So around Thanksgiving I decided I needed to get my credit in line. After I ruined the decent (700) credit I had in 2011 I just said i'll just use cash and not worry about rebuilding. For two years, I did nothing to help build my credit and just paid my student loans and let the other bills fall by the wayside. For nearly 4 weeks I read myFico for information and to gain insight on how I can begin the process.
My first step was getting two secured cards, Wells Fargo ($500) and NFCU ($500 $1000). After getting the cards, I begin organizaing the constant collection bills being sent and reaching out to some companies to set up PFDs. PRA will be paid first Dec 20 because they have actually begin legal procedures in my state and I am aware that it is still within SOL. Next will be Global followed by Calvary and then Macys. Right now Global throws off utilization because of the balance which doesn't help out the new secured cards that I now have.
Collection Accounts
- Portfolio Recovery Associates $660 for old Orchard Bank CC PAID DEC 20
- National Credit Adjusters $1351 PAID DEC 27
- Global Credit & Collection $4507 PAID JAN 28
- Macys $282 PAID FEB 7
- Cavalry Portfolio $1327 PAID MAR 25
- UI old utility bill $411 PAID MAR 21
- ARS $1202 for old BillMeLater will settle for $541
- Old Tuition Bill from College $6011 University took back debt
Score was 500 and dropped to 490 because Cavalry added post on EQ but expecting to see score increases once these bills are paid!
In addition, I'm going to begin gardening! I plan on once bills are paid to increase credit limits to $1000 on each card. Next Jan is the goal date to apply for more cards, but I think I may step out a little in July to test the waters!
UPDATE:
Score hasn't moved much which may be because of inquires. Which are high (around 10). Not apping, but making sure I carry no balance! Interest kills!
Starting Score: 467 (Dec '13)
I forgot to add that I have had IC Systems on the report as well and they notified me, that they wil remove from my report after I sent a PFD and they stated they no longer owned account. I am going to call the OC and pay as not to risk it hitting report again. I previously disputed with the OC because it was from a paid bill, but now gives me more reason to follow up!
Also, Global Credit told me I can pay in six equal installments to pay off $1127. I was thinking about doing this vs paying off at once because I will be heading to Paris in Jan. Is it a good idea to split payments or just deliver one payment?
Any tips on how I can further boost my score?
It's almost a new year, no need to find a new you, just improve and do better than you had in the past!
From Jan-Nov, I talked about doing better, in December I finally acted on it and although results (score increases) have not shown yet (although two secured are now reporting). As soon as the two paid charge-offs show that were paid in December report I should see them!
I paid off two collections. One incorrectly showed settlement as a payment and still showed a balance, and the other one has not updated yet thus far. I called PRA which incorrectly shows as payment vs settlement and still shows balance and they wouldn't speak with me because they previously sent it to an outside lawfirm although they have since updated account. No new score watch, PRA didn't even update Equifax... Sheesh
I have been calling and writing student loan companies trying to get them to erase some of the negative marks. All student loans are in good standing except 3 that was charged off, Im continuing GW until I can get negative account down! 19 baddies on one report and 25 on another!
It looks like PRA incorrectly updated my CR and shows the settlement as a payment. I reached out with them and they pretty much told me since they brought legal action against me I had to deal with the Law Firm they hired. Since neither were helpful I filed a dispute with CRA and BBB and CFPB. It looks like PRA has been deleted since I have taken that action.
NCA is making me follow the same pursuit. The did not bring legal action, they just hired another company to collect which I settled with and they showed settlement as a payment. I have tried contacting them and received a long run around and they said they can not talk to me.
Next up is getting this CitiCards mess taking care of! Can not wait to see score boost when my utilization drops drastically. The guy at the credit union stated that if I can get my scores to 600 he can get me an unsecured card. That is the current goal I am reaching towards. I have FAKOs from MPM of 534, 517, 547, and my Score Watch is still stuck at 501.
I can settle Macys for $212. I am unsure if I want to settle or pay full $282. I would hope that paying balance in full, I would be able to GW at somepoint and get negative marks cleared or get Macys to reopen line which I really do not care much for. My primary goal is to clear up the amount of negatives on report.
At one point I was at about 19 derogs. I am down to 11 TU, 14 EX, 11 EQ. EX seems to be very stubborn and it also happens to be the report with double the INQ than the other reports from when attempting to purchase a vehicle in 2012. I didn't end up buying vehicle, but fixing current vehicle.