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Looking for any advice for rebuilding credit.

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Anonymous
Not applicable

Looking for any advice for rebuilding credit.

I just posted in the MyFico 2014 fitness challenge, kinda late to the game I know, but everyone has to start somewhere.

 

To make a long story short, I got a lot of credit when I was younger, used it all and am still paying it off.  I just got all of my credit reports and scores a couple days ago and could really use any help on how to get started on turning my credit around.

 

I have a secured card that I use once a month to put gas and I pay it off when the bill comes, I'm trying to pay what's left of my debts and get negative items removed from my credit reports.

 

I can provide any information that hopefully won't hurt me, but if anyone has any questions, pleaase don't hesitate to ask.

 

Any advice is greatly appreciated.

 

Thank you very much,

 

Brandon

 

--EDIT--

 

The Bad:

 

Potentially Negative (Open I think?)

 

Asset Acceptance (Fifth Third Bank) -- $6733.00 -- In collections, was paying $100 a month but it got bought by another company and they haven't contacted me yet so I'm not sure what's going on.  This was about to hit it's statute of limitations but I was stupid and made a payment so it reset I think.

Enhanced Recovery -- $959.00 -- In collections, will contact about payment plan or settlement.

Protfolio Recovery Associates -- $4040.00 -- In collections, I'm 99% sure this is a Dell card I had openend and let my mom purchase some computers for my siblings and she never paid it so now I get to clean up after it.

Unique National Collections $48 In collections, this is the local library, apparently I owe something there? Will get this paid off ASAP and try to have removed.

 

Potentially Negative Closed

 

I'm not sure how to read some of these so I apologize if it looks like garbage.

 

5/3 Bank CC (Now Assest Acceptance) -- C/O reporting to TransUnion. I also have negatives for Equifax and Experian on here.

 

Some of these may be duplicates I'm not sure why there are so many, I don't remember ever having this many capital one cards.

Okay, apparently they are all just getting reported differently I put the bureau and partial acct number to try and help.

 

Capital One -- C/O I was never contacted by anyone about this. (Acct #60113810xxxxxxxxxxxx) (TransUnion)

Capital One -- C/O Says Transferred to another lender or claim purchased. (Acct #60113810xxxxxxxxxxxx) (Experian)

Capital One -- Bad debt & placed for collection & skip - settlement accepted on this account - paid account / zero balance (Acct #60113810xxxxxxxxxxxx) (Equifax)

 

Capital One -- Legally paid in full for less than the full balance / Payment after C/O, Election of Remedy - reported by consumer (Acct #5178057xxxxxxxxxx) (Experian & TU)

Capital One -- Bad debt & placed for collection & skip - settlement accepted on this account - paid account / zero balance (Acct #5178057xxxxxxxxxx) (Equifax)

 

Capital One -- Legally paid in full for less than the full balance / Payment after C/O, Election of Remedy - reported by consumer.. Settled; less than full balance (Acct #486236xxxxxxxx) (Experian & TU)

Capital One -- Bad debt & placed for collection & skip - settlement accepted on this account - paid account / zero balance (Acct #486236xxxxxxxx) (Equifax)

 

MRS BPO LLC (AT&T) -- $1126 Closed, In Collections

Verizon Wireless -- $561 Closed, In Collections

 

The Good:

 

Capital One Secured Card -- $200 limit, use monthly for gas pay off balance every month

BarClay Card -- $4000 limit, used for new computers, paying every month

Student Loans

 

Then I have some straggler opened cards from department stores I haven't used in years and a bunch of closed cards.

 

A lot of this stuff is super embarassing to talk about and I'm not proud of it by any means, so please keep that in mind if you plan on lecturing me on things that have happened in the past.  I am here to look for advice on how to plan for the future and fix the mistakes that I have made.

 

--EDIT 8/22/14 --

 

Toyota removed the 2 late payments I had from TransUnion, hopefully goes to the other bureau's

Library was deleted from TransUnion

Message 1 of 13
12 REPLIES 12
spike69
Frequent Contributor

Re: Looking for any advice for rebuilding credit.

Hi Brandon. Welcome to the Boards. Can you list out what your "baddies" are? There is so much great information on these boards and having some more details will allow people to give you more specific advice. Also, you mentioned a secured card- is that the only line of credit you have open now? If so, and if you can afford it, open another. You want to leave about 10% reporting and 0 on any other cards for optimal utilization bump in your FICO score.

 

 

Message 2 of 13
Anonymous
Not applicable

Re: Looking for any advice for rebuilding credit.

Hi! Thanks for the reply, I will put all my baddies and kind of make a journal, I'll also list what cards I currently have.  Thanks again!

Message 3 of 13
eric19k
Established Contributor

Re: Looking for any advice for rebuilding credit.

First thing first. Welcome and good luck in rebuilding.
Start with Unique National. Call your library, pay and they will remove it. You won't have problems with that.
As to other collections you need to know SOL in your state and if it's outside of SOL then contact CAs.
You need to find out which Cap1 accounts yours. Looks like they duplicate each other.
TU Scores:
May 2014- 466
July 2014- 537
September 2014- 602
Goal Scores- 720 by March 2014
Message 4 of 13
Anonymous
Not applicable

Re: Looking for any advice for rebuilding credit.

Hi eric,

 

Ya I really only have 3 capital one accounts, they are just reporting differently, makes my credit report 3 times harder to read but I think I get the gist of it.  Ohio's statute of limitations is 6 years, I don't think any of those are that old yet.

 

Is there any way to get the paid in full things removed and will doing that have a positive impact on my credit score?

 

Thanks,

 

Brandon

Message 5 of 13
spike69
Frequent Contributor

Re: Looking for any advice for rebuilding credit.

First, this is a safe place, We are all here cleaning up mistakes from our pasts. No need to be embarassed.

 

Second, for all collection accounts send DV (debt validation letters)

 

For the Cap Ones that you settled send GW (good will) letters to the Executive Office for early removal from your CR. This will take time. You will have a return call from them and you will be told "no" a time or two. You just have to keep after it.

 

For those Cap Ones that are still unresolved I would also contact the EO to see what you can do to get them resolved and potentially considered for early exclusion. Again, it may take some nos to get to a yes.

 

What is your balance on the Barclay card? If it is higher than 10% the UTilization may be keeping your scores down. 

 

Message 6 of 13
Anonymous
Not applicable

Re: Looking for any advice for rebuilding credit.

Hi Spike,

 

Is there somewhere that lists the addresses to send these letters to?

 

Balance on the Barclay card is about $2000, have been paying it every month on time.

 

Thanks,


Brandon

Message 7 of 13
dashpt
Frequent Contributor

Re: Looking for any advice for rebuilding credit.


@Anonymous wrote:

I just posted in the MyFico 2014 fitness challenge, kinda late to the game I know, but everyone has to start somewhere.

 

To make a long story short, I got a lot of credit when I was younger, used it all and am still paying it off.  I just got all of my credit reports and scores a couple days ago and could really use any help on how to get started on turning my credit around.

 

I have a secured card that I use once a month to put gas and I pay it off when the bill comes, I'm trying to pay what's left of my debts and get negative items removed from my credit reports.

 

I can provide any information that hopefully won't hurt me, but if anyone has any questions, pleaase don't hesitate to ask.

 

Any advice is greatly appreciated.

 

Thank you very much,

 

Brandon

 

--EDIT--

 

The Bad:

 

Potentially Negative (Open I think?)

 

Asset Acceptance (Fifth Third Bank) -- $6733.00 -- In collections, was paying $100 a month but it got bought by another company and they haven't contacted me yet so I'm not sure what's going on.  This was about to hit it's statute of limitations but I was stupid and made a payment so it reset I think.

Enhanced Recovery -- $959.00 -- In collections, will contact about payment plan or settlement.

Protfolio Recovery Associates -- $4040.00 -- In collections, I'm 99% sure this is a Dell card I had openend and let my mom purchase some computers for my siblings and she never paid it so now I get to clean up after it.

Unique National Collections -- $48 -- In collections, this is the local library, apparently I owe something there? Will get this paid off ASAP and try to have removed.

 

Potentially Negative Closed

 

I'm not sure how to read some of these so I apologize if it looks like garbage.

 

5/3 Bank CC (Now Assest Acceptance) -- C/O reporting to TransUnion. I also have negatives for Equifax and Experian on here.

 

Some of these may be duplicates I'm not sure why there are so many, I don't remember ever having this many capital one cards.

Okay, apparently they are all just getting reported differently I put the bureau and partial acct number to try and help.

 

Capital One -- C/O I was never contacted by anyone about this. (Acct #60113810xxxxxxxxxxxx) (TransUnion)

Capital One -- C/O Says Transferred to another lender or claim purchased. (Acct #60113810xxxxxxxxxxxx) (Experian)

Capital One -- Bad debt & placed for collection & skip - settlement accepted on this account - paid account / zero balance (Acct #60113810xxxxxxxxxxxx) (Equifax)

 

Capital One -- Legally paid in full for less than the full balance / Payment after C/O, Election of Remedy - reported by consumer (Acct #5178057xxxxxxxxxx) (Experian & TU)

Capital One -- Bad debt & placed for collection & skip - settlement accepted on this account - paid account / zero balance (Acct #5178057xxxxxxxxxx) (Equifax)

 

Capital One -- Legally paid in full for less than the full balance / Payment after C/O, Election of Remedy - reported by consumer.. Settled; less than full balance (Acct #486236xxxxxxxx) (Experian & TU)

Capital One -- Bad debt & placed for collection & skip - settlement accepted on this account - paid account / zero balance (Acct #486236xxxxxxxx) (Equifax)

 

MRS BPO LLC (AT&T) -- $1126 Closed, In Collections

Verizon Wireless -- $561 Closed, In Collections

 

The Good:

 

Capital One Secured Card -- $200 limit, use monthly for gas pay off balance every month

BarClay Card -- $4000 limit, used for new computers, paying every month

Student Loans

 

Then I have some straggler opened cards from department stores I haven't used in years and a bunch of closed cards.

 

A lot of this stuff is super embarassing to talk about and I'm not proud of it by any means, so please keep that in mind if you plan on lecturing me on things that have happened in the past.  I am here to look for advice on how to plan for the future and fix the mistakes that I have made.


hello and welcome, dont worry about anyone lecturing or judging you on this forum!!! that I can assure you this is by far the most positive forum I have ever been on and everyone on here is either trying to find help or give help so feel free to explian what ever you want. We are here to help each other, and please note we have all made those crazy mistakes in the past thats why we are now here....lolSmiley Happy

Cap one secured=200 closed
Cap One unsecured10,000
Wellsfargo1500
Walmart5000
Victoria'ssecrets1850, citicard 6500TU=735,Ex=723,Eq=734
Message 8 of 13
spike69
Frequent Contributor

Re: Looking for any advice for rebuilding credit.

Hi Brandon-

 

There are sticky's with helpful contact information. I will also PM you what I have for CapOne.

 

50% utilization on the Braclay will hurt you. Ideal is between 1 and 10%. You could see quite a pop in your score if you reduce this. Of course it can be a small pop depending on the age of your COs and other derog. What are the timeframes on those?

Message 9 of 13
Anonymous
Not applicable

Re: Looking for any advice for rebuilding credit.

Hi Spike,

 

Most of the chargeoffs are probaby from years ago, those accounts are from like 2010/2011, so they probably charged off around that time frame.  The 5/3 thing I've had since 2005, but like I said I made payment arrangements with them and it reset the statute of limitations.  The library and dell card are from probably around 2 years ago, I hope that helps.  My credit report doesn't show the dates of anything, sorry.

 

Thanks,

 

Brandon

Message 10 of 13
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