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4 years of re-building journey, this year will be the best one (Help Appreciated)

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gloverkevin
Valued Member

4 years of re-building journey, this year will be the best one (Help Appreciated)

Hello,

 

My name is Kevin, I have been on a stressful 4 year credit rebuilding journey from around 25-29. A lot of what I have done to get collections cleared, personal information, accounts, have been trial and error, all on my own end, but this year I feel a little at a roadblock and being new to this forum, I wanted to reach out to get expert opinion on my situation and seeing how to navigate from here forward. 

 

1a.) First issue going into this year is that I had 4 secured credit cards and 1 credit builder card in 2022 (OpenSky, First Progress, Applied Bank, Merrick Bank, and Extra Credit Builder) I had 1-2 late payments on each and ended up closing all 5 cards in December 2022. I read on here about the goodwill letter process and went ahead today mailing out 22 letters between all accounts to multiple addresses, so while this process is rolling, I want to dive into what I believe is not only one, but the main issue with my reports.

 

1b.) I was able to clear off all inaccurate information across my credit reports, so only 1 name, 1 adddress, 1 DoB, and 1 Social reflects, I didn't list an employer nor a phone number, but if there is an advantage to this I will, but I haven't read a reason why it would, if im wrong let me know.

 

1c.) With what was said in "1b" Experian however has been the worst to work with in terms of deleting in accurate information. It took me 2-3 months of calling (without cfpb) to get them to delete 2 extra names on my credit report. At this current time I have 5 addresses on my report,  4 that Experian won't delete because "THEY ARE LINKED TO CURRENT ACCOUNTS" This is something I need help with going into the next obstacles of settling (PFD), or removing debt.

 

2a.) 1 Collection / 2 Charge Offs: This is the big obstacle to tackle on my reports. Now to preface, these accounts aren't being reported on all 3 bureaus, so I'll specifiy which are relfected on which accounts. 

 

TransUnion

OpenSky (This was a second card aside from the one closed/paid off, that wasn't a charge off in "1a"

Collection/Charge-Off

Balance: $204

Closed: Oct. 13, 2021

Valley Credit Union (Bank)

"I sent a goodwill letter for deletion of this account, as of Feb. 22, 2022"

Paid/Charge-Off

Balance: Paid in Full

Closed: Jul. 31, 2022

ARS Account Resolution Services (Emergency Room) Collection/Charge-Off Balance: $800 Date Reported: Nov. 21, 2020 Recent Date Reported: Feb. 4, 2022

 

Experian

OpenSky (This was a second card aside from the one closed/paid off, that wasn't a charge off in "1a"

Collection/Charge-Off

Balance: $204

Closed: Oct. 13, 2021

ARS Account Resolution Services (Emergency Room) Collection/Charge-Off Balance: $800 Date Reported: Nov. 21, 2020 Recent Date Reported: Feb. 4, 2022

 

Equifax

OpenSky (This was a second card aside from the one closed/paid off, that wasn't a charge off in "1a"

Collection/Charge-Off

Balance: $204

Closed: Oct. 13, 2021

Valley Credit Union (Bank)

"I sent a goodwill letter for deletion of this account, as of Feb. 22, 2022"

Paid/Charge-Off

Balance: Paid in Full

Closed: Jul. 31, 2022

 

Thanks for reading this far into the post. At this point the main question is, How do I fix these issues mainly in "2a"

 

I also heard about secondary bureaus that I need to put a freeze, or clean up information on, such as LexisNexis, and CoreLogic, etc...

 

Looking forward and appreciate all help I recieve,

 

Thanks,

 

- Kevin

gloverkevingloverkevingloverkevingloverkevin


5 REPLIES 5
sznthescore
Established Contributor

Re: 4 years of re-building journey, this year will be the best one (Help Appreciated)


 

Time and paying off the charge-offs are the only actions for those items. Credit rebuilding is getting the accounts you can to rebuild and making it a point of, No More Derogs.  Do you currently have any open/active revolving accounts?

 

REBUILDER CARDS




Goal: FICO 700+; (0) zero inquiries (7/2025)
Message 2 of 6
gloverkevin
Valued Member

Re: 4 years of re-building journey, this year will be the best one (Help Appreciated)

Yes, my mixed credit and currently revolving/loan tradelines are good, but I could always get more, but with my 1 collection and 2 chargeoffs that I need to get fixed some places like discover and captial one won't even approve me. What cards do you reccomend? I currently have open,

U.S. Bank Cash +

Chime Credit Builder (but I don't use) it's $0 in good standing

Zolve (Credit builder)

Fingerhut (currently on the fresh start $200 credit program)

 

The next cards I've looked at would be another U.S. Bank card maybe tge Altitude Go secured, also Credit One Platinum secured. both of these are $0 annual fee like my Cash+ card. 

gloverkevingloverkevingloverkevingloverkevin


Message 3 of 6
gloverkevin
Valued Member

Re: 4 years of re-building journey, this year will be the best one (Help Appreciated)

5 certified mail with return receipt letters and $42 later Smiley Very Happy

 

3 are going to the credit bureaus to dispute hard inquries and personal information, which has been a long battle to clean up with them, but thankfully it's looking good, I just have Experian giving me a hard time about 4 addresses on my account. I also filed a CFPB complain with all 3 bureaus, as well as other companies like corelogic, sagestream, lexisnexis, ars, teletrack, clarity, innovis, and chexsystems to make sure the consumer reports they have of me match the information I provided in my complaint. 

 

the other 2 letters are going to ARS (account resolution services), and Carson Smithfield, LLC (OpenSky) these are debt validation letters. I am not worried if they can or cannot verify the debt, this is just a initial negotiation process. $800(ARS), and $204(Carson Smithfield, LLC) My ultimate goal is PFD, which leads me into a question i'd like to ask the board.

 

I understand lingering charge-offs or collections impact score and also credit acceptance to the lenders. If I pay a charge-off/collection and it shows on the account as paid/closed then it won't affect my acceptance? For example Discover won't approve me for the reason "Charge Off" is this because of my open charge off with OpenSky/Carson Smithfield? or also because I have a closed charge-off paid with Valley Credit Union. My ultimate question is:

 

Do paid and closed charge-offs still trigger the charge-off alarm for lenders/credit card companies as an active charge-off when applying?

 

https://drive.google.com/file/d/1guNPT5P8-SIkpsjH2swa3XHuM752A-87/view?usp=sharing

 

https://drive.google.com/file/d/13yhwxRVQSdxnvX1T3iOKZtT6wn1z_xV9/view?usp=sharing

gloverkevingloverkevingloverkevingloverkevin


Message 4 of 6
sznthescore
Established Contributor

Re: 4 years of re-building journey, this year will be the best one (Help Appreciated)

How long have your current credit accounts been open? What are your current scores? If there's no pre-approval offers available, I would garden and continue your dispute(s). 

Applying for more credit while disputing at your current stage of rebuilding will continue to yield sub-prime results, if any. Patience @gloverkevin  patience.

 

Yes, paid CO's will still ping an alert. Best next thing is time since last occurrence. If the CO is updating monthly, it's definitely not helping the situation.

REBUILDER CARDS




Goal: FICO 700+; (0) zero inquiries (7/2025)
Message 5 of 6
gloverkevin
Valued Member

Re: 4 years of re-building journey, this year will be the best one (Help Appreciated)

I am tempted on getting the FICO membership to pull FICO from the other 2 beaurus because Vantage has been super misleading from my experience. I know some people Vantage is lower than their FICO, but for me, and most people Vantage is always higher than FICO by at least 50pts. 

 

March is going to be a good fresh start now I have a better baseline. I did some rounds of disputing and goodwill letters with luck. Merrick bank got rid of the duplicate account on Equifax that was reporting 138% utilization even though the card was closed, and Applied Bank honored my goodwill letter and removed my 2 late payments! 

 

My only 2-3 collections now are:

 

OpenSky: Charge-Off - $204 (closed account)

ARS: Collection - $800 (medical bill)

 

Veridian Credit Union: Charge-Off - $0 (paid/closed account)

 

I also have a Capital One Charge-Off that isn't being reported on any of my beaurus, but I know capital one has record of it, because when I try to do a pre-qualify, it says "unsatisfactory account on record" should I try and pay this off via capital one? I understand that inquiring about capital one cards, this would be ideal. 

 

Currently these are my scores: https://drive.google.com/drive/folders/1_exHjVHjFyoD5lJaXXJ_pGTmfxVIzX2H?usp=sharing

let me know if the link isn't working. 

 

 

 

gloverkevingloverkevingloverkevingloverkevin


Message 6 of 6
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