topic help me rebuild please in Rebuilding Your Credit

help me rebuild please

wallywest556 — Fri, 26 Jan 2024 21:09:36 GMT

nothing heals your credit score like time. I'm not looking to purchase a house, car, nothing. I'm currently at a 561 equifax, 563 trans . I have 1 collections at a year 2 months w a balance of 585, 2 charge offs one at BOA CC at $1,228 closed June 22' still being reported as of 01/24, SYNCB/PP at 1534$ closed on 07/22 last reported Dec 23'. Don't know what my next steps should be, I can pay off the collections in full and the SYNCB/PP is willing to settle at 630$ which i can pay off. I'm 23 i recently opened a Cap1 QS secured 4 months ago and paying in full with a $600 limit. I was depressed, my mom had cancer but I recently graduated college and just found a decent paying job.

Re: help me rebuild please

RSX — Fri, 26 Jan 2024 21:18:37 GMT

welcome and sorry to hear about your mother

take the settlement from Sync and pay them the $630

pay the collection of$585

pay the chargeoff from BOA - see if you can get a lower settlement amount - if not, pay it off in full

all of these moves will help your score begin to improve - it should look a lot better in 2-3 months after the accts show as Zero

congrats on the new job

Re: help me rebuild please

wallywest556 — Fri, 26 Jan 2024 21:31:32 GMT

With the boa being my main checking and savings should I attempt to pay off the charge off in full and apply for a secured card through them or with it being almost 2 years attempt to settle? I'm thinking of moving my main bank to Cap1 because it allows for early paychecks and a HYSA at around 4.3%( only downside of no physical locations in my area which i could combat by zelleing from one acct to another). Thank you for the condolences.

Re: help me rebuild please

RSX — Fri, 26 Jan 2024 21:35:48 GMT

the main plan is to have all deliquent items reporting at Zero

if you want to move from BOA to Cap1, go ahead - but still take care of the BoA chargeoff

i use USBank accounts and they have lots of branches nearby - and I still never go into them for anything - so don't worry about Cap1 not having a branch near you

Re: help me rebuild please

admiralsmoker — Thu, 01 Feb 2024 15:53:07 GMT

Once you have settled your charged off accounts and collections, your credit score will begin to heal. For the collection account depending on who the company is, they may allow you to do pay for delete which will help your score more than just paid off. Once all those accounts are settled and reporting a zero balance, you will see a nice credit score increase. I saw about 50 point after settling all my accounts.