@Anonymous wrote:Hi FICO Community,
Hope everyone is doing well during this tough time. I have been trying to spend this time wisely and work on rebuilding my credit score while I have the time to really focus on it. I have been reading so much on this forum during this time and really admire the support and advice you'll give to each other to help acheive ones goals. Had a membership with a credit repair company called, Credit Saint that was recently cancelled because they did nothing but take my money and dispute with the credit bureaus. If you can, I would really love your advice on what I can work on to finally become responsible with my credit and get approved for a mortgage in the future and some good credit cards.
My current FICO 8 Scores are as follows:
Experian - 604
Equifax - 585
Transunion - 612
Mortgage Scores as of 4/25 are:
Equifax 5 - 540
Transunion 4 - 570
Experian 2 - 602 (able to check everyday through Experian membership)
My current good standing accounts are as follows:
Greendot Secured Card - $0 Balance/$395 Credit Limit (no lates)
Capital One Secrued Card - $0 Balance/$500 Credit Limit (Started out with a $200 credit limit and received an increase. Yay!! lol) No lates
Credit Acceptance Auto Loan - $18,508 Balance/$536.40 Car Payment/23.04% Interest (Yikes, no lates thank godness and hoping to lower APR if you have any suggestions)
Now lets get to the negatives:
Student Loans: $15,230 Balance - 7 accounts, 90-120 day lates on all from Jun and July 2017 but good standing since then (will make payments to bring down balance in next 2-3 months)
Collections:
Credit Collection Services - $0/Paid in Full/Org Cred: Comcast (will remove in the next 2-3 weeks due to employee error but was told they do not remove cable collections)
Enhanced Recovery Co - $0/Settled for less than balance/ Org Cred: T-Mobile (told by t-mobile that they would reach out in 3-5 business to recall account and have it removed but not sure if this is the truth, please let me know if anyone has had any luck with this before)
Enhanced Recovery Co - $0/Settled for less than balance/Org Cred: T-Mobile (again told the same thing as above and hoping this works out in my favor, ERC told me no PFD from the beginning until I found this forum and reached out to T-Mobile and asked for a recall on both accts just waiting and praying this happens)
State of MD CCU - $3,186/Not Paid/Org Cred: Prince Georges Comm College - Only reporting on Experian so far and don't want to pay since classed was supposed to be dropped, tried to argue it but school will not forgive balance. If I pay I'm hoping they will delete from Experian
Charge Offs:
Greendot Bank - $94 current balance on reports/Paid in Full/Orig Cred: Berkshire Bank - Charged off, will not be removed and waiting for update on credit report to zero balance and status update
Bank of Missouri - $0/Paid in Full/Orig Cred: Total Visa Card - Charged off, will not be removed, balance updated but 4 late payments still showing on transunion credit report
Acceptance Now - $3,812 Balance - cannot get in touch with company to resolve debt, disputed but came back verified, will fall off April 2021 (contact them through the info on your credit report, if that fails, then write to the CRA demanding its removal as you cannot contact them through the info they have provided, per CRA rules they must keep this info current.)
Western Funding - $5,344 balance on reportss/Settled for less than balance/Waiting for update on credit reports to zero balance and updated status
Westlake Financial - $7,602 balance on credit reports/Settled for less than balance/Waiting for update on credit report to zero balance and updated status
Bridgecrest - $19,457 balance on credit reports - will not settle at all and making $300 payments monthly but hoping to pay it off in full by end of year
That's all, I know its a lot to read smh this has been a big lesson learned and hoping to get this all behind me soon.
Thank you!
You need to have a small balance reporting on one of your open cards otherwise it costs you fico points, you also need 3 revolvers to maximize Fico at minimum. As for the paid off accounts still reporting all you can do is request a GW deletion and the faster you pay off the remaining ones that are updating monthly the faster your score can begin to recover as no further updates are done once the balance indicates the account paid off.
@Anonymous wrote:Thank you so much for taking the time to reveiw my post and add your advice. I do have another question, do you have any advice on what revolver accounts I would benefit from? If credit card, any suggestions? I had a Credit One, Total Visa, and First Premier in the past and would really like to steer clear of them due to the high AF. I also saw Discover IT Secured but wasn't sure if they would let me in with my credit profile. Also, with the balance that I should keep on one of my credit cards thats being reported, should this be monthly or a one time thing?
I would get the Open Sky secured, there is no credit check to open it and I would try the Discover IT secured also can see about any local CU that can help you with a rebuild. There are some national CUs as well NFCU if you can get in, DCU. At least one credit card needs to report a balance at all times its not a one time thing or it costs you Fico points, typically 8-30+ depending on your profile, the higher the score the more points you lose for all cards at 0. The balance to let report is no more than 9% of an individual cards CL.
@Anonymous wrote:Update:
Collections:
Credit Collection Services - $0/Paid in Full/Org Cred: Comcast (will remove in the next 2-3 weeks due to employee error but was told they do not remove cable collections) Not removed yet TV and Phone companies are brutal. They dont delete.
Enhanced Recovery Co - $0/Settled for less than balance/ Org Cred: T-Mobile (told by t-mobile that they would reach out in 3-5 business to recall account and have it removed but not sure if this is the truth, please let me know if anyone has had any luck with this before) - On report until May 2021 - EE for TU and Ex: Dec 2020 and Jan 2021 It may happen.But can you trust a CA?
Enhanced Recovery Co - $0/Settled for less than balance/Org Cred: T-Mobile (again told the same thing as above and hoping this works out in my favor, ERC told me no PFD from the beginning until I found this forum and reached out to T-Mobile and asked for a recall on both accts just waiting and praying this happens) Good Luck is about all I can say on this one.
State of MD CCU - $3,186/Not Paid/Org Cred: Prince Georges Comm College - Only reporting on Experian so far and don't want to pay since classed was supposed to be dropped, tried to argue it but school will not forgive balance. If I pay I'm hoping they will delete from Experian Were they dropped? Sipposed could go either way.
Charge Offs:
Greendot Bank - $0 current balance on reports/Paid in Full/Orig Cred: Berkshire Bank - Charged off, Updated to Paid, Charge-Off - On credit report until 2024
Bank of Missouri - $0/Paid in Full/Orig Cred: Total Visa Card - Charged off, will not be removed, Status: Tramsferred to anoter lender, on report until 7/2022
Acceptance Now - $3,812 Balance - cannot get in touch with company to resolve debt, disputed but came back verified, will fall off April 2021, EE on TU and Ex: Dec 2020 and Jan 2021 Google this company. Theres a contact is page where you fill out a bunch of info. Explain the situation.
Western Funding - $5,344 balance on reportss/Settled for less than balance/Waiting for update on credit reports to zero balance and updated status - On report until April 2022
Westlake Financial - $7,602 balance on credit reports/Settled for less than balance/Waiting for update on credit report to zero balance and updated status - On report until March 2021 - EE for TU: Sept or Oct 2020, Eq: Not sure, Ex: Not reporting
Bridgecrest - $19,457 balance on credit reports - will not settle at all and making $300 payments monthly but hoping to pay it off in full by end of year
Thank you!
Basically you've done all that you could thus far. Now its a waiting game for falls off and when the time comes you can EE these accounts off your reports. A couple may stick, hopefully they were telling the truth. So for EE:
TU - 6 months early
EX - 3 months early
EQ - 30 days early, but don’t do it. Tey'll screw it up.
That care of the baddies. What do you have now? Cards loans ect.
Creditor Name/Credit Line/Balances/Lates?
Open Installment loans?
Lets see if any tweaking needs to be done on the good saide. Great job though tackling the past. 2021 will be here in no time.
