topic Re: Credit Scores in the Mid/High 400's - What Should I Do in Rebuilding Your Credit

Credit Scores in the Mid/High 400's - What Should I Do

Anonymous — Tue, 29 Apr 2014 05:47:22 GMT

Experian - 466

Equifax - 480

TransUnion - 462

I have 2 separate student loans that are currently deferred. I have 3 items that went to collections 1. Sprint (Currently Unpaid) 2. TCF Bank (Paid but remains on my credit

report) and 3. Verizon (Currently Unpaid) and 1 iten - Capital One that was charged off. I'm trying to figure out where to start to repair my credit. I know this won't be a easy

fix but I'm asking for help or just good advice on steps to take to get my score in the 650 to 720 range. Anyone?

Re: Credit Scores in the Mid/High 400's - What Should I Do

Anonymous — Tue, 29 Apr 2014 13:25:12 GMT

I am going to assume you generally already have some financial footing. Getting a job / sound budget is always step one.

First dispute the TCF Bank charge. They may remove it may not, but its free and places care a lot less about responding to disputes if you no longer owe them money.

Next I would see if you can do Paid for Deletes with Verizon and Sprint (google around to find step by step instructions).

Capital One you have two options. They will not do a paid for delete. So either you sit and wait for it to fall off in 7 years and risk getting sued in those seven years. Or you pay them. (Which will not help your credit score at all. It will actually probably drop it more depending on the age of charge off).

Finally open two secured credit cards. You are going to be looking at bottom barrel horrible fee cards, but thats OK. Its part of rebuilding. Look into OpenSky and Applied Bank. Again they are terrible fee ridden cards. But with scores below 500 and already burned bridges with Cap One your options are limited.

Also please know its going to take about 2 years to get up to your goal score.

I started in December 2012 with a score of 404. I am not up to mid 500's (With high UTI that I can pay off anytime so realistically probably closing in on 600). So it can be done.

Re: Credit Scores in the Mid/High 400's - What Should I Do

denver133 — Tue, 29 Apr 2014 14:47:47 GMT

Try US bank for your secured card as well. It will graduate and the fees are minimal. I got mine with a 433 score.

PFD those two debts that are still unpaid.

As for Cap1, call their Corporate office and pay it. Again they wont delete but your score will go up by not having past due balances.

Re: Credit Scores in the Mid/High 400's - What Should I Do

Anonymous — Tue, 29 Apr 2014 18:32:07 GMT

Incorrect information. Paying off an old charge off will actually lower your credit score and increase the amount of time it will appear on your credit.

http://www.creditsesame.com/free-credit-score/improve-your-credit-score/

Yes I know that does not make sense in a sane world.

Re: Credit Scores in the Mid/High 400's - What Should I Do

ktl72455 — Tue, 29 Apr 2014 22:25:34 GMT

Capital one normally will show CL and amount Due for the Charge Off which is counted in your utilization numbers and will keep your score low. Pay it off and your score will increase when they change the balance due to zero.

Edited to input I had 2 capital one charge off's. CL also mean credit limit.

Re: Credit Scores in the Mid/High 400's - What Should I Do

ThetoriParadox — Tue, 29 Apr 2014 22:24:35 GMT

It wont increase the time on your report. It can only stay on 7.5 years from DOFD paid or unpaid.