topic Re: She asked the question. in Rebuilding Your Credit

She asked the question.

Anonymous — Thu, 04 Oct 2018 05:21:08 GMT

Late payment 4 (She thought she had the payments set up via an auto draft when she realized it wasn't getting paid she was at 4 months)

1 Negative Public Record (Experian...Discharged BK, set for removal 06/19)

Debt utilization is 4%

Accounts 2 (One Capital One @ 300.00 and Discount Tire @ 500.00)

The latest open account is 1 yr and 10 months old

Inquiries in the last year...Zero

AA is 4yrs and 1 month

Average Age of Account is 8yrs and 7 months.

Experian Score 533

Transunion 587

Equifax 557

Now that you have all that data, what is the best course of action to have her Credit score increased?

Re: She asked the question.

Anonymous — Thu, 04 Oct 2018 05:39:07 GMT

From what you provided, I'd say that her best course of action would be to start massive GW (Good Will) campaign to have the 4 lates removed.

Re: She asked the question.

Shooting-For-800 — Thu, 04 Oct 2018 17:49:24 GMT

pay and beg and pay and beg and pay and beg.

I will NEVER trust auto pay for anything regarding credit.

GL!

Re: She asked the question.

RobertEG — Thu, 04 Oct 2018 23:34:53 GMT

I would first wait for the BK to be excluded, which should give a score boost.

As for the "late pays," how old is each, and what are their respective levels?

Four separate 30-lates is much different than a 30, 60, 90, 120-late on one account.

You want at least one more revolving account, but delaying application may be prudent if you can first obtain some other removal of derogs.

Re: She asked the question.

xaximus — Fri, 05 Oct 2018 13:32:10 GMT

@Shooting-For-800 wrote:
pay and beg and pay and beg and pay and beg.

I will NEVER trust auto pay for anything regarding credit.

GL!

Respectfully, I disagree with not having auto-pay. Every and all my accounts are setup for auto-pay. I go in and check/make multiple payments every month so that even when auto-pay hits, the minimum payment has been long met from before. It's like having an insurance policy that you hope to never use. When setting up auto-pay, you have to check it for the first 2-3 months to make sure it's done right. It's not a set it and forget it type thing that quickly. It definitely needs some monitoring and reviewing but once setup and working, it's a big help.

Re: She asked the question.

Anonymous — Fri, 05 Oct 2018 17:39:39 GMT

She asked the question.

I would first wait for the BK to be excluded, which should give a score boost.

Okay!

As for the "late pays," how old is each, and what are their respective levels?

Four separate 30-lates is much different than a 30, 60, 90, 120-late on one account.

They are all 30 days late payments

You want at least one more revolving account, but delaying application may be prudent if you can first

obtain some other removal of derogs.

Since she is a member of a credit union, she thinks it will be best to get a secured loan for 500 to 1000.

Re: She asked the question.

Shooting-For-800 — Sat, 06 Oct 2018 23:57:32 GMT

@xaximus wrote:
@Shooting-For-800 wrote:
pay and beg and pay and beg and pay and beg.

I will NEVER trust auto pay for anything regarding credit.

GL!
Respectfully, I disagree with not having auto-pay. Every and all my accounts are setup for auto-pay. I go in and check/make multiple payments every month so that even when auto-pay hits, the minimum payment has been long met from before. It's like having an insurance policy that you hope to never use. When setting up auto-pay, you have to check it for the first 2-3 months to make sure it's done right. It's not a set it and forget it type thing that quickly. It definitely needs some monitoring and reviewing but once setup and working, it's a big help.

Auto pay is fine and dandy for minimum payments as a BACK UP but I would NEVER just assume that my payments were being made properly without my review and effort.

I review every account I have weekly. It only takes me about 15 minutes.

Many people however just ignore and assume that everything is being auto paid. That is a recipe for disaster.

Re: She asked the question.

FireMedic1 — Sun, 07 Oct 2018 15:43:58 GMT

@Anonymous wrote:
Best plan...who has it?
Late payment 4 (She thought she had the payments set up via an auto draft when she realized it wasn't getting paid she was at 4 months)
1 Negative Public Record (Experian...Discharged BK, set for removal 06/19)
Debt utilization is 4%
@Accounts 2 (One Capital One @ 300.00 and Discount Tire @ 500.00)
The latest open account is 1 yr and 10 months old
Inquiries in the last year...Zero
AA is 4yrs and 1 month
Average Age of Account is 8yrs and 7 months.
Experian Score 533
Transunion 587
Equifax 557

Now that you have all that data, what is the best course of action to have her Credit score increased?

Her scores are awfully low for what you posted. Question. Did it take 4 months to realize the foul up? Did the 4 months follow each other? Were no payments made at all? Which may have resulted in a 90 or 120 day late which would explain the lower scores. If not. Then after the first auto pay was missed why wasn't it corrected then and not allowed to continue 3 months later. Again her scores should be higher.

Like Robert said the BK fall off will gain points. Adding a 3rd card will help, but those scores might hurt. I'd fight tooth and nail to get those lates corrected. If it was set up for auto pay and they screwed up you'd have a case. But I sense theres more to this than 4 separate 30 days lates. I have one 5 yrs old and it isnt hurting that bad now. Those 500+ scores are reflecting something out of whack.

Re: She asked the question.

Creditaddict — Sun, 07 Oct 2018 17:04:23 GMT

Secured Discover if available.

I like the idea of secured loan also and with a credit union she has a relationship with, even better.

It's going to be age from those lates now... having so few accounts after a long ago bk and having negatives is what's killing the score.

Re: She asked the question.

Anonymous — Sun, 07 Oct 2018 20:10:22 GMT

Her scores are awfully low for what you posted. Question. Did it take 4 months to realize the foul up? Yes! Because she wasn't following through and correction she had 3 straight payment missed. Did the 4 months follow each other? Yes!! but 3 now. Were no payments made at all? According to Capital One-No. Which may have resulted in a 90 or 120 day late which would explain the lower scores. 90 days If not. Then after the first auto pay was missed why wasn't it corrected then and not allowed to continue 3 months later. She was navie to auto payment. Again her scores should be higher.

Like Robert said the BK fall off will gain points. Okay!!! Adding a 3rd card will help, but those scores might hurt. I'd fight tooth and nail to get those lates corrected. I am working on this as of now. If it was set up for auto pay and they screwed up you'd have a case. She thought she did it but she didn't. But I sense theres more to this than 4 separate 30 days lates. I have one 5 yrs old and it isnt hurting that bad now. Those 500+ scores are reflecting something out of whack.

Re: She asked the question.

FireMedic1 — Sun, 07 Oct 2018 20:45:20 GMT

Darn. I would try anything possible to get that 90 day removed. Goodwill letters. Any proof online that showed auto was set up. Anything. That will haunt her for a long time. That explains the lower scores. Man that sucks. Wish I could help out more, but its a big business vs. us little people. Keep trying until you exhausted all avenues. Best of luck!

Least the BK will help some. And try to get a 3rd card for best FICO scoring. Preferably after the BK falls off. That should be a great boost to her score!

Re: She asked the question.

Anonymous — Tue, 09 Oct 2018 17:01:03 GMT

I will try the Goodwill letters to see if I can get it removed. Also, she and her husband was looking to buy a house starting in Jan 2019 with the anticipation of the TXU removal and adding an SL via her Credit Union. What's your take on this?