Advice please?

[jason7613]

I am almost 30 and when I was younger I had over a 730 credit score. I went through a lot of financial problems (like everyone at some point) and my score dropped into the mid to high 500's.

I took control and settled and paid all of the charged off accts and everything is better, and have a secured card as well as being an author user on a credit card that has a 10k limit with about 2k bal. I just checked my score and it is 700 which is good however I still have about six accounts that negatively affect my score.

My question is should I bother applying for an unsecured card or give it some more time. It's been about 2years (around) since paying all of the bad accts off, and I was tempted to try for a cap one credit card, however I had two charge offs from them about 3 years ago (about 3k total).

Sorry for the long initial post, however I wanted to get all those little details out for a better answer. Here is what I have outstanding:

10k student loans (never late)
Car lease (never late)
Secured card ($500 limit - the most I charge is about 100 and never late)
Authorized card user 10k bal with 2k limit.

Again sorry for the novel and I appreciate any and all help

[Burned2manybridgesB4]

What are the derogs, and their age/DOFD? If they're CAs, give the OC/DOFD along with the CA names.

*edit: ...and welcome to the forums...lol.

[Burned2manybridgesB4]

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@jason7613 wrote:
I am almost 30 and when I was younger I had over a 730 credit score. I went through a lot of financial problems (like everyone at some point) and my score dropped into the mid to high 500's.

I took control and settled and paid all of the charged off accts and everything is better, and have a secured card as well as being an author user on a credit card that has a 10k limit with about 2k bal. I just checked my score and it is 700 which is good however I still have about six accounts that negatively affect my score.

My question is should I bother applying for an unsecured card or give it some more time. It's been about 2years (around) since paying all of the bad accts off, and I was tempted to try for a cap one credit card, however I had two charge offs from them about 3 years ago (about 3k total).

Sorry for the long initial post, however I wanted to get all those little details out for a better answer. Here is what I have outstanding:

10k student loans (never late)
Car lease (never late)
Secured card ($500 limit - the most I charge is about 100 and never late)
Authorized card user 10k bal with 2k limit.

Again sorry for the novel and I appreciate any and all help

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Here's some light reading material for you...

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Frequently-Requested-Threads/td-p/224981

[jason7613]

All credit cards, one from chase,two from cap one, one from a cu that I am not familiar yet (in fact all payments were on time except one that listed a 90 day??) and I don't have the info in front of me but they are from around 2009

[Burned2manybridgesB4]

Have you pulled your credit reports, and checked the DOFD (date of first delinquency-point where you stopped payment, and never recovered, resulting in CO status)?

Also, are any of these COs showing a balance, or are they reporting a zero balance with charge off status?

*edit: my bedtime. Others will jump in. Just hang tight, and be patient. The visitors/contributors come, and go in waves here. Each with our own "schedule."

[jason7613]

Thanks for all of the quick replies.  I read through those links and just went around reading different things on the forum.  The DOFD is confusing to me, because I have a card that i was late on one time, and then caught up, and then missed some payments which led to a CO.  I am assuming that the DOFD begins on the first missed payment that happened before the CO?  Also one card still has a balance on it, but it was paid so I am assuming the creditor never updated it?  If it helps I can paste the report (obviously omitting certain info).  Again the advice is helpful and appreciated.  

[guiness56]

Yes, if you bring the account current before it is CO'd or sent to collections, the DoFD will start with your first delinquency that led to the CO or collection.

How long ago did you pay the one that is still reporting a balance?

Feel free to post what you have questions on.

[jason7613]

Can't believe how quick the responses are lol.  Here's an overview of all of the accounts from myfico (Equifax):

Wescom Cu8/2002$2,457Bad debt/collectionDetails ---- Not sure what  this is believe it or not.  Trying to research

Bk Of Amer1/2006$0Pays account as agreed Details ----CLOSED

Gsmr-AlpsXXXXXXXXXXX229911/2003$4,060Pays account as agreedDetails

Gsmr-AlpsXXXXXXXXXXX209910/2001$3,286Pays account as agreed Details

Gsmr-AlpsXXXXXXXXXXX21992/2003$1,569Pays account as agreed Details

FedloanXXXXXXXXXXXX000210/2012$1,144Pays account as agreed Details

FedloanXXXXXXXXXXXX000110/2012$0Pays account as agreed Details ---CLOSED

Us Dept EdXXXXXX485110/2001$0Pays account as agreedDetails ---1 late, trying to get GW

Us Dept EdXXXXXXXXXXX318611/2003$0Pays account as agreed Details---CLOSED

Us Dept EdXXXXXXXXXXX30862/2003$0Pays account as agreed Details---CLOSED

Us Dept EdXXXXXXXXXXX298610/2001$0Pays account as agreed Details---CLOSED

Cap One2/2013$2,039Pays account as agreed Details

Hsbc Bank3/2009$42Pays account as agreed Details----CLOSED

Chase11/2007$0Bad debt/collectionDetails --Paid off (Collection)

Cap One2/2009$0Bad debt/collectionDetails -- Paid off (Collection)

Cap One1/2009$0Bad debt/collectionDetails -- Paid off (Collection)

BethpagfcuXXXXXX57244/2004$0Pays account as agreed Details --CLOSED

Chase4/2004$0Pays account as agreedDetails -- CLOSED

BethpagfcuXXXXXXXX70182/2002$0Pays account as agreed Details --CLOSED

Cap One12/2003$0Pays account as agreed Details --CLOSED

Niss InfiXXXXXXX01491/2011$2,785Pays account as agreedDetails

Niss InfiXXXXXXX63014/2005$0Pays account as agreedDetails --1 late due to error, still working with creditor to get fixed

Niss InfiXXXXXXX58011/2008$0Pays account as agreedNoDetails --CLOSED

This is just Equifax, as I haven't gone through the other 2 credit agency's yet.  

[guiness56]

That report is not bad at all.  Everything is paid.

For the one you are not aware of, if it is a CA send them a DV letter and ask for validation.

For the paid off collections try sending a GW letter.

The accounts (OC) that have lates on them.  Those lates will be removed 7 years from their date of occurence.  Once the last late comes off the account will again become positive and stay for up to 10 years (+/-) from date closed.

[jason7613]

I am just tempted to try and get an unsecured card, to try and show more avail limit with low bal, however don't know which one to try for.  Cap One I know is one of the more lenient lenders, however because of the CO's (even though they are paid) I don't know if they will take a chance.  

Is it worth trying to get those lates deleted, or should I just wait the year or two for them to get erased?