First Settlement Updated!

[Anonymous]

FICO went up 19 points. I have about 16 more accounts to be updated. I really hope I can get into the mid 600’s

Starting scores:

538 Equifax
530 TU
538 EX (just went up from 519 when my Verizon Settlement updated)

I did negotiate 4 pay for deletions (medical bills) so that should help with the collections.

All of those who are struggling with debt just know it is possible with time to rebound. I remember I would go on 20+ miles walks thinking of any way to get myself out of this jam and always thing there was no way. I hope that my scores go up.

What do you guys think? Is 650’s possible?

I have an active NFCU Loan Paid on time
Student Loans (good standing)
Lease (paid off) just paying my balance overage lease excess wear and tear (336 /35 months) to Acura but this will not be a new installment account (just handled internally)

[Jannelo]

That's fantastic.  It doesn't appear you have any open credit cards in good standing.   If you don't,  I would go on Capital One's site or Discover's site and see if you pre-qualify for a credit card.  I did at those scores (unsecured) with Cap One charge-offs and a collection.  An open credit card creating a postive pay history will help your  scores to rise.

[spiritcraft1]

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@Anonymous wrote:
FICO went up 19 points. I have about 16 more accounts to be updated. I really hope I can get into the mid 600’s

Starting scores:

538 Equifax
530 TU
538 EX (just went up from 519 when my Verizon Settlement updated)

I did negotiate 4 pay for deletions (medical bills) so that should help with the collections.

All of those who are struggling with debt just know it is possible with time to rebound. I remember I would go on 20+ miles walks thinking of any way to get myself out of this jam and always thing there was no way. I hope that my scores go up.

What do you guys think? Is 650’s possible?

I have an active NFCU Loan Paid on time
Student Loans (good standing)
Lease (paid off) just paying my balance overage lease excess wear and tear (336 /35 months) to Acura but this will not be a new installment account (just handled internally)

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You need a NFCU secured card today!

[Anonymous]

Thanks Guys! Should I wait to apply for the secured card until all of the settlements update? Or is this something I should do right now?

[Jannelo]

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@Anonymous wrote:
Thanks Guys! Should I wait to apply for the secured card until all of the settlements update? Or is this something I should do right now?

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No, don't wait.  I had two unpaid charged-off cards reporting and a collection in April of 2018, plus a horrible history of late pays on two other credit cards that were paid but charged off.   So I got a secured card that didn't require a hard pull.  I was afraid of getting denied.  That brought my scores up after a few months. Three months later, on a lark I hit the pre-qual for Capital One, just praying they would let me get a secured card with them, even though I had two unpaid charge-offs with them.  I was approved for an unsecured card, which stunned me.  That brought up my scores.  Once they approved me,  one of the Cap One charge-offs hit collections.  I paid.  And I got serious and  called Cap One and set up a payment plan on the second card and began paying on a $3966 charge-off I owed Cap One.    Once I had positive payment history with two CCs, this year I was approved by Cap One for another card and a car loan.   I went from the 520s on Experian to the 630s, over 100 points, in exactly one year.    

So, no, it's not too early.  It's  time to start building a positive credit history with an open credit card while working on your collections.  Just keep in mind, don't run up the new card and keep high balances due and owing.  That's not what you are getting credit cards for.  Pay in full every month.