New Member
toshiba2012
Posts: 5
Registered: ‎09-04-2011
Paid 4 of 6 remaining collections and credit score jumped 42 points. Looking for advice.
[ Edited ]

Hello, I am new to the site.. I have been reading for a year and a half now and decided to put myself out there. I want to first of admit that I have made mistakes with abusing credit cards, even given the circumstances that led to my deafualt, I still wish I had never put myself in that postion...  I believe only a fool makes the same mistakes twice so I will learn from my mistakes.  Here is a little info about me and my history. I am looking for advice on how to better my overall report and possible outcomes based on what I have in my report. I know of GW's and I know i should have paid for delete but i do plan to GW the orginal creditors to take a stab at getting them removed

 

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2005-Age- 19- Applied for capital one credit card and received a limit of 2,000.00 ad a best buy credit card with a limit of 1500.00

 

2006- age 20 had 730 credit from making good payments

 

2007- age 21 i bought a house and obtained 10 more credit cards, Card type/credit limit - home depot $10,000/4 chase credit cards for $10,000 apiece/lowes $1300.00/ citibank-$6,000.00 .. Credit union card- 500.00, bank of America- 500.00 Credit score was around 780 towards the end of the year

 

2009 – Age 23 Defaulted on mortgage became 120 days past due . Mainly  due to co borrowers loss of income and dealing with modification for loan with hardship I had to stop paying on 7 cards(chases/Citibank/homedepot) and focus on the mortgage payment.- Luckily my oldest card with 2,000.00 credit limit i had around a 50 dollar balance and paid right off to maintain it.  My score tanked to 525.  I also had closed a credit union card I had and a bank of America card I had that was paid satisfactory. (Dumb move but still shows up on my credit report to this day 1/3/2013)

 

2010- Age 24 the modification became permanent on my loan. Mid 2010 Home depot deleted themselves off my credit reports (i didnt even ask, they just did it)..  and after a few mortgage payments my score went to 560 .    

 

2012- Age 27 Beginning of the year I settled off three of the cards in collections. Score went t 624.

A judgment was placed on my credit mid 2012 report due to a collection going to court.. Score dropped to 600.

Towards fall of 2012 – my score dropped a few points here and there due to hard inquiries from trying to get a credit card to increase my overall credit limit and utilization. I had a charge off that I had paid right away in 2008 that I did not mention deleted from my credit report and raised my score to 633.

 

Dec 2012, I settled with 2 collection company’s for a total of 4 of the credit cards and the credit score went straight from 633 to 675 with the collections updated to paid collections..

I also settled with the plaintiff that was awarded the case in which the judgment was served against me for the collection. Currently in the process of filing the paperwork to motion to open the case and the plaintiff filled out the withdrawal of judgment from the court with the collection company already filled out the withdrawal form.

 

2013- I just signed up with NFC and got a secured card for 500 to establish a relationship with the company because I plan to do business with them someday and also hoping the card may help my credit but after a little reading the AAoA might get messed up.

 

 All I have left to do for collections is settled two cards with one more collection company.. The two cards are roughly around 12k original debt charged off, 14500 with collections interest and etc.  One of them Chase, and one of them Home depot card. Does anyone know why a creditor would remove themselves from my credit report to begin with? (not that im mad about it :smileyhappy: ) but i am just curious? Does this give me any playing cards when it coems to the collection company reporting this on my credit report and trying to collect if the orginal creditor has removed themselves??

 

Most of my charged off occurred around may-July 2009 and are scheduled to fall off 2016.

My credit snap shot today-

Mortgage- No missed payment since modification

Total credit limit- $3,305.00 consisting of 2,000 capital one, 305.00 best buy, 500.00 capital one , 500.00 NFC Secured.. (Best buy card limit got cut down when score went down in 2009)

Credit using- 3 %

Average age of accounts - 5 years (I am sure this will go down due to the NFC Secured card that I will be receiving soon in the mail.

Oldest Card- 8 Years

My questions are, based on my current credit profit of negative history and credit limit, utilization, average year

 

 When do you think I could see a score of 750-760 again?

 What kind of work besides the most important (being responsible) should I do and do you recommend any more credit cards in the future for the mix?

 

Will removing a judgment have the same effect as the settling of 4 of my collection accounts? (42 point increase) or what amount would you think of?  Not to old of a judgment., so that’s the only good thing I can think of.

 

I am hoping for 720 after judgement removed and other collection is paid or removed. (wonder if i can have it removed due to orgianl creditor not being on)

FYI- in 2012 before I paid collections, I was around 50k in collections now I am only around 14500 and plan to settle the remaining two cards middle of 2013 or end of 2013, Possibly  march if I can negotiate for 25 percent of the original charge off balance (12k.)