topic Re: 29 And Rebuilding... in Rebuilding Your Credit

29 And Rebuilding...

leviant0107 — Thu, 26 May 2022 19:22:48 GMT

Hello all, well recently I was married in July of 2021 and welcomed a brand new baby boy in February of this year. I have a better than decent job (post office mechanic) and am looking into a few investments as well (I currently have a fixer upper I'm in the midst of renovating).

I've been aware of the importance of credit for quite a while but haven't made a big point of putting importance on it in my own life, until my wife wanted a house...and a new car lol. Amongst other things I'm aware my desire to be an investor in real estate among other things would probably be better served if I was a reliable creditor for those purposes.

I have several credit cards which are way past the reasonable or desired usage limit (10%) so I know to that end what I need to be doing, as well as have several loan building programs (Kikoff, Self, Kovo etc). I was hoping to get some more insight concerning other derogatory information on my report and maybe a bit of advice on how to clean up a few of these things or get them resolved in general, the best way to go about it at least. Any and all help would be greatly appreciated thank you much guys.

Experian

Several incorrect names including ones with the middle name “N” or “NA” and none with my suffix of “II”

Several incorrect addresses or addresses I no longer live

Several cell phone numbers I no longer use

Negative Information:

GMFinancial

Auto Loan

Account charged off, $0 writte off

BMG Money Inc

Account charged off. $155 past due as of Jul 2021

Citicards/Citibank

Paid, Closed. One 30 day late May 2017, one 60 day late Jun 2017

Credit Acceptance. 30 day late from Nov 2017.

Discover Bank

Date Opened 01/2018

Account Charged off. $303 written off. $303 Past Due.

Feb-Retail

Closed. $1223 written off.

Purchased by another lender

Kovo Inc

One 30 day late Nov 2021, one 60 day late Dec 2021.

Lockhart, Morris & Montgomery

Collection

Past due balance as of May 2022.

Merrick Bank

One 30 day late Dec 2021

One 30 day late Apr 2022

Premier Bkcard

Paid. Closed.

Showing several late payments from 2019

ProCollect Inc

Collection account showing a balance.

Self Financial

Paid, Closed.

Showing several late payments from 2019

Webbank

Closed. $426 written off.

Equifax

Collections:

Lockhard Morris & Montgomery

OC: Roehl Transport Inc

Date Assigned: Dec 28, 2021

DOFD: Nov 28, 2021

LVNV Funding LLC

Listed as a collection but with a reported balance of $426

DOFD: Feb 01, 2019

Balance and Past Due Reported

Date Opened: June 25, 2020

Date Reported: May 03, 2022

Credit Acceptance

30 Day Late Payment reported November 2021

Citibank/Citicards

One 30 day late reporting May 2017, one 60 day late reporting Jun 2017

Feb-Retail (Closed)

Charge Off

9 Hard Inquiries Dating from Apr 01, 2021 to Aug 06, 2021

Several years old addresses I no longer reside in

Also in my personal identification my suffix is listed as the number “2” instead of the roman numberal “II”

Re: 29 And Rebuilding...

FireMedic1 — Fri, 27 May 2022 11:30:18 GMT

@leviant0107 wrote:
Hello all, well recently I was married in July of 2021 and welcomed a brand new baby boy in February of this year. I have a better than decent job (post office mechanic) and am looking into a few investments as well (I currently have a fixer upper I'm in the midst of renovating).

I've been aware of the importance of credit for quite a while but haven't made a big point of putting importance on it in my own life, until my wife wanted a house...and a new car lol. Amongst other things I'm aware my desire to be an investor in real estate among other things would probably be better served if I was a reliable creditor for those purposes.

I have several credit cards which are way past the reasonable or desired usage limit (10%) so I know to that end what I need to be doing, as well as have several loan building programs (Kikoff, Self, Kovo etc). You only need 1 loan reporting. More loans doesnt mean higher scores. I was hoping to get some more insight concerning other derogatory information on my report and maybe a bit of advice on how to clean up a few of these things or get them resolved in general, the best way to go about it at least. Any and all help would be greatly appreciated thank you much guys.

Experian
Several incorrect names including ones with the middle name “N” or “NA” and none with my suffix of “II”. Several incorrect addresses or addresses I no longer live. Several cell phone numbers I no longer use

Negative Information:
GMFinancial Account charged off, $0 writte off When?
BMG Money Inc Account charged off. $155 Jul 2021
Discover Bank Account Charged off. $303 Past Due. When?
Feb-Retail Closed. $1223 CO. Purchased by another lender When?
Webbank Closed. $426 CO. When?
Feb-Retail (Closed) Charge Off Amount? When?
Any CO that isnt settled or paid will hurt until its $0 balance. It counts against your util %'s. They will fall off 7 yrs after the DoFD. GW's dont work really with CO's. Get them to $0.
Collections: '
Lockhard Morris & Montgomery OC: Roehl Transport Inc Date Assigned: Dec 28, 2021 DOFD: Nov 28, 2021
LVNV Funding LLC $426
Call and work out a PFD with LMM. Never heard of them. Paid is better than owed. LVNV will delete if settled or paid.
Lates:
Citicards/Citibank Paid, Closed. Who closed it? One 30 day late May 2017, one 60 day late Jun 2017
Credit Acceptance. 30 day late from Nov 2017.
Kovo Inc One 30 day late Nov 2021, one 60 day late Dec 2021.
Merrick Bank One 30 day late Dec 2021 One 30 day late Apr 2022
Premier Bkcard Paid.Closed. Showing several late payments from 2019
Self Financial Paid, Closed. Showing several late payments from 2019
Credit Acceptance 30 Day Late Payment reported November 2021
All these lates will have to run its course. You can try the GW saturation technique found on this site.
9 Hard Inquiries Dating from Apr 01, 2021 to Aug 06, 2021 Stop applying. More credit doesnt fix past baddies.

Had to rearrainge it all. The late cycles that were spread out over a few years cant go on any longer. Most have a rough spot and it ends. There wont be any big score changes until the CO's are settled and done with. And in time will fall off. Work on those and GW the lates. In the future group things together and please dont double space after a couple words. Many on mobile. All the old stuff will stay because its tied to an account you had at one time. I had a wrong middle initial wrong. I had it removed and it caused a split file with EQ. That was a bigger mess. So there you go. Pay off the past debts. No more lates. And no more apps until its all said and done with. It will be hard with CO balances to get approved for better cards. Good Luck!

Re: 29 And Rebuilding...

Mdowning30 — Fri, 27 May 2022 13:55:02 GMT

Dispute any wrong info or that you dont agree with through the Credit Bureaus and/or if they cant delete it, report it to the CFPB. Make sure you only have 1 name, 1 address, 1 phone #.

Re: 29 And Rebuilding...

leviant0107 — Fri, 27 May 2022 16:38:28 GMT

Discover Charge Off Date: Feb 2020

Feb-Retail Charge Off Date: Aug 2017

Premier Bankcard. Paid. Closed at credit grantor’s request. October 2019. Several lates.

Webbank/FingerHut. Closed. Written off purchased by another lender Jul 2020. I believe LVNV was the one who purchased it.

GM Financial. Charged off May 2021. $0 written off.

BMG Money. Charged off Jul 2021. $9k written off. $155 past due of Jul 2021.

Citibank closed the account at credit grantors request.

Re: 29 And Rebuilding...

OmarGB9 — Fri, 27 May 2022 23:46:19 GMT

@Mdowning30 wrote:
Dispute any wrong info or that you dont agree with through the Credit Bureaus and/or if they cant delete it, report it to the CFPB. Make sure you only have 1 name, 1 address, 1 phone #.

Wrong info, yes. Anything OP doesn't agree with? No. Not if it's reporting accurately. You can't just dispute away negative things you don't like/don't agree with. That's not how it works.

Re: 29 And Rebuilding...

jrwa81 — Mon, 30 May 2022 03:57:18 GMT

Your file is overwhelming and has a lot going on. You definitely have your work cut out for you with all of those charge-offs and late payments, not to mention your extremely high utilization. Frankly, I wouldn't even think about investments until you've got your credit situation under much better control and your debts paid off. Priorities. Your money is going to be much better spent cleaning up your past so that you can have a good financial future. The money that you are spending on investments is money that could be used for paying off your debts. As others have mentioned, try to GW as many of the late payments as possible and snowball your active credit cards. The self-credit builder loans are not necessary and only increase your DTI because they still are debts that are owed. I would see if you could close at least a couple of them and maybe just keep one active. ONLY dispute information that you believe to be incorrect. Never dispute anything that you know is accurate. The charge-offs won't get deleted, but if you pay them off, the balance owed will zero out and it will reflect as paid on your credit reports and they will no longer factor into your DTI.

This is going to take a good bit of time, but it's not impossible. Again, scrap even the idea of investing and make cleaning up your past and present debts a priority. Don't apply for any new credit at this point, because that will only add to the chaos. You have a new child. It's time to prioritize and get your credit into a good place, especially if you want a new house, new car, etc., because none of those things will be possible with your current credit situation.

Re: 29 And Rebuilding...

tcolesz12 — Tue, 31 May 2022 19:22:24 GMT

@leviant0107 wrote:
Discover Charge Off Date: Feb 2020
Feb-Retail Charge Off Date: Aug 2017
Premier Bankcard. Paid. Closed at credit grantor’s request. October 2019. Several lates.
Webbank/FingerHut. Closed. Written off purchased by another lender Jul 2020. I believe LVNV was the one who purchased it.
GM Financial. Charged off May 2021. $0 written off.
BMG Money. Charged off Jul 2021. $9k written off. $155 past due of Jul 2021.

Citibank closed the account at credit grantors request.

answer to your questions @FireMedic1

Re: 29 And Rebuilding...

FireMedic1 — Tue, 31 May 2022 20:07:47 GMT

@tcolesz12 wrote:
@leviant0107 wrote:
Discover Charge Off Date: Feb 2020
Feb-Retail Charge Off Date: Aug 2017
Premier Bankcard. Paid. Closed at credit grantor’s request. October 2019. Several lates. Why did the creditor close it?
Webbank/FingerHut. Closed. Written off purchased by another lender Jul 2020. I believe LVNV was the one who purchased it.
GM Financial. Charged off May 2021. $0 written off.
BMG Money. Charged off Jul 2021. $9k written off. $155 past due of Jul 2021.

Citibank closed the account at credit grantors request.

answer to your questions @FireMedic1

Written off doesnt mean you dont owe it still. Charge off's are "written off" by the banks for accounting info. List the accounts with

Lender Name/ Credit Line/ Balance/ Date of CO