topic Re: My Credit! in General Credit Topics

My Credit!

Anonymous — Wed, 05 Sep 2018 22:40:20 GMT

me and my wife are in the midst of saving up to buy a house within the next 3-5 years.

with that time frame i want to bring my credit up as far as possible along with hers.

i have 3 current derrogatory marks on my credit that I can see which 2 are medical.

by paying them off do they go off my credit report and my score go up?

I have more questions but please tell me what other info i need to let be known.

Re: My Credit!

Pikaboo-icu — Wed, 05 Sep 2018 22:52:17 GMT

Welcome to My Fico.

Paying a collection doesn't remove them from your report but a paid collection is better than one unpaid.

You should contact each owner of the accounts and offer a PFD/pay for delete.

If they accept, they will remove them after you pay. If they refuse, I would pay anyway, perhaps settle for a lesser amount and send good will letters asking for removal.

The collections will be deleted 7 years after the date of first delinquency (paid or not) usually but must be removed by 7 yrs + 180 days.

Do you have any positive tradelines? Cards, loans etc??

Good Luck to you..

Re: My Credit!

Anonymous — Wed, 05 Sep 2018 22:55:32 GMT

I have a loan that will be paid off in the next few months (early)

also a Car loan that will be paid off early by the end of the year.

i have 2 capitol one cards that I put like netflix or a bill on it that does go over 30% and then i pay it all off on the due date.

When I contact them and if they do agree to a pay for delete do i need to have it in writing or just accept their word?

Re: My Credit!

Pikaboo-icu — Wed, 05 Sep 2018 23:09:03 GMT

Having the loans is a good thing, especially if they are mostly paid off.

It's best to get it in writing, yes. There are some rotten CA's out there that will say anything to collect.

It depends on who has the accounts- some have a good reputation for deleting if they agreed to it.

If you can keep your cap one cards under 9% it will help your score or try paying prior to the statement cutting.

Perhaps the shared secured loan gurus will pop in- CreditGuyInDixie has great info on that.

Getting the baddies off is #1 priority as that will up your score in a big way.

3-5 years is plenty of time to fix yourself up quite nicely..

Lastly, if you haven't pulled your reports do so here for free once per year. annualcreditreport.com

Re: My Credit!

Anonymous — Wed, 05 Sep 2018 23:18:01 GMT

Oh ok! thanks. So I shouldnt put more than 9% of my actual credit line on my card? I always heard 30%.

I should probably contact these debt collectors by email correct?

I shouldnt have a issue paying them now as this all happened when i was unemployed.

Re: My Credit!

Anonymous — Thu, 06 Sep 2018 02:49:51 GMT

@Anonymous wrote:
Oh ok! thanks. So I shouldnt put more than 9% of my actual credit line on my card? I always heard 30%.

For optimum FICO scoring, your total UTI across all cards should be no greater than 8.9% but not zero. You can have up to 28.9% UTI on a card with no major scoring penalties.

Re: My Credit!

HeavenOhio — Thu, 06 Sep 2018 03:48:55 GMT

Under 30% (which is actually 28.9%) is considered to be "responsible" borrowing. It generally puts you in the second best scoring tier for utilization. 8.9% optimizes the utilization portion of your score. You may want to do that from time to time. But for the most part, 28.9% is fine, and lenders will be happy.

Re: My Credit!

Anonymous — Sat, 15 Sep 2018 02:53:00 GMT

Another question I have.

My credit just shot up some more and I’m excited. I currently have 2 capitol one secured cards and I am finishing up my loan and car loan soon. Should I get another credit card? If so which one? Other ways I can keep my credit increasing?

Re: My Credit!

Anonymous — Sat, 15 Sep 2018 04:21:24 GMT

@Anonymous wrote:
Another question I have.

My credit just shot up some more and I’m excited. I currently have 2 capitol one secured cards and I am finishing up my loan and car loan soon. Should I get another credit card? If so which one? Other ways I can keep my credit increasing?

I would try a few sites to see if you are prequalified for anything. It is only a soft pull so no need to worrry about it dropping your score. Get a card that you will use, not one that you can get. I would try Discover first if it was my choice.

Re: My Credit!

Anonymous — Sat, 15 Sep 2018 05:28:59 GMT

Which one would be best? Some of the terminology has me confused most of the time. Don’t wanna sign up for a card that idk how to use.

Re: My Credit!

Brian_Earl_Spilner — Sat, 15 Sep 2018 05:41:33 GMT

@Anonymous wrote:
Which one would be best? Some of the terminology has me confused most of the time. Don’t wanna sign up for a card that idk how to use.

This site is gonna drive you nuts then. 😂😂😂 There's a thread explaining all the terms used on the forum. Can't remember where it's at though. I'm sure someone will link it.

Re: My Credit!

Anonymous — Mon, 17 Sep 2018 22:33:53 GMT

I looked into the Discover Secured Card it seems pretty straight forward and I understand it. Im just wondering if I should continue down the path of secured cards or should I dabble into regular credit cards.