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help please!!

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Anonymous
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help please!!

hello! I am working on rebuilding my credit and need some help. currently, my equifax is 568, transunion is 559, and experian is 573. I made a lot of financial mistakes when I was in college and I want to purchase a home within the next year and a half or so. Of course, i'd have to raise my score to reach my goals. Accounts are as follows:

 

Capital One: $1300 credit limit. (just paid the whole balance of $1291 off)

Student loans have been consolidated into one loan through nelnet.. currently, the interest rate on that loan is 5.625% with a balance of $34,086. Prior to my consolidation, I had 10 student loan accounts open. the latest late inquiry reported on the accounts was on 8/2014 and it reported to all acounts but i started paying them all on time and the consolidation just got approved last month. monthly payment of $237

Nissan Motor Acceptance: currently at a balance of $9399 with 0.00% interest. monthly payment of $360

 

I also have two accounts that have been sent to collection (both credit cards i opened while in college and didn't pay)

Both were sent to Asset Acceptance.

One was from Citibank for $2121 which was paid off on 8/2011

and the other one was from Fifth Third Bank for $1249 which was paid off sometime early 2011

 

I got a significant raise at work which means I can actually pay more on my accounts. Now, I'm not sure which way to go. Should I pay more on my Nissan account (no interest) or my student loans? Also, is there anything I can do to have my two collections accounts removed? Any help would be great. thank you so much!

 

Message 1 of 2
1 REPLY 1
gdale6
Moderator Emeritus

Re: help please!!


@Anonymous wrote:

hello! I am working on rebuilding my credit and need some help. currently, my equifax is 568, transunion is 559, and experian is 573. I made a lot of financial mistakes when I was in college and I want to purchase a home within the next year and a half or so. Of course, i'd have to raise my score to reach my goals. Accounts are as follows:

 

Capital One: $1300 credit limit. (just paid the whole balance of $1291 off)

Student loans have been consolidated into one loan through nelnet.. currently, the interest rate on that loan is 5.625% with a balance of $34,086. Prior to my consolidation, I had 10 student loan accounts open. the latest late inquiry reported on the accounts was on 8/2014 and it reported to all acounts but i started paying them all on time and the consolidation just got approved last month. monthly payment of $237

Nissan Motor Acceptance: currently at a balance of $9399 with 0.00% interest. monthly payment of $360

 

I also have two accounts that have been sent to collection (both credit cards i opened while in college and didn't pay)

Both were sent to Asset Acceptance.

One was from Citibank for $2121 which was paid off on 8/2011

and the other one was from Fifth Third Bank for $1249 which was paid off sometime early 2011

 

I got a significant raise at work which means I can actually pay more on my accounts. Now, I'm not sure which way to go. Should I pay more on my Nissan account (no interest) or my student loans? Also, is there anything I can do to have my two collections accounts removed? Any help would be great. thank you so much!

 


If all you have is the 1 Cap-1 card you need to get 2 more bankcards ASAP this move will give you a Fico boost when they report to the CRAs. You also want to have 1 card report a small balance each month less than 10% of its CL, all revolvers at 0 is a Fico score drop.

 

As far as having extra funds to pay on your installments you always want to pay down your higher interest loans first. You dont want to lose both of these loans you need to have 1 open for as long as possible as you typically lose Fico points when your last installment loan closes.

 

For the paid off collections you would need to begin a GW letter campaign to ask that they be removed and I would send them thru the mail to the office of the CEO.   http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

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