Just Starting to Rebuild - Advice

[ak1234]

Hi everyone!  I've been reading a lot and figured I would put my situation out to see if anyone has any advice .  I just cleaned up all of my debt and am just starting to rebuild.  I have gotten a few things already but am curious to see what other accounts I should add if any, or if I should just let what I have ride and wait for CLI and FICO increase.  Curret fico is mid 500s.  Also do you have any advice on potentially getting anything off of my record sooner or am I stuck with them until 2023/2025?  When the JPMCB drops off could that hurt me more because my AA will shorten signifcantly?  

First the bad stuff

JPMCB - $5589 charge off - settled for 15%  03/11 - on record until July 2023 

JPMCB - $1175 charge off - settled for 15%  03/11 - on record until July 2023 

Cap One Auto - Repo $6111 - settled for %15 03/11 - on record until Jan 2025

Portfolio Recovery - (OC Cap One) - around $1000 settled for less 03/11 - PFD showing closed already $0 balance and should be removed in 30 days.  

New Stuff 

Discover It - secured $500 SL - Opened 03/15 

Cap One Quicksilver Rewards - unsecured $500 (this was a total shock to me honestly) Opened 03/26

Auto Loan - $16k - Opened 03/18 

Self Lender Loan - $500 - Opened 03/15 

I plan to use the two CC's for monthly expenses, one for groceries/restaurants and the other for gas/netflix. I also plan to pay a majority of the SLL and just let it autopay like $5/mo for the remainder of the year.  For the car loan I am making an extra payment each month towards the principle.  Obviously the interest rate isn't great so I'm wondering when I should start looking to refi. 

Even if I'm not in a great spot yet It feels so nice to finally be on the other side of that tough time.  Any advice you have to offer is much appreciated.  

[OmarGB9]

It seems to me you're doing well on your rebuild, so congrats. There's not much you can do about your paid charge offs. You can try asking for GW removal, but since they're all original creditors, it's highly unlikely they'll delete their TLs. All you can continue to do is pay on time and keep utilization low. Once that portfolio collection is removed, you should see a nice score boost since you'll no longer have any collections showing.

As for the Chase COs falling off and your score going down, it is a possibility if they are indeed your oldest accounts; however, assuming you don't have any more negatives happen by time they fall off, you'll have a clean scorecard by then, and a clean score card with a shorter history will always be better than a dirty scorecard with a longer history.

[Anonymous]

Agreed with @OmarGB9 and I'd also say that when they fall off, it'll still likely be a net gain. Payment history is a far bigger slice of the FICO pie than age. Yes you'll lose old tradelines, but they're derogatory ones, and having them fall and leaving you clean is very likely to outweigh any age recalculation that happens.

[ak1234]

Thanks very much for the feedback, really appreciate it.  

[ak1234]

Thanks very much, makes total sense.