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General credit help

ILoveCats2
New Member

General credit help

Hi All,

 

I've been hard at work trying to repair my credit for about a year now and have only gone up maybe 50 points. 

 

Fico is sitting at about 580. Things I've done to help, opened 2 secure cards one $200 limit, one $500. Then an unsecured card with $3k limit. All payments on time under 30%.

 

I've paid off three collections and have only 1 for $742 (I don't wanna pay if they won't delete, maybe I should?)

 

I have 1 closed card for 1k that should drop off next year harming my score along with another closed card reporting a $677 balance. I am not sure the best way to get this removed as it is harming my utilization rate a lot but they've already been reported as charged off?

 

To remove then would I have to pay the full balance even though they were closed and charged off?

 

I think these would help significantly. There are also some late payments none more recent than the past 2 years. My car is financed with Ally and I'm paying that on time.

 

I am happy to provide more information and am looking forward to learning from you all. Just reading the forums isn't enough as I need guidance because I'm still not even in the 600's. 

 

Thank you to anyone who would like to provide knowledge.

Message 1 of 9
8 REPLIES 8
RSX
Valued Contributor

Re: General credit help

welcome

 

I've paid off three collections and have only 1 for $742 (I don't wanna pay if they won't delete, maybe I should?) = YES - pay this one off even if they won't delete

Pay off the closed CC that is reporting $672 as well

 

good that they are reporting at under 30%, but have 2 of them report at 0% and one at $10-20 and i bet you will see a score jump for that month

only 1 has to report any amount - and anything lower than 9% will help your score (the 30% 'rule' is often misunderstood)

 

keep using all cards and paying them down - if needed multiple times during the month if that helps you keep on top of them

what are the details on the Lates?  are they 30day? 60?90? 

because that data will be a factor in how much those lates are hurting you - if 30day, then after 2 years, not as much

if 60 or 90 - that is one more factor holding back your scores

 

good luck to you

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Sept 9/2021 EX. 734 EQ. 737 TU 746
Inq. EX 5 EQ 2 TU 5 - - CC 4x24, 3x12, 0x6
Amex BCP $32k - Apple GS $19k - BMW/Elan $9k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $23k - HSBC Gold - $13k - Penfed Gold - $12.5k - USBank Cash+ -$24k - HSBC LOC - $13.5k - PenFed LOC - $20k
Message 2 of 9
ILoveCats2
New Member

Re: General credit help

Thanks so much for your response RSX. I will negotiate and get the actively reporting 742 paid. 

 

The other 672 is a huge problem. Not only is it showing that it is closed with a 672 balance but it shows 35 late 90 days on Equifax. (Was not paid on in last two years at all so I don't know why they continue to report late payments for something that is closed.) 

 

I have tried disputing it multiple times to get it removed with no success. On my TU report the late payments are not 35 it actually shows I've never been late on it. I'm currently in dispute for Equifax on this one.

 

My average credit history is weighing it down as well as it shows only 8 months which is about when I started trying to rebuild. My 3k unsecured card with capital one has not yet made it onto the report and I've had it for 2 months now. 

 

There are other closed accounts that are charge offs but they are reporting a zero balance and are not very recent. 

 

Message 3 of 9
OmarGB9
Community Leader
Super Contributor

Re: General credit help


@ILoveCats2 wrote:

Thanks so much for your response RSX. I will negotiate and get the actively reporting 742 paid. 

 

The other 672 is a huge problem. Not only is it showing that it is closed with a 672 balance but it shows 35 late 90 days on Equifax. (Was not paid on in last two years at all so I don't know why they continue to report late payments for something that is closed.) 

 

I have tried disputing it multiple times to get it removed with no success. On my TU report the late payments are not 35 it actually shows I've never been late on it. I'm currently in dispute for Equifax on this one.

 

My average credit history is weighing it down as well as it shows only 8 months which is about when I started trying to rebuild. My 3k unsecured card with capital one has not yet made it onto the report and I've had it for 2 months now. 

 

There are other closed accounts that are charge offs but they are reporting a zero balance and are not very recent. 

 


It's closed, but it was charged off with a balance. Creditors have the option of either reporting "CO" every month, or the latest delinquency reached prior to the CO status. In this case, I guess after 90 days it was charged off. Regardless, it doesn't mean you're making 90 day late payments still, it just means the account remains 90 days late AND charged off. Paying it off will stop those monthly updates and allow your scores to recover slowly.

 

Paying all those delinquent account and just allowing your credit to age will help you raise your scores.


Last App: 05/30/2021
Capital One Auto Refinance Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 4 of 9
ILoveCats2
New Member

Re: General credit help

Thank you for your response this is helpful information.

 

I have never gone about paying off an account that is closed but not actively reporting/being collected on. Would you have any tips on this? 

Message 5 of 9
OmarGB9
Community Leader
Super Contributor

Re: General credit help

First step would be to stop disputing the account. It's reporting accurately, that's why your disputes aren't going anywhere.

 

Next step is to reach out to the original creditor to see if you can pay them directly, or whether they have enlisted the help of a collection agency. Either way they will let you know how you can pay.


Last App: 05/30/2021
Capital One Auto Refinance Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 6 of 9
ILoveCats2
New Member

Re: General credit help

Thank you Omar. I was not aware that this way of reporting was accurate. I have never seen a closed account continuing to rack up late payments on my CR. 

 

I have paid the one account that was actively reporting. I will contact this company this evening to see about getting this resolved.

 

Edit: I guess I should probably wait until dispute is declined before reaching out to them. 

Message 7 of 9
OmarGB9
Community Leader
Super Contributor

Re: General credit help


@ILoveCats2 wrote:

Thank you Omar. I was not aware that this way of reporting was accurate. I have never seen a closed account continuing to rack up late payments on my CR. 

 

I have paid the one account that was actively reporting. I will contact this company this evening to see about getting this resolved.

 

Edit: I guess I should probably wait until dispute is declined before reaching out to them. 


It's not exactly closed, it's closed but because of the fact that it was charged off. In other words, it wasn't closed under normal circumstances. It was closed as a result of the charge off. As I mentioned before, it's not technically racking up lates anymore. It's been charged off. Charge off (CO) supersedes any late status, although technically CO is merely an accounting measure.

 

Anyway, you could speed things up by canceling the dispute.

 

 


Last App: 05/30/2021
Capital One Auto Refinance Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 8 of 9
ILoveCats2
New Member

Re: General credit help

Thanks for your help Omar, I am in the process of getting this one taken care of now. 

 

Unfortunately, I've had another one come up that I'd completely forgotten exists. I had a lease with Toyota and the car was over miles and it was in collections initially with MRS BPO Associates. It never saw my credit report to the best of my knowledge. (Age is about 3 years)

 

Friday I get a letter from Alltran Financial claiming they overtook the collection for around $1,900 30 days to respond etc. I was contemplating sending a validation letter not to dispute the debt but to confirm the balance is truly accurate and they can collect on it. However, I did read that could show them I'm in a hurry to pay, essentially setting my account aside from the thousands of others and giving my unwanted attention.

 

I'm wondering what my best move is? I really don't want this hitting my credit report but I also don't exactly want to shell out $1,900 in full so I could use guidance.

Message 9 of 9
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