topic Re: Just getting started...so I need any advice in Rebuilding Your Credit

Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 14:26:31 GMT

I am trying to rebuild my credit. I have read about other success stories but I can never just get there. Earlier this month I just recently signed up on this website because I wanted to see how my creditors were reporting and how it was affecting my credit score.

At this time my credit scores are: EQ 569 TU 600 EX 595 (just went down today from 603 8pts...due to my mortgage was paid off)

When looking at my credit report I am showing I have:

2 collection accounts w/Speedy Cash (500.00 & 657.00)

CA w/GE Capital Retail Bank 630.00

CA w/Cap One CC 750.00

I sold my house last month so I am not sure if this will have a negative impact on my credit score.

August of last year I started my journey into repairing my credit and boosting up my credit score but to no avail it didn’t do much. I paid in full 1 medical bill which they company deleted it from all 3 credit bureaus, Comcast (through a CA) I paid in full but they are still reporting on my credit report I asked them to take it off and they told me they couldn't I would have to Comcast directly and see if they would delete it, and TXU energy paid in full to TXU directly but they wasn't taking it off.

Any advice will help me greatly on how I can boost my credit score up and help me get some of the collection accounts off my credit report.

Re: Just getting started...so I need any advice

ezdriver — Tue, 12 May 2015 14:34:04 GMT

How many active tradelines do you have ... other than your mortgage which is going away?

You need three or more ... with positive payment histroy for 12 or more months before you will see substantial improvements. Also, I discourage people from fixating on scores. instead, I encourage people to focus on building a robust credit profile and work it for 12 or more months ... patiently. Remember that scores are the results of a good credit profile. You cannot really improve you credit profile by trying to manipulate scores.

Have you pulled your three credit reports from annualcreditreport.com? If not, then do so and fix what you can on it until you can do no more. At the same time, get a few tradelines working for you.

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 14:47:01 GMT

Thanks ezdriver....

Excuse me for my ignorance since I am new at this but what is tradelines?? If I think you are speaking of revolving credit. I am financing a car which I will be through paying off by the end of the year. I have a first premier cc I am paying monthly which only has a 250.00 cl. I have had this card for almost 10 years. That's about it.

I have pulled all 3 off my credit reports by pulling them I had a Chase CC which was in CA and I made a settlement with them and paid it off.

What type of tradelines should I get?

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 14:51:07 GMT

Excellent advice there from Ezdriver. Also that Cap One CC - is Cap One reporting that as a charge off with a balance?

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 14:54:06 GMT

@Anonymous wrote:
Thanks ezdriver....

Excuse me for my ignorance since I am new at this but what is tradelines?? If I think you are speaking of revolving credit. I am financing a car which I will be through paying off by the end of the year. I have a first premier cc I am paying monthly which only has a 250.00 cl. I have had this card for almost 10 years. That's about it.

I have pulled all 3 off my credit reports by pulling them I had a Chase CC which was in CA and I made a settlement with them and paid it off.

What type of tradelines should I get?

Yes, he is referring to CC accounts. For best scoring you need to have three CC accounts active. I would suggest apping for a Capital One card, secured if you get turned down for unsecured.

Are you carrying a balance of your FP card?

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 15:06:57 GMT

Yes

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 15:08:35 GMT

Yes I am carrying a 125.00 balance but I have excellent payment history with them.

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 15:22:23 GMT

Get that balance below $25 and you'll see a score increase.

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 15:27:45 GMT

Ok...thanks NormanFH

Also what are good CC for me to start off with to increase my tradelines?

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 15:30:10 GMT

@Anonymous wrote:
Yes

Yes the Cap One charge off is reporting a balance? How old is this charge off?

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 15:42:52 GMT

I don't know the exact date but it was in 2013

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 15:43:14 GMT

But maybe 2014

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 15:48:53 GMT

Yeah, you're probably going to need to settle that so its quits killing your UTI%. Just getting it to report a zero balance will help your score tremendously. I would suggest making that your first priority.

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 15:50:09 GMT

Welcome to the boards! Everyone is already giving you really great advice to build a strong credit portfolio.

I just wanted to encourage you to be patient. It could be really difficult because some days just feel hopeless. Some days you're gonna feel like you're never gonna hit your goal score or get that credit card you really want. I encourage you to be patient. The best tool for fixing credit is time. Time heals a lot. So, allow the time to pass while you work to send out goodwill letters for the accounts you have already paid and send PFD letters for the accounts that are still in collections.

After reading A LOT of discussion on here I have learned the secret sauce is:

1. GW paid collections to have them removed

2. PFD for the accounts that are still in collections

3. Get 3 bank credit cards

4. Get an installment loan (home, student, auto, or private loan)

5. Pay all cards in full every month except for 1 card - keep that card at >9%

6. Never ever ever be late with your credit card payments

if you do these things for 12 months, you will see improvement. But be patient and don't give up...the ONLY thing keeping you from your goal score or your goal card is if you stop trying.

The patient ones win this game

Good luck!

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 15:55:56 GMT

I thought about that also I recevied a letter from them last month wanting to settle but their settlement was only 200.00 less the balance I owe (1252.00). The balance is with Portfolio Recovery. I am going to give them a call when I have the exact amount on which I am comfortable on settling with them.

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 15:57:44 GMT

Thanks CoffeeandLipstick for your advice.

Re: Just getting started...so I need any advice

Anonymous — Tue, 12 May 2015 16:02:08 GMT

@Anonymous wrote:
I thought about that also I recevied a letter from them last month wanting to settle but their settlement was only 200.00 less the balance I owe (1252.00). The balance is with Portfolio Recovery. I am going to give them a call when I have the exact amount on which I am comfortable on settling with them.

Yeah, with it being so fresh they are not going to want to discount it much. If PR is not reporting it yet, it would be in your best interest to accept their offer with the agreement to not report it as a collection. If they ARE reporting it, then the damage is done, I would offer to PIF only for deletion of the collection.