Unless there are inaccuracies on your credit report, there is little more you can probably do except build some credit. Although not impossible, getting ti up to above the magical 620 number will be very hard.
See if you can send out GW letters for any accoutns showing late payments....
Get a $300 secured credit card and never let it get above 10% utliization
If there are any other collections try to arragne a PFD on them, do not just pay them off.
Give it some time. You have made great process but it is almost impossible to go from a 390 to a 650 in 1 year unless there is alot of inaccurate info.
Thank you guys so much for all of your help! I am new to all of this so I don't fully understand some of the abbreviations. What does PFDs, PIFs, and GW mean? You all seem pretty knowledgeable. Is this your profession or are you speaking from experience? I never realized how important my credit was until now. I abused it through my 20s and now I am spending my 30s trying to correct those mistakes.
Nothingman02 - The old credit cards and the judgments were settlements. The judgement was for $5200 and we agreed that I would pay $3300. The credit cards were different balances and we settled on 25-50% of the remaining balance. The bounced checks were paid in full. There is still one credit card left on my credit report that I have not yet paid off.
Mickie08 - I think you may be right about the secured credit card. I wish there were other ways to improve my score other than credit cards. I really hate them and have gotten by pretty good without them over the last few years. The interest rates on them are ridiculous. *sigh* I guess that has become the American way so I should just get over it. *blah*
CaptFrank - I tried for the First Premier Credit Card today but was declined. Keep me posted on how your daughter fairs with increasing her credit score. I know how she feels and it's a long hard road but, as my sister told me today, Rome wasn't built in a day. This is the second card that I have applied for and been denied so I think I am done trying for the unsecured cards for a while. I dont want too many inquiries on my credit report.
If FP told you they did not have a response, dont fear,they never give the 60 second response. They will come back in the mail and ask you to pay those joining fees.. my husband has not made efforts to pay anything on his credit and that was what they wanted to get approved. Mine was the same and now I have a card. It will get there you will see!
PIF paid in full
PFD pay for delete
GW good will letter.
There is a lot you can do besides what you have mentioned. Everyone can get their credit to 650. It just takes some hard work sometimes. That's what I'm here for. Deferring the Student Loans isn't always a good thing. In fact, student loans can be a score-killer. Opening new tradelines can be a good thing, but it's beginning to be less significant. I know what we probably need to do in your case.
Edited to remove personal info.
You've done pretty well so far. Whatever you do...please come here to ask questions before jumping the gun on applying.
My DH was 481 in Dec/07, now at 644 with TU.
Please review goodwill letters.....look at our samples. Begin to write to see if you can have any recent lates removed. Keep writing.
Just take your time and read...read...read. Return & ask questions. WELCOME TO THE FORUMS!
Before you know it, you'll be an old pro at this credit stuff!
Tyesha: Just a thought. Do you have access to a credit union? If you can join up, you can go in and speak to a credit advisor. She can work with you on getting a secured card, even if today it's only $100, you can add to that as time goes on. Eventually it can unsecure or you can apply for an unsecured.
I never considered that, fish. As a student, I am able to join the credit union through my univeristy. Thank you so much. I'll try that. You guys are great. I was contemplating if I wanted to subscribe to myFico since I am using the 30-day free trial right now but you guys are making me feel really good about my situation and giving me such hope. I was really starting to get discouraged.
Julieray, thanks for the feedback and meanings to the abbreviations. It really had me puzzled.