topic Re: Help with this mess... in Rebuilding Your Credit

Help with this mess...

Sebastian — Fri, 24 Oct 2025 18:35:11 GMT

Hi there guys. Would you please help me understand what's the best way to fix my mess? I know the easy answer is "pay your old debts you fool!" but that's not a possiblity as of now. So maybe you can help me attack one item at a time, and decide what's the best way to do it.
I only have 3 "stains" ... all small old accounts.

FIRST PREMIER
Payment Status: Charge-off / Balance: $477 / Limit: $300 / Open date: 03-2022 / Last activity: 05-2022.

MIDLAND CREDIT (Capital One CC)
Collection / Balance: $2,617 / Date assigned: 07-21-2022.

PORTFOLIO RECOVERY (Capital One CC)
Collection / Balance: $1,040 / Date assigned: 08-18-2022.

I have not had a credit card in years. Those Capital One were the last ones. So I don't have credit history.
Just a couple of weeks ago my mother add me as an authorized user on her credit card (just a $200 credit limit), and it seems that that alone push my score from 488 to 501.

The goal is to fix my credit report and start building it strong and continuosly.

THANKS!

Re: Help with this mess...

LIGHTNIN — Fri, 24 Oct 2025 19:51:22 GMT

Hi and Welcome to the myfico family 😉

What is the DOFD for both the OC (Capital one accounts)?

You don't need date assigned for the CA's.

Check out the link below, you'll find very helpful info there.🙂

I'll check back with y'all later. Enjoy reading/ learning.

What Steps Do I Take?Do I DV?PFD?

,Frequently Requested Threads

Re: Help with this mess...

Sebastian — Fri, 24 Oct 2025 20:33:57 GMT

Hi there @LIGHTNIN

I don't have a way of finding out DoFD, unless I call Capital One.
But I will say it was 3.5 years ago the most. So I'm far away from the 5 year mark (accounts opened while living in Florida)

Just to be clear, the DoFD is the last time I was behind on payments to Capital One, right? That eventually led to the account being sent to Collection, right?

Re: Help with this mess...

GZG — Fri, 24 Oct 2025 21:45:06 GMT

@Sebastian wrote:
Hi there guys. Would you please help me understand what's the best way to fix my mess? I know the easy answer is "pay your old debts you fool!" but that's not a possiblity as of now. So maybe you can help me attack one item at a time, and decide what's the best way to do it.
I only have 3 "stains" ... all small old accounts.

FIRST PREMIER
Payment Status: Charge-off / Balance: $477 / Limit: $300 / Open date: 03-2022 / Last activity: 05-2022.

MIDLAND CREDIT (Capital One CC)
Collection / Balance: $2,617 / Date assigned: 07-21-2022.

PORTFOLIO RECOVERY (Capital One CC)
Collection / Balance: $1,040 / Date assigned: 08-18-2022.

I have not had a credit card in years. Those Capital One were the last ones. So I don't have credit history.
Just a couple of weeks ago my mother add me as an authorized user on her credit card (just a $200 credit limit), and it seems that that alone push my score from 488 to 501.

The goal is to fix my credit report and start building it strong and continuosly.

THANKS!

contact portfolio and midland, ask how much it will be to settle those in full

and then pay each of them the full settlement amount (settled in full) in whichever order will motivate you to pay the next one.

this (in the grand scheme of things) is not a ton of money, so if you truly want access to good credit in the future, putting forth some extra hours at work or doing some uber/doordash should help you knock this out fairly quickly.

Re: Help with this mess...

Sebastian — Fri, 24 Oct 2025 22:34:05 GMT

Thanks @GZG

So I should definitely try to pay them in full, right?

If I settle for less (they offered me 50% off), will it affect my Credit score?

Re: Help with this mess...

FicoMike0 — Fri, 24 Oct 2025 22:43:28 GMT

Its a little confusing. If you owe $2000 and they agree to settle for $1000, if you pay the $1000, you're paid in full as far as the credit bureaus are concerned. You will have a zero balance.

Re: Help with this mess...

GZG — Fri, 24 Oct 2025 23:07:21 GMT

@Sebastian wrote:
Thanks @GZG

So I should definitely try to pay them in full, right?
If I settle for less (they offered me 50% off), will it affect my Credit score?

FICO doesn't care as long as the balance is $0 and that's the goal, all 3 tradelines need to be at $0 or deleted

the two collections should delete after settling in full, the card will say "settled in full/paid in full, previously charged off".

Re: Help with this mess...

Sebastian — Fri, 24 Oct 2025 23:14:06 GMT

I see... one of the CA said to me that if I settle for less, it will actually state on my report "Settle for less"... and he made it sound like it was a bad thing.

Re: Help with this mess...

GZG — Fri, 24 Oct 2025 23:24:43 GMT

@Sebastian wrote:
I see... one of the CA said to me that if I settle for less, it will actually state on my report "Settle for less"... and he made it sound like it was a bad thing.

both midland and portfolio will, as a matter of their policy (it's right on their website), will delete their reporting if you settle in full after about ~60 days

so what you want is the one payment amount to settle the balance in full, when you have that number, pay them. if you start faffing about in payments, you risk missing payments and not making any progress whatsoever.

ask for the one payment cost to settle in full, and then pay it and be done with it.

you can likely just go onto their website and see settlement offers, and you'll want to find the one for a singular payment to settle in full.

Re: Help with this mess...

FicoMike0 — Fri, 24 Oct 2025 23:52:09 GMT

You're probably lucky that the defaults are with capone. They seem to be pretty forgiving as far as future credit. If you cost amex or navy money, they will hold a grudge for a very long time.

If you want credit in the future, addressing these defaults is a great start. The next thing is, to get credit, you need to have credit. That means you need accounts reporting good history. Low limit secured cards count just fine. Try banks with preapproval, so you don't waste a hp. Try capone, see if they offer you anything.

Re: Help with this mess...

Sebastian — Sat, 25 Oct 2025 00:33:53 GMT

Thank you sir! This was the kind of information I needed. I appreciate your help.

if you don't mind me asking... I see that you went from 520~ to well over 700; what steps did you take to make that first up movement to the 600~? Secured cards?

Re: Help with this mess...

Sebastian — Sat, 25 Oct 2025 00:35:38 GMT

Thank you! I will start with settling both CapOne accounts. Next step will be to get a secured credit card.

It's going to be a long road..

Re: Help with this mess...

LIGHTNIN — Sat, 25 Oct 2025 20:32:47 GMT

I had a capital one CO, that went to CA. I did a PFD settled for less and was deleted.

Important keep your papers when you are paying the CA, where they agreed on the amount and to delete.

I say this because, a few years later a new CA was asking for more money, for the same debt I already paid.Luckily, I had the receipt, I sent it to new CA. I did this because, my states SOL hasn't passed yet.

Yes, capital one will forgive, I have 2 CC with them now😉 Good luck to ya.