@Anonymous wrote:
@Anonymous wrote:I can definitely help guide you on the collection since I just had the exact same situation with them and AT&T.
IC Systems will report next month as "settled" first which will improve your Vantage scores, but not FICO. I went ahead and wrote them a goodwill letter and they were both completely removed the following month (one was just 2 days ago). This is a big deal when it comes to FICO scores because the calculation only takes in the collection account itself, not if it was paid or not. It's also a huge deal if you're looking at making a major purchase like a home because they pull all of your reports to make sure they get everything. Note that they report to different agencies at different times of the month, so don't freak out if one is removed and the other isn't. Give it another week or two and they both should be taken care of.
Hope this helps! Please give us an update when you see results
I will take all the help I can get! Thank you. 😊
Interesting enough when I took a look aty Experian report yesterday I noticed that the collections entry for IC Systems was showing a 'blank' balance. Could that have been reported and reflected that quickly?
For some reason only my Equifax score loads when I log into my Experian account. So I can't tell if there's been movement yet on Experian or TransUnion.
At what point do you suggest I write the Goodwill letter to have this taken off my report. 30days?
Thanks for your response! I'll def keep you posted.
If they agreed to the PDF, then there is no reason to do a goodwill letter.
@Anonymous wrote:Hey Everyone. Been lurking around here for a bit and this is my first post. Sorry for it being such long read.
Some background info.
Previously I had a history of bad credit worthiness.
So...10yrs later, a move abroad, a divorce, self reflection, a bit of humbling hardship, financial recovery and an actual savings - I have my act together and have had the fortune of a clean slate. - Almost EVERYTHING has come off my credit report. So I've restarted from near zero.
Heres my situational timeline:
1. In March 2020, I decided it was time to get my head out of the sand and finally tackle my student loans from over 12yrs ago that had gone into default and subsequent collections. I was able to start a rehab plan for 9mths , payments were greatly reduced and I was able to file for taxes without having my returns offset. Finally!
2. I guess working on the high from my success in tackiling my student loans, I decided very randomly to apply for an American Express Hilton Honors card- I didn't expect to be approved. One week later I was approved. SL- $5000. ( In my past life my only credit card had been a Capital One Card for $500 that I eventually defualted on...).
Also in March 2020 - the world shut down.
3. In April 2020 I pulled my Credit report from the AMEX site and found that my TransUnion Score was 618.
3.b. May 2020 my score went up to 623
4. In June 2020 I went ahead and signed up with Equifax report Monitoring and Experian. My scores were TU 627 :EX627 :EQ783 - Huge discrepancy. I realized that I had a Collection with IC Systems for $1091 for ATT debt but it apparently never reported until December 2019. This is only reporting on TU and EX. Hence the high EQ score?
5. In April and May my Amex utilization we're at 4%. I paid the balance in full and each time my credit score went up a couple notches.
6. In June 2020, in anticipation of the world opening up I purchased airline tickets ( which also helped me achieve my bonus points rewards). Tickets were $1478.
7. July 10th statement closed. July 12th I paid balance of $1478 off in full.
8. July 15th or there abouts I checked my scores none of them are reporting current. However I did get notifications from all three agencies that my credit score had changed. CK showed a drop to TU 602, EX 602 and EQ 721. ( Question: Is this because my Utilization went up for June? I've paid the balance down to $0 again as is my plan each month...never charge what I can't cover with cash, right?. Anyway , does this mean that next month as long as I keep my Utilization down below say 5% , my pts should go back up?)
9. On July 12th I contacted IC Systems and negotiated a PFD Settlement of $645 in payment of the $1091 ATT collection. I got the confirmation email from them on July 15th and settled the debt IN FULL. (Question: I guess it's too late now but was paying this off a good idea? And when it drops off will it offer a significant boost to my credit score? ) So, I'm super proud of myself with this one. Never before had I ever made and honest effort to pay my collections. Some tips on this site taught me how to negotiate down and get that letter for PFD
10. What should I be doing next? To build, grow and manage my credit?
Current Overview:
I) just the one AMEX $5000 CL , that I pay in full each month. Utilization was high at 30% last month which Lowered my score. It's been Paid in full.
2) I paid off the only collections I had and hope this drops off my report and boosts my score in the next month or two.
3) my student loans are in rehab and are NOT reporting on my credit report at this time. Don't know if this changes in September?
4) I have three enquiries on my credit. One is Amex March 2020, SYNCB Feb 2020 and SYNCB Oct 2018.
Thats all I have.
MY GOALS?
I'd like to apply for my CLI with AMEX. I'm well past the 60days but figured I needed time to build a bit of history since Amex is really all I've got. (Question: When should I do this?)
- Discover IT Cash back rewards is my next plan ( should I wait until after my AMEX CLI request so I could get a higher limit?) The pre-qualified site says I qualify for Cash back or Travel card?
- Chase (When is the best time to apply for a Chase card and what do you all suggest for someone with limited credit?)
- Do I need to get a different kind of card if those listed above would be difficult for me to get at this time? If so which do you recommend?
- Are there cards that primarily pull from Equifax? Since my score is in the 700s.
- Student Loans ( will they ever report? And if so would that be a positive or negative? ) They had passed the 10yr mark and simply fell off my report is what I imagined happened. Now if I keep my payments steady and on time...wouldnt that reflect as aged installment credit and help me?
I'd really just appreciate any guidance or ideas on what to do next. When to garden?
I'd like to see my credit score above 800.
Thanks guys!
You have an excellent EQ score. I would look at Penfed, Suntrust, BB&T. Are all EQ Pullers if you have BB&T in your service area you can get go to their website and if you prequal then most likely it will be a SP for a new account.
