topic Re: Looking for advise / tips / tricks / or anything that would help in Rebuilding Your Credit

Looking for advise / tips / tricks / or anything that would help

Anonymous — Tue, 17 May 2016 18:17:47 GMT

So... my CURRENT score is 553 (experian)

I am hoping to get up to 600-650 by fall, I know its soon, but anything will be better. I'm looking to get a new car and do NOT want to walk away vehicle less

So.. a little bit more information about me....

I currently have 89% usage on my 2 credit cards - 1,000 limit (between the two)

*** I plan to pay this down, within the next 4 weeks... just waiting for a trip to end.

I currently have 6 inquires (some of them, I don't even know who they are... such as "Factual Data")...

I have 4 lates ... one of them is from one of my credit cards during a really rough patch about 6 months ago. (I recently sent a letter to capital one asking for a goodwill forgiveness.. still have not heard back)

I have a couple of "deliquent" marks - all but one has been paid off.

Before paying off I been trying to find a way to negotiate with them. I owe them 525 - which I can afford right now - but would rather wait until I know it will give me a lot of extra points.

ANY & ALL advise would help - I can provide any information you guys may need to give me most accurate advise.

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Tue, 17 May 2016 19:10:49 GMT

First, where did you get your score and what are the other 2? Getting the UTI down is a start but for accurate advice we need to know the scores and the delinquent account amount and Date of First Delinquency (DoFD) also. Is it a charge off? Is it with the original creditor (OC) or collection agency(CA)

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Tue, 17 May 2016 20:50:58 GMT

I typically use credit wise from CapOne. I dont know what all my scores are. A recommendation where to get them would help.

Date of last payment was Jan 2014. And its a charge off/collection.

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Tue, 17 May 2016 21:00:26 GMT

Creditwise is a Vantage score and very few lenders use that score. Creditchecktotal has a 7 day trial for $1, and if you cancel prior to the end of the trial you can get it half price (16/month). They have Fico 08 scores. Date of last payment doesn't matter for reporting exclusion, just the DoFD. Have you pulled your free reports in the last 12 months? If not go to annualcreditreport.com and get them, they'll have the DoFD or estimated date of removal.

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Tue, 17 May 2016 21:04:13 GMT

Thank you! I will pull all those up and get back to you!

Re: Looking for advise / tips / tricks / or anything that would help

RonM21 — Wed, 18 May 2016 02:04:56 GMT

Definitely getting that UTIL down would go a long way

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Sat, 28 May 2016 18:51:24 GMT

Sorry for the delay in response.. I had been away on vacation. I had pulled up the scores that I have as of current.

Experian 550

Equifax 566

TransUnion 591

So a little further information pulled up from credit reports..

Secured Credit Card (limit 400 - CO at 534)

Date Opened : 5/2013

Lates : one 30 day late, and one 60 day late. (June & July 2014)

Collections/ChargeOff : August 2014

Paid off : March 2015

NonSecured Credit Card

Date Opened : 11/2013

Lates : 30 days, 60 days, 90 days, 120 days, 150 days.

Collections/ChargeOff : July 2014

***Partial Payment made 2/2016

Status : Collection/ChargeOff

Current Credit Card - nonsecured

Date Opened : 7/2014

Lates : two 30 day late (Sept & Oct 2015)

Status : Current (high balance)

Current Credit Card - nonsecured

Date Opened : 3/2016

Lates : None

Status : Current (high balance)

Auto Loan

Opened : 2011

Closed : 2016

Lates : none

So can anyone give me any tips and tricks to try to boost these scores?

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Sat, 28 May 2016 19:03:37 GMT

@Anonymous wrote:
Sorry for the delay in response.. I had been away on vacation. I had pulled up the scores that I have as of current.

Experian 550
Equifax 566
TransUnion 591

So a little further information pulled up from credit reports..

Secured Credit Card (limit 400 - CO at 534)
Date Opened : 5/2013
Lates : one 30 day late, and one 60 day late. (June & July 2014)
Collections/ChargeOff : August 2014
Paid off : March 2015

NonSecured Credit Card
Date Opened : 11/2013
Lates : 30 days, 60 days, 90 days, 120 days, 150 days.
Collections/ChargeOff : July 2014
***Partial Payment made 2/2016
Status : Collection/ChargeOff

Current Credit Card - nonsecured
Date Opened : 7/2014
Lates : two 30 day late (Sept & Oct 2015)
Status : Current (high balance)

Current Credit Card - nonsecured
Date Opened : 3/2016
Lates : None
Status : Current (high balance)

Auto Loan
Opened : 2011
Closed : 2016
Lates : none

So can anyone give me any tips and tricks to try to boost these scores?
IN my advice I would pay down both cards ( one reporting at zero balance and the other between 1-9 percent) Also I would get one more card so u can get the max benefit for FICO standards....

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Sat, 28 May 2016 19:06:08 GMT

Thank you. I am working on paying both the cards down. Do you have any recommendations for what I should try to get? I currently have to Capital Ones.

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Sat, 28 May 2016 23:04:04 GMT

You can try to get a BOA secured credit card or a Discover. Just in case you didnt know that have a low UTI will definately help you as previously mentioned. Meaning you will leave only 10% of you bal on your credit card to report. I usually just pay all so they report zero bal. Next you want to do is to send out some good will letters to have your late payments remove. There alot of info on here that tells you what to do. As for collections you can try to settle the debt or PFD which ever works best for you.

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Tue, 31 May 2016 16:56:21 GMT

This is such a slow process. Like when dieting, I wish I could wake up after a nights sleep and everything is perfect. Lol.

I am in the process of paying down my two current cards. I went from 900 total down to 700 total. Ill keep doing this until its 0. I took the cards out of my wallet to prevent further use.

I tried taking some advise and trying to open up a new credit card. Unfortunately, I could not get pre-approved for anything.

I guess I will wait a month then try again.

Capital one replied to my good will letter with not so much good news. They denied removing my two lates from my record. I guess I will wait a week and send another letter.

Does anyone have any experience in desputing negative information? I was thinking about trying that with a few negative marks I have.

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Tue, 31 May 2016 19:00:43 GMT

Hi Velvet,

I have the 2 CapOne cards as well and I use CreditWise and CreditKarma as a Guide for my scores. One of the neat tools I like to play with is the credit simulator. I know that they are not perfect, but they will help give you an idea of the type of boost to expect. (and have been pretty close to what I have seen)

I might be making a lot of assumptions here about your situation, I hope I am not. I am kind of saying how I would attack this in your sitution. Other's might chime in and say I am off my rocker....If so, I'd like to hear the feed back as I am going down this road myself.

My Assumptions from what you have said:

you have "$525 - which I can afford right now" to pay on the delinquent.
you are making payments of about $200/month total on your other 2 CC's ( "I went from 900 total down to 700 total.")
BIG ASSUMPTUION your UTIL is now about 70% since you went from 900 (89%) down to 700.

My Approach would be:

Combine the $200 or so from the monthly payment with the $525. Pay off both balances on the CC's/
The next month (hopefully you can still make the $200/month payments).
1. Work with the delinquent NonSecured Credit Card.
2. Ask them if you Pay XXX over then next 3 months if they would change the status from Charge off to Closed by Customer Request/Paid in full.

I think Dropping the UTIL down to less than 10% will probably give you the boost you want to about 600.

Getting the delinquent NonSecured Credit Card to report as Closed/paid in full would be another big boost.

OK Experts, What are your thoughts about doing it this way? As I said, I am about to do this myself as I expect a little windfall coming in the next month or so based on some Overtime that is scheduled.

Good Luck....

Solo

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Tue, 31 May 2016 19:14:03 GMT

@Anonymous wrote:
Hi Velvet,
I have the 2 CapOne cards as well and I use CreditWise and CreditKarma as a Guide for my scores. One of the neat tools I like to play with is the credit simulator. I know that they are not perfect, but they will help give you an idea of the type of boost to expect. (and have been pretty close to what I have seen)

I might be making a lot of assumptions here about your situation, I hope I am not. I am kind of saying how I would attack this in your sitution. Other's might chime in and say I am off my rocker....If so, I'd like to hear the feed back as I am going down this road myself.

My Assumptions from what you have said:

you have "$525 - which I can afford right now" to pay on the delinquent.
you are making payments of about $200/month total on your other 2 CC's ( "I went from 900 total down to 700 total.")
BIG ASSUMPTUION your UTIL is now about 70% since you went from 900 (89%) down to 700.

My Approach would be:

Combine the $200 or so from the monthly payment with the $525. Pay off both balances on the CC's/
The next month (hopefully you can still make the $200/month payments).
Work with the delinquent NonSecured Credit Card.
Ask them if you Pay XXX over then next 3 months if they would change the status from Charge off to Closed by Customer Request/Paid in full.
I think Dropping the UTIL down to less than 10% will probably give you the boost you want to about 600.

Getting the delinquent NonSecured Credit Card to report as Closed/paid in full would be another big boost.

OK Experts, What are your thoughts about doing it this way? As I said, I am about to do this myself as I expect a little windfall coming in the next month or so based on some Overtime that is scheduled.

Good Luck....
Solo

Either way would get the OP to the same train station - I.E., cards paid off and delinquent debt paid. Score effect will be the same at that point, no matter which route is taken.

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Tue, 31 May 2016 19:36:49 GMT

Solo..

I like your ideas. I usually put money towards my credit card balances weekly ranging from 25-200 depending on my weekly expenses.

Maybe I should start splitting those costs with the older delinquent account.

Also, asking other companies to change the status' of the older paid of debts. I was able to get two of them removed through goodwill letters (both being medical bills though)

You'll have to keep me posted about some of your experiences and positive turnouts.

I'll do the same.

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Tue, 31 May 2016 19:49:33 GMT

One of the things I do with my Quick silver card is keep it near 0 and keep that as teh only card in my wallet. (since it gives me money back)

I make my purchases on it, then I pay it off either Daily or weekly instead of using my debit card for everything. That way i earn some money for spending money on things i usually buy anyway, and my account is paid off too.

Re: Looking for advise / tips / tricks / or anything that would help

Anonymous — Tue, 31 May 2016 20:07:33 GMT

Oh I just noticed you said: "Maybe I should start splitting those costs with the older delinquent account."

I am not sure if paying down all 3 at once would be as benificial as the 2CC's first then doing the delinquent. I am not sure if the new activity on the delinquent account would help or hurt your scores.....

Experts....what are your thoughts?