topic Re: Trying to Clean Up My Credit Please Help in General Credit Topics

Trying to Clean Up My Credit Please Help

Anonymous — Mon, 29 Jun 2020 17:14:02 GMT

Hello Fellow Members:

I just needed some help with my credit reports, i been reading alot of helpful information on these forums and is my first time posting so bare with me please and thank you, my credit scores are (Fico) Experian 629 Equifax 595 Transunion 640

Baddies:

1st progress:

47 charge offs

Balance $84 credit limit $300

date opened sept 26 2013

last updated sept 1 2015

Capital One:

47 charge offs

balance $2,951 credit limit $3,300

date opened june 25 2014

last updated feb 1 2016

Merrick Bank:

48 charge offs

balance $0 credit limit $550

date opened dec 24 2014

last updated july 1 2019

status: paid, was a charge off

My question is can these accounts have so many charge offs and are they hurting my credit every month?

my accounts in good standing are these,

Capital bank:

balance $0 credit limit $500

no late payments

date opened july 28 2017

Capital One:

balance $0 credit limit $500

no late payments

date opened july 12 2019

Td bank secured cc:

balance $0 credit limit $500

no late payments

date opened may 17 2017

Auto Loan:

no late payments

Thats everything, i would appreciate any help i get i am trying to buy a house next september so i am really trying to fix everything on my report thank you guys for any help.

Re: Trying to Clean Up My Credit Please Help

Anonymous — Mon, 29 Jun 2020 18:56:57 GMT

It doesn't appear that your baddies are currently updating. Have you offered a pay for deletion to the charge offs? Merrick is PIF and it is extremely hard to get them to remove late payments.

Re: Trying to Clean Up My Credit Please Help

M_Smart007 — Mon, 29 Jun 2020 19:11:04 GMT

Hi @Anonymous and Welcome to myFICO forums!

+1 on the "Paid for Deletions"

The Saturation Technique:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/m-p/4727098

@Anonymous, Might chime in?

Re: Trying to Clean Up My Credit Please Help

Anonymous — Mon, 29 Jun 2020 19:20:31 GMT

@Anonymous wrote:
Hello Fellow Members:

I just needed some help with my credit reports, i been reading alot of helpful information on these forums and is my first time posting so bare with me please and thank you, my credit scores are (Fico) Experian 629 Equifax 595 Transunion 640

Baddies:

1st progress:
47 charge offs
Balance $84 credit limit $300
date opened sept 26 2013
last updated sept 1 2015

Capital One:
47 charge offs
balance $2,951 credit limit $3,300
date opened june 25 2014
last updated feb 1 2016

Merrick Bank:
48 charge offs
balance $0 credit limit $550
date opened dec 24 2014
last updated july 1 2019
status: paid, was a charge off

My question is can these accounts have so many charge offs and are they hurting my credit every month?

my accounts in good standing are these,

Capital bank:
balance $0 credit limit $500
no late payments
date opened july 28 2017

Capital One:
balance $0 credit limit $500
no late payments
date opened july 12 2019

Td bank secured cc:
balance $0 credit limit $500
no late payments
date opened may 17 2017

Auto Loan:
no late payments

Thats everything, i would appreciate any help i get i am trying to buy a house next september so i am really trying to fix everything on my report thank you guys for any help.

@Anonymous first off you don't have 47 chargeoffs. You have 3. Once an account is charged off, that's it.

However since that's the current status they are allowed to continue to report that as long as that is the status. So they can continue to place that in the payment history grid each month, but that does not consist of a separate or additional charge off.

Second you have to pay those two unpaid charge-offs (if you want a mortgage) and the sooner you do so, the better, first progress and capital one.

As for the paid chargeoff, Merrick, that's where you need to use the goodwill saturation technique.

As for first progress and capital one, they're not really known for PFDs, but that doesn't mean that it hurts to ask. And there's nothing else after paid, you can put the Goodwill saturation technique to use on them as well.

Either way, the sooner you pay those unpaid chargeoffs, the better your score will recover and put you in a place for your upcoming mortgage.

Re: Trying to Clean Up My Credit Please Help

Remedios — Mon, 29 Jun 2020 19:23:40 GMT

@Anonymous wrote:
Hello Fellow Members:

I just needed some help with my credit reports, i been reading alot of helpful information on these forums and is my first time posting so bare with me please and thank you, my credit scores are (Fico) Experian 629 Equifax 595 Transunion 640

Baddies:

1st progress:
47 charge offs
Balance $84 credit limit $300
date opened sept 26 2013
last updated sept 1 2015

Capital One:
47 charge offs
balance $2,951 credit limit $3,300
date opened june 25 2014
last updated feb 1 2016

Merrick Bank:
48 charge offs
balance $0 credit limit $550
date opened dec 24 2014
last updated july 1 2019
status: paid, was a charge off

My question is can these accounts have so many charge offs and are they hurting my credit every month?

my accounts in good standing are these,

Capital bank:
balance $0 credit limit $500
no late payments
date opened july 28 2017

Capital One:
balance $0 credit limit $500
no late payments
date opened july 12 2019

Td bank secured cc:
balance $0 credit limit $500
no late payments
date opened may 17 2017

Auto Loan:
no late payments

Thats everything, i would appreciate any help i get i am trying to buy a house next september so i am really trying to fix everything on my report thank you guys for any help.

You dont have 47 charge offs.

It's simply annotated as such, in a field that corresponds to the month in which reporting was done.

You cannot request CO be PFD. It wont happen.

That practice is reserved for collection accounts, not accounts by original lenders. Those are in for a seven year ride.

They are not reporting, but they are the reason your scores are where they are right now. COs are a severe derog, especially unpaid ones, because even if they are not reporting, they are counting towards utilization calculations.

Your total limits are $1500.00, but your COs are around $3600.00. That's what hurts the most.

Re: Trying to Clean Up My Credit Please Help

Anonymous — Mon, 29 Jun 2020 19:37:46 GMT

Hi thank you for the reply they are updating every month on Equifax and TransUnion but not Experian and no I haven't done any PIF yet.

Re: Trying to Clean Up My Credit Please Help

Anonymous — Mon, 29 Jun 2020 19:38:34 GMT

Thank you for the reply I will check it out.

Re: Trying to Clean Up My Credit Please Help

Anonymous — Mon, 29 Jun 2020 19:39:51 GMT

Thank you yea I will definitely get started on paying all of them off this month.

Re: Trying to Clean Up My Credit Please Help

Remedios — Mon, 29 Jun 2020 19:54:26 GMT

Before you do, from scoring perspective, it makes no difference if you settle or pay them in full.

Given their age, I'd attempt to settle for less.

If you are looking to buy a house, don't do anything before running it by the loan officer, if you have one.

When you pay it, on CRAs where is updating, there shouldn't be much in terms of score change.

Expect a dip on one that's not reporting, but once your balance is $0.00, your scores can go through gradual recovery, albeit a partial one.

Also, Capital One will report twice if you settle. Once with the settlement amount, then following update will reflect $0.00 owed.

Good luck!

Re: Trying to Clean Up My Credit Please Help

Anonymous — Mon, 29 Jun 2020 20:11:25 GMT

This might be aged, but we’ve got this in the records:

PFDs can be done with OCs or CAs:

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Help-with-small-charge-off/m-p/5734068/highl...

Re: Trying to Clean Up My Credit Please Help

Remedios — Mon, 29 Jun 2020 20:13:44 GMT

🤦‍♀️

Re: Trying to Clean Up My Credit Please Help

Anonymous — Mon, 29 Jun 2020 20:18:14 GMT

😉😘😁

Re: Trying to Clean Up My Credit Please Help

Remedios — Mon, 29 Jun 2020 20:42:20 GMT

Capital One will not remove a CO.

Removal will be performed by CRA when that time comes.

There is no amount of "cannot hurt to try" that's going to change that.

While everyone is free to try, it leads to waste of time if house is the end game because scores need time to recover.

They have on occasion removed a late or two, but ever since there was a rush on their EQ with similar requests, it's much harder to do.

Re: Trying to Clean Up My Credit Please Help

Anonymous — Mon, 29 Jun 2020 21:02:08 GMT

That’s why I say the quicker they are paid the better because the scores will stop being suppressed.

Edit: What about first progress?

Re: Trying to Clean Up My Credit Please Help

Remedios — Mon, 29 Jun 2020 21:12:52 GMT

No clue, they are very sketchy.

I doubt that they would, but cannot state that with any level of certainty.

Re: Trying to Clean Up My Credit Please Help

Anonymous — Tue, 30 Jun 2020 00:14:39 GMT

@Remedios wrote:

You cannot request CO be PFD. It wont happen.
That practice is reserved for collection accounts, not accounts by original lenders. Those are in for a seven year ride.

I have had entire accounts removed from my CR by the original creditors. Most were CO and one was an account in good standing. It can and does happen.

Re: Trying to Clean Up My Credit Please Help

Anonymous — Tue, 30 Jun 2020 00:16:23 GMT

@Anonymous wrote:
Hi thank you for the reply they are updating every month on Equifax and TransUnion but not Experian and no I haven't done any PIF yet.

Is Merrick PIF?

Re: Trying to Clean Up My Credit Please Help

Remedios — Tue, 30 Jun 2020 00:38:08 GMT

@Anonymous wrote:
@Remedios wrote:

You cannot request CO be PFD. It wont happen.
That practice is reserved for collection accounts, not accounts by original lenders. Those are in for a seven year ride.

I have had entire accounts removed from my CR by the original creditors. Most were CO and one was an account in good standing. It can and does happen.

Sure, but if I remember correctly, and I do, those "methods" cannot be discussed here, for obvious reasons, so we arent going to.