topic Re: Rebuilding questions? in Rebuilding Your Credit

Rebuilding questions?

Anonymous — Thu, 04 Aug 2016 14:20:31 GMT

So, my credit has not been the best. I've been pretty irresponsible for the past decade and never really put any effort into building or maintaining it, and as a result, it's kind of abysmal.

My current scores are:
EQ:543 TU: 568 EX: 548

I've got 6 collections, give or take, spread across the three bureaus. Some report on all three, some don't. Most of them are medical, and I'll be taking care of them at a later date, but thebig one's a $3,600 collection account from RentDebt (which I plan to settle at the beginning of next month). It falls off my record in a year, but I need to take care of it ASAP.

The other thing; I have two student loans that defaulted rather spectacularly. They're taken care of and in good standing now, but the Dept. of Education and Nelnet are both reporting one late account for each, meaning that there's 4 late payments and 2 current accounts with each credit bureau. Doesn't seem right, but whatever.

I just opened a $200 Discover It Secured Card, $200 Capital One Secured Card, and a Fingerhut FreshStart account, as I had no open lines of credit until two weeks ago, when the accounts were opened (How long does that take to show up on my credit report, anyway?)

Now, my main question; Will it be possible or probable to get my score up to 650+ in six months' time? Suggestions and help appreciated! Thanks!

Re: Rebuilding questions?

Anonymous — Fri, 05 Aug 2016 01:32:58 GMT

It's really hard to say what the time frame will be to get you up over 650. A little under a year ago I was around the 590-600 mark on all three and after having multiple things age off, getting others udated and maintaining solid payment on all current accounts and my highest is 648. Just get to work paying off and getting items removed. If your collections accounts other than RentDebt are smaller and more managable start trying to pick those off with PFDs. With the RentDebt being 6 years old it is going to have less of an impact on your score than newer collections - even if they are for smaller amounts. Good luck!!

Re: Rebuilding questions?

righthererightnow — Fri, 05 Aug 2016 12:29:02 GMT

It's possible. Since I started rebuilding I've seen massive point jumps. You just have to HAMMER at it, both the collections (dispute! and contact and pay to delete), and call your student loan providers and ask if there is any deferrement options, back-date options, anything. You can do it!

Re: Rebuilding questions?

Anonymous — Fri, 05 Aug 2016 15:08:31 GMT

@Anonymous wrote:
So, my credit has not been the best. I've been pretty irresponsible for the past decade and never really put any effort into building or maintaining it, and as a result, it's kind of abysmal.

My current scores are:
EQ:543 TU: 568 EX: 548

I've got 6 collections, give or take, spread across the three bureaus. Some report on all three, some don't. Most of them are medical, and I'll be taking care of them at a later date, but thebig one's a $3,600 collection account from RentDebt (which I plan to settle at the beginning of next month). It falls off my record in a year, but I need to take care of it ASAP.

The other thing; I have two student loans that defaulted rather spectacularly. They're taken care of and in good standing now, but the Dept. of Education and Nelnet are both reporting one late account for each, meaning that there's 4 late payments and 2 current accounts with each credit bureau. Doesn't seem right, but whatever.

I just opened a $200 Discover It Secured Card, $200 Capital One Secured Card, and a Fingerhut FreshStart account, as I had no open lines of credit until two weeks ago, when the accounts were opened (How long does that take to show up on my credit report, anyway?)

Now, my main question; Will it be possible or probable to get my score up to 650+ in six months' time? Suggestions and help appreciated! Thanks!

This can take anywhere from a few days to 90 days. Just be patient, you're on the right track.

Re: Rebuilding questions?

Sbrooks1 — Fri, 05 Aug 2016 16:55:55 GMT

I've been rebuilding for almost 3 years and have just gotten a 700 score, last late 6y 5 months. Last collection from 2010. It takes time but you are in the right path for sure

Re: Rebuilding questions?

righthererightnow — Fri, 05 Aug 2016 21:41:59 GMT

Try a goodwill letter with Nelnet.. tell them your situation... they might help you remove a few lates (which will give you a bump in score).