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Looking for Credit advice/Help

2021
Established Member

Looking for Credit advice/Help

Hello MyFico, I'm in need of some direction my sister is interested in building her credit score. What steps should she take to improve her score/ overall credit profile . here are the her derogs based on credit karma

 

Credit Cards:

Avant $1275 Charge off - July 2020

Personal Loan:

Delmar Finance $50 Charge off- Oct 2018

Auto Loan:

NavyArmy CCU $23531 Charge off- Nov 2020

 

She has no collection accounts , but im sure a charge off is just as bad . I would suggest she pay the credit card balance and the personal loan off. but how should she go about the repo? any suggestions / advice would be of great help as Im also new to the credit world Thank you in advance

 

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gdale6
Moderator

Re: Credit advice/Help


@2021 wrote:

Hello MyFico, I'm in need of some direction my sister is interested in building her credit score. What steps should she take to improve her score/ overall credit profile . here are the her derogs based on credit karma

 

Credit Cards:

Avant $1275 Charge off - July 2020

Personal Loan:

Delmar Finance $50 Charge off- Oct 2018

Auto Loan:

NavyArmy CCU $23531 Charge off- Nov 2020

 

She has no collection accounts , but im sure a charge off is just as bad . I would suggest she pay the credit card balance and the personal loan off. but how should she go about the repo? any suggestions / advice would be of great help as Im also new to the credit world Thank you in advance

 


Settle the credit card & personal loans first. The auto is going to be a bit tougher unless she has at least 75% to settle and since its just about 6 months old they may even demand payment in full. Its within SOL so they could use the courts to try and collect the balance. If she isnt in a financial position to do this I would lay low on it.

 

She will also need 3 open revolving cards to drive her Fico so if she doesnt have that number she should be looking at some secured cards. opensky will issue without a credit check.

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