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Looking for some Advice! Credit Rebuilding for Young Adult

CollegeStudent2
Established Member

Looking for some Advice! Credit Rebuilding for Young Adult

Im a college student. Currently looking to repair my credit. 

2 Collections, currently in the midst of disputing

 

As far as Credit inquiries, how can I get if not all, some removed? 

 

There were 2 credit cards that closed and were charged off, can these be disputed? 

 

Last thing, my Auto Loan updated today (as of Nov 1st) stating i have a late payment from MAY of this year, is this usual? 

Appreciate any extra tips you may have for me. Currently a 510 Fico. Need some good rebuilding secured cards as well.

Message 1 of 11
10 REPLIES 10
Girlzilla88
Valued Contributor

Re: Looking for some Advice! Credit Rebuilding for Young Adult

First off Congrats on wanting to take the right steps early I really wish I did this or even thought about this when I was in College.....the Collections will DEFINITELY improve your score a big chunk once removed...Inquiries will have a less affect over time so don't sweat those once it hits one year it will be less but 2 year mark they will be removed so I wouldn't worry about those ....Why were the CC's removed/charged off?!     It is possible to dispute them but more info would help as to which way would be better for those....   I have seen late's show up later BUT if you believe it wasn't late payment in April (that would report in May) then you could see about disputing that too as late payments stay I believe 7 years so that would be worth looking into.   Was it a 30 day, 60 day or more?!

 

If you have a CU I would see about doing a small secured loan or maybe a secured card with your bank to start you out just be sure you can graduate it at the year mark that will help you to build faster too Smiley Very Happy      Do you have any current open Cards?!    Or just your Car and the negatives you mentioned?







Message 2 of 11
Enitan
New Contributor

Re: Looking for some Advice! Credit Rebuilding for Young Adult

Congrats for wanting to take the reigns on this!

For the cards, disputing them won’t do much all they’ll do is say the debt is valid and then you’re back to where you are now.

If the cards are reporting CO with a balance every month, the creditor still has that account. Most of you call and explain the circumstances will offer some type of settlement to get them settled or PIF (I just did this with citi today), some will be willing to re-age the account or delete the account after settled, doesn’t hurt to ask, but ask a few times maybe you’ll get the yes. FIX THESE FIRST BEFORE APPLYING FOR ANY NEW CREDIT!!!!!

The car loan payment in order to show late must be 30 days plus late. If you made the payment and have your records for the payment call your loan company and speak with them, if it’s a hiccup on their side they can clear it up pretty quickly.

AFAIK HP inquiries are removed in 1 of 2 ways: identity theft or the two year timer.

If I were you here’s how I’d do this (Bc I’ve been there)
1. Call and settle up with your CO cards: this stops bad reporting once zeroed out
2. Call your car loan company and figure out why the bad reporting of payment. Mistakes happen if you were late ask for a supervisor and see if they can GWG that payment as current. If you’re still behind on the car note they won’t do this
3. Establish a credit union account
4. After a few months work with the CU for a secured card against a CD
5. After 3-6 months of good payment reporting look into the sub prime cards - merrick, credit one, cap 1 secured, discover secured. Pick one and run a tank of gas let it report balance PIF next month leave $0, next month gas and PIF
6. After a few months of this try cap 1 card finder for unsecured, if not then grab another sub prime card and repeat step 5
7. Wait 12 months if scores above 620 (fico not advantage) try for a more prime card such as Barclays.
8. Close or keep sub prime after you start getting better cards. The AAOA will not be affected closing them ie if you have them 3 years that 3 years will keep reporting for 7-10 years towards your AAOA

it takes time and patience see my sig but you’ll get there.
Started rebuild 6/2016
EQ: 488 TU: 504 EX: 497
Current as of 09/18/20 fico8)
EQ: 640 TU: 649 EX: 640
Goal
750 across
Current State: I canna stay in the garden captain there’s just nat enough powa for it yet
Message 3 of 11
CollegeStudent2
Established Member

Re: Looking for some Advice! Credit Rebuilding for Young Adult

The cards read as the following . 

Charged off as bad debt

Profit and loss write-off

 

Second : Charged off as bad debt

Purchased by another lender

 

The second one was actually fraud. I got the collections moved a few months ago . 

Thanks for the advice!

Message 4 of 11
CollegeStudent2
Established Member

Re: Looking for some Advice! Credit Rebuilding for Young Adult

Also no open cards. Is OpenSky good?

Message 5 of 11
CollegeStudent2
Established Member

Re: Looking for some Advice! Credit Rebuilding for Young Adult

Thank you!

Message 6 of 11
FireMedic1
Super Contributor

Re: Looking for some Advice! Credit Rebuilding for Young Adult


@CollegeStudent2 wrote:

Also no open cards. Is OpenSky good?


Open Sky is a good starter card. Plus there'smno HP to get it.

Little hint:If you want to answer a poster directly. Click on reply to the poster youwant to answer. Then click "quote" Type your post and then click "post" Good Luck!





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 7 of 11
CollegeStudent2
Established Member

Re: Looking for some Advice! Credit Rebuilding for Young Adult


@FireMedic1 wrote:

@CollegeStudent2 wrote:

Also no open cards. Is OpenSky good?


Open Sky is a good starter card. Plus there'smno HP to get it.

Little hint:If you want to answer a poster directly. Click on reply to the poster youwant to answer. Then click "quote" Type your post and then click "post" Good Luck!


Thanks!!! Any Extra advice you may have? I appreciate this community!

Message 8 of 11
FireMedic1
Super Contributor

Re: Looking for some Advice! Credit Rebuilding for Young Adult


@CollegeStudent2 wrote:

Im a college student. Currently looking to repair my credit. 

2 Collections, currently in the midst of disputing Please list who the CA's are.

 

As far as Credit inquiries, how can I get if not all, some removed? This wont happen. They fall off FICO after 1 yr anyways

 

There were 2 credit cards that closed and were charged off, can these be disputed? Nope

 

Last thing, my Auto Loan updated today (as of Nov 1st) stating i have a late payment from MAY of this year, is this usual? 

Appreciate any extra tips you may have for me. Currently a 510 Fico. Need some good rebuilding secured cards as well.


You'll need to get the baddies taken care of so they quit updating and can fall off in time. You could try the Cap1 prequal. If they werent one of them that were CO'ed. Grab the Plat if it shows up. No QS1. Main thing. Dont ever dispute accurate info on your reports. It will update and cost you more points. Dont poke the bear.





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 9 of 11
CollegeStudent2
Established Member

Re: Looking for some Advice! Credit Rebuilding for Young Adult


@FireMedic1 wrote:

@CollegeStudent2 wrote:

Im a college student. Currently looking to repair my credit. 

2 Collections, currently in the midst of disputing Please list who the CA's are.

 

As far as Credit inquiries, how can I get if not all, some removed? This wont happen. They fall off FICO after 1 yr anyways

 

There were 2 credit cards that closed and were charged off, can these be disputed? Nope

 

Last thing, my Auto Loan updated today (as of Nov 1st) stating i have a late payment from MAY of this year, is this usual? 

Appreciate any extra tips you may have for me. Currently a 510 Fico. Need some good rebuilding secured cards as well.


You'll need to get the baddies taken care of so they quit updating and can fall off in time. You could try the Cap1 prequal. If they werent one of them that were CO'ed. Grab the Plat if it shows up. No QS1. Main thing. Dont ever dispute accurate info on your reports. It will update and cost you more points. Dont poke the bear.


How do i go about getting them updated? Ill list their current status. 

 

SOURCE RECEIVABLES MANAG- Sprint

CREDIT PROTECTION- Media Com

 

Does appling with a co applicant help? For future reference

Message 10 of 11
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