Help Rebuilding FICO Score and Debt Management

[SleepyLamb]

Hello Everyone, I am 25 years old, was never taught Credit when I was younger and up until 2020 never thought much about it. I'm here seeking help and guidance about my current situation. Below will be a chart with all my information but I will explain everything in this summary. My father gave me a credit card from Wells Fargo at the age of 16 so my credit history is quiet bad up until 2018... I have 10 Open Accounts and 4 Closed Accounts with 14 Late Payments pinging my Accounts. 4 are from my Teenage years and can't be helped until they fall off in 2024, but 10 are under dispute as I type this through Credit Saint. I was deployed to the Middle East for the Army in 2020 and due to the location I had very little service/internet and couldn't make payments completely on time even after trying to setup auto-pay (international customer support...). 

My hopes are to get my uterlization under the 87% for all my credit cards to apply for a Consolidation to get rid of some of these horrific APRs. My student loans are in forebarance due to SLFP until January 30, 2023. Any information or help is grateful, I've looked through some of the Threads on this Fourm and it has helped significantly. Thank You!

Credit Card/Loan	Balance	APR	Utilization
Capital One Platinum	$799.00	27.71%	99%
Capital Quick Silver	$475.00	29.99%	95%
Credit One	$565.00	26.99%	100%
Military Star	$927.00	12.49%	27%
Continental Financial	$1,032.00	32.90%	100%
Navy Federal Credit Union	$473.00	18.00%	94%
Navy Federal Auto Loan	$13,320.00	17.59%	4% Paid Off
DEPT of Education Student Loan	$3,750.00	0.00%	0% Paid Off
Total Debt	$  21,341.00

Credit Bureau	Credit Score
Experian	625
Equifax	617
TransUnion	600

[FireMedic1]

Welcome @SleepyLamb 

These credit repair companies slam the CRA's with disputes to get rid of baddies. Same thing you can do for free. Each time they are unsuccessful. Your scores get hit with an update each time they file a dispute. So say goodbye to these guys. Now what is your income to apply to the debts.

[SleepyLamb]

I tried disputing them for free but they always came back unsuccessful even though the reasoning is 100% valid. Even personally called Experian and had them submit disputes still unsuccessful so I just said screw it and paid out of pocket to get it fixed.

My total income is $62,000.

[FireMedic1]

Ok. How much can you afford to put towards the debts to get them under 89%? Scores also. Home owner?

[SleepyLamb]

@FireMedic1 wrote:

Ok. How much can you afford to put towards the debts to get them under 89%? Scores also. Home owner?

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Currently I lease, one reason I want to fix my FICO is so I can buy a house in the near future hopefully. Currently due to Cost of Living in my area and Inflation. After expenses, retirement, and saving I have $500 left-over.

[FireMedic1]

Ouch. Anyway to get more income to get those cards down faster to 89%? I tried a loan calculator online. $21,000 at 15.9% for 60 months is $421.00. What state are you in?

[SleepyLamb]

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@FireMedic1 wrote:

Ouch. Anyway to get more income to get those cards down faster to 89%? I tried a loan calculator online. $21,000 at 15.9% for 60 months is $421.00. What state are you in?

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I live in the Tampa Bay Area in Florida. Rent is my largest expense. We are moving next month to a less expensive lease. Which will free up a few hundred, I will also be getting a pay increase starting January 1st, 2023 to $70,000. 

2022 has not be a good year for me about 95% of my current debt was gained this year. 

[FireMedic1]

Well east coast here. Your right on the edge. Lower rent and higher pay may help. Still it will take a long time to pay all that back. If your single your over the means test for a Fl fresh start. Have you tried any pre-approvals like Lending Tree or Best Egg? Kinda stuck between a rock and a hard place. With the scores it will be a high interest rate but lower than cards have.

[SleepyLamb]

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@FireMedic1 wrote:

Well east coast here. Your right on the edge. Lower rent and higher pay may help. Still it will take a long time to pay all that back. If your single your over the means test for a Fl fresh start. Have you tried any pre-approvals like Lending Tree or Best Egg? Kinda stuck between a rock and a hard place. With the scores it will be a high interest rate but lower than cards have.

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I haven't tried Lending Tree or Best Egg, I will look into it. The largest amount is from my auto loan. Would it make sense to refinance in March for a lower rate or just consolidate the whole amount into a single account? 

I am currently single, my gf is a part-time college student. So we mostly live off my income. 

[FireMedic1]

Hey honey. We need more income if you want a house. Its the CC Debt you want to pay down to reach your goal. Loans dont do much for scores until the end. Got your work cut out for ya. Check the loan co's. Or take a pay cut for 6 months and possibly a fresh start. Please dont use them any longer. In fact cut them up and burn them until its all settled. Heres hoping one of the consolodation loan comanies approve you. Its either that. Years of paying it back. Or fresh start. Really no other way.