topic Re: I need advice on building my credit in Rebuilding Your Credit

I need advice on building my credit

Anonymous — Fri, 15 May 2015 18:26:29 GMT

Any advice is needed!

My credit is rebounding from a medical emergency, a stint of unemployment, a relationship ending badly, and a few bad choices. My credit is improving, I am being approved for things I wouldn't have normally been approved for... but my credit is still not where I need it to be. I have a Credit One Bank card with a 750.00 limit, Merrick Bank with a 1200.00 limit, a Victoria Secret Credit Card with a 350.00 limit, and 2 Capital One credit cards, a Secured Mastercard with a 650.00 limit and a Capital One Quicksilver card with a 600.00 limit. I was also recently approved for a Galley Furniture credit card through Wells Fargo with a 2900.00 limit. I took out a 500.00 loan with my credit union because I thought I needed to diversify my credit a bit and have something other than credit cards reporting on my credit each month. I pulled my credit report and I have one large item, a car that was repossessed 7 years ago come September, and 4 small collections for Medical bills and a utility bill that is not even mine. I sent a validation of the debt letter to the collection agencies, but is there anything else I can do to get my credit better? I am thinking of paying the small items on my credit but I was told it may do more harm than good because they will report for another 7 years after I pay the debts. My goal is to be able to get rid of the Credit One Bank, 1 of the Capital One Cards, and the Merrick Bank cards and get approved for a credit card with a lower interest rate. My utlization rate was low as I paid the Merrick Bank, Credit One and one of the Capital One cards off, I have about 300.00 on the other Capital One that I will be paying off in the next few weeks, but I didn't know when I got the furniture that it was a credit card and not a line of credit, so that is pushing my utlization rate high... the furniture came with 15 months no interest if paid in full... I am unsure if I should let the sleeping dog lie with the car loan because it is so close to the drop off period... can anyone give me any advice. I want to have better credit so I can pay lower insurance rates... I pay so much more even though my driving history is good, I am a good person, I just made a few mistakes. Any advice would be appreciated!

Re: I need advice on building my credit

Anonymous — Fri, 15 May 2015 18:45:42 GMT

I believe there is a risk of paying off those bills if they choose not to update the status as "paid as agreed' or deny your request to pay for delete. What is your current score? But just follow this forum and read from similar experiences as yours. Keep balances below 10% when the statement is cut. Try to keep one balance at 0. Avoid applying for anything for about a year. I would do my best to pay off the furniture cc before the 15 months and do whatever it takes to not pay it after the 15 months. Continue making on time payments and monitor whether your credit score will increase or stay. Other than that, hang in there and keep doing what youre doing. Patience is key!

Re: I need advice on building my credit

Anonymous — Fri, 15 May 2015 19:16:41 GMT

I would call the credit bureaus to see if you can get early exclusion for the repo. You are within the 6 month period. Search "early exclusion" on these boards and you will see how people did it.

If that electric bill isnt yours then you should fight tooth and nail to get it removed.

What are the fall off dates of the medical bills? From reading the boards it seems like a lot of medical bills are easy to PFD.

Keep you cards at 0 blaance except for one under 10%.

Don't be late on anything currently.

Your scores will be in a really different and great place if you're just patient.

Nothing heals credit like time.

Re: I need advice on building my credit

Anonymous — Fri, 15 May 2015 20:04:17 GMT

Per Credit Karma and Credit Sesame it says it 636 TU, in the Credit One Bank it says 601 FICO, in Capital One Credit Tracker it says 606... it gives me a D in credit utlization and Available credit, it gives me a C in new credit because of the Victoria's Secret credit card, I didn't even know I was approved for like 3 months after they invited me to apply... and of course the furniture. I was thinking of applying for the Barclays Reward Mastercard for Fair Credit but I decided to not apply for anything else...

Re: I need advice on building my credit

Anonymous — Fri, 15 May 2015 20:11:36 GMT

I sent the letter to them to validate the debt... I couldnt get TU and Experian reports though the free annual credit report.com website, I just got Equifax and I sent out the letters, I sent the letter to get the credit reports via mail with the address and ID they asked for... like 2 weeks ago and no response.

@Anonymous wrote:
I would call the credit bureaus to see if you can get early exclusion for the repo. You are within the 6 month period. Search "early exclusion" on these boards and you will see how people did it.
If that electric bill isnt yours then you should fight tooth and nail to get it removed.
What are the fall off dates of the medical bills? From reading the boards it seems like a lot of medical bills are easy to PFD.
Keep you cards at 0 blaance except for one under 10%.
Don't be late on anything currently.
Your scores will be in a really different and great place if you're just patient.
Nothing heals credit like time.

Re: I need advice on building my credit

Anonymous — Fri, 15 May 2015 20:14:05 GMT

As the previous commenter mentioned, it just takes time. And you should also look into disputing the utility bill as well. Bizarre that you were on the hook for that incorrectly. For now it just makes sense to strengthen your profile with time and removing the utility bill. If you feel that you cannot get your utilization lower than 10% despite paying it off each month then wait and request for a credit limit increase with one of your current credit cards. This will reduce your utilization percentage, will not do a hard pull inquiry like a new cc would (unless they say they will, to which you can ask how much they can approve without one), and it won't hurt your AAoA like a new cc will

Re: I need advice on building my credit

Anonymous — Fri, 15 May 2015 20:43:37 GMT

I promise that bill is like 120.00... There is a dentist bill for 300.00 that I don't think I owe because I paid everything the Dentist charged, but my insurance did not cover a expensive Xray and they told me I was on the hook for it... and there is a payday loan from a long time ago I know I owe, it is like maybe 200.00. I want to pay them, I hope that if I offer the pay for delete after the debt validation letter it will be successful. That repo should be gone really soon...

Re: I need advice on building my credit

gdale6 — Fri, 15 May 2015 22:05:51 GMT

For unpaid medical debt that is reporting on your CR:

1. Call the OC and ask that they recall the collection in exchange for full payment
2. Send the reporting CA a PFD offer
3. Google the HIPAA Process and contact its creator for help

I would leave the repo alone and just work on getting the early exclusion since its set to drop this year.

Those scores you have posted are the Vantage 3.0 score some lenders use them, the bulk however ue Fico scores and those are the ones that matter.

Re: I need advice on building my credit

Anonymous — Fri, 15 May 2015 22:56:52 GMT

For some reason I can't fully trust CK and CS... thinking about getting the monthy FICO tools advertised on this website to get my FICO score... I will work on that! I apprecate all of the great advice!