? CK and Cap1 Credit Tracker are both FAKOS. What are the balances on the cards?

Anonymous · ‎03-05-2016

just signed up for Credit Check Total to get Fico scores.

Fico 8 Scores:

Experian: 628 - 4 inquires

Transunion: 637 - 4 inquires

Equifax: 583 - 9 inquires

Also, as of last statement closing, balances were showing 95% utilization. As of next should be around 70%. I have the money to pay them off, but am scared to pay them off because of adverse action resulting in account closings.

Anonymous · ‎03-05-2016

Paying the cards off saves you money regardless of what actions the banks may or may not take---always remember that. Your scores will rise significantly with good utilization.