FICO 8: 521 EX; 553 TU; 508 EQ
EX = Negative items, high credit usage, recent missed payment, bad payment history
TU = Negative items, recent missed payments, high credit usage, short revolving history
National Credit Systems, 9/20/16= $7013 apartment lease
Calvary Portfolio Services, 5/19/18 = $2594 Amazon CC
Workz & Lentz, 5/22/17 = $510 medical
Car loan = $5250 left
Capital One = $3458 (on its way to collections); $1365
Chase = $1632
Zero CCs open, 0% credit usage, only my car payment is being paid
Starting a new job with the state government making roughly 30k (29 and some odd dollars). First check will be end of January. Currently working full time at a retail establishment until my new job starts on Tuesday.
Estimated budget starting February = $1900 monthly salary after tax estimate - $1300 estimated monthly bills = $660 estimated remaining
1. To reach 600, then 650, so on and so forth
2. Pay off ALL debts
3. Financially independent
Sounds like you have a plan. If you have no revolving accounts open and you still owe balances then you are not at 0% utilization. I would open a card to start a positive payment history. The Open Sky secured Visa requires no credit check. You need to have an open revolving account to increase your scores and to start your rebuild.
You can try to settle for less than you owe or better yet see if those collections will do a PFD(Pay For Delete). There are many people here that provide great advice and to help you as you progress. Good luck on your rebuild!
I will definitely say to open a credit card if you can. You can either open a unsecured card with a subprime lender or get a secured card if you have the extra money to deposit on the card. This way you can have atleast one positive TL on your CR. Keep in mind, you already have some collections on your CR, so it will keep your score down awhile. But be patient and your score will eventually rise.
If you have paid your collections, I would start the process of getting those removed with goodwill letters, if you have not then you could as stated above, request a PFD. If they will not PFD, still attempt to pay those off asap. You will gain a few points there, as paid is better than unpaid
Your listed CC's, did you close them or did the bank close them? I'm counting two capital one cards and one chase card and a amazon CC gone to collections. The capital one balance of 1365$, has this gone to collections as well? The chase balance of 1632$ is this account closed and going to collections also?
The medical collection could be PFD'd and eliminated early as you would seem to have money left over for that in just 1 month
Maybe with the apartment lease you could work out a PFD with payments, offer say 50$ a mo to start. As you free up more money you could offer more later. Same with the amazon CC collections, you could offer 50$ to start. That would be 100$ going to those accounts already in collections and beginning a process for removel. Building a relationship.
These are all IMO, but you do as you see best, good luck to you!
If you can save your Cap1 card, do it! Call them & see if they will work with you... don't just let it go. Same with Chase. Creditors are usually willing to work with you if you are proactive and can offer a gameplan to get caught up. It is much better to save the relationship before you completely burn a bridge.
Your math has me a little puzzled. $1900 net pay - $1300 obligations leaves $600, not $660. Was that a typo or were you just guesstimating?
If you do not have a written budget, make one! I have a budget template that I share with others on here. Simply PM me your email address & I will send it to you. I could not get a hold of my spending until I committed to writing EVERYTHING I spent down to see where my paycheck was going every two weeks- I was always winding up with more month than money. Once I began keeping a written budget I was able to plan out my payments and actually see what I had left over for me without having to put something off. Even if I pay the bill only once a month, I allocate half to it every paycheck (every two weeks). You will be surprised how much easier things get once you do this. I have been able to pay off 5 accounts since July (when I started doing this), and I only have two left. Use the snowball method to pay off your smallest debt first, then use the money you were allocating for the smallest debt AND ADD IT to the amount you have allocated to the next smallest one. keep doing that until you have everything paid off.
One other thing- before you pay anyone else, pay yourself first. This means put something into savings EVERY paycheck (and don't touch it). Eventually you will start accumulating a war chest to have for emergencies without having to rely on credit. GL!
I closed some of my CCs and bank closed some, but all of the CCs are closed. Capital One $1365 is not in collections and neither is chase.
I use every dollar budgeting and once I do have extra money left over I will begin saving
Capital One will work with you to setup a plan that's within your budget to help you get caught. Sometimes they even stop the interest during that time but you won't be able to use the card until its caught up. For positive tradelines, I recommend using a prequalify link for the major cards like Discover, Amex etc. You may get denied but keep working on the prequalify site. You want a card that will grow with you rather its secured or unsecured.
For National Credit System they will work out a settlement for you but try to do a PFD.
Good luck and welcome to forums.