topic Let's get this score up in Rebuilding Your Credit

Let's get this score up

Anonymous — Thu, 05 Jan 2017 05:37:04 GMT

Hello to all!

I've been lurking the forums for the last month or so and you all have provided a great deal of help. I started off with a ton of derogs and no positive activity for at least 4-5 years. I started my rebuild with a Secured Discover IT card back in July. My deposit/limit is and has been $200. My TU FICO provided in August of 2016 was 495. I have been able to get 3 derogs off of my report thus far, but many remain.

Derogs:

1) REPO (set to fall off 12/17) - $5,000

2)Credit One Bank- CO now held by LVNV Funding (CA #1) - $800

3) Diversified Consultants - for Sprint Service (Sprint not on Credit Report) - $500

4)Portfolio Recovery (OC Capital One Bank) - $800

5) Calvary Portfolio Services - (OC HSBC)(HSBC IS NOT REPORTING) - $542

6) Child Suport (Reporting As Collection, long story but I started off with a very high balance in the arrears even though I had been responsible up to that point, have been current for years) - $14,000

Positives:

1) Discover IT Secured Card (Opened 07/2016) - $200 Limit - No lates - $27 Balance

2) Fingerhut - (Opened 12/2016) - $600 Limit - $0 Balance

3) Capital One QS 1 (Opened 12/2016) - $300 (Credit Steps Program - Not Yet Reporting)

4) Macy's AMEX - (Opened 8/2000) - $3,627/$8,500 - - AUTH USER ACCOUNT (FROM SO)

5) Conemity Bank Victoria's Secret (Opened 1/200) - $0/$5,950 - AUTH USER ACCOUNT (FROM SO)

6) Synchrony Bank/Old Navy - $4,881/$6,000 (Opneed 3/2008) - AUTH USER ACCOUNT (FROM SO)

I recently added 3 Authorized user accounts by way of SO. I have CCT and CK and so far my EX shows all 3 AU's while my TU is only showing Old Navy and my EQ is showing none so far. The total utilization is at 40% so I am planning on removing the Old Navy account for the time being while balance is paid down and that will bring total utilization down to about 23%.

Current FICO via CCT

-------

EX - 601 as of 1/2/2017/ this score jumped from 562 as of 12/16 so I am expecting my other 2 scores to follow suit as EX has most negative account info.

EQ - 596 as of 12/16

TU - 590 as of 12/16

EQ FAKO - 646

TU FAKO - 642

Sorry for the long post, but my goal here is to continue to increase my scores across the board. I would like to get the collection accounts PFD'd and to push for an early exception on the REPO. Ideally while my scores are improving I am hoping to increase CL on Capital One and graduate to unsecured on Discover IT. I would like to be able to receive approvals for an AMEX (3X CLI) and Chase Card by June....

Is this a solid plan or am I in over my head?

Re: Let's get this score up

rmduhon — Thu, 05 Jan 2017 16:43:42 GMT

Pay off the Discover. Only let the Macy's card report a balance, remove the Old Navy. What are the DoFD/estimated fall off date for the derogs? You only mentioned that for the repo.you're heading in the right direction.

Re: Let's get this score up

Anonymous — Thu, 05 Jan 2017 17:18:37 GMT

@Anonymous wrote:
Hello to all!

I've been lurking the forums for the last month or so and you all have provided a great deal of help. I started off with a ton of derogs and no positive activity for at least 4-5 years. I started my rebuild with a Secured Discover IT card back in July. My deposit/limit is and has been $200. My TU FICO provided in August of 2016 was 495. I have been able to get 3 derogs off of my report thus far, but many remain.

Derogs:
1) REPO (set to fall off 12/17) - $5,000
2)Credit One Bank- CO now held by LVNV Funding (CA #1) - $800
3) Diversified Consultants - for Sprint Service (Sprint not on Credit Report) - $500
4)Portfolio Recovery (OC Capital One Bank) - $800
5) Calvary Portfolio Services - (OC HSBC)(HSBC IS NOT REPORTING) - $542
6) Child Suport (Reporting As Collection, long story but I started off with a very high balance in the arrears even though I had been responsible up to that point, have been current for years) - $14,000

Positives:
1) Discover IT Secured Card (Opened 07/2016) - $200 Limit - No lates - $27 Balance
2) Fingerhut - (Opened 12/2016) - $600 Limit - $0 Balance
3) Capital One QS 1 (Opened 12/2016) - $300 (Credit Steps Program - Not Yet Reporting)
4) Macy's AMEX - (Opened 8/2000) - $3,627/$8,500 - - AUTH USER ACCOUNT (FROM SO)
5) Conemity Bank Victoria's Secret (Opened 1/200) - $0/$5,950 - AUTH USER ACCOUNT (FROM SO)
6) Synchrony Bank/Old Navy - $4,881/$6,000 (Opneed 3/2008) - AUTH USER ACCOUNT (FROM SO)

I recently added 3 Authorized user accounts by way of SO. I have CCT and CK and so far my EX shows all 3 AU's while my TU is only showing Old Navy and my EQ is showing none so far. The total utilization is at 40% so I am planning on removing the Old Navy account for the time being while balance is paid down and that will bring total utilization down to about 23%.

Current FICO via CCT
-------
EX - 601 as of 1/2/2017/ this score jumped from 562 as of 12/16 so I am expecting my other 2 scores to follow suit as EX has most negative account info.
EQ - 596 as of 12/16
TU - 590 as of 12/16

EQ FAKO - 646
TU FAKO - 642

Sorry for the long post, but my goal here is to continue to increase my scores across the board. I would like to get the collection accounts PFD'd and to push for an early exception on the REPO. Ideally while my scores are improving I am hoping to increase CL on Capital One and graduate to unsecured on Discover IT. I would like to be able to receive approvals for an AMEX (3X CLI) and Chase Card by June....

Is this a solid plan or am I in over my head?

If your goal is Amex, then you will need an EX FICO score about 640-660 for an approval, but it would only be for about $1k (I got theED card of $1k with scores in that range, but got the BCP of $5k with scores around 685 EX). The derogs will hurt you and inhibit your from qualifying for a card with Amex. Keep in mind that Chase has the 5/24 rule, so if you are under that for approvals, then you will need to not apply for anything else until the negatives are taken care of.

As for some of the negatives, I had an old collection with Cavalry for HSBC and when I paid the account in full after a CFPB complaint that resolved some of their reporting issues, I was given a survey to fill out in which they ask what would make the experience positive with them and I reported having the tradeline removed and a week later it was gone. PRA has a consent degree against them, so if your CO occurred during that time frame covering the degree you might benefit from that. I dealt with LVNV briefly at one point and I believe I received a check from FTC about their shady collection practices (didn't know about PFD then, but the paid account fell off).

One thing that I see that could be hurting you is the Macy's and ON accounts. The UTI on the first is 42% and the second is 81%. For FICO scoring purpose individual UTI needs to be under 30%, so I would suggest removing both accounts, not just one. You have 3 accounts reporting, which is sufficient. Only things you should concentrate on is taking care of the derogs. If you can settle the accounts and they stop updating, then that will help your score. Not sure what to say about the child support, but I'm sure someone will offer suggestions in that area.

Re: Let's get this score up

Anonymous — Fri, 06 Jan 2017 03:15:27 GMT

1) REPO (set to fall off 12/17) - $5,000 - 4/2011 DOFD

2)Credit One Bank- CO now held by LVNV Funding (CA #1) - $800 - DOFD 4/2012

3) Diversified Consultants - for Sprint Service (Sprint not on Credit Report) - $500 - 7/2015 - I had a discrepancy with Sprint and Couldn't bring myself to pay - obviously I should have paid that in hindsight. Perhaps I can have Sprint take this account back and settle with them?

4)Portfolio Recovery (OC Capital One Bank) - $800 - Opened by Portfolio on 9/2014 - (This is interesting because the Original Account ( Capital One only shows on TU report but shows as Paid/Closed)

5) Calvary Portfolio Services - (OC HSBC)(HSBC IS NOT REPORTING) - $542 - 07/01/2012 Date first opened, not sure of DOFD as HSBC is not reporting

I am aware of the chase 5/24 rule and I am currently at 3/24 so I did not plan on opening any cards until my scores allow for better cards.

I agree that both of the AU accounts are hurting, but I am planning on removing the ON account and paying the Macy's card down to roughly $2,500 in the next week. That will bring the utilization down to under 30% on that card specifically and my overall utilization down to about 16%. My oldest active account is only 6 months so I would like to benefit from the AU accounts in some way if possible. I will look into the dates in relation to the consent decree as well - thank you!