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First timer here - weighing options - newbie questions.

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New Member

First timer here - weighing options - newbie questions.

Hi all.

 

My credit isn't "that bad", I guess. Depending on the number it hovers between "upper bad and "below average".

 

I thought about looking into a company to help, but I really don't think they can. With one exception, everything is valid. I let a couple things slip through my grasp a few years ago - probably not even $1000 total, but there are collection accounts. I can't really deny them. I think the best I can do is pay them and wait for them to roll off.

 

There is one exception, though. there are two accounts I dispoted, and they're gone from Equifax and TransUnion, but still showing up on Experian. They SAY "disputed", but they're still there. AmI going to need help clearing those off?

 

Part of my problem is I don't carry a lot of credit, so the few bad accounts are the bulk of the report. I keep one revolving credit card and keep a balance on it for the express purpose of building credit, but two agencies call it a "potential negative". Every month is OK except one 30 day in 2014. Is a four year old 30 day really that bad for me?

 

The only other thing I have is a car payment. I could have paid cash for the car, but I financed some of it for again the express purpose of carrying credit. Also, anyone know how long I should keep it? I don't want to keep it all six years. Other than that, other than being "new" (July 2018), I guess it's OK. I got 5 hard pulls on the day I bought it, but I'm reading that's not bad for you.

 

My only other hard pull is an internet provider. should they be able to do that?

 

 

Any other advice but to pay up and try to pursue the two errant accounts on Experien, either alone or with a company?

 

Thanks for looking!

 

 

Message 1 of 11
10 REPLIES
Valued Contributor

Re: First timer here - weighing options - newbie questions.

Welcome to MyFico

 

Can you tell us:

  1. The debts that are in collections and the collection agency that is dealing with them (details of the $1K)
  2. How old is your credit card, balance and credit line.
  3. Balance of your auto loan. How much can you pay down and what is the interest rate.
  4. Have you check your credit score?

 

 

Message 2 of 11
Established Contributor

Re: First timer here - weighing options - newbie questions.

Along with the request above me, you can contact all the creditors/collection agencies and negotiate for "pay for deletes."

They may or may not offer them but it's worth asking. You can settle for lessor amounts etc...

 

Also get your 3 FICO scores for $1 here:  https://www.creditchecktotal.com/homepage8

Just cancel within 7 days to avoid being charged more. That way you'll know for sure what your scores are. 

 

000Welcome.gif

Message 3 of 11
New Member

Re: First timer here - weighing options - newbie questions.

Thanks for the replies.

I'm out of town now, and the reports are at home, but I'll see what I can do from memory.

One is still the original creditor. Comenity bank. The two collections agencies are Midland and Portfolio. Seems like all around $300 and change. I can easily pay them, but want to do it in the most productive way. I've read that Midland will remove it if you pay and it's over two years old, which this isn't showing two years old, but the debt is probably 5 years old, which seems weird.

The credit card is $600 limit, with about $400 on it. Perfect payment going back to a 30 day late in 2014.

The auto loan I took in July. I only took it to build credit, and only financed a small portion - about 12K. I think the rate is 9-something. I'd like to pay it off as soon as possible, but I'd like for it to show a perfect payment history for some amount of time.

The FICO score my credit union sends me each month is 633 as of now. I guess that's an aggregate. Credit Karma says my Trans Union is super low. Like 540.

I'll try the three score thing when I get home to my computer.

Thanks for looking!

P. S. I should probably note that I don't have any kind of "goal" I'm trying to to clean it up for. I'm set for cars and houses. I just want it there if I ever do need it. I'm not a big fan of using credit, and would ditch the card and the auto loan if I didn't think they were helping.
Message 4 of 11
Valued Contributor

Re: First timer here - weighing options - newbie questions.

Hi,

 

Midland and Portfolio are owned by the same company and both have the two year policy, so I would clear those two up. With Sync, call and see if they will settle. Like most lenders, they will not do a PFD, but you could goodwill them after they payment has been posted. Having the two collections removed and settling the Sync debt will give you a boost

 

Pay your credit card down to under $60 if you can. That should give you another boost in score. 

 

 

Message 5 of 11
New Member

Re: First timer here - weighing options - newbie questions.

OK. Thanks. I'll pay the card down and look in to paying Portfolio, because that ones o ER two years.

What is Sync?

Is "goodwill" something I can find searching the forum?

Thanks again.
Message 6 of 11
New Member

Re: First timer here - weighing options - newbie questions.

I found the goodwill stuff.

 

I found something else. I have a "Closed"  account with "Account Status CHARGE_OFF"

 

That one was sent to a collector, and I paid it - looks like two years ago. That one was Midland and I guess they quit reporting it due to the thing we already discussed.

 

But the original account holder is still on there showing the charge off. Seems like it should be one or the other, but I don't understand all this stuff.

 

It shows  Delinquency First Reported Dec 01, 2012
and  Date Reported Nov 24, 2014

 

I assume there's nothing I can do about it except let it age off.

 

But does it age off in December 2019 or November 2021?

 

Why would the dates be two years apart?

 

Thans for looking.
 

Message 7 of 11
Moderator

Re: First timer here - weighing options - newbie questions.


@khighman wrote:
OK. Thanks. I'll pay the card down and look in to paying Portfolio, because that ones o ER two years.

What is Sync?

Is "goodwill" something I can find searching the forum?

Thanks again.

Sync is Synchrony Bank

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 8 of 11
Frequent Contributor

Re: First timer here - weighing options - newbie questions.

If the first delinquency date is 12/2012, then that’s the date that starts the clock for aging off. That means it’ll fall away in 12/2019. See which agencies it’s reported on (EX EQ TU). You can request Early Exclusion or reporting debts with the agencies. TU will grant an EE 6 months early (which would be 6/2019), EX will do it 3 months early (9/2019), and EQ a month early (11/2019). You simply call them up once you enter the EE window of time, ask for a supervisor, and ask that the debt be removed on an EE and they’ll typically grant it.
Rebuild commenced 5/2018

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Message 9 of 11
Valued Contributor

Re: First timer here - weighing options - newbie questions.

Sorry I thought the CO card account was Sync but its Comenity.

Message 10 of 11