Improving credit score

[Anonymous]

I checked my credit score today and it is at 548.  My average credit age is five years, and I have five accounts: 1) Capital One card; 2) Care Credit Card; 3) Bank of America card that was always current but the bank shut down in 2017 because I never used it; 4) Student Loans (always current); and 5) Cavalry collections. 

The marks against my score are:

1. Four late payments to a capital one credit card in 2017. I have paid on time since and I am in good standing.

2. A charged off as bad debt Care Credit card from 2016 for $1000

3. Care Credit then sold the debt to Cavalry but Cavalry assigned the debt to Capital Management. Currently marked as open and needing payment on credit report. 

I only have one credit card that has a $300 limit and currently have $270 on the card. I will pay this down to 10% next week and keep it at 10% in the hope that it helps raise my score. 

I am wondering what steps I should take to quickly get in good standing and raise my credit rating. I was thinking about:

1. Asking Care Credit if they will recall the debt from Cavalry and if that is no go asking them to remove the charge-off from my credit report. 
2. I am confused about Cavalry being my current creditor but assigning the debt to Capital Management. Should I just work with Cavalry instead of Capital because Cavalry is the company that is reported on my credit report? If Care Credit isn't able to recall the debt, then I will ask Cavalry/Capital Management to pay for deletion from my credit report. 
3. Asking Capital One to remove the late payments. 

4. Paying the Cavalry dept and asking them to remove from my credit report.

Does this sound doable? What else should I do to raise my score and how much can I expect my score to go up?

[Aspireto850]

OP,

IMHO your plan sounds doable. Definitely get that CC balance down and only let it report about a 20 dollar balance each money. That should help tremendously.
2. Next the collection account. Start with the creditor that is listed in your CR. Before contacting them, search this site for other posts about their willingness to do a PFD so you have some insight before calling them but try to get them to remove
3. Start a ‘goodwill campaign’ with a cap 1 for those lates. Again, search this site for best approach.

Good luck!

[FireMedic1]

You have the right idea. Cap 1 wont do PFD or remove lates. There might be 1-2 posters a year that are succesfull. Usually from military service to illness. Do what you have to do to get the CA's to PFD. If not pay them off. You could try and get another CC. Check Cap1 or Disco for pre-quals. Even if Disco approves you for a secured. Go for it. Then theres Open Sky and Merrick Bank. While you work on cleaning up your baddies. You need to try and get a couple more cards. 3 would be best. You already have an installment loan. If Cap and Disco deny you. Grab Open Sky. 2 cards is better than 1. And will boost your score. 3 will be the magic amount. Best of luck cleaning up the reports and let us know how it goes with the prequals.

[Aspireto850]

You can also try for Amazon Secured card. Personally I’d do that before Open sky or Merrick...IMHO! 😄

[simplegirl]

If your an amazon shopper its perfect and has the ability to graduate in 7 months.

[Anonymous]

Thank you! I rarely use my own Amazon account (either using my moms or my partners account as they have prime). Should I start using my own account now in preparation for applying for the Amazon card? I assume that getting the collections mark off my credit score is a good move to do before adding a new CC to my account?

[Anonymous]

I have an update and a question. The update is that I was able to raise my score 7 points just by paying down $100 off my credit card. My question is that I called the original debt (care credit) and they said they couldn't provide me with proof of debt and that I needed to call Calvary. I called Calvary, and they said they don't have any information regarding my account (even though my credit score says they own the debt) and they told me to call Capital Management to ask them for information. I might dispute the debt on my credit report since both parties listed on my report have refused to give me information regarding proof of debt. Is this a wise move? If they provide the information to the credit bureaus will the time limit for the debt be restarted? 

[simplegirl]

The date it falls off your report cannot be restarted.