topic Re: Rebuilding Log (Help Needed!) in Rebuilding Your Credit

Rebuilding Log (Help Needed!)

ladyjaye82 — Wed, 30 Dec 2015 18:46:13 GMT

So I just did a pull from the Credit Check Total that I've seen everyone mention and here's what I'm looking at:

Experian: 570

TransUnion: 606

Equifax: 569

Now obviously the two things I know that are really bad are the collections and the recently late payment.

On EX and TU they're both reporting 7 collection accounts buth 4 of those are paid and closed just not deleted. I managed to get them deleted from EQ.

The recently late payment is on a mortgage that I hold jointly with my ex-husband. He retained the property in the divorce and has 12 months from the date of our agreement to refinance or sell. He paid late in November and December but he is current and I'm praying that he will pay January timely. Unfortunately I know there's ZERO I can do about it because the CRAs don't care about the divorce agreement. I spoke with my ex and I'm hoping that we can work something out that if he thinks he's going to be late on a payment to contact me so I can help him cover it to ensure neither of our credits taken any further hits.

From this information can anyone provide me with any direction on what to do or how to proceed? If I need to give y'all more information I'm willing to do it. Once my name is off the joint mortgage I'm hoping to buy my own place next year and I want to get my score up to 650 or even 700 if at all possible.

Thoughts? Help. Please!

Re: Rebuilding Log (Help Needed!)

Anonymous — Wed, 30 Dec 2015 20:05:37 GMT

@mrs50cal wrote:
So I just did a pull from the Credit Check Total that I've seen everyone mention and here's what I'm looking at:

Experian: 570

TransUnion: 606

Equifax: 569

Now obviously the two things I know that are really bad are the collections and the recently late payment.

On EX and TU they're both reporting 7 collection accounts buth 4 of those are paid and closed just not deleted. I managed to get them deleted from EQ.

The recently late payment is on a mortgage that I hold jointly with my ex-husband. He retained the property in the divorce and has 12 months from the date of our agreement to refinance or sell. He paid late in November and December but he is current and I'm praying that he will pay January timely. Unfortunately I know there's ZERO I can do about it because the CRAs don't care about the divorce agreement. I spoke with my ex and I'm hoping that we can work something out that if he thinks he's going to be late on a payment to contact me so I can help him cover it to ensure neither of our credits taken any further hits.

From this information can anyone provide me with any direction on what to do or how to proceed? If I need to give y'all more information I'm willing to do it. Once my name is off the joint mortgage I'm hoping to buy my own place next year and I want to get my score up to 650 or even 700 if at all possible.

Thoughts? Help. Please!

Unless you can get those lates removed, don't anticipate getting a mortgage before Jan/2017. Lenders are going to want to see at LEAST one year of perfect payments. If they are just 30 day lates, they are minor derogs - they pull your scores way down at first but after 24 months they have very little score effect. Are there any charged off revolving accounts?

Getting your revolving balances down below 10% will get you some points. What is your individual UTI on each revolving account?

Re: Rebuilding Log (Help Needed!)

ladyjaye82 — Wed, 30 Dec 2015 20:18:25 GMT

Thanks for the answer. I can't imagine that I could get the CRAs to remove the lates on the mortgage. I've seen where other people say it's virtually impossible. I guess it can't hurt to send letters to each along with a copy of my decree and settlment agreement to show that I'm not financially responsible.

Card Name	Card Balance	Card Limit	Usage
Best Buy Visa	$ 378.76	$ 400.00	95%
Best Buy Store	$ -	$ 1,000.00	0%
Cabela's Visa	$ 1,502.09	$ 1,500.00	100%
Capital One	$ 2,181.63	$ 3,300.00	66%
NY&Co.	$ 159.89	$ 750.00	21%
Goodyear	$ 84.92	$ 1,050.00	8%
Belk	$ -	$ 900.00	0%
Care Credit	$ 330.00	$ 1,000.00	33%
JCP	$ -	$ 600.00	0%
Walmart	$ -	$ 900.00	0%
Torrid	$ -	$ 500.00	0%
Lane Bryant	$ -	$ 100.00	0%
Avenue	$ -	$ 250.00	0%

Several of those accounts I don't even have the cards for anymore as they were opened years ago. Now I know that the utilization on the Cabela's and Best Buy Visa are really bad. Should I focus on paying them down first because of the high utilization or the Cap1 card because it has higher interest?

Re: Rebuilding Log (Help Needed!)

Anonymous — Wed, 30 Dec 2015 20:27:39 GMT

@mrs50cal wrote:
Thanks for the answer. I can't imagine that I could get the CRAs to remove the lates on the mortgage. I've seen where other people say it's virtually impossible. I guess it can't hurt to send letters to each along with a copy of my decree and settlment agreement to show that I'm not financially responsible.

Card Name Card Balance Card Limit Usage
Best Buy Visa $         378.76 $     400.00 95%
Best Buy Store $                   -   $ 1,000.00 0%
Cabela's Visa $     1,502.09 $ 1,500.00 100%
Capital One $     2,181.63 $ 3,300.00 66%
NY&Co. $         159.89 $     750.00 21%
Goodyear $           84.92 $ 1,050.00 8%
Belk $                   -   $     900.00 0%
Care Credit $         330.00 $ 1,000.00 33%
JCP $                   -   $     600.00 0%
Walmart $                   -   $     900.00 0%
Torrid $                   -   $     500.00 0%
Lane Bryant $                   -   $     100.00 0%
Avenue $                   -   $     250.00
0%

Several of those accounts I don't even have the cards for anymore as they were opened years ago. Now I know that the utilization on the Cabela's and Best Buy Visa are really bad. Should I focus on paying them down first because of the high utilization or the Cap1 card because it has higher interest?

Yes, pay those first. Multiple maxed out card are a huge FICO red flag. If you can, pay off the Goodyear, and NY&Co completely, and get the BB Visa, The Cap One and The Cabela's to under 30% each. Do that and you could see a 30-50 point jump in your scores. When was the last CLI from Cap One?

Re: Rebuilding Log (Help Needed!)

elim — Wed, 30 Dec 2015 20:44:23 GMT

you guys might start getting the property ready for sale. with the lates, hubby may not get the refi.

Re: Rebuilding Log (Help Needed!)

ladyjaye82 — Wed, 30 Dec 2015 20:44:57 GMT

Cap1 increased me in May. It really shocked me with the CLI. I had a $300 CL for 4 years and then one morning I woke up and it had been increased to $3300 with zero request on my part. Which, of course, I promptly went out and used. Fail.

Based on your recommendation I will change the budget that I have set up. I was set to make a $700 payment to Cap1 when I get paid next week. I can allocate that differently to pay off Goodyear $84.92, NY&Co $59.89 (I paid $100 on it on 12/24) and Best Buy $385.51 and then allocate the rest to the Cabela's Card.

Re: Rebuilding Log (Help Needed!)

ladyjaye82 — Wed, 30 Dec 2015 20:49:37 GMT

@elim wrote:
you guys might start getting the property ready for sale. with the lates, hubby may not get the refi.

Yeah, I'm very concerned about this as well. The problem is their are major repairs needed to the house and if he can't manage to pay the bills on time then I can't imagine he has the resources to get these issues fixed. I did call Wells Fargo and they said if he can get his credit up to 600 then he could assume the loan. I just have no idea what his current score is.

My biggest fear is that he will initiate a short sale and that I'll still be stuck having a partial mortgage on my record. This is a situation that I literally have no idea what to do with it.

Re: Rebuilding Log (Help Needed!)

Anonymous — Wed, 30 Dec 2015 21:00:32 GMT

In regards to your mortgage, you or your husband should contact your bank and look into an assumption. This would essentially give your husband the home without refinancing/changing rates/terms - and is typically cheaper, as well.

-previously worked with assumptions with WFHM

Re: Rebuilding Log (Help Needed!)

ladyjaye82 — Wed, 30 Dec 2015 21:02:27 GMT

@stephayersman wrote:
In regards to your mortgage, you or your husband should contact your bank and look into an assumption. This would essentially give your husband the home without refinancing/changing rates/terms - and is typically cheaper, as well.

-previously worked with assumptions with WFHM

Yeah, I called them about that two weeks ago when I first found out about the late payments. Unfortunately he has to have a credit score of at least 600 in order to do it. My big fear is that he's probably sitting inthe 400s and doesn't have the drive to really work to make it go up.

Re: Rebuilding Log (Help Needed!)

Anonymous — Thu, 31 Dec 2015 08:05:28 GMT

@mrs50cal wrote:
Cap1 increased me in May. It really shocked me with the CLI. I had a $300 CL for 4 years and then one morning I woke up and it had been increased to $3300 with zero request on my part. Which, of course, I promptly went out and used. Fail.

Based on your recommendation I will change the budget that I have set up. I was set to make a $700 payment to Cap1 when I get paid next week. I can allocate that differently to pay off Goodyear $84.92, NY&Co $59.89 (I paid $100 on it on 12/24) and Best Buy $385.51 and then allocate the rest to the Cabela's Card.

Go online and log into your account. Under Account services there is a link for requesting a CLI. Its been more than 6 months so the account will be eligible.

Re: Rebuilding Log (Help Needed!)

ladyjaye82 — Thu, 31 Dec 2015 13:07:44 GMT

@Anonymous wrote:
@mrs50cal wrote:
Cap1 increased me in May. It really shocked me with the CLI. I had a $300 CL for 4 years and then one morning I woke up and it had been increased to $3300 with zero request on my part. Which, of course, I promptly went out and used. Fail.

Based on your recommendation I will change the budget that I have set up. I was set to make a $700 payment to Cap1 when I get paid next week. I can allocate that differently to pay off Goodyear $84.92, NY&Co $59.89 (I paid $100 on it on 12/24) and Best Buy $385.51 and then allocate the rest to the Cabela's Card.
Go online and log into your account. Under Account services there is a link for requesting a CLI. Its been more than 6 months so the account will be eligible.

Even with my current scores so low? And if asked for a specific amount of increase what should I ask for?

Re: Rebuilding Log (Help Needed!)

Anonymous — Thu, 31 Dec 2015 15:34:17 GMT

@mrs50cal wrote:
@Anonymous wrote:
@mrs50cal wrote:
Cap1 increased me in May. It really shocked me with the CLI. I had a $300 CL for 4 years and then one morning I woke up and it had been increased to $3300 with zero request on my part. Which, of course, I promptly went out and used. Fail.

Based on your recommendation I will change the budget that I have set up. I was set to make a $700 payment to Cap1 when I get paid next week. I can allocate that differently to pay off Goodyear $84.92, NY&Co $59.89 (I paid $100 on it on 12/24) and Best Buy $385.51 and then allocate the rest to the Cabela's Card.
Go online and log into your account. Under Account services there is a link for requesting a CLI. Its been more than 6 months so the account will be eligible.
Even with my current scores so low? And if asked for a specific amount of increase what should I ask for?

Yes. Captial 1 CLIs are only soft pulls, so it won't hurt your credit. And with Capital 1 there is no option to ask for an amount.

Re: Rebuilding Log (Help Needed!)

ladyjaye82 — Thu, 31 Dec 2015 15:49:32 GMT

@Anonymous wrote:
@mrs50cal wrote:
@Anonymous wrote:
@mrs50cal wrote:
Cap1 increased me in May. It really shocked me with the CLI. I had a $300 CL for 4 years and then one morning I woke up and it had been increased to $3300 with zero request on my part. Which, of course, I promptly went out and used. Fail.

Based on your recommendation I will change the budget that I have set up. I was set to make a $700 payment to Cap1 when I get paid next week. I can allocate that differently to pay off Goodyear $84.92, NY&Co $59.89 (I paid $100 on it on 12/24) and Best Buy $385.51 and then allocate the rest to the Cabela's Card.
Go online and log into your account. Under Account services there is a link for requesting a CLI. Its been more than 6 months so the account will be eligible.
Even with my current scores so low? And if asked for a specific amount of increase what should I ask for?
Yes. Captial 1 CLIs are only soft pulls, so it won't hurt your credit. And with Capital 1 there is no option to ask for an amount.

Alright, I've gone in and requested. Would love to see it go up another $1000. Especially since I've been paying them twice a month the last 2 months.

Re: Rebuilding Log (Help Needed!)

Anonymous — Thu, 31 Dec 2015 16:05:01 GMT

@mrs50cal wrote:
@Anonymous wrote:
@mrs50cal wrote:
Cap1 increased me in May. It really shocked me with the CLI. I had a $300 CL for 4 years and then one morning I woke up and it had been increased to $3300 with zero request on my part. Which, of course, I promptly went out and used. Fail.

Based on your recommendation I will change the budget that I have set up. I was set to make a $700 payment to Cap1 when I get paid next week. I can allocate that differently to pay off Goodyear $84.92, NY&Co $59.89 (I paid $100 on it on 12/24) and Best Buy $385.51 and then allocate the rest to the Cabela's Card.
Go online and log into your account. Under Account services there is a link for requesting a CLI. Its been more than 6 months so the account will be eligible.
Even with my current scores so low? And if asked for a specific amount of increase what should I ask for?

You won't be asked. Just click the link, and input your income and a couple other bits of data and it will either give you an increase or it won't.

Re: Rebuilding Log (Help Needed!)

ladyjaye82 — Fri, 01 Jan 2016 23:10:00 GMT

I have applied for the CLI on Capital One. Since I did it on 12/31 I'm not expecting an answer until Monday. Hoping this comes out in my favor.

I decided to apply for a CLI on JCP since it has been well over 6 months since getting one from them. Got the auto-increase up to $1000. Hoping to try on Belk and Walmart soon since they're both with Synchrony as well.

Re: Rebuilding Log (Help Needed!)

ladyjaye82 — Sat, 02 Jan 2016 02:46:30 GMT

Card Name	Card Balance	Card Limit	Usage
Best Buy Visa	$ 385.51	$ 400.00	96%
Best Buy Store	$ -	$ 1,000.00	0%
Cabela's Visa	$ 1,502.09	$ 1,500.00	100%
Capital One	$ 2,181.63	$ 3,300.00	66%
NY&Co.	$ 159.89	$ 750.00	21%
Goodyear	$ 84.92	$ 1,050.00	8%
Belk	$ -	$ 900.00	0%
Care Credit	$ 330.00	$ 1,000.00	33%
JCP	$ -	$ 1,000.00	0%
Walmart	$ -	$ 900.00	0%
Torrid	$ -	$ 450.00	0%
Lane Bryant	$ -	$ 100.00	0%
Avenue	$ -	$ 450.00	0%

Got a couple easy CLI today with cards that I haven't used in a few years (Torrid/Avenue) as well as the JCP that I got earlier. It brings my total credit card limits up to $12800. If the CapOne increase comes through that can only help.

Currently sitting at 36% utilization which should drop some more after I pay a few off next week. Really gearing up and getting excited for a good 2016.

Re: Rebuilding Log (Help Needed!)

ladyjaye82 — Mon, 04 Jan 2016 13:51:23 GMT

Got declined for CLI by CapOne and two Citi accounts (Best Buy store & Goodyear).Picked up two accounts in Victoria's Secret & Amazon store card. I guess I'm officially gardening since I need to work on bringing up my score. I guess my next question is what now? I've got a plan for paying down balances and I'm gardening but what else can I do? I know I have a few baddies falling off this year (the student loan baddies from 2009 have already come off) but most won't come off for a few more years. I do have some collections that need to be paid. Can someone advice the best way to handle that? Pay in full? Suggest balance in return for delete? Anything else I'm missing?

Re: Rebuilding Log (Help Needed!)

ladyjaye82 — Tue, 05 Jan 2016 14:50:45 GMT

*bump* still need some advice on how to handle a medical collection and what additional steps I need to take moving forward.

Re: Rebuilding Log (Help Needed!)

Anonymous — Tue, 05 Jan 2016 16:04:13 GMT

@mrs50cal wrote:
*bump* still need some advice on how to handle a medical collection and what additional steps I need to take moving forward.

Google the HIPAA method by WhyChat and follow the instructions - any questions ask on that forum.

Also - you are going to have to work with your ex on that mortgage - either to get him to assume/refi or sell the house. Sometimes dealing with the ex is difficult -but as long as you are both on the mortgage you are going to have to push it. He may have 12 months from the time of decree - BUT he can't wait until month 12 to do something - mortgages are a process usually - so he should start NOW as time has already gone by. It's either he has the drive to keep the house - or you are going to end up back in court to modify the decree to sell it - Also - if he keeps making late payments and he is supposed to be making them according to the decree - you could take him back to court on a contempt charge. (just something to think about if he is going to be difficult.)

Re: Rebuilding Log (Help Needed!)

gdale6 — Tue, 05 Jan 2016 23:27:14 GMT

@mrs50cal wrote:
*bump* still need some advice on how to handle a medical collection and what additional steps I need to take moving forward.

For unpaid medical debt that is reporting on your CR:

1. Call the OC and see if you qualify for Charity Care
2. If not then ask that they recall the collection in exchange for full payment
3. Send the reporting CA a PFD offer
4. Google the HIPAA Process and contact its creator for help