For all intensive purposes, my credit repair journey began November 2018.
EX: 575 TU: 584 EQ: 589
I did PFD for a few collections, one being with Portfolio, but the biggest were (2) accounts from Cap1 that were Charged Off. I had been sued over these and took the settlement route finally building up enough reserve to do one time payment of approximately 50% of the balance back on May 28th.
As expected in June each CRA updated these accounts to at least record my payments with the remaining still showing as past due.
In July, TU and EQ updated these accounts to show 0 balance and that they were settled for less. Experian was my hold out, not updating at all in July nor in August.
Rather than dispute the balance directly with Experian, I chose to write a letter to Cap1 on August 24th (60 days from date of Cap1's letter of June 24th) reciting that Experian had not yet updated my account to report the correct balance of 0 due.
Checking Experian today (which I have done basically daily since June 1st) they have finally updated these two accounts to 0 and I have received a 53 point boost as a result. Now my remaining open accounts are also < 2% utilization.
It's been a long road of patience waiting on these darn things to update but that patience has finally been rewarded with today's update.
EX: 666 (not sure I like that number)
EQ: 681
TU: 667
I have one 30 day late from September 2017 that I expect to age to be older than 24 months by October 1 where I should see an additonal boost.
I had decided to focus on clearing all my baddies and seeing the result of that before applying for additional cards as I only have a single CC revolver at this time from USAA who has stuck by me through thick and the thin of my financial struggles. My goal was if I can get each score above 670 then I will have greater likelihood of securing cards that I actually want long term.
I have also started a relationship with NFCU opening a checking and savings account back in August where I will do an SSL for 5 year term paid down to < 8.9% from the get go. With that in place I will then seek a CC with them with the hope that I will receive a better CL as a result of having established a relationship them for few months before seeking credit.
The key to building as is so often expressed is one of patience.
The information and members of this forum have been most helpful in the process, there is a wealth of information available and if one will simply put it into practice you will achieve results.
Congratulations on that nice 50+ points recovery! That's awesome. Do you mind sharing what the Capital One combined balance was (charge-off amount) and the amount you settled for as data points for others on the forum? If not, that's OK too.
Nice Work....
@ItsCASHual wrote:Congratulations on that nice 50+ points recovery! That's awesome. Do you mind sharing what the Capital One combined balance was (charge-off amount) and the amount you settled for as data points for others on the forum? If not, that's OK too.
Nice Work....
Here are the details for these particular accounts both originally charged off in June 2014.
Account 1
CL 2,000
CO Balance 2,051
Settled for 1,026
Account 2
CL 4,000
CO Balance 4,739
Settled for 2,370
I was sued by Moss Law on behalf of Cap1 back in August 2015. I was never actually served as I had moved at the time but they received a default judgement against me.
About twice per annum since then I would receive communications from Moss Law offering settlement either through payment plan or by lump sum. The last of which I received in January 2019 with offer date valid till May 31, 2019.
I had one additional Cap1 account that got sold to Portfolio. I did a PFD on that one which they offered at the same 50% of total balance owed.
I had one final Cap1 account that had a 6k balance. That one they never sued me over. Its Statute of Limitations had run out. When I called Cap1 in May 2019 in an attempt to pay or settle it for some amount I was told they were no longer able to accept payment for it and that they would not be pursuing it further. I pointed out if you won't let me pay it then you shouldn't keep reporting it. 30 days later they deleted the entire tradeline from my report.
Those are my "data points" for Cap1 accounts lol.
Good job, enjoy it 
@satio wrote:It's been a long road of patience waiting on these darn things to update but that patience has finally been rewarded with today's update.
EX: 666 (not sure I like that number)
EQ: 681
TU: 667
Well apparently Cap1 sent updates to all (3) CRAs dated September 9th for these settled COs.
That was a good thing for EX as they were not reporting 0 balances.
TU and EQ were both correct with the latest reporting date of July 17th.
Alert popped today for EQ, score dropped 26 points from 681 to 655 based on these two accounts being updated again as of September 9th with the added comment "ACCOUNT PREVIOUSLY IN DISPUTE – NOW RESOLVED BY DATA FURNISHER".
I didn't dispute them I wrote a letter to Cap One highlighting that TU and EQ were updated within the alotted 60 days reported within their settlement letter but EX had not requesting that they please submit info to EX again.
So I guess they submitted it to all three CRAs. I see similar update to TU in the comments against the account but no point loss....that I can see as of now.
Last update date shifting from July 17 to September 9 is the only adjustment in the account along with the notation mentioned above.
Surprised that this alone cost me 26 points.
This was my best score as of September that has now back peddled to my lowest.
ADDENDUM:
I can see now that EX and TU both set the payment date to 5/28/2019 which is the date that Cap1 actually received my payment. TU previously had this as July 17 and I got a little bit of score bump as the result of this change. Whereas EQ which was July 17th now has this set to September 9th. I think I just leave it all alone and let it age. It's 0 balance now and thats the important thing but just additional evidence that EQ is at times incompetent IMHO.
At least all my baddies are behind me now and I can forge ahead with my next step in the building plan, re: SSL with NFCU paid down to < 8.9 as I have no active installment accounts. Have seen boosts for others 20-40 point range. Hopefully that will be the case for me across all CRAs.
Onward!
