topic Re: What else should I do? Any tips? in Rebuilding Your Credit

What else should I do? Any tips?

Sifox — Fri, 15 Feb 2019 17:39:49 GMT

Finally got my last collection removed. Had a total of 4 when I first started four months ago. I wasn't as lucky as some people here. After everything removed my credit didn't go up as much. The only negative I have showing is a closed mortgage loan with 17, (120-180 days) late payments. I I'm in the process of getting it clean. My first set of GW letters (22 total) are going out Monday morning in hopes to reach the right person who will be nice to enough to remove the lates. My payment history is pretty much non existent so I'm sure they are hurting me bad.

This is what I have done so far in my rebuilding process.

-Secured Discover it $400 SL. 4% Utilization. (I use this card for everything. Over 2000 a month but only let it report less than $25.00). I was told to call after the end of this billing statement so I can add more money to increase my CL. Planning to Max it if allowed.

-Capital One Platinum $300SL 3% Utilization. I only use it to pay my wifi bill.

-Got a secured loan thru my local credit union.

Showing six inquires. Age of credit history is 2 months.

For those of you with experience. What should my next move be? Or should I just relax and not pay much attetnion to it and just let it grow with time?

Re: What else should I do? Any tips?

dynamicvb — Fri, 15 Feb 2019 18:31:49 GMT

Those lates are what is killing you. Getting them removed would help a lot. Should let one of the cards report a zero balance at statement time. Otherwise, the best thing you can probably do is to give it time and let your accounts age.

Re: What else should I do? Any tips?

Sifox — Fri, 15 Feb 2019 18:50:10 GMT

My goal is to get them removed soon. Just have to wait and get lucky that my letters reach the right person.
The Capital One will be reporting zero from now on. I just wasn’t sure when they were going to close the billing cycle at first.

Re: What else should I do? Any tips?

800FICOGoal — Fri, 15 Feb 2019 19:02:27 GMT

@Sifox wrote:
Finally got my last collection removed. Had a total of 4 when I first started four months ago. I wasn't as lucky as some people here. After everything removed my credit didn't go up as much. The only negative I have showing is a closed mortgage loan with 17, (120-180 days) late payments. I I'm in the process of getting it clean. My first set of GW letters (22 total) are going out Monday morning in hopes to reach the right person who will be nice to enough to remove the lates. My payment history is pretty much non existent so I'm sure they are hurting me bad.

This is what I have done so far in my rebuilding process.
-Secured Discover it $400 SL. 4% Utilization. (I use this card for everything. Over 2000 a month but only let it report less than $25.00). I was told to call after the end of this billing statement so I can add more money to increase my CL. Planning to Max it if allowed.
-Capital One Platinum $300SL 3% Utilization. I only use it to pay my wifi bill.
-Got a secured loan thru my local credit union.
Showing six inquires. Age of credit history is 2 months.

For those of you with experience. What should my next move be? Or should I just relax and not pay much attetnion to it and just let it grow with time?

Just wondering how you only have two months of credit history and closed mortgage with 17 120-day lates.

Re: What else should I do? Any tips?

Sifox — Fri, 15 Feb 2019 19:12:02 GMT

Credit history as in credit cards. I just got them both in the last 3 months. I have only made a total of four payments so far. The BB&T mortgage account was closed back on Dec 2013.

Re: What else should I do? Any tips?

800FICOGoal — Fri, 15 Feb 2019 19:49:17 GMT

@Sifox wrote:
Credit history as in credit cards. I just got them both in the last 3 months. I have only made a total of four payments so far. The BB&T mortgage account was closed back on Dec 2013.

I see.

If my math is correct, those 17 lates should start falling off your report sometime this year... even sooner with the help of early exclusions.

Re: What else should I do? Any tips?

Sifox — Fri, 15 Feb 2019 19:56:44 GMT

Yes, that's correct. According to discover credit score I started with 19 when I first signed up. I'm down to 17. So it looks like they are going down one per month as the months go by. I have my next update on 2/19/2019 so I hope to see that go down again.

Re: What else should I do? Any tips?

dynamicvb — Fri, 15 Feb 2019 20:03:38 GMT

Are any of the lates in a sequence? If they are all of the ones in the sequence should fall once the first one hits 7 years.

Re: What else should I do? Any tips?

Sifox — Fri, 15 Feb 2019 20:11:15 GMT

The last twelve are. I made payments in between late payments that were on 2012. The last twelve on sequence are from late 2012 to close date on 2013.

Re: What else should I do? Any tips?

dynamicvb — Fri, 15 Feb 2019 20:22:25 GMT

When you hit the month of the first one in that sequence, then they should all fall.

Re: What else should I do? Any tips?

Sifox — Fri, 15 Feb 2019 20:29:35 GMT

That’s good to know, thanks for the heads up. I have to check my credit report once I get home to check exactly where the last sequence started. So I can have an idea of when is going to get removed. Knowing this makes me feel way better about the whole situation. I was counting seven years from the last one and now I just gained a whole year.

Re: What else should I do? Any tips?

dynamicvb — Fri, 15 Feb 2019 20:36:55 GMT

One other thing, what is the status of the mortgage? Is it paid with a 0 balance or something else negative? If it's negative, then most likely when that late sequence falls the entire tradeline will fall. If you get your reports from annaualcreditreport.com or log in to the dispute site, then the exclusion date will be listed. If that date is the same as the first late in your sequence, then you can request an EE on the tradeline and get it gone sooner. TU will grant one 6 months out. EX 3 months, and EQ a month. That may help you build your scores back up a little sooner.

Re: What else should I do? Any tips?

Sifox — Fri, 15 Feb 2019 20:46:21 GMT

Yes, it was closed at zero balance. Good standing just with late notices for the last two years.

I have a Experian credit report that I printed two weeks ago at home. I’m going to check it and see later on.

Re: What else should I do? Any tips?

800FICOGoal — Fri, 15 Feb 2019 22:32:43 GMT

@Sifox wrote:
Yes, it was closed at zero balance. Good standing just with late notices for the last two years.

Thats good. That account will keep your AOOA high until 2023. You may want to refrain from a lot of credit seeking to let your AAoA grow because unless you have another aged account you'll see your AAoA/AOOA drop to around 5 years max come 2023.

Re: What else should I do? Any tips?

Sifox — Fri, 15 Feb 2019 23:11:20 GMT

Thanks for the tip. I still need to educate myself more about AAoA. After I had to sell the house I gave up on credit and stupidly closed my credit card and stopped using credit. Now that I know about the importance of credit history I regret not keeping it open. I’m 30 years old and have less than a year of credit card history lol

Re: What else should I do? Any tips?

800FICOGoal — Sat, 16 Feb 2019 09:10:10 GMT

@Sifox wrote:
Thanks for the tip. I still need to educate myself more about AAoA. After I had to sell the house I gave up on credit and stupidly closed my credit card and stopped using credit. Now that I know about the importance of credit history I regret not keeping it open. I’m 30 years old and have less than a year of credit card history lol

Don't feel bad. My situation was similiar and I have a "few" years on you with regards to age.

Re: What else should I do? Any tips?

Sifox — Mon, 18 Feb 2019 21:25:51 GMT

First round of GW letters went out today. I’m going to really need it because after looking at my report it looks like the last late payment starting sequence won’t go away until dec 2019 so that kind of sucks.