Fico Score Under 550 - Guidance Absolutely Appreciated

[DeanDraper901]

Hi All,

I'm currently on a journey to rebuild my credit since having a 537 FICO score.

Credit Karma says my score is 618 but Experian is showing 537 - why does this happen?

I can't pull my "AnnualFreeCreditReport" because Transunion and Equifax will not allow me to see my reports - Dont get why?

Current Debt:

• $1400 Discover Credit Card 
  • "Showing $0 available credit" from previous max out - How do I fix this even though I've paid off the entire balance?
• Collections:
  • Student Loans: $20,000 (shows as closed on Credit Karma)
  • Medical Bill: $1,900
  • Utility Bill: $240
• Charge Off
  
  • Credit Card: $19,802 NFCU AMEX Card (Embarrassing, I know smh)

Goals are as follows:

• 620 by the EOY 22
• 750 in next 24 months
• 800 in next 36 months

I'd absolutely appreciate any help and guidance on how I should best attack my credit problem

[Cowboys4Life]

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@DeanDraper901 wrote:

Hi All,

I'm currently on a journey to rebuild my credit since having a 537 FICO score.

Credit Karma says my score is 618 but Experian is showing 537 - why does this happen?  Credit Karma uses Vantage Scoring which is nothing like FICO and isn't used by most lenders.  They are known as FAKO scores and can be used as a guide but not relied on.

I can't pull my "AnnualFreeCreditReport" because Transunion and Equifax will not allow me to see my reports - Dont get why?  Most likely there is a concern about you being the consumer inquiring.  You need to call TU and EQ and find out why if the ACR site isn't telling you why it's blocked.

Current Debt:

• $1400 Discover Credit Card 
  • "Showing $0 available credit" from previous max out - How do I fix this even though I've paid off the entire balance?  Most likely because Discover has closed your account.  Call them and ask.
• Collections:
  • Student Loans: $20,000 (shows as closed on Credit Karma)  Federal or private loans?
  • Medical Bill: $1,900  How old is the debt and did you use insurance?
  • Utility Bill: $240  Start here and do pay for delete
• Charge Off
  
  • Credit Card: $19,802 NFCU AMEX Card (Embarrassing, I know smh)  When did you default?  What is the SOL in your state?

Goals are as follows:

• 620 by the EOY 22
• 750 in next 24 months
• 800 in next 36 months

I'd absolutely appreciate any help and guidance on how I should best attack my credit problem

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[DeanDraper901]

I really appreciate your help @Cowboys4Life! 

•  Collections:
  • Student Loans: $20,000 (shows as closed on Credit Karma)  Federal or private loans? Federal Loans
  • Medical Bill: $1,900  How old is the debt and did you use insurance? It's 2019, 2 years and 2 months to be exact 
  • Utility Bill: $240  Start here and do pay for delete Will do!
• Charge Off
  
  • Credit Card: $19,802 NFCU AMEX Card (Embarrassing, I know smh)  When did you default?  What is the SOL in your state? 
    • Back in 2019, i was on time and never missed a payment but lost my job after moving overseas
    • MY SOL. Not quite sure - but they sent me this letter with these options last year 
      • $8177 to settle
      • 36 months of $454 or  18 months of $618
      • Min $204/m until entire balance is paid.

[FireMedic1]

Are you overseas now? Discover may have shut you down due to the NFCU account. To find your SOL. Just Google your state and SOL on credit accounts. 800 wont happen in the timeframe listed. The CO will hold you down as long as its on your reports sorry to say. It ranks right below a BK. Main goal now is NFCU and getting that done with. You dont want a judement against you or wage garnishment. With that amount take the best offer they gave you and pay it off. Why were the SL closed is the next question. Defaulted?