Repairing credit Help!!

[Tigremalo2001]

Currently I have a 605 fico. I have 1 collection account $140 that has been paid off and according to the original creditor will be removed in 30-90 days. Also, I had a charge off account from Capitol one that I just paid off $400 also for deletion from credit report.Cap One said that it would take 22 days for them to process the deletion and 90 days for the credit bureaus to report the deletion(is this true??)

I recently open a secured installment loan for $500 with a local credit union. I have 0 credit cards and the last late payment to my mortgage was in January of 2017. 

How long can I realistically see majors improvements in my credit report? How many points increase can I see from removing the collection and charge off accounts?

Any other tricks that I can add to my repairing tactics, I am current on my mortgage now which is my other installment loan open. No judgements and 0 inquries. 0 repo or foreclosure, never filed for BK either.

Thanks for any advice.

TU:545 EX: 535 Equifax: 645 Vantage 3.0 scores/  TRUE FICO score  is 605 in June 2017

[Anonymous]

Welcome to the forum.  A few things here:

One, where are you getting your FICO score from?

Second, if those 2 negative items are your only negatives on your credit report, removal of both of them will result in a significant score gain, which could be 50-100 points.  Removal of just one though may only result in a gain of just a couple of points due to the presence of the other still. 

Next, smart move opening up a secured installment loan.  When this reports to your credit report, you should see a 25-30 point gain on your FICO scores, assuming you have no other open installment loans.  I know you said you paid off your mortgage in January, but do you have any other open installment loans (like an auto)?

Last, I would strongly recommend you look into opening at least one, but ideally 3 credit cards.  Doing so will help build your credit history and will raise your score some more once the accounts are established after a few months.  You may want to hit the credit card forum to see what type of cards you'd be able to consider and which you should stay away from since your scores aren't great yet.  Once the SSL reports, your FICO scores should be in an area where you can get approved for starter cards, but once those 2 baddies are removed you should be able to apply for just about anything as your scores should be 700+.

[Tigremalo2001]

The fico score is the real fico score( I am paying $19 a month). The SSL has not reported a payment yet. I have a mortgage(15 years old) and the SSL for installment loans. No credit cards and no auto loans ( paid 2 auto loans one in 2014 and the other 2016) (there are some 30 days late on those auto loans but they have been paid to $0 balance).

Cap One old credit card- I paid off to remove (charge-off) Cap One said that they will remove it, let's wait and see. But I did have a medical collection $140 and the original creditor is removing that collection completely from the report. Last late payment was 5 months ago. I know it takes time--Thanks for all the advice.

It looks like the recent baddies and not having an open credit card and the collection is what is bringing the  score down. 

I had a Toyota dealer that say that they could get me qualified for a loan..I am afraid that they will  have inquiries to multiple banks, so I am noti applying yet.

I did get a Alliant Credit Union savings account. Hopefully, I can get a loan from them..I hear that their rates are phenomenal.

Any advice on getting a used auto loan with a 605 fico score??What can I expect 14% or less??

Thanks!!

[Tigremalo2001]

Other thing is Credit Karma Equifax is 646..Is the credit karma score junk??

[fltireguy]

YES

[Anonymous]

Get A Few Personal Loans And Stay Up Too Date With Them..(no lates) by The Time Their Paid In Full, your Score Will Grow+

[Tigremalo2001]

Thanks so much for all your advice,

[Anonymous]

Hi Guys,

I currently have debt on mty credit report showing deragtory willing to pay off collections, would like help on diputes or letters that you use to have them remove the item when i call the creditor they tell me that they cant remove the item from my report is this true?

[Anonymous]

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@Tigremalo2001 wrote:

The fico score is the real fico score( I am paying $19 a month). The SSL has not reported a payment yet. I have a mortgage(15 years old) and the SSL for installment loans. No credit cards and no auto loans ( paid 2 auto loans one in 2014 and the other 2016) (there are some 30 days late on those auto loans but they have been paid to $0 balance).

Cap One old credit card- I paid off to remove (charge-off) Cap One said that they will remove it, let's wait and see. But I did have a medical collection $140 and the original creditor is removing that collection completely from the report. Last late payment was 5 months ago. I know it takes time--Thanks for all the advice.

It looks like the recent baddies and not having an open credit card and the collection is what is bringing the  score down. 

I had a Toyota dealer that say that they could get me qualified for a loan..I am afraid that they will  have inquiries to multiple banks, so I am noti applying yet.

I did get a Alliant Credit Union savings account. Hopefully, I can get a loan from them..I hear that their rates are phenomenal.

Any advice on getting a used auto loan with a 605 fico score??What can I expect 14% or less??

Thanks!!

---

"Some 30 day lates", doesn't make them less derogatory because they have been paid to a zero balance. They still report late and won't fall off your files for 7 years.

Depending on how many "some 30 day lates" there are, you will not see a significant score increase with other baddies present. Lates are baddies.

[Tigremalo2001]

Thanks..you are right