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Any additional seasoning sauce for rebuilding?

sznthescore
New Contributor

Any additional seasoning sauce for rebuilding?

This forum has helped me tremendously. As I enter the garden July 2021, I'd like advice on how to handle my remaining collection accounts. I wont be able to actively start the snail mail dispute process until next month as I'm not currently working due to the fact I work for a local University where I live. Students are currently out on break.

 

5 Collection Accounts

#1 Opened 02/2021 Credit Collection Systems  (Will pay them, but will they PFD?)

#2 Opened 05/2016 Portfolio Recovery (Thinking of doing waiting game with them)

#3 Opened 12/2014 National Credit Systems (Will let it just drop off)

#4 Opened 09/2017 LVNV Funding (Believe they will PDF)

#5 Opened 07/2018 ERC (Will they PFD?)

 

Bankruptcy 2013

 

Inquiries

14 on TransUnion
18 on Experian
20 on Equifax

 

Open Accounts

Capital One QS $300 Opened 12/2020

US Bank Secured $500 Opened 10/2020

Georgia's Own CU Secured $200 Opened 04/2020 (Closing by the end the year)

Citi Secured $200 Opened 03/2020

Grain Technology $400 Opened 12/2020 - Closed March or April 2021 Not reported yet though.

Navy Federal nRewards Secured $200 Opened 06/2021(Not reported yet)


3 Separate Student Loans (Status: Current) On-time payments 16 months prior. 5 months prior to the 16 months on-time payments, no data reported it says. 11 months prior to that on-time payments. (CK says 6 missed payments total across the three accounts)

 

 

Strategy to my Rebuilding

1. Build Relationships: Credit rebuilding is about building relationships with creditors. Preferably with creditors that will benefit you in the long run and for the long haul. Creditors that will graduate if you have to start out on the secured route such as myself.

 

Example Creditors:

Capital One Secured (Pulls all three credit bureaus) - Had an account. Closed it because at the time Capital One was not un-securing. Once I got approved for the unsecured Capital One Platinum $300, I closed the account. Then, 100 days to the date I qualified for a product change to the QuickSilver. (Thanks to the info from this myFico)

 

Discover It Secured (Primarily pulls Experian but can vary) I personally could not get approved.

 

Citi Secured (Pulled Equifax for me)

 

Open Sky Secured (No Credit Check) Had this account at one point but closed due to annual fee and not un-securing.

 

Academy Bank Secured (No Credit Check)

 

Applied Bank Secured (No credit check) Had this account at one point but closed due to annual fee and not un-securing.

 

Note: You only need 3 revolving accounts to get started for optimal scoring purposes.

 

2. Disputing Collection Accounts: I went the snail mail route to dispute the 11 collection accounts that I had a year ago. I'm down to 6 with one being a bankruptcy. Will restart process in August 2021.

 

3. Garden my accounts for a minimum of 18 months.

 

4. Pay balances on closed revolving accounts. (3 total)

 

Current FICO8 is low 600s across the board.






Message 1 of 5
4 REPLIES 4
FireMedic1
Super Contributor

Re: Any additional seasoning sauce for rebuilding?


@sznthescore wrote:

This forum has helped me tremendously. As I enter the garden July 2021, I'd like advice on how to handle my remaining collection accounts. I wont be able to actively start the snail mail dispute process until next month as I'm not currently working due to the fact I work for a local University where I live. Students are currently out on break.

 

5 Collection Accounts

#1 Opened 02/2021 Credit Collection Systems  (Will pay them, but will they PFD?)

#2 Opened 05/2016 Portfolio Recovery (Thinking of doing waiting game with them)

#3 Opened 12/2014 National Credit Systems (Will let it just drop off)

#4 Opened 09/2017 LVNV Funding (Believe they will PDF)

#5 Opened 07/2018 ERC (Will they PFD?)

In red will PFD if settled or owed.

Bankruptcy 2013

 

Inquiries

14 on TransUnion
18 on Experian
20 on Equifax

No more apping until 2022. Waay too many. Looks like desperation if you did apply. FICO holds HP's for 1 yr.

 

Open Accounts

Capital One QS $300 Opened 12/2020

US Bank Secured $500 Opened 10/2020

Georgia's Own CU Secured $200 Opened 04/2020 (Closing by the end the year) No need to close.

Citi Secured $200 Opened 03/2020

Grain Technology $400 Opened 12/2020 - Closed March or April 2021 Not reported yet though.

Navy Federal nRewards Secured $200 Opened 06/2021(Not reported yet)


3 Separate Student Loans (Status: Current) On-time payments 16 months prior. 5 months prior to the 16 months on-time payments, no data reported it says. 11 months prior to that on-time payments. (CK says 6 missed payments total across the three accounts)

 

 

Strategy to my Rebuilding

1. Build Relationships: Credit rebuilding is about building relationships with creditors. Preferably with creditors that will benefit you in the long run and for the long haul. Creditors that will graduate if you have to start out on the secured route such as myself.

 

Example Creditors:

Capital One Secured (Pulls all three credit bureaus) - Had an account. Closed it because at the time Capital One was not un-securing. Once I got approved for the unsecured Capital One Platinum $300, I closed the account. Then, 100 days to the date I qualified for a product change to the QuickSilver. (Thanks to the info from this myFico)

Opening and closing accounts isnt a great thing to do because things didnt go the way you wanted.

 

Discover It Secured (Primarily pulls Experian but can vary) I personally could not get approved.

 

Citi Secured (Pulled Equifax for me)

 

Open Sky Secured (No Credit Check) Had this account at one point but closed due to annual fee and not un-securing.

 

Academy Bank Secured (No Credit Check)

 

Applied Bank Secured (No credit check) Had this account at one point but closed due to annual fee and not un-securing.

 

Note: You only need 3 revolving accounts to get started for optimal scoring purposes.

 

2. Disputing Collection Accounts: I went the snail mail route to dispute the 11 collection accounts that I had a year ago. I'm down to 6 with one being a bankruptcy. Will restart process in August 2021.

 

3. Garden my accounts for a minimum of 18 months.

 

4. Pay balances on closed revolving accounts. (3 total)

 

Current FICO8 is low 600s across the board.


For now hit the breaks on apping for more cards. Take care of what you got. PLEASE no more HP's for credit. Spend your time paying off the CA's and get them in the past. They'll quit updating with a balance. Its not a race its a marathon as we say here. Slow down. Let time work for you. More credit doesnt mean higher scores. FICO doesnt care about the name of the bank nor the credit limit. Its how its reported. No more moves but pay your debts for now. And pay off the closed account balances. Wait till 2022 for your next move. We all want it yesterday. But it takes time and make slow moves to rebuild. Good Luck!






My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's.
Message 2 of 5
sznthescore
New Contributor

Re: Any additional seasoning sauce for rebuilding?

@FireMedic1  Thanks for advising. I'm definately in the garden. I've been combing the boards like crazy to see what I can do. The first thing is STOP APPLYING FOR CREDIT and pay down any owed balances as you have stated.  All credit bureaus are frozen at the moment. 






Message 3 of 5
FireMedic1
Super Contributor

Re: Any additional seasoning sauce for rebuilding?

Perfect! You'll see in time how much things will improve without making any more moves for a while. Let the scores catch up to all what has been done for now. It will pay off in the long run. Yes there is light at the end of the tunnel.






My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's.
Message 4 of 5
mja1970
Established Member

Re: Any additional seasoning sauce for rebuilding?

Welcome to the garden.  Yes, definitely no more HPs for a good long while.  Those can really hurt and work against you.  Let the inquires that are on there start to fall off and just keep gardening for the next year.  I've been gardening since May and my scores have already gone up a good bit.  I actually just refreshed all 3 of my FICO scores last night and while my Experian is still right about the same, my TU and EQ have gone up 23 and 19 points in just the past one month alone, and that's even before any of the 4 collection accounts I just settled last week for PFD have come off, so it will be going up even more once those are deleted in the next several weeks.  Good luck!

Message 5 of 5
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