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Help rebuilding credit

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Anonymous
Not applicable

Help rebuilding credit

Hello guys,
I am new to the forum and would appreciate any of your feedback. Both me and my wife are new to the credit cards world and need some help from you. My wife has a collection amount of $600 from 2.5 years and 2 missed payments in her 2 credit cards opened in the last 3 years ( she did not know how to use them and besides missing 2 payments she also kept a 90% utilization ratio throughout all the time). Because of these factors, her FICO scores are in the low 500s and we really need to bring her scores up. Where do we have to start ? Should we negotiate and pay her collection ? Is there anyway to get rid of those 2 missed payments reported in her credit reports ? Any feedback is highly appreciated.
Thank you
Message 1 of 4
3 REPLIES 3
Jnbmom
Credit Mentor

Re: Help rebuilding credit

Welcome

 

Who is the collection account with,  that will help determine if they are company that may delete for payment? 

 

Most cc companies don't delete lates but you can also try a goodwill letter.

 

Is her utilization still high, if so she needs to pay that down. 

 

How is your credit?

 

EXP 780 EQ 791TU 795
Message 2 of 4
Anonymous
Not applicable

Re: Help rebuilding credit

Her collection account is a medical bill in a hospital with American Adjustment Bureau. Her credit card is with Elan Financial Services ( from a webster bank which is small located only around New York ). The 2nd card is with Victoria Secret.
On the other hand, I have a thin file of 9 months but good scores of 767 ( one discover it with $1800 limit and one ikea project card with $6k limit)
Message 3 of 4
Jnbmom
Credit Mentor

Re: Help rebuilding credit

Ok with a medical debt see if yiu can get the original creditor (hospital ) to recall the debt and try to pay them directly and ask for possible deletion, if they won't delete paid is better than unpaid. 

 

Pay her balances down and if your utilization is low on your cards , add her to an account as an authorized user.

EXP 780 EQ 791TU 795
Message 4 of 4
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