@Anonymous wrote:
Hey everyone, new to the forum and I thought id introduce my self and my situation .Two years ago I had a 480 something credit score.About 10k in collections , mostly medical due to an accident that ultimately lead to my credit demise. And fell on hard times, mortgage modification and late payments along with lates on my my credit cards.Since then I managed to succure an auto loan, and 8 credit cards.Two first premier, $250&$400 credit limit two capitol ones $750&$500 credit limit.Applied bank businesses $800 credit limit, walmart $500, Blaze mastercard $350, and recently jareds $1,000.00.now my scores are near 600 , but still have around 3k in collections.I am going to get rid of the blaze and the two first premier pay them off then dropp them.my utilazations are 60%.Havent missed any payments of any kind in 2 yrs..My question is can I really bring my score up more just by getting my utilization down to 10 or 15%.and leave the collections and let them run there coarse or should I pay off the collections? And beg to have them removed.I never realized how important credit is until recently.im hoping to be in the seven hundred range in a year or so to buy a new home..thank you
Yes, lowering your UTL will raise your scores but not that much. You need to contact your creditors that are reporting the baddie collections and arrange PFD's. Try your best to get them to work with you and if successful, you should see a nice score jump along with your lower UTL. Then you can keep up with your credit card payments making sure they are paid on time everytime . Next you can get busy with GW letters to any other creditor that has reported you late in the past. With some work and determination, some knowledge you'll gain by reading the threads in this forum, you'll be in much better shape in a matter of a few months.
Welcome to the forum and good luck to you. You can do this. Many of us, myself included are proof of that.
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No way to know. But if you dont try then you wont know. Thats for sure. You have some work to do but I'm telling you if you write down a plan and begin to execute it, you will see progress. You'll make gains and have some setbacks. Thats just the way the game goes for most of us. Either way, you're gonna be better off for the effort you put forth. Get busy, ask questions and keep us posted.
If you can afford it , sign up for some credit report / score monitoring and if you havnt already, get current copies of you 3 reports, you could start disputing eveything and see what drops off. Then, when thats done, you can start with the GW's & PFD's. If you have the reports already and have disputed all you can, get going with the GW and PFD. You have nothing to lose and a ton to gain!
One more thing.....any advice you get from people on here is advice that was most likely learned right here in this forum. As you begin to rebuild and patch things up for yourself, I suggest you spend some of your free time reading the endless threads on here. You will find topic after topic on specifics that pertain to you and your situation and you'll be much better prepared to make your way thru your rebuild journey. As you go along and have the good days and bad days , share your results and experiences with this forum. Thats how we all collectively learn and we ALL benefit from it.