Can I ever recover

Anonymous · ‎10-31-2016

Long story short.....I had my daughter last November, was a high risk pregnancy and developed congestive heart failure....used my FMLA then disability. Went back to school, graduated and currently making 90k a year (as of September 2016). I am a RN. I have 11 30 day late car payments from Nissan Motor Acceptance on my report.

Credit scores are in low 500s. No credit cards, and one 4k charge off for furniture.

I need to repair my credit. I just got my secured card from First Progressive with a $300 limit (pending my deposit). NMAC is a tuff group of people.

Where should I start. My credit scores are being impacted by my lack of revolving credit, and negative installment payments.

Any suggestions on where to start? Will my credit score ever improve? Please help!

grillandwinemaster · ‎10-31-2016

Yes, your scores Will improve. You need at least 3 revolvers to maximize y your Fico score. Try to get 2 more secured cards. This way you can start rebuilding while you work on your negatives.

Hit the rebuilding section to see what you can do about your charge off. How old is it? Your not in such a bad position. Many members on these boards are in SIGNIFICANT worse credit situations than you are.

Best credit wishes to you!

Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017

Anonymous · ‎10-31-2016

The acct is with acceptance now. The last reported date is 8/2016. Last pymt 3/2015. I will check out the rebuilding section now. Thank you!

surferchris · ‎11-01-2016

The good news is that you have a great income, so you can take care of everything much faster (improve your scores faster).

I would take care of the charge off with a PFD (in writing). Then do as the other poster recommended and get two more secured cards (make sure they are very high limits - like at least $1,000 to $2,500).

In 6 months, or less, the late car payments will have less impact (as FICO will also look at your 6 months of on-time payments for the revolvers) and your scores should hit the 600's. Then you can work on attaining 700's. Good luck.

Current Cards:
AmEx Hilton Honors Surpass//AmEx Platinum Card//Ann Taylor Rewards Mastercard//Capital One Platinum Card//Credit One AmEx//Credit One Platinum VISA//Fingerhut//Navy More Rewards AmEx//TruWest Platinum VISA//Aspire VISA//Costco Anywhere VISA//Lowes Advantage//Apple Card
Loans:
1 Mortgage/////Navy FCU Auto Loan (2020 Jaguar I-Pace)//Capital One Auto (2016 BMW i3)
Next Cards (4th QTR 2022):
Navy Flagship Rewards VISA//Chase Sapphire Preferred
Stats:
Scores: 700's // Inq's: 1 for mortgage // Util: 1% // AoOA: 21 yrs

Anonymous · ‎11-01-2016

@surferchris wrote:
The good news is that you have a great income, so you can take care of everything much faster (improve your scores faster).

I would take care of the charge off with a PFD (in writing). Then do as the other poster recommended and get two more secured cards (make sure they are very high limits - like at least $1,000 to $2,500).

In 6 months, or less, the late car payments will have less impact (as FICO will also look at your 6 months of on-time payments for the revolvers) and your scores should hit the 600's. Then you can work on attaining 700's. Good luck.

High limits on secured cards are completely unecessary and needlessly tie up funds that can be used for other things. No more than $300 should be tied up in a secured card.

Anonymous · ‎11-01-2016

At the beginning of this year I only had 2 open accounts. A Cap1 secured about 9 months old and an 8 year old Amex. I had plenty of negative things on my reports that were keeping my scores down. Cap1 announced they were going to stop allowing increases on their secured cards, so I increased the limit to $2000 and within 2 months I received prequalified offers from Merrick Bank and FNBO. I applied and was approved with starting limits of $1200 and $2200. I can't say for certain if the limit on the secured card made a difference, but it certainly didn't hurt.