@Anonymous wrote:Good afternoon everybody, I hope you and all of your loved ones are safe and healthy, considering everything going on in the world right now.
My goal within the next 18-24months is to purchase a townhome/apartment down here in south Florida. Of course, a lot of this depends on how long this pandemic will last due to the fact that I was recently laid off. I have been told that I will have my job back once everything goes back to normal, but things can change, you never know.
My FICO score as of March 30th is Experian 589, Equifax 582, TU 604
Now, I am going to use the information on my TU report because it is a combination of the other 2 accounts. In other words, Experian shows 1 or 2 accounts that Equifax isn't showing, and vice versa, while TU shows all of the accounts from both Experian and Equifax.
So my TU report shows a total of 17 accounts, this consists of 3 open CC, 5 charge offs, 6 federal student loans, and 3 collection accounts.
My 3 open CCs are listed below
Unsecured CapitalOne CC - $500 limit; Date Opened July 2017 and 0 missed payments.
Unsecured CreditOne CC - $300 limit; Date Opened Nov 2017 and 0 missed payments.
OpenSky CC - $200 limit; Date Opened Jan 2017 and 0 missed payment.
I have recently paid off all of these cards so they are currently carrying a $0 balance, this improved my FICO score from the 540-550 range to what I stated earlier. Never have all open CC accounts report $0. Have 1 report $20 and then PIF before the due date.
My 5 charge offs are listed below
Capital One - $557 balance and the last payment update was on Feb 01, 2016.
Capital One - $0 balance and the last payment update was on April 01, 2017.
First Premier Bank - $427 balance and the last payment update was on Jan 01, 2016.
Kohl's Store Card - $0 balance and the last payment update was on Jan 01, 2017.
Milestone CC - $0 balance and the last payment update was on Nov 01, 2019.
Continued in the first reply of this post, please read... Charge offs are considered a maxed out card. Paying them off will stop the updating and it wont go against your aggregate util any longer. Then they will have to age and fall off from the DoFD or the month you first became late, not the CO date.
@Anonymous wrote:My 6 federal student loans are recent and are currently showing as closed, I believe due to the fact that I recently graduated in December and I do not have to start making payments on them until the end of Sept (due to COVID-19). But the total amount of my federal loans are $32,000.
My 3 collection accounts are listed below
Capio Partners - $59 balance; The original creditor is Radiology Physician Solutions; Last update was March 16, 2020; To be honest, I don't remember what this is for but I assume it's some medical bill.
Enhanced Recovery - $704 balance; The original creditor is Sprint; Last update was on March 15, 2020; This is a legitimate collection account, unfortunately I lost my job and could not afford the bills anymore.
Progressive Insurance - $264 balance; The original creditor is Progressive Car Insurance; Last update was on March 02, 2020; This is also a legitimate charge, unfortunately I lost my job and could not afford the bill.
Call all the OC's and set up payment in leui of removing the CA and for PI to PFD.
2 credit inquires that fall off June 2020, so I am not concerned with this.
My total balance for charged off accounts is $984 and the total balance for collections is $1,027.
I am lucky enough to be able to pay off all of my debt, except for my student loans, but I have read that paying off old charged off accounts or collection accounts may actually hurt my score, is this true? Paying off charge offs can help. There is no gain from paying CA's off. This is why I say call the OC's and work it out to get the CA removed. I've considered trying a company like SkyBlue to help with this process, for them to do the leg work, I know it's a lazy thing but I can afford it and can spend my time with other things I currently have going on. DO NOT GET A COMPANY THAT FIXES CREDIT. THEY WILL TAKE YOUR MONEY AND SCREW IT UP. I was also pre approved for a Discover IT Secured card, I was considering applying for it and putting $300-500 towards it. Hey it graduates and you can ask for it to be a 5% cb card instead of gas/groceries.
If you were me, what would be your plan of action to improve your score and ultimately reach your goal of purchasing a townhome/apartment in 18-24 months.
I apologize for such a long post but I wanted to be as detailed as possible, if there is any additional information that you may feel is important, please let me know. And thank you for your help.
Theres the plan. Good Luck getting deletions of the CA's by paying the OC's. The thing that will sting is the recent CO's will still ding you. But as they age less will ding less. But they were PIF and that looks better for future creditors.
@Anonymous wrote:
@FireMedic1 wrote:
@Anonymous wrote:Good afternoon everybody, I hope you and all of your loved ones are safe and healthy, considering everything going on in the world right now.
My goal within the next 18-24months is to purchase a townhome/apartment down here in south Florida. Of course, a lot of this depends on how long this pandemic will last due to the fact that I was recently laid off. I have been told that I will have my job back once everything goes back to normal, but things can change, you never know.
My FICO score as of March 30th is Experian 589, Equifax 582, TU 604
Now, I am going to use the information on my TU report because it is a combination of the other 2 accounts. In other words, Experian shows 1 or 2 accounts that Equifax isn't showing, and vice versa, while TU shows all of the accounts from both Experian and Equifax.
So my TU report shows a total of 17 accounts, this consists of 3 open CC, 5 charge offs, 6 federal student loans, and 3 collection accounts.
My 3 open CCs are listed below
Unsecured CapitalOne CC - $500 limit; Date Opened July 2017 and 0 missed payments.
Unsecured CreditOne CC - $300 limit; Date Opened Nov 2017 and 0 missed payments.
OpenSky CC - $200 limit; Date Opened Jan 2017 and 0 missed payment.
I have recently paid off all of these cards so they are currently carrying a $0 balance, this improved my FICO score from the 540-550 range to what I stated earlier. Never have all open CC accounts report $0. Have 1 report $20 and then PIF before the due date.
My 5 charge offs are listed below
Capital One - $557 balance and the last payment update was on Feb 01, 2016.
Capital One - $0 balance and the last payment update was on April 01, 2017.
First Premier Bank - $427 balance and the last payment update was on Jan 01, 2016.
Kohl's Store Card - $0 balance and the last payment update was on Jan 01, 2017.
Milestone CC - $0 balance and the last payment update was on Nov 01, 2019.
Continued in the first reply of this post, please read... Charge offs are considered a maxed out card. Paying them off will stop the updating and it wont go against your aggregate util any longer. Then they will have to age and fall off from the DoFD or the month you first became late, not the CO date.
Ok great, I'll make sure to carry a balance of $20 on one of my cards and then PIF when the payment is due. Also, regarding the charge offs, due you suggest paying off the $557 balance with CapitalOne and $427 with First Premier Bank or just them run its course until they fall off? All of my charge offs show my first missed payment somewhere between July-December of 2015, so they should be falling off by the end of 2022, does that sound right? Yep. 7 yrs from the first last payment if there no more after that.
Yes in a big way. They'll quit reporting a as a maxed out 100% util reporting account.
@Anonymous wrote:
@FireMedic1 wrote:
@Anonymous wrote:My 6 federal student loans are recent and are currently showing as closed, I believe due to the fact that I recently graduated in December and I do not have to start making payments on them until the end of Sept (due to COVID-19). But the total amount of my federal loans are $32,000.
My 3 collection accounts are listed below
Capio Partners - $59 balance; The original creditor is Radiology Physician Solutions; Last update was March 16, 2020; To be honest, I don't remember what this is for but I assume it's some medical bill.
Enhanced Recovery - $704 balance; The original creditor is Sprint; Last update was on March 15, 2020; This is a legitimate collection account, unfortunately I lost my job and could not afford the bills anymore.
Progressive Insurance - $264 balance; The original creditor is Progressive Car Insurance; Last update was on March 02, 2020; This is also a legitimate charge, unfortunately I lost my job and could not afford the bill.
Call all the OC's and set up payment in leui of removing the CA and for PI to PFD.
2 credit inquires that fall off June 2020, so I am not concerned with this.
My total balance for charged off accounts is $984 and the total balance for collections is $1,027.
I am lucky enough to be able to pay off all of my debt, except for my student loans, but I have read that paying off old charged off accounts or collection accounts may actually hurt my score, is this true? Paying off charge offs can help. There is no gain from paying CA's off. This is why I say call the OC's and work it out to get the CA removed. I've considered trying a company like SkyBlue to help with this process, for them to do the leg work, I know it's a lazy thing but I can afford it and can spend my time with other things I currently have going on. DO NOT GET A COMPANY THAT FIXES CREDIT. THEY WILL TAKE YOUR MONEY AND SCREW IT UP. I was also pre approved for a Discover IT Secured card, I was considering applying for it and putting $300-500 towards it. Hey it graduates and you can ask for it to be a 5% cb card instead of gas/groceries.
If you were me, what would be your plan of action to improve your score and ultimately reach your goal of purchasing a townhome/apartment in 18-24 months.
I apologize for such a long post but I wanted to be as detailed as possible, if there is any additional information that you may feel is important, please let me know. And thank you for your help.
Theres the plan. Good Luck getting deletions of the CA's by paying the OC's. The thing that will sting is the recent CO's will still ding you. But as they age less will ding less. But they were PIF and that looks better for future creditors.
Again, thank you for replying. I will take your advice of trying to reach out to the OC and come to a written agreement of paying off the debt in full if they remove the CA. I already tried with the Sprint bill but I could only speak to someone via chat and they provided me with the phone number to the CA, I called thinking it was Sprint's billing dept. If your local Spriny store is open or takes appointments whatever guidelines. Go to the store and pay it in house. The CA rep said if I paid the full $704, the account would not be removed from my report but it will show a settled $0 balance. I did not make the payment. I will try with the other 2 OCs on Monday when they open.
I will also avoid using a company like Sky Blue or any other one. Cool. The money they charge can now go to the debts.
I will apply for the Discover IT Secured card right now. I also wanted to mention that on the Experian website, it states that it would help if I had 5 open lines of credit, does this sound right? Nah 3 cards and an installment loan are just fine to get started. I would think that is too much.
Again thank you for your time and knowledge.
Here to help. Good Luck with Miss Disco. Hope its a great approval!
@Anonymous wrote:
@FireMedic1 wrote:
@Anonymous wrote:
@FireMedic1 wrote:
@Anonymous wrote:My 6 federal student loans are recent and are currently showing as closed, I believe due to the fact that I recently graduated in December and I do not have to start making payments on them until the end of Sept (due to COVID-19). But the total amount of my federal loans are $32,000.
My 3 collection accounts are listed below
Capio Partners - $59 balance; The original creditor is Radiology Physician Solutions; Last update was March 16, 2020; To be honest, I don't remember what this is for but I assume it's some medical bill.
Enhanced Recovery - $704 balance; The original creditor is Sprint; Last update was on March 15, 2020; This is a legitimate collection account, unfortunately I lost my job and could not afford the bills anymore.
Progressive Insurance - $264 balance; The original creditor is Progressive Car Insurance; Last update was on March 02, 2020; This is also a legitimate charge, unfortunately I lost my job and could not afford the bill.
Call all the OC's and set up payment in leui of removing the CA and for PI to PFD.
2 credit inquires that fall off June 2020, so I am not concerned with this.
My total balance for charged off accounts is $984 and the total balance for collections is $1,027.
I am lucky enough to be able to pay off all of my debt, except for my student loans, but I have read that paying off old charged off accounts or collection accounts may actually hurt my score, is this true? Paying off charge offs can help. There is no gain from paying CA's off. This is why I say call the OC's and work it out to get the CA removed. I've considered trying a company like SkyBlue to help with this process, for them to do the leg work, I know it's a lazy thing but I can afford it and can spend my time with other things I currently have going on. DO NOT GET A COMPANY THAT FIXES CREDIT. THEY WILL TAKE YOUR MONEY AND SCREW IT UP. I was also pre approved for a Discover IT Secured card, I was considering applying for it and putting $300-500 towards it. Hey it graduates and you can ask for it to be a 5% cb card instead of gas/groceries.
If you were me, what would be your plan of action to improve your score and ultimately reach your goal of purchasing a townhome/apartment in 18-24 months.
I apologize for such a long post but I wanted to be as detailed as possible, if there is any additional information that you may feel is important, please let me know. And thank you for your help.
Theres the plan. Good Luck getting deletions of the CA's by paying the OC's. The thing that will sting is the recent CO's will still ding you. But as they age less will ding less. But they were PIF and that looks better for future creditors.
Again, thank you for replying. I will take your advice of trying to reach out to the OC and come to a written agreement of paying off the debt in full if they remove the CA. I already tried with the Sprint bill but I could only speak to someone via chat and they provided me with the phone number to the CA, I called thinking it was Sprint's billing dept. If your local Spriny store is open or takes appointments whatever guidelines. Go to the store and pay it in house. The CA rep said if I paid the full $704, the account would not be removed from my report but it will show a settled $0 balance. I did not make the payment. I will try with the other 2 OCs on Monday when they open.
I will also avoid using a company like Sky Blue or any other one. Cool. The money they charge can now go to the debts.
I will apply for the Discover IT Secured card right now. I also wanted to mention that on the Experian website, it states that it would help if I had 5 open lines of credit, does this sound right? Nah 3 cards and an installment loan are just fine to get started. I would think that is too much.
Again thank you for your time and knowledge.
Here to help. Good Luck with Miss Disco. Hope its a great approval!
I'm sorry but I have a quick question, I just disputed the small account of $59 with Capio collections with Experian and Transunion (On their website). The experian dispute is still under review, as expected, but the TU dispute is listed as completed and it states that it has been removed from my credit report. Is this normal with TU? I literally submitted the dispute and I went to check on it tomake sure everything was submitted properly and I see that it was closed.
If a CA no longer has collection authority then they must delete it per CRA rules, could very well be this is the case.
