topic Re: Where to go from Here - Credit Repair Journey in Rebuilding Your Credit

Where to go from Here - Credit Repair Journey

Anonymous — Fri, 18 Sep 2020 00:26:04 GMT

Need help, I've been slowly rebuilding my credit but its stalled around the scores you are seeing below. I just need some advice what I need to do. We close on our new home next week and want to continue this journey of rebulding my credit from mistakes from my past when I was younger and dumb. We went through some rough periods of bad financial decisions and a period of unemployment. Apreciate the guidance in advance fro this awesome community.

Current Fico 8 Scores

EQ 637

TU 659

EX 612

Credit Profile

Credit Cards: (All Never Late)

Syncb/Amazon $1500 CL with a 0 balance

Avant $750 CL with a 0 Balance

Wayfair $500 CL (Account closed by wayfair but still reporting)

Genesis Credit $2,500 CL with a 0 balance

Discover Bank - $1800 CL with a 0 Balance

Capital One - $500 CL with a 0 Balance

First Premier Bank - $575 CL with a 0 Balance

First Access Card - $300 CL with a 0 Balance

Installment Loans: ( All Never Late)

Bridgecrest Auto Loan 1 - $369 Monthly Payment/Balance $11,497

Bridgecrest Auto Loan 2 - $371 Monthly Payment/Balance $11,411

Money Lion Loan $62 Monthly Payment with $391 balance

AES Student Loan - $45 Monthly Payment with $1900 Balance

Negative Accounts

Affirm (Experian Only) - 5 Charged off Accounts Total Balance $1236

Onemain Financial - Charged Off Total Balance $9,282

Synch Bank Amazon - Charged Off Total Balance $1,316

Capital one Auto - Charged Off/Settled For Less Total Balance $0

GM Financial - Charged Off Total Balance $13,000

Santander (Experian Only) - Charge Off/Settled For Less Last reported 1/1/2014

NJ Class Loan - Paid Closed/30 days late on 1/2019 < - - - This is only showing on Transunion and on time everywhere else should I dispute?

Collections

Portfolio Recovery - $2300

Re: Where to go from Here - Credit Repair Journey

Jnbmom — Fri, 18 Sep 2020 00:31:58 GMT

Congrats on your new home . Are you included on the loan? Just curious with all this negatives?

Well until you take care on the negatives your scores will not go much higher . But now that you have a home and that purchase/goal out of the way you can start working on those negatives.

How old are these accounts? You can either try to negotiate a settlement or wait for them to fall off depending on the ages. If they are within the SOL they may still attempt to sue .

Re: Where to go from Here - Credit Repair Journey

Anonymous — Fri, 18 Sep 2020 03:08:41 GMT

@Jnbmom wrote:
Congrats on your new home . Are you included on the loan? Just curious with all this negatives?

Well until you take care on the negatives your scores will not go much higher . But now that you have a home and that purchase/goal out of the way you can start working on those negatives.

How old are these accounts? You can either try to negotiate a settlement or wait for them to fall off depending on the ages. If they are within the SOL they may still attempt to sue .

Thanks! and yes the Loan is solely in my name. I did FHA which is much more forgiving with CO's and collections.

The credit card accounts are all a year or younger.

My installment loans for the cars are 2 years and my student loan is 16 years old.

These accounts will not fall off for another 4 years, but truthfully I cannot afford to pay them off or even settle. I'd have to tackle one at a time.

Re: Where to go from Here - Credit Repair Journey

SouthJamaica — Fri, 18 Sep 2020 13:17:02 GMT

@Anonymous wrote:
Need help, I've been slowly rebuilding my credit but its stalled around the scores you are seeing below. I just need some advice what I need to do. We close on our new home next week and want to continue this journey of rebulding my credit from mistakes from my past when I was younger and dumb. We went through some rough periods of bad financial decisions and a period of unemployment. Apreciate the guidance in advance fro this awesome community.

Current Fico 8 Scores

EQ 637
TU 659
EX 612

Credit Profile

Credit Cards: (All Never Late)
Syncb/Amazon $1500 CL with a 0 balance
Avant $750 CL with a 0 Balance
Wayfair $500 CL (Account closed by wayfair but still reporting)
Genesis Credit $2,500 CL with a 0 balance
Discover Bank - $1800 CL with a 0 Balance
Capital One - $500 CL with a 0 Balance
First Premier Bank - $575 CL with a 0 Balance
First Access Card - $300 CL with a 0 Balance

Installment Loans: ( All Never Late)
Bridgecrest Auto Loan 1 - $369 Monthly Payment/Balance $11,497
Bridgecrest Auto Loan 2 - $371 Monthly Payment/Balance $11,411
Money Lion Loan $62 Monthly Payment with $391 balance
AES Student Loan - $45 Monthly Payment with $1900 Balance

Negative Accounts
Affirm (Experian Only) - 5 Charged off Accounts Total Balance $1236
Onemain Financial - Charged Off Total Balance $9,282
Synch Bank Amazon - Charged Off Total Balance $1,316
Capital one Auto - Charged Off/Settled For Less Total Balance $0
GM Financial - Charged Off Total Balance $13,000
Santander (Experian Only) - Charge Off/Settled For Less Last reported 1/1/2014
NJ Class Loan - Paid Closed/30 days late on 1/2019 < - - - This is only showing on Transunion and on time everywhere else should I dispute?

Collections
Portfolio Recovery - $2300

1. Congratulations on being never late with your credit cards and with all balances being paid off.

2. It might seem counterintuitive, but you might pick up some points by letting the Discover or Capital One card report a small balance before you pay it off. I.e., pay it off after rather than before the statement cuts.

3. I would send verification letters to the bureaus on the various negatives, which might accelerate their falling off.

4. Keep paying the loans down, but not necessarily to zero.

Re: Where to go from Here - Credit Repair Journey

spiritcraft1 — Sat, 19 Sep 2020 13:16:51 GMT

@SouthJamaica wrote:
@Anonymous wrote:
Need help, I've been slowly rebuilding my credit but its stalled around the scores you are seeing below. I just need some advice what I need to do. We close on our new home next week and want to continue this journey of rebulding my credit from mistakes from my past when I was younger and dumb. We went through some rough periods of bad financial decisions and a period of unemployment. Apreciate the guidance in advance fro this awesome community.

Current Fico 8 Scores

EQ 637
TU 659
EX 612

Credit Profile

Credit Cards: (All Never Late)
Syncb/Amazon $1500 CL with a 0 balance
Avant $750 CL with a 0 Balance
Wayfair $500 CL (Account closed by wayfair but still reporting)
Genesis Credit $2,500 CL with a 0 balance
Discover Bank - $1800 CL with a 0 Balance
Capital One - $500 CL with a 0 Balance
First Premier Bank - $575 CL with a 0 Balance
First Access Card - $300 CL with a 0 Balance

Installment Loans: ( All Never Late)
Bridgecrest Auto Loan 1 - $369 Monthly Payment/Balance $11,497
Bridgecrest Auto Loan 2 - $371 Monthly Payment/Balance $11,411
Money Lion Loan $62 Monthly Payment with $391 balance
AES Student Loan - $45 Monthly Payment with $1900 Balance

Negative Accounts
Affirm (Experian Only) - 5 Charged off Accounts Total Balance $1236
Onemain Financial - Charged Off Total Balance $9,282
Synch Bank Amazon - Charged Off Total Balance $1,316
Capital one Auto - Charged Off/Settled For Less Total Balance $0
GM Financial - Charged Off Total Balance $13,000
Santander (Experian Only) - Charge Off/Settled For Less Last reported 1/1/2014
NJ Class Loan - Paid Closed/30 days late on 1/2019 < - - - This is only showing on Transunion and on time everywhere else should I dispute?

Collections
Portfolio Recovery - $2300

2. It might seem counterintuitive, but you might pick up some points by letting the Discover or Capital One card report a small balance before you pay it off. I.e., pay it off after rather than before the statement cuts.

Let even one of those report a small balance will be with 10-15 points each month.

Re: Where to go from Here - Credit Repair Journey

OmarGB9 — Sat, 19 Sep 2020 16:53:52 GMT

Your scores are surprisingly high for someone with several chargeoffs and a collection. Trust me, I would know. I had 8 chargeoffs and 4 collections and was in the low 500s. I'm down to just 2 unpaid chargeoffs and 1 collection and my scores are barely at what you see in my signature. I'd work on paying those chargeoffs first, as the closed revolving accounts are factoring into utilization and hurting your scores; also, some of them have rather large balances and I'd worry about the possibility of litigation. I'd also see if you could set up some sort of payment arrangement with Portfolio Recovery because they delete their collection upon paymemt in full or settlement. Once it's deleted, you should see a nice score increase.

As for the NJ Class Loan and disputing it, is it inaccurate? Were you 30 days late in 1/2019? If you were, then no, don't dispute it and consider the fact that it's reported as paid on-time 100% on the other two bureaus a blessing.

Re: Where to go from Here - Credit Repair Journey

jamie123 — Sun, 20 Sep 2020 07:52:41 GMT

The balances on your charge-offs and other baddies are rather large. (MOD CUT- FSR REMINDER - Jag73).

These are my suggestions:

Make a budget and stick to it. Don't just wing it like you have been in the past.
Build an emergency fund. You are a homeowner now and I garantee that within the next year, something will go wrong with the house that will cost you a substantial amount of money to fix/repair. There...I took away your excuse that you didn't know it would happen.
Keep saving your money and learn to live below your means.
Because you have so many baddies and they are for large amounts I suggest that you just ride them out until they fall off your reports. Now is not the time to poke the sleeping giant.
Start to build relationships with high quality lenders that will stay with you for life. Out of all your credit accounts you only have two quality ones IMHO and they are Discover and Amazon.

Good luck!

Re: Where to go from Here - Credit Repair Journey

OmarGB9 — Sun, 20 Sep 2020 07:54:21 GMT

@jamie123 wrote:
The balances on your charge-offs and other baddies are rather large.

I disagree, just because they're "sleeping giants" now doesn't guarantee they won't wake up later down the road close to SOL expiration date and come after OP via the courts. I'd try to take care of them NOW, on comfortable, favorable terms, rather than later on the creditor's terms which may put OP in a bind.

Also no need to be snobby. We don't know the exact circumstances of OP's plight, and we can't make assumptions.