Score of 470 - Desperately need help!!!

[Anonymous]

Obviously with a score of 470, I've got some major credit issues.  I've got a fairly good job and have a good salary.  It's so frustrating to have a credit score so low.  I am in the process of trying to repair the shreds of credit I have left but I keep running into walls. 

The major problems I have on my credit is my payment history.  I have a lot of late payments on my account.  I have not had any late payments in the last 5 months and I know it will take some time for this to catch up with me. 

I don't have any revolving credit.  I applied for an Orchard Master Card so I could get some positive credit but I'm not sure if I will be approved or not.  I went through the website where it said "pre-approved" but a friend of mine said that is not necessarily the case! 

I don't have a lot to work with so I could use some help.  I have 4 collection accounts negatively affecting my score right now.  I paid one of them last month but they said they would not remove it.  I was going to start making payments on the other three (same company - total $1096) but I'm not sure if this will actually hurt my score further.  If they are reporting my payment each month, is this going to lower my score?  I am going to send a PFD on each of the accounts but from what I've read, there isn't much hope that they will be removed.

I have combed through my credit report and have disputed a few items that I believe should be changed.  Most of these are related to the late payments I mentioned above.  The Department of Education reports things very strangely so I have multiple negative hits from them.  I don't know if this will be resolved by the dispute or not. 

So, if anyone has any idea/suggestions I would be very thankful!  I knew my credit was low but it's actually TERRIBLE!  I feel like I'm never going to be able to raise it.  That is why I come to you, the experts! 

[bott6698]

Hi eyeread, I was in the same boat as you as far as not knowing what to do. I finally felt comfortable with this site to post my full credit report without of course SS# and any other personal info and the experts on here have given me a full strategy to rebuild. I would reccommend you also share all info you can so they can help you.

You can see my credit scores are also horrible and I feel like I am on the path to success thanks to myfico. I will be pulling new FICO scores once per month and posting them as my signature so everyone can follow my progress.

So far in just 1 week I had 2 CA removed from 2 CRA's. Can't wait to see what else happens!

Good LUCK

[fishbjc]

Your scores aren't the worst in the world!  You've come to the RIGHT place for constructive help and encouragement.

One year from now, you could be in the 600 club! 

Ok everyone, jump on in!

[Minnie]

Help is what you will find here! Do not despair! If you have a good job and income, you can pay things off and that will help you. Try PFDs before you pay the CAs-- you never know....if even one works, you'll be in much better shape! Read the introductory posts -- they are your guide. Good luck!!!

[Anonymous]

I was at 480 accoss all 3 in Dec 06-

You can do it- 

Start with "I will NEVER be late again"

[Anonymous]

First welcome to the boards! I know I Havent posted much at all, but you found a killer group of people here. Back in 2006 my HIGHEST was 424, now here I am sitting at TU-673, EQ-632 and EX- 625. So I am now getting there. The first thing I did was pulled all 3 reports from Truecredit.com. I know these are not the TRUE scores, but at that price and they update every 24 hours cant be beat IMHO. Anyway, from there called the 3 collections and basically (I work tech support so I can talk to people thank god), and told them I will pay you off right now IF you delete from all 3 CRA's. Well, they did then I started working on everything else. I had no credit cards at all, so I went to Orchard (from what I understand they deny no one .. I am proof of that one.. LOL) Then I went to First Premiere ... bad card, but gives me my history. I have had these 2 since 2006 where they gave me a high interest rate ... I called them both after 9 months of on time payments and asked them to lower my % rate or I am gone ... they both did and Orchard boosted me from 300 to 400 limit! I just now applied for a new card and have a 2k balance. Keep at it, do only about 3 at a time with each. I keep track for myself and people I work on with an Excel spreadsheet with dates, etc ... You will get there! John

[bott6698]

cujo. The orchard card and premier card you started with were they secured or unsecured??

[Anonymous]

Those were both unsecured. Getting a secured card was my next step, but I did not have to. Also, I got a Daniel's Jewelers credit card which they say you wont be denied ... as long as you can make payments. All 3 I listed report to all 3 agencies as well.

[Anonymous]

Eyeread

Stay postive and keep your focus.  You can do it!  I was in the low 500's just last year....  Now I'm 630, 650, 668....Take baby steps....There is so much help here and just think.....it's all FREE!!!  Myfico Rocks!

[Anonymous]

Time is definately on your side. Just be patient and make your payments. It seems that many people here with lower scores try to get the Hooters card so they can establish some good credit. it has high interest rates, but tends to be easier to get.