Ok, I had some problems in 2007. Auto repo, late CC payments (Cap 1 has 150 day late ), charge offs, numerous collection agencies. Needless to say, at the end of 2007 my credit score was about 490. I really want to improve my FICO score to at least 625 by the end of 09.
Here's what I have as of Jan 1, 09:
All CCs with balances have been up to date since Oct 07.
2 closed CCs w/ balances -- Citi $1470 // $1500 CL -- Capital One $170 // $500 CL (Any chance they will reopen these?)
2 closed CCs PIF w/ late payments GEMB & Express (sent GW letters to remove lates...waiting for response)
2 WF student loans $5k -- Deferred
Orchard MC $300 CL
Auto Loan $17,175 -- current
1 CA (currently in the DV process) $195
90 day lates on CC's -- except Citi & Orchard
Sept 07 -- WF Repo $12k
WF Visa CO -- $485
Citi Personal Loan CO -- $2900
Oldest account is 4 years.
Since Nov 2007 I have all accounts current and have opened a $300 CL Orchard MC in Aug. 08 to start repairing the damage. However, I don't know where to go from here! My score has only increased about 50 points in a year. Please help!
Transunion credit scores are below :
Hi origico and welcome to the forum! For the Citi and Cap 1, you can always try asking them to reinstate the account in exchange for the payment in full. But if they sold the accounts to a debt buyer, then that will be out of the question. However, you can always try get the debt buyer/ CA to PFD.
Now for the collection account. Is it a medical bill? If it is medical, then you should refer to the HIPAA process. You can do a search in this forum on the process and follow the steps. If it is a regular collection account and If the DV comes back verified and valid, then you may want to send out a PFD in writing. If they cannot do it, then send out another PFD.
Aside from those, in the mean time you can work on maintaining a low utilization on your available revolving credit. and pay down the balances. But the main thing to brining your score is pushing hard for the PFD's, GW, and reinstatement of the 2 CC's. It will take a while and tenacity, but I think you can do it. Hope that helps and good luck! Keep us updated!
I may try contacting both Citi & Cap to request the reinstatement since the accounts are still with the original creditors. Capital One in the past has been very adamant about me having to apply for a new card.
Thanks so much for the advice!!!! I probably expecting an unrealistic increase only one year after a repo.