@Anonymous wrote:
Hello from a long time lurker. I would love to get some advice, as its time to get things repaird. Here is all of the info I compiled:
Scores: EX 501 EQ 489 TU 505
here is what is reporting:
Capital One - Charged Off - $674
Commenity VS - Charged off - $0 (sold to LVNV funding)
Credit One - Charged Off - $0 (sold to LVNV funding)
Khols/CapOne - Charged off - $870
Merrick - Charged Off - $948
Fingerhut - Charged Off - $0 (sold to LVNV Funding)
Conns - Charge off - $2028
Federal Student -good standing, some late payments in the past $6547
One Main - Charged off - $3912
Collections
Caine and Weiner - $151 - did a PFD in June, hasnt dropped off yet
LVNV Funding (Fingerhut ) - $971 - settled, PFD in June hasnt dropped of yet
LVNV Funding (Commenity VS) - $209 - settled, PFD in June hasnt dropped off yet
LVNV Funding (Credit One) - $602
Portofolio Recovery - $1427
Security Credit Services - $305
Security Credit Services - $403
All has been verified as correct and accurate.
Currently dont have open lines of credit besides my student loan.
Considering doing a small self lender loan, but i am not sure if it is a good idea.
Most of this is as result of job loss at the end of 2018, but its time to clean it up.
your input is appreciated. Thank you.
So as you already found out, LVNV and Caine & Weiner does PFDs. Portfolio does as well, too! The original account (the CO) will remain, but at least the CAs will be gone and you will not be stuck with the double whammies on your CRs! You can always go on a GW campaign/saturation technique to try and have these OCs removed. All you have is time between now and when they age off your CRs, so it certainly does not hurt to try and try again!
I think I might have seen DPs recently that CSC does PFD? I would definitely search the forum to see what other's have experienced when dealing with them, as they seem to be a common CA around lately.
I would skip the Self Lender loan as you already have an installment loan, the SL. Another installment loan will not get you any more credit mix points (I guess if you are doing it mainly for the CC, that might be different. Of course it is always your decision in the end).
What will get you more credit mix points and points for using revolving credit is a CC. It does not matter if it is secured or unsecured. I strongly suggest bankcards and to stay away from store cards. Both me and my SO had zero revolving credit at the time we started our rebuilds in 2/2020 and got some great score gains by simply adding a CC to our credit profile. I was really surprised how much it mattered! If you look at my siggy, you can see our starting scores a few months ago were right about where you are currently!
The basic rebuild kit includes 3 revolvers (again, preferably bankcards) and 1 installment loan (which you already have with the SL) for max scoring potential and the ability to implement AZEO. You can find out more about AZEO once you have more revolving tradelines.
In the meantime, you do not have to rush to get 3 CCs. I personally would get 1 or 2 and slowly add on to that. I would avoid any app sprees altogether.
With that said, I would still wait for some of those CAs that you did PFD for to drop off before apping. I almost want to suggest to try to get rid of as many baddies as possible before apping for any CCs, but some may say to at least grab 1 CC to start building positive credit history with. I just think that settling any baddies that do PFD or help lower your utilization and increase your scores is where your money is best spent right now before placing deposits down on secured CCs. Again, just my opinion.
These accounts are the ones I think you should prioritize:
*The 2 CSC CAs (I believe they may do PFD)
*The Portfolio CA (does PFD)
*Cap One
*Kohl's
*Merrick
These 3 COs really hurt because once they are closed/CO'd the account is automatically considered "maxxed out" and is crushing your utilization, well because you have none at all. I think working on these should also be a priority to PIF or settle with them.
Once you deal with these COs, again, I would recommend hitting them up with GW requests to see about getting the TLs removed.
Now for Conn's and One Main, they are installment loans, and not included into your revolving utilization. I am guessing they also went late starting in 2018, so they are likely still within the SOL. So, I am not saying to put them off, but maybe work on them last because they are:
1) have higher balances than everything else, so will require more resources. Might as well pick off the low hanging fruit first!
2) may not give your scores much of a boost compared to lowering your revolving utilization and getting all of those CAs gone off your CRs.
I am sure others will chime in as to the best course as to when to start adding TLs and how to tackle these baddues. So many wonderful people here have great ideas and sage advice.
Good luck and please keep us posted!
