Tired of being in low 600's

[Anonymous]

ok, some of this will just be venting.  but i do have some questions and welcome any advice.  thanks to my husband deciding to leave me while i was staying home with our daughter, my credit is shot.  he moved out before i had a job and witheld most financial support.  my 0% credit cards went to default APR overnight.  i got a job within a month of him moving out, but it was only part time.  but with the timing of his departure, i was 3 months past due.  i decided to use a debt counseling program because i didn't think i'd be able to work anything out with the credit cards directly that i could actually pay.  at the point i joined them, it was sep 05 and the last payment i'd been able to send was may 05.   i knew it would take time so i just kept up my payments with the program.  after 1 1/2 years in the program, i pulled my scores.  i don't remember the exact numbers, but the highest was 601!!!!!  after 1 1/2 years of making payments?!?!?  needless to say, i was NOT happy.  it showed 2 of the 3 cards in program were in collection and over 5 months past due!!!!!  so i was able to get a loan for $10K to pay off the remaining balances.  they added the interest in so it looks like $16K and has a lien on my 14 year old car.  however, in less than 6 months my score has gone up to 624.  that's progress.  but i'm feeling really stuck.  i now have 1 credit card with $500 limit and the card that my ex pays that i'm an additional user is still on my report.  the account is closed, but his ability to pay timely is questionable.  should i have that removed since i'm no longer able to control the payments?  also is there a way to have it noted anywhere that the cards that were in the program should not show as late payments?  all but one now should paid and good.  one shows 0 balance but still marked as collection.  i would really like to buy a new (at least new to me) car as mine is getting old.  but with a new lien on it and low score, not looking so good.  any advice is appreciated!

[fishbjc]

I WOULD remove myself as AU, but possibly only the card holder can do this? 

I too, am with DM and was advised to pull my reports quarterly.  Thank G-D I listened because I did find an error, which has been rectified.

It's my understanding, through my counselor, that your account should show NO lates as long as the payments are paid to the DM.  I used ClearPoint Financial, member of BBB, recommended by BofA.

If you have made those payments ontime, call the DM & get this straightened out asap.

[SmartCookie]

If the AU (and corrosponding) account is closed I'd leave it be if it is in good standing currently.  It might be helping your scores at the moment with account age, and can always be removed in the future.  I would think though that no matter what, any balance showing on that card is tanking your UTI.  Evaluate it.  Next year you won't be able to get any benefit from the history so take advantage of it while you can.

Make sure the you review your FICO scores, not FAKO only.  If you currently only have 1 open card with a $500 limit you should think about opening a new card in the near future.  There are a bunch of options with scores in the 600s.

[Anonymous]

the reason i would consider being removed as AU is that the card is near the max...even though it's closed, that counts!  and the X is NOT, NOT, NOT good about paying bills!  i have seen more than one 30 days late since he's been "responsible".  i'm curious to how big a hit i would take because we got that card back in 1994 so it is a long history.  i just don't know how good its future is going to be. 

[SmartCookie]

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divorcerecovery wrote:

the reason i would consider being removed as AU is that the card is near the max...even though it's closed, that counts!  and the X is NOT, NOT, NOT good about paying bills!  i have seen more than one 30 days late since he's been "responsible".  i'm curious to how big a hit i would take because we got that card back in 1994 so it is a long history.  i just don't know how good its future is going to be. 

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With the closed AU account, it doesn't matter that it is maxed but the actual balance matters because that is factored into your UTI.  I'm not saying don't remove it... I just don't want you to be worse for it.  Also you can remove it at any time if it does go real bad.  But once it's off, consider it off for good.

With a 13+ year old account I would keep it on for the duration unless those lates are getting out of hand, especially ones during the past 24 months.  That and your UTI should be your deciding factors.

What are your FICO scores now?

[Anonymous]

when i checked my (Equifax) FICO score on the 5th of Dec, it was 624.  So in the 5 months that i've been paying the loan instead of a "counseling" program it has gone up.  Having been in bad credit hell for over 2 years due to someone else is very frustrating.  my poor little car is not going to last much longer and i'd like to be in a position to buy without getting raked over the coals on APR.  The lowest my credit had been prior to the X's shenanigans was like 660's.

[SmartCookie]

Are you getting any pre-approval offers mailed to you for credit cards?  You should really pull your other reports and FICOs.  PM me if you want a discount code for myfico.  You've got to see all 3 of them and do any needed repair work as you try to rebuild.  If you've only got that 1 cc you mentioned and you're scores are mid 600's I think you can start rebuilding now so that you do get a good rate on your car loan.

[Anonymous]

i have started getting some CC offers in the mail.  i also still have one of the old cards showing as collection even though it has been paid off for 5 months and was in a debt management plan before that.  should i start considering some of the CC junk mail that i'm getting to help with my UTIL?  i usually pull my reports/scores from myfico...that's where i got the one on 5 Dec.  i will have to dig up the last one where i pulled all three and what the scores were. 

[SmartCookie]

Definitely let us know rest of the FICOs and dates you got 'em.  

With that old card that is now paid off... send a GW letter and ask them to remove the TL from your CBRs.  Make the GW personal (not TMI, just personal!) explaining your circumstances and how this was a life event that caused the issue, not a reflection of your true credit management.  Explain horrible DMP problems and your dedication and responsibility to eventually satisfy the obligation on your own. 

Most definitely start considering some of the pre-app offers in addition to other companies.  What companies are soliciting you?

[Anonymous]

i haven't paid attention to who has sent some pre-approved.  mostly just pitching them.  don't want the inquiry on my report!    i will start paying attention.  well, i guess a GW can't hurt.  it's all true.  my history prior to that was obviously good enough to get several 0% APRs.  and the worst they can say is no.  it's just so frustrating to have to rebuild a life and rebuild credit.  this has gone on for 2 years already and it feels like it's going to be another 5!  i'm too old for this!