Better late than never, right???

Anonymous · ‎07-26-2007

Hello. This is my first time here. Figured it was time to face things head on...starting with my credit. I just registered and found out my credit score is 594. They say I am high risk.

Here are my stats:
* 8 accounts that were 60 days late or worse
* 1 public record
* 1 collection on my credit report
* 9 accounts with a missed payment or a derogatory description
* most recent public record occured 1 year ago
* most recent collection occured 1 year ago
* oldest account was opened 10 years ago
* average age of my accounts is 7 years

Currently the only bills that are in my name are: Verizon Wireless, AT&T and Poland Springs. A girl needs water, her cell phone and internet!

I am also paying off a student loan that was deliquent but I have been on track the last year. Paid off two other student loans (were also delinquent at one point). Also have settled my account with MBNA for less than what I owe.

So my question...how do I increase my FICO score when I have so many delinquincies and no one wants to approve me for a credit card???

Thanks in advance!

julie

Ps. I forgot to mention that I still owe AMEX $2,435 and Chase $3,159. All the other credit cards I paid off in full but they are all red-flagged b/ce they were 120+ days past due. Live and learn...live and learn.

Anonymous · ‎07-26-2007

Your listing bears a very stricking resemblance to mine. My scores are about 10 points less though and I have an AU account with a history of 31 years because of my mom. (Since they're changing the rules though, she's going to add me as a Joint Owner)

So here's my advice to hopefully get you going. If you have the option of a family member or spouse with good credit history, see if you can piggyback and be added onto one or more of their account. That will increase your average credit age (If they have a long standing account) and it will be a positive in your score.

Also, try and join a credit union. I joined a credit union in my community maybe a year ago, and even with my bad scores, they gave me a cc with a 1000 cl. And just this month they bumped up my limit to 2000 ( I got the card in september of last year). So that may be a place to start. Search for CCCU on this forum, alot of people on here have had luck with getting credit through them. I guess they work with you and are very nice.

I just got a partially secured card through BOA too. You send them a 99 deposit, and they give you a 500 credit limit. The nice thing about that, they've already started reporting to the cra's and I haven't even received my card yet. The bad thing, you have to apply and be denied credit before they offer you the card, but you have to start somewhere, so I figured the hard inq was worth it. You should get the offer too because you history is very similar to mine and I was offered it right away.

Read the credit scoring 101 thread too, is you haven't already. Start sending out GW letters to accounts that are paid and PFD to any accounts that aren't. Try a letter a day so you don't get too frustrated or burnt out. Gotta start somewhere. And keep at it, if you don't get a response or you get turned down, just keep trying. I hope this helps. Best of Luck!

Anonymous · ‎07-26-2007

Your report sounds about how mine did when I first started reading messages in the forums. What are some of the ages of your accounts? Are any due to fall off your reports? I starting sending GW letters to some of my accounts that showed that I had made past due payments, my student loan company would not remove adverse info, but I have heard back from to places that replied stating that the items would be removed at there next reporting cycle (havent seen it on my reports yet though). Hope this helps, Im slowly moving in the right direction, beginning of the year i was at a 495 and Im now at a 546 (these are EQ) Ex was 501 and is now 579 and TU went backwards dont know whats up with that 656 down to a 601. good luck it takes time!

fused · ‎07-26-2007

ctjulie wrote:
Hello. This is my first time here. Figured it was time to face things head on...starting with my credit. I just registered and found out my credit score is 594. They say I am high risk.

Here are my stats:
* 8 accounts that were 60 days late or worse
* 1 public record
* 1 collection on my credit report
* 9 accounts with a missed payment or a derogatory description
* most recent public record occured 1 year ago
* most recent collection occured 1 year ago
* oldest account was opened 10 years ago
* average age of my accounts is 7 years

Currently the only bills that are in my name are: Verizon Wireless, AT&T and Poland Springs. A girl needs water, her cell phone and internet!

I am also paying off a student loan that was deliquent but I have been on track the last year. Paid off two other student loans (were also delinquent at one point). Also have settled my account with MBNA for less than what I owe.

So my question...how do I increase my FICO score when I have so many delinquincies and no one wants to approve me for a credit card???

Thanks in advance!

julie

Ps. I forgot to mention that I still owe AMEX $2,435 and Chase $3,159. All the other credit cards I paid off in full but they are all red-flagged b/ce they were 120+ days past due. Live and learn...live and learn.

Hi! If you have not read the credit scoring 101 thread, I recommend you do. Come back with your questions, we will be happy to help you out!

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Anonymous · ‎07-27-2007

have you disputed yet???

First you need to know what your state CRPT is( state statue)

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

The first step is to dispute with all 3 CRA,

Then look at whats left.

CA gets a DV letter, for paid lates a GW might help.

Also we need dates so that someone can advise you more.

Anonymous · ‎07-27-2007

Thank you everyone! I guess the first step for me would be to send letters to all my creditors and see what they can do for me. In the mean time here's more info on my accounts. Once again, THANK YOU SO MUCH for replying to my post and helping me. I know I can't expect my FICO score to go up over night but reading your posts gives me hope that one day (hopefully not too far), I will once again have a good credit!

Credit At-A-Glance Total past due: $9,543 past due on 5 accounts (red flag)*Credit History: 10 years* Late Payments: 40 (red flag)

Total balance of
Your revolving accounts: $3,159*Your mortgage: none*Your installment loans: $6,603

Total number of Accounts: 16*Accounts with balances: 5*Accounts opened in past year: 1 (I don't recall opening anything!)*Recent inquiries: none*Collections: 1*Public Records: 1

Accounts that have $0 and have OK status:
Macys (didn't even know I had one)-Opened 11/01, Bank of America (closed)-Opened 6/98, Talbots (I don't even own anything from Talbot's!)-Opened 4/01, Victoria's Secret-Opened 11/00, Express-Opened (closed) 3/00, Citi (closed)-Opened 5/00

Accounts that are BAD and UGLY:
Department of Education- went to collection. I finally contacted US Dept. of Education. 2 accounts have been paid off, one that was taken out through the University (I think they're the Pell and whatever the other one is). I'm paying off the one that is through the US Dept. of Education. They told me that a couple more months and my account will show in good standing

I'm hoping that's for real. YES! I am going to call and ask to get it in writing.

MBNA/(now BOA)- Date opened 12/01. Date of last payment 2/07. Largest past balance $7,000. Revolving. Indvidual. Scheduled payment amount $183. Settlement accepted on this account. Paid account/zero balance. Current status OK. 30 days late 5 times. 60 days late 4 times. 90+ days late 17 times.

AMEX- Date opened 2/03. Date of last payment 5/01. Credit type Open Account. Individual. Scheduled payment amount $0. Charged off account. Account closed by credit grantor. Balance $2,435. Current Status Bad/ debt collection.

Chase NA (plus public record)- Date opened 12/01. Date of last payment 12/04. Laregest past balance $3,159. Revolving. Individual. Scheduled payment $63. Charged off account. Balance $3,159. Current Status Bad/ debt collection. Past due $505.

Citi (why did I open 2 Citi cards?!)- Opened 5/00. Date of last payment- 5/03. Largest past balance- $1,800. Revolving. Individual. Account closed at consumer's request. Paid collection. Balance $0. Current status 120+ days past due (WHY?! I paid it off!!!). Past due amount not one record.

J.Crew- Date opened 11/99. Date of last payment 12/02. Everything is fine with this expect I paid late once and it has a red flag

Do I call J.Crew???

Thanks again!!!

Message Edited by ctjulie on 07-27-2007 07:00 PM

Anonymous · ‎07-27-2007

Oh! Wondering, what do I do about the public record? How do I go about taking care of that? Thanks again!

Anonymous · ‎07-27-2007

I just called Citi and asked what I can do to remove the two months that show me being delinquent. The customer service person was lovely but I'm not sure she understood exactly what I was saying. After trying to explain what I wanted to be done. She came back to me saying I will receive a letter from Citi in 10 business days. Was this the right thing to do?

This is the card that was opened in 2000.
30 days late: 0 times/ 60 days late: 1 time (Sept. 2003)/ 90+ days late: 1 time (Oct. 2003).
Descriptions:
Account closed at consumer's request. Paid Collection.

Oh wait! Do I have to contact the collection agency?

Can anyone give me advice?

Anonymous · ‎07-27-2007

Hi! this is my first time to join the forum,and i desperately needed to know some thins about credit history or records.I have a negative record now that says 30 days past due for $30, it did affect my score,plus i had 4 inquiries in the last 3 months which only 2 i am aware of.My credit score has greatly dropped in experian,i just checked today, from 689 3 months ago to 594.It shows that the factors that hurts my score is the,not long enough credit history, new account opened, recent inquiries,that past due and high revolving amount.I am so worried because we are going to buy a house and the closing might me in Nov.Is it possible that i can raise this score up in the next 3 months by just paying off the revolving acct? Thanks a lot to those who can give me light on this, i dont really know much about credit history/building since i am immigrant here for just 21/2 yrs.

Anonymous · ‎07-27-2007

ctjulie wrote:

Oh wait! Do I have to contact the collection agency? Can anyone give me advice?

Only if it's the collection agency reporting on the CR's. It sounds like the original creditor, so that is who you contact. Try a good will letter along with the phone call.