topic advice what to do next? in General Credit Topics

advice what to do next?

Anonymous — Tue, 22 Apr 2008 00:02:30 GMT

I need some advice as to what I can try next to improve my score.

My scores are as follows EQ 540(this one just dropped TU 512 EX 595

This is what my reports look like

Charged off (paid) BP to be removed 2009

Cap 1 Charge off comes off next month

Paid and closed auto loan was 60 days in 9/2005

Charged off CC (paid) remains until 2011

Paid and closed mortgage 30 days 2004

CC transferred/charged off purchased by another lender DOFD 11/2002

Paid and closed cc...never late reported in 2000

charged off cc comes off 2008

cc....paid, closed, never late reported in 1998

cc closed never late reported in 2008 but closed in 2005

dept store, closed, never late 2007

cc, open, limit $400.00 balance $37.00

installment closed never late reported in 2005

Auto loan paid closed never late 2000

revolving acct 1000.00 limit balance 463.00

I have only 3 open accts. Is this hurting me? 2 revolvings and 1 installment

I also have a lot of medical collections. I know these are killing me. I am trying to work with OC or will PFD with CA if necessary.

I am also GWing everyone I can. Just received my third no from First Premiere today.

Just wondering if anyone has any other suggestions. Sorry it was so long

Re: advice what to do next?

llecs — Tue, 22 Apr 2008 00:23:08 GMT

Adding anything new won't help your score, but it may actually hurt it.

Pay all CC utilization under 10%.

Focus on repair.

Re: advice what to do next?

Anonymous — Tue, 22 Apr 2008 00:28:55 GMT

You say focus on repair. Like what? I am sending GW's and trying to pay collections. Anything else?

Appreciate the response!

Re: advice what to do next?

llecs — Tue, 22 Apr 2008 00:50:53 GMT

Per repair I would do this:

I would send GWs over and over and over again every 20-30 days or so and up to 5 per paid OC or paid CA. I would also vary the addresses, letters and contact info, if possible.

I would also save up for every CO OC and offer a PFD for 100% of the balance due.

If you have any unpaid CAs (outside of medical), I would save up and would send a DV to each one. If they validate, then I would offer a PFD for 100% due.

If you have paid CAs, then send a DV and then GW them if the DV didn't work.

Medical CAs, treat like regular CAs. Just be mindful that they must adhere to HIPAA. They are less likely to be sold to a CA. It is easier to work with a medical office to get those deleted.

Finally, be mindful of SOL. If within, they are more likely to sue. Inside or outside of SOL, you will get an increased amount of collection activity. Heads up.

Re: advice what to do next?

Anonymous — Tue, 22 Apr 2008 00:57:09 GMT

Thanks llecs. All of the charge off accts are already paid except one which will come off next month. I will keep trying the GW's. I have 3 medicals that are out of SOL. I just sent DV so hopefully some good will come with that. The other medicals I have are in SOL, small amounts so hopefully OC will work with me. Waiting on response from first letter sent to OC. Appreciate your help.

Re: advice what to do next?

Anonymous — Tue, 22 Apr 2008 01:10:39 GMT

You actually might find getting another couple revolving accounts to be beneficial, in the long run.

You have quite a bit of negative credit history there. Credit scoring operates substantially on inertia...the more "mass" there is pulling down, the more "mass" you need pulling up to counteract it.

Re: advice what to do next?

Anonymous — Tue, 22 Apr 2008 02:40:10 GMT

I too thought maybe I need some new accts to show some positive history. I am undecided what to do. When I input the fico simulator it show either a 10 point drop to a 20 point gain. Sooo I don't know what I want to do.