About me
Background: Back in 2014, I had clawed out of college/post-college credit irreponsibility to get to a pretty decent credit score, but following some extended underemployment followed by personal issues intermingled with rash financial decisions/more credit irresponsibilty, I had tanked my credit scores into the mid-400s by 2018. Well, I've spent the last year trying to claw back out of the hole again, but I still have a ways to go.
Age: 35
Income: $60,000
Rent: $0 - live with parents
Goal: get back to good credit standing, buy a house
Current credit situation
FICO 8 scores (from Experian):
EX 674
EQ 677
TU 667
5 Open Accounts
- 3 Revolving accounts (utilization currently at 1%)
- Indigo MC, $300 CL, Opened 12/2019
- Credit One Platinum Visa $300 CL, Opened 1/2020
- Mission Lane Visa, $750 CL, Opened 8/2020
- 2 Installment accounts
- 1 Auto Loan First Investor Financial, Opened 8/2020 (just refinanced), 13% APR, Balance: $16k, 72 months remaining, Monthly Payment $334.64
- 1 Secured Savings Loan through my CU, Opened 6/2020, 3% APR, $2500 balance, 12 months remaining, Monthly payment $212
Main Negatives:
Southeast Toyota Finance, 24 late payments, redeemed repossesion, but eventually paid off (when I totaled it 
luckily I had GAP)
CapitalOne QuickSilver One, Charged off 9/2017, paid off in full 6/2020
CapitalOne Journey, Charged off 9/2017, paid off in full 4/2020
Discover it, closed around the same time as the CapOne cards, 5 late payments, paid off in full 6/2020
Mercury MC, charged off 6/2018, never paid off because the balance has disappeared off my credit report (aka reports as $0)
-Barclaycard MC, 3 late payments, sold to Mercury Bank
Mattress Firm/WF, Charged off 9/2017, paid off in settlement 8/2019
I also have some older closed store cards (Dillards, Gap, Dell) that show up as either paid as agreed or unknown payment history. (I never used the Dell account and it was closed in 2007. Why is it still showing up??)
Questions
1. Where do I go from here? My goal is to raise my credit scores into the 750s. I want to buy a house by end of next year.
2. How do I tackle this Mercury/Barclay balance? It's around $8K but it doesn't appear anywhere on my credit report. Should I just go and pay it off proactively or let it come back before I tackle it? I have about $12k in savings but I'd like to get to $18k so I can pay it off in full and still have $10k saved (banking $1k a month in savings so I'd get there by next March).
3. My car is $6K under water. Should I prioritize getting my car above water to refinance or sell, or saving up the money to pay off the $8k missing Mercury balance?
Thanks
@ttownfeen wrote:About me
Background: Back in 2014, I had clawed out of college/post-college credit irreponsibility to get to a pretty decent credit score, but following some extended underemployment followed by personal issues intermingled with rash financial decisions/more credit irresponsibilty, I had tanked my credit scores into the mid-400s by 2018. Well, I've spent the last year trying to claw back out of the hole again, but I still have a ways to go.Age: 35
Income: $60,000
Rent: $0 - live with parents
Goal: get back to good credit standing, buy a house
Current credit situationFICO 8 scores (from Experian):
EX 674
EQ 677
TU 667
5 Open Accounts
- 3 Revolving accounts (utilization currently at 1%)
- Indigo MC, $300 CL, Opened 12/2019
- Credit One Platinum Visa $300 CL, Opened 1/2020
- Mission Lane Visa, $750 CL, Opened 8/2020
- 2 Installment accounts
- 1 Auto Loan First Investor Financial, Opened 8/2020 (just refinanced), 13% APR, Balance: $16k, 72 months remaining, Monthly Payment $334.64
- 1 Secured Savings Loan through my CU, Opened 6/2020, 3% APR, $2500 balance, 12 months remaining, Monthly payment $212
Main Negatives:
Southeast Toyota Finance, 24 late payments, redeemed repossesion, but eventually paid off (when I totaled it
CapitalOne QuickSilver One, Charged off 9/2017, paid off in full 6/2020
CapitalOne Journey, Charged off 9/2017, paid off in full 4/2020
Discover it, closed around the same time as the CapOne cards, 5 late payments, paid off in full 6/2020
Mercury MC, charged off 6/2018, never paid off because the balance has disappeared off my credit report (aka reports as $0)
-Barclaycard MC, 3 late payments, sold to Mercury Bank
Mattress Firm/WF, Charged off 9/2017, paid off in settlement 8/2019
I also have some older closed store cards (Dillards, Gap, Dell) that show up as either paid as agreed or unknown payment history. (I never used the Dell account and it was closed in 2007. Why is it still showing up??)
Questions
1. Where do I go from here? My goal is to raise my credit scores into the 750s. I want to buy a house by end of next year.
2. How do I tackle this Mercury/Barclay balance? It's around $8K but it doesn't appear anywhere on my credit report. Should I just go and pay it off proactively or let it come back before I tackle it? I have about $12k in savings but I'd like to get to $18k so I can pay it off in full and still have $10k saved (banking $1k a month in savings so I'd get there by next March).
3. My car is $6K under water. Should I prioritize getting my car above water to refinance or sell, or saving up the money to pay off the $8k missing Mercury balance?
Thanks
Honestly speaking your doing pretty good with your rebuild I would ask your cu to see if you can refinance the car with them. Some credit unions will go over 100% LTV and you could just pay the difference. I know personally there is a local CU in my area that will do 135% LTV. I would look in your area and see if there is a CU like that. As far as Barclay I would get on a payment plan with them maybe do 500 a month and still put 500 in your savings each month and then when you get it paid half way off then dip in your savings and then pay it completely off.
If they updated the balance to 0 it has more than likely been sold to a collection agency. They may not have reached out yet but they will. If it's not on your reports and they reach out, I would ask that they not report in return for payment. You can also call the original creditor and they can tell you who they sold it too. You do not want the collection to hit your reports. If it does it will drop your score. Then you will have to try to negotiate a PFD.
Goal Scores: 700 across all three
@ttownfeen wrote:About me
Background: Back in 2014, I had clawed out of college/post-college credit irreponsibility to get to a pretty decent credit score, but following some extended underemployment followed by personal issues intermingled with rash financial decisions/more credit irresponsibilty, I had tanked my credit scores into the mid-400s by 2018. Well, I've spent the last year trying to claw back out of the hole again, but I still have a ways to go.Age: 35
Income: $60,000
Rent: $0 - live with parents
Goal: get back to good credit standing, buy a house
Current credit situationFICO 8 scores (from Experian):
EX 674
EQ 677
TU 667
5 Open Accounts
- 3 Revolving accounts (utilization currently at 1%)
- Indigo MC, $300 CL, Opened 12/2019
- Credit One Platinum Visa $300 CL, Opened 1/2020
- Mission Lane Visa, $750 CL, Opened 8/2020
- 2 Installment accounts
- 1 Auto Loan First Investor Financial, Opened 8/2020 (just refinanced), 13% APR, Balance: $16k, 72 months remaining, Monthly Payment $334.64
- 1 Secured Savings Loan through my CU, Opened 6/2020, 3% APR, $2500 balance, 12 months remaining, Monthly payment $212 You only need 1 installement reporting for FICO scoring. So this one isn't really isnt doing much scorewise. The balance and loan amount is factored together as a util %. Close it if you can.
Main Negatives:
Southeast Toyota Finance, 24 late payments, redeemed repossesion, but eventually paid off (when I totaled it
CapitalOne QuickSilver One, Charged off 9/2017, paid off in full 6/2020
CapitalOne Journey, Charged off 9/2017, paid off in full 4/2020
Discover it, closed around the same time as the CapOne cards, 5 late payments, paid off in full 6/2020
Mercury MC, charged off 6/2018, never paid off because the balance has disappeared off my credit report (aka reports as $0)
-Barclaycard MC, 3 late payments, sold to Mercury Bank
Mattress Firm/WF, Charged off 9/2017, paid off in settlement 8/2019
I also have some older closed store cards (Dillards, Gap, Dell) that show up as either paid as agreed or unknown payment history. (I never used the Dell account and it was closed in 2007. Why is it still showing up??)
Questions
1. Where do I go from here? My goal is to raise my credit scores into the 750s. I want to buy a house by end of next year.
2. How do I tackle this Mercury/Barclay balance? It's around $8K but it doesn't appear anywhere on my credit report. Should I just go and pay it off proactively or let it come back before I tackle it? I have about $12k in savings but I'd like to get to $18k so I can pay it off in full and still have $10k saved (banking $1k a month in savings so I'd get there by next March).
3. My car is $6K under water. Should I prioritize getting my car above water to refinance or sell, or saving up the money to pay off the $8k missing Mercury balance?
Thanks
With that many CO's and the lates that led up to the CO status. They will hurt for a while. A CO ranks up there as a BK. No creditor will PFD. All you can do is pay them all off and they will no longer count against your aggregate util any longer. 750 is yrs away until those negs are gone for good. But passing 700 should be a goal. A lot happens just reaching that score. Simple. Pay them all off. They quit updating and can then age off.
@FireMedic1 wrote:
@ttownfeen wrote:About me
Background: Back in 2014, I had clawed out of college/post-college credit irreponsibility to get to a pretty decent credit score, but following some extended underemployment followed by personal issues intermingled with rash financial decisions/more credit irresponsibilty, I had tanked my credit scores into the mid-400s by 2018. Well, I've spent the last year trying to claw back out of the hole again, but I still have a ways to go.Age: 35
Income: $60,000
Rent: $0 - live with parents
Goal: get back to good credit standing, buy a house
Current credit situationFICO 8 scores (from Experian):
EX 674
EQ 677
TU 667
5 Open Accounts
- 3 Revolving accounts (utilization currently at 1%)
- Indigo MC, $300 CL, Opened 12/2019
- Credit One Platinum Visa $300 CL, Opened 1/2020
- Mission Lane Visa, $750 CL, Opened 8/2020
- 2 Installment accounts
- 1 Auto Loan First Investor Financial, Opened 8/2020 (just refinanced), 13% APR, Balance: $16k, 72 months remaining, Monthly Payment $334.64
- 1 Secured Savings Loan through my CU, Opened 6/2020, 3% APR, $2500 balance, 12 months remaining, Monthly payment $212 You only need 1 installement reporting for FICO scoring. So this one isn't really isnt doing much scorewise. The balance and loan amount is factored together as a util %. Close it if you can.
Main Negatives:
Southeast Toyota Finance, 24 late payments, redeemed repossesion, but eventually paid off (when I totaled it
CapitalOne QuickSilver One, Charged off 9/2017, paid off in full 6/2020
CapitalOne Journey, Charged off 9/2017, paid off in full 4/2020
Discover it, closed around the same time as the CapOne cards, 5 late payments, paid off in full 6/2020
Mercury MC, charged off 6/2018, never paid off because the balance has disappeared off my credit report (aka reports as $0)
-Barclaycard MC, 3 late payments, sold to Mercury Bank
Mattress Firm/WF, Charged off 9/2017, paid off in settlement 8/2019
I also have some older closed store cards (Dillards, Gap, Dell) that show up as either paid as agreed or unknown payment history. (I never used the Dell account and it was closed in 2007. Why is it still showing up??)
Questions
1. Where do I go from here? My goal is to raise my credit scores into the 750s. I want to buy a house by end of next year.
2. How do I tackle this Mercury/Barclay balance? It's around $8K but it doesn't appear anywhere on my credit report. Should I just go and pay it off proactively or let it come back before I tackle it? I have about $12k in savings but I'd like to get to $18k so I can pay it off in full and still have $10k saved (banking $1k a month in savings so I'd get there by next March).
3. My car is $6K under water. Should I prioritize getting my car above water to refinance or sell, or saving up the money to pay off the $8k missing Mercury balance?
Thanks
With that many CO's and the lates that led up to the CO status. They will hurt for a while. A CO ranks up there as a BK. No creditor will PFD. All you can do is pay them all off and they will no longer count against your aggregate util any longer. 750 is yrs away until those negs are gone for good. But passing 700 should be a goal. A lot happens just reaching that score. Simple. Pay them all off. They quit updating and can then age off.
You only need 1 installement reporting for FICO scoring. So this one isn't really isnt doing much scorewise. The balance and loan amount is factored together as a util %. Close it if you can.
@FireMedic1 Thanks. Thought process for secured loan was to add more positive payment history.
@ttownfeen wrote:
@FireMedic1 wrote:
@ttownfeen wrote:About me
Background: Back in 2014, I had clawed out of college/post-college credit irreponsibility to get to a pretty decent credit score, but following some extended underemployment followed by personal issues intermingled with rash financial decisions/more credit irresponsibilty, I had tanked my credit scores into the mid-400s by 2018. Well, I've spent the last year trying to claw back out of the hole again, but I still have a ways to go.Age: 35
Income: $60,000
Rent: $0 - live with parents
Goal: get back to good credit standing, buy a house
Current credit situationFICO 8 scores (from Experian):
EX 674
EQ 677
TU 667
5 Open Accounts
- 3 Revolving accounts (utilization currently at 1%)
- Indigo MC, $300 CL, Opened 12/2019
- Credit One Platinum Visa $300 CL, Opened 1/2020
- Mission Lane Visa, $750 CL, Opened 8/2020
- 2 Installment accounts
- 1 Auto Loan First Investor Financial, Opened 8/2020 (just refinanced), 13% APR, Balance: $16k, 72 months remaining, Monthly Payment $334.64
- 1 Secured Savings Loan through my CU, Opened 6/2020, 3% APR, $2500 balance, 12 months remaining, Monthly payment $212 You only need 1 installement reporting for FICO scoring. So this one isn't really isnt doing much scorewise. The balance and loan amount is factored together as a util %. Close it if you can.
Main Negatives:
Southeast Toyota Finance, 24 late payments, redeemed repossesion, but eventually paid off (when I totaled it
CapitalOne QuickSilver One, Charged off 9/2017, paid off in full 6/2020
CapitalOne Journey, Charged off 9/2017, paid off in full 4/2020
Discover it, closed around the same time as the CapOne cards, 5 late payments, paid off in full 6/2020
Mercury MC, charged off 6/2018, never paid off because the balance has disappeared off my credit report (aka reports as $0)
-Barclaycard MC, 3 late payments, sold to Mercury Bank
Mattress Firm/WF, Charged off 9/2017, paid off in settlement 8/2019
I also have some older closed store cards (Dillards, Gap, Dell) that show up as either paid as agreed or unknown payment history. (I never used the Dell account and it was closed in 2007. Why is it still showing up??)
Questions
1. Where do I go from here? My goal is to raise my credit scores into the 750s. I want to buy a house by end of next year.
2. How do I tackle this Mercury/Barclay balance? It's around $8K but it doesn't appear anywhere on my credit report. Should I just go and pay it off proactively or let it come back before I tackle it? I have about $12k in savings but I'd like to get to $18k so I can pay it off in full and still have $10k saved (banking $1k a month in savings so I'd get there by next March).
3. My car is $6K under water. Should I prioritize getting my car above water to refinance or sell, or saving up the money to pay off the $8k missing Mercury balance?
Thanks
With that many CO's and the lates that led up to the CO status. They will hurt for a while. A CO ranks up there as a BK. No creditor will PFD. All you can do is pay them all off and they will no longer count against your aggregate util any longer. 750 is yrs away until those negs are gone for good. But passing 700 should be a goal. A lot happens just reaching that score. Simple. Pay them all off. They quit updating and can then age off.
You only need 1 installement reporting for FICO scoring. So this one isn't really isnt doing much scorewise. The balance and loan amount is factored together as a util %. Close it if you can.
@FireMedic1 Thanks. Thought process for secured loan was to add more positive payment history.
Unfortunately adding more positive payment history doesn't negate all the derogatory accounts (ignore that "percent of on time payments" stuff CK and other credit monitoring services tell you - the only good percentage is 100%). Paying off/removing COs and trying to get collections removed would be more beneficial. Not a whole lot more to do other than try for GW removal and just pay everything on time from now on, manage utilization, and let those negatives age.
