topic Re: Help! I'm Rebuild my credit, but now I'm stuck in Rebuilding Your Credit

Help! I'm Rebuild my credit, but now I'm stuck

Anonymous — Mon, 02 May 2016 03:08:17 GMT

Hi, new poster, long time lurker here.

I've been actively rebuilding my credit for a few years now. I've paid all my credit cards down below 10%, I've opened 2 new credit cards AMEX Blue Cash and AMEX Hilton card (I travel often and usually stay in Hilton or Marriott). But I have some collections on my account that are probably around 4+ years ago. Many forums I've read say dont pay them off, wait until 7 years, but I feel like my credit score is suffering. I haven't gotten a score from MyFico, but I use Mint and Credit Karma which give me a TU score of 629 and EQ is 660 (which seems like a really large dfference).

Now, I'm wondering, should I go ahead and pay off the debts or wait it out? If I pay it off, do I need a deletion in order for it to positively impact my score, or will just paying it off do the trick? The reason I ask is tha I've tried writing settlement letters (i.e. Pay for deletion) with no repsonse from creditors, which seems odd to me as well...

I would really like to see my credit score finally go into the 700+ range, but I feel like it just wont budge. Any advice will be appreciated.

Thanks!

Re: Help! I'm Rebuild my credit, but now I'm stuck

darwin_wins — Mon, 02 May 2016 03:22:49 GMT

If they are willing to do pay for delete, by all means get it done. If the collections are not being updated on your report monthly, you are not going to see a huge boost in your score.

Who are the CAs that hold the debt? If it is someone like Midland or PRA they are notorious in not removing the paid off account. Also don't call, make sure your correspondence is through snail mail

Re: Help! I'm Rebuild my credit, but now I'm stuck

EmmaGolden — Mon, 02 May 2016 03:31:40 GMT

@Anonymous wrote:
Hi, new poster, long time lurker here.

I've been actively rebuilding my credit for a few years now. I've paid all my credit cards down below 10%, I've opened 2 new credit cards AMEX Blue Cash and AMEX Hilton card (I travel often and usually stay in Hilton or Marriott). But I have some collections on my account that are probably around 4+ years ago. Many forums I've read say dont pay them off, wait until 7 years, but I feel like my credit score is suffering. I haven't gotten a score from MyFico, but I use Mint and Credit Karma which give me a TU score of 629 and EQ is 660 (which seems like a really large dfference).

Now, I'm wondering, should I go ahead and pay off the debts or wait it out? If I pay it off, do I need a deletion in order for it to positively impact my score, or will just paying it off do the trick? The reason I ask is tha I've tried writing settlement letters (i.e. Pay for deletion) with no repsonse from creditors, which seems odd to me as well...

I would really like to see my credit score finally go into the 700+ range, but I feel like it just wont budge. Any advice will be appreciated.

Thanks!

Get your FICO scores.. CK is only good as a monitoring site. Try :https://www.creditchecktotal.com/?om_u=Nvgp3S&om_i=_BW-fJAB8-6szT6

you can try it for $1, cancel before the trial ends & they will offer you half price . You don't have to keep using

Re: Help! I'm Rebuild my credit, but now I'm stuck

Anonymous — Wed, 15 Jun 2016 04:33:09 GMT

Sorry for the delay. Life happened and I forgot to reply.

Thanks for the advise EmmaGolden I did the creditchecktotal.com scores and I'm at EX: 672 TU: 668 EQ: 670

Thanks darwin_wins, I did send all my letters through snail mail. Interestingly, no repsonse, not even a bill. I've heard before not to make calls, so I made sure all correspondence was through mail. Out of curiosity, any idea why calling is not good, or why snail mail is better?

Still wonderg:

"should I go ahead and pay off the debts or wait it out? If I pay it off, do I need a deletion in order for it to positively impact my score, or will just paying it off do the trick? The reason I ask is tha I've tried writing settlement letters (i.e. Pay for deletion) with no repsonse from creditors, which seems odd to me as well..."

If I need a deletion, how can I get creditors to agree.

Since my last post I got Discover it card $1500 SL and a car lease

Re: Help! I'm Rebuild my credit, but now I'm stuck

RonM21 — Wed, 15 Jun 2016 09:12:18 GMT

Sometimes it takes multiple attempts on the letters. If you do that and it doesn't work, then looking into paying them off is the next option, followed by letters for GW deletion.

Re: Help! I'm Rebuild my credit, but now I'm stuck

Anonymous — Wed, 15 Jun 2016 10:41:41 GMT

@dfrancoise CK is so odd, my CK scores are in the mid 700's yet my CCT scores mimic your actual scores.

Re: Help! I'm Rebuild my credit, but now I'm stuck

elim — Wed, 15 Jun 2016 10:24:33 GMT

@Anonymous wrote:
CK is so odd, my CK scores are in the mid 700's yet my CCT scores mimic your actual scores.

CK = Vantage 3

CCT = Fico 08

Re: Help! I'm Rebuild my credit, but now I'm stuck

MrsCHX — Wed, 15 Jun 2016 13:14:18 GMT

Unfortunately the rebuild process is a marathon, not a sprint!

I've not had anyone write me back and agree to Pay for Delete. And from my experience and what I see here, it's more likely that if you pay it, they will delete it. I've had 2 collections removed by just paying it off and then *poof* it's gone. Or, after you've paid it, ask them to delete it.

It's best to pay off any collections you can afford to pay off.

1) It's your debt (not being snarky, just saying)

2) Lots of CA do soft pulls on your reports periodically. When they see that you're rebuilding, and if they're still within the statute of limitations (which is 6 years for my state), they will more likely restart their collection activities because now you're "collectible".

So I would advise you to just pay them now and what doesn't get deleted, attempt the goodwill deletion request later.

Re: Help! I'm Rebuild my credit, but now I'm stuck

Anonymous — Wed, 15 Jun 2016 15:18:23 GMT

That's really odd. I didn't think a free credit score could be that reliable...

Re: Help! I'm Rebuild my credit, but now I'm stuck

Anonymous — Wed, 15 Jun 2016 15:18:59 GMT

OK, Thanks. Maybe I'll give the letters another shot.

what is GW deletion?

Re: Help! I'm Rebuild my credit, but now I'm stuck

MrsCHX — Wed, 15 Jun 2016 16:11:55 GMT

Goodwill letters asking them to delete the tradeline.

Sometimes it's easier to ask for once it's already been paid.

Re: Help! I'm Rebuild my credit, but now I'm stuck

Anonymous — Wed, 15 Jun 2016 18:58:10 GMT

OK. Thanks, I will try the letter again. Then pay them and hope for the best