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It's been a very long journey, but I am here...looking for advice going forward

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New Member

It's been a very long journey, but I am here...looking for advice going forward

Hello All,

           First, I just want to say I am a long time reader and this forum has helped me immensely. A little backstory, my score was mid 400's just 2 years ago. I was actually 250k in debt when I lost my last job in 2016. I am down to about 100k in debt by the end of this year with a sucessful business going on 3.5 years.

           Right now Experian is at 659 (actual fico) and through creditkarma my scores are Transunion - 654 & Equifax - 633. I even started an IRA account this year which I have $1600 in. I have some active credit cards and I just paid off all their balances. I hold a balance on my TD bank secured card. I try my best to keep this under 30%. I have numerous chargeoffs/late payments stemming from early 2016. I am doing what I can to get these removed and have started writing letters and contacting all the companies (creditone quickly removed the trade account!).

                   I think I have made great strides but I would like to hear about any ideas moving forward as I am really trying to buy a small apartment within the next 2 years. I really do not want to have to wait until 2023 for these chargeoffs/late payments to be removed. I also have $2,000 on hold from starting a td bank secured card. This was done over 1.5 years ago but for some reason they have not graduated me. If anyone has any idea how to solve this it would also be greatly appreciated. Just some other notes, I have a ton of inquiries this year, 6k left on my car loan, 67k in student loan debt. I hope I provided enough information, if not please let me know what else I can provide. Thanks in advance!

Message 1 of 8
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Moderator

Re: It's been a very long journey, but I am here...looking for advice going forward

Hi and welcome to the forums 

 

There really is nothing else you can do other than continue asking for GW removal and paying charge offs. 

Once the last unpaid negative is paid/settled/removed, your score will start to gradually recover, but until then, the progress is going to be relatively slow (especially when combined with high utilization)

With collection accounts, always inquire about PFD prior to paying. Removal is ideal when it comes to collection accounts. Most OCs will not remove original tradeline (with an occasional exception by Credit One). 

 

So, continue saving, that's really important, pay whatever you can and be patient 

 

 

Message 2 of 8
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New Member

Re: It's been a very long journey, but I am here...looking for advice going forward

Thanks for your response. I have no open collections as I have settled any open debts I had. Right now it is the old charge off/late payments which is for about 10 accounts
Message 3 of 8
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Moderator

Re: It's been a very long journey, but I am here...looking for advice going forward

Continue with GW on lates. More likely than not, COs will stay, but if they are paid, you've done everything you can 

Message 4 of 8
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New Member

Re: It's been a very long journey, but I am here...looking for advice going forward

So basically I will have to wait the 7 years? Any idea where I can get my score before that time comes?
Message 5 of 8
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Moderator

Re: It's been a very long journey, but I am here...looking for advice going forward

Experian offers trial membership. Make sure you cancel before it expires. I've never used it, but I think it's $1.00 and you have two weeks to cancel

COs stay for 7 years from DOFD.
If you dont know DOFD, grab a copy of free annual credit report.
Message 6 of 8
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Frequent Contributor

Re: It's been a very long journey, but I am here...looking for advice going forward

Here we do not encourage to dispute valid credit information, especially the “not mine” approach you see on those sites. But I do encourage to find incorrect reporting (if any) and dispute those. While the accounts are yours, you do have rights under the FCRA to make sure all the information in your reports is accurate and complete.

I’ve been successful at requesting deletion of inaccurate or incomplete reporting.

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Message 7 of 8
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Super Contributor

Re: It's been a very long journey, but I am here...looking for advice going forward


@Boisvert wrote:
Here we do not encourage to dispute valid credit information, especially the “not mine” approach you see on those sites. But I do encourage to find incorrect reporting (if any) and dispute those. While the accounts are yours, you do have rights under the FCRA to make sure all the information in your reports is accurate and complete.

I’ve been successful at requesting deletion of inaccurate or incomplete reporting.

Where did the OP say anything about not accurate? What you posted is how its suppose to work with inaccurate info. Congrats on your deletions. It was false info and its gone. That how it works.

Message 8 of 8
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