Repairing- Unsure why i am so low

[Anonymous]

Hello,

This is my first post here so i was having some issues. I would like some advice on where to start repairing my credit. My scores are as following:-

Ex 534 Eq 494 TU 504

Badies: BoA 700.00 C/O

             CACH LLC 2134.48(BoA debt) Settled for Less than Full(03/2008)

Installment accounts:

Student Loan: 1070 Us Fed Direct - Est 09/2004

Pay history eith not reported or current depending on report as it was on deferment, my most recent installment due was reported 60 late because i screwed up and didn't complete my deferment paperwork(working on getting this off)

I am confused on the reason i am so low, i paid all my bad debt and only had 1 late on my only account. Help me =)

I did open a CC with HSBC for 200.00(secured) and it hasn't reported yet.

So my baddies are cleared up, except the 1x60 for Mar on the Student loan.

Message Edited by rabdelr on 04-09-2008 10:27 AM

Message Edited by rabdelr on 04-09-2008 10:27 AM

Message Edited by rabdelr on 04-09-2008 12:26 PM

[Anonymous]

Hi rabdelr,   If you are having trouble posting     click options (upper right) then clice edit.....this will allow you to complete or change your post.

[Anonymous]

Well your debt has recently paid off and you are showing a 1x60 as your last reporting on your only account. I would give it a few months and  you should see an improvment.

Be pacient!

[llecs]

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rabdelr wrote:

Hello,

This is my first post here so i was having some issues. I would like some advice on where to start repairing my credit. My scores are as following:-

Ex 534 Eq 494 TU 504

Badies: BoA 700.00 C/O

             CACH LLC 2134.48(BoA debt) Settled for Less than Full(03/2008)

Installment accounts:

Student Loan: 1070 Us Fed Direct - Est 09/2004

Pay history eith not reported or current depending on report as it was on deferment, my most recent installment due was reported 60 late because i screwed up and didn't complete my deferment paperwork(working on getting this off)

I am confused on the reason i am so low, i paid all my bad debt and only had 1 late on my only account. Help me =)

I did open a CC with HSBC for 200.00(secured) and it hasn't reported yet.

So my baddies are cleared up, except the 1x60 for Mar on the Student loan.

Message Edited by rabdelr on 04-09-2008 10:27 AM

Message Edited by rabdelr on 04-09-2008 10:27 AM

Message Edited by rabdelr on 04-09-2008 12:26 PM

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For BofA, does it say you have a balance of $700? Or was it a balance of $2134.48 for a $700 CL. If it was just $700, what was your CL?

Do you have any other CCs besides HSBC?

GW the late.

If the BofA was your only CC, your utilization likely exceeds 100%. That will kill your score. If the balance is the $2k figure, then you are sitting at 300% utilization, but it would depend on how it is reporting.

I would send GWs on CACH. I'd send every 20 days or so for a couple months anyway. If that doesn't work, and you are looking for a score bump, then I would PFD the remaining balance of the debt. They would be more likely to remove it.

[Anonymous]

I don't have any other cards than HSCB, It should start reporting this month(hopefully i'll get the results of this and bringing my student loan current around 4/15 when they typically report). Here is info on the 2 accounts in question

BoA

Acct Type: Credit Card - Revolving Terms        
Acct Status: Closed        
Monthly Payment:         
Date Open: 9/1/2004        
Balance:    
Terms: Revolving        
High Balance:         
Limit: $700.00        
Past Due:         
Payment Status: Account transferred to another office        
Comments: Transferred to another lender or claim purchased

When i used a simulator it said if i took this account off my score would take a hit. only thing i could get a real bump witht was adding the credit card and getting the Student loan current.

CACH, LLC     
Acct Status: Closed   Closed     Monthly Payment:         
Date Open: 9/1/2007       
Balance:    $0.00     
Terms: 1 Month        
High Balance:         
Limit:         
Past Due:         
Payment Status: Legally paid in full for less than the full balance   Paid     
CommentsETTLEMENT ACCEPTED ON THIS ACCOUNT Paid

Would a GW letter to BoA or CACH drastically improve my credit?

Message Edited by rabdelr on 04-09-2008 03:26 PM

[Anonymous]

any thoughts?

[InfinitiG35]

You should try to get maybe 2 more CCs. Try First Premier Bank or Credit One Bank. These are subprime cards, but they should probably approve you, and the available credit will help your overall utilization, which will help your score. Just make sure that you keep the balances on the cards very low. In other words, just use between 1-9% of the credit available on each card.

[Jesedmotherof5]

Hi new too, but at first glance Im thinking not enough revolving credit with any aging payment history.

GW the heck out of the other things and get some revolving credit keep UTI 1-9%. Let them age for a few months.. That will boost  you up.

GO to whogavemecredit.com to do some research with Fico scores I had luck with Orchard, HSBC, Cap 1, tribute mastercard NEver never never EVER be late!

[llecs]

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rabdelr wrote:

I don't have any other cards than HSCB, It should start reporting this month(hopefully i'll get the results of this and bringing my student loan current around 4/15 when they typically report). Here is info on the 2 accounts in question

BoA

Acct Type: Credit Card - Revolving Terms        
Acct Status: Closed        
Monthly Payment:         
Date Open: 9/1/2004        
Balance:    
Terms: Revolving        
High Balance:         
Limit: $700.00        
Past Due:         
Payment Status: Account transferred to another office        
Comments: Transferred to another lender or claim purchased

When i used a simulator it said if i took this account off my score would take a hit. only thing i could get a real bump witht was adding the credit card and getting the Student loan current.

CACH, LLC     
Acct Status: Closed   Closed     Monthly Payment:         
Date Open: 9/1/2007       
Balance:    $0.00     
Terms: 1 Month        
High Balance:         
Limit:         
Past Due:         
Payment Status: Legally paid in full for less than the full balance   Paid     
CommentsETTLEMENT ACCEPTED ON THIS ACCOUNT Paid

Would a GW letter to BoA or CACH drastically improve my credit?

Message Edited by rabdelr on 04-09-2008 03:26 PM

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CACH is killing your score. A paid or unpaid CA account weighs the same against your score. A GW or DV could fix it. Try searching around in here for other CACH posts. There's a few. I bet you'd get 50 or more points with its removal.

HSBC is typically slow to report. Keep your balances under 10%. Typically, they report to each CR at the end of the month. It is a science to make sure no more than $20 reports on that day.

Yes, BofA removal could harm your score. If it gets removed you could have no score. On hindsight, based on what you pointed out, don't do anything.

As someone else mentioned, try for another card once HSBC reports. A store card could also help in your credit mix.

[jackg]

rabdeir,

WORD: Do your best to to regain Current status with B of A. They could be the key to your rebuilding efforts in the future. Strange things happen.