Credit Utilization question

[NeedinHelp42]

I recently started working on restoring my credit after being dumb for many years.

I have 2 charged off credit cards-one from First Premier-$400 still owed, and one from Cap One-$1300 still owed.

Both will drop off my credit report next year, but I am going to try do a PFD with both.

BUT>>>>

My only other credit card is an AMEX with a credit limit of $500-I carry no balance.  I had an auto loan at one point, but paid it off last year.

The only other thing on my credit report is student loans which I am currently rehabbing.

All credit reports are still showing the First Prem and Cap One accounts as open and therefore maxed out in my credit utilization-which is showing 82%.  So if/when I pay off the charged off acounts, they will disappear from my credit utilization and it will drop to 0%, but on a total available credit of $500.  Basically, reports show my total available credit as $2200-AMEX+CO Cap One and CO Fisr Prem.

What is the best way to start reestablishing credit?  Should I apply for a bad credit CC like Orchard Bank or something, or perhaps a secured card?  I am now paying all current accounts on time and working to restore my scores.  Any suggestions on how to improve my score which go beyond "pay everything on time from now until forever"-(I'm on it!!!) would be greatly appreciated.  Thanks in advance.

Exp: 562, Eqfx: 550, TU: 568

[Anonymous]

Instead of paying for a delete....you could ask for a pay for good credit.  (Or it is so old, I would let it drop off.) Goodluck with 1st premier.  I was trying to get them delete a late payment.  They turned down my 1st gw letter.

[NeedinHelp42]

Both are nearly 6 years old.  Does anyone know if they would even consider a pay for good credit here?

If I understand correctly, we're basically talking about reaging these accounts in this case.  Does anyone have any success stories regarding this?

[Anonymous]

Finish your repair first- then we can talk about re-building

All revolving account with a balance count in utilization- (open or closed)

CapOne will not PFD-

I still tink it is well worth it to pay them to get utl down and prevent add'l collection activity

If you are still in SOL capone is known to sue at the last minute prior to sol running out-

---

NeedinHelp42 wrote:

I recently started working on restoring my credit after being dumb for many years.

I have 2 charged off credit cards-one from First Premier-$400 still owed, and one from Cap One-$1300 still owed.

Both will drop off my credit report next year, but I am going to try do a PFD with both.

BUT>>>>

My only other credit card is an AMEX with a credit limit of $500-I carry no balance.  I had an auto loan at one point, but paid it off last year.

The only other thing on my credit report is student loans which I am currently rehabbing.

All credit reports are still showing the First Prem and Cap One accounts as open and therefore maxed out in my credit utilization-which is showing 82%.  So if/when I pay off the charged off acounts, they will disappear from my credit utilization and it will drop to 0%, but on a total available credit of $500.  Basically, reports show my total available credit as $2200-AMEX+CO Cap One and CO Fisr Prem.

What is the best way to start reestablishing credit?  Should I apply for a bad credit CC like Orchard Bank or something, or perhaps a secured card?  I am now paying all current accounts on time and working to restore my scores.  Any suggestions on how to improve my score which go beyond "pay everything on time from now until forever"-(I'm on it!!!) would be greatly appreciated.  Thanks in advance.

Exp: 562, Eqfx: 550, TU: 568

---

[NeedinHelp42]

Thanks Timothy

Well, the SOL for both was up in Sept of last year.  I live in WV (and did when I got and used the cards)  and it's 5 years on CCs here.  The DOFD for both was 9/02 so I can't be sued by either CapOne or Fisrt Prem. 

As far as rebuilding, I'm pretty much trying to figure out the best course of action here-do you still think it makes sense to just pay them, or does the SOL being over possibly give me a little leverage regarding a PFD if I try to send one? 

[Anonymous]

I'd settle them-