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Looking for some insight and what to do next

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Established Member

Looking for some insight and what to do next

So to start off
My FICO Scores or as follows

603 eq
615 exp
622 trans

Fico 5/4/2 are
527/544/543

I have

Finger hunt open 9 months
600cl 0.00 balance no lates

Discover secured 8 months
200 cl 100 balance
Not lates

Credit one 400cl 300 balance
5 months old no lates

Newly authorized user on a new boa Alaska airlines car 2400 limit. 0 balance

17000auto loan 5 months old no lates

Now far the bads

I have a 4yro charge of with one main finical for 3000 that’s was settled for less last month

400 charge off for Verizon that’s 2 years old

459 charge off first premier 3 years old

I have around 8-9 inquiry’s on each report

I’m looking to raise my fico5/4/2 to 600

And my fico 8 to at least 660s

What can i do to get there


Sorry for the bad English and punctuation.
5 REPLIES 5
Contributor

Re: Looking for some insight and what to do next


@amckee wrote:
So to start off
My FICO Scores or as follows

603 eq
615 exp
622 trans

Fico 5/4/2 are
527/544/543

I have

Finger hunt open 9 months
600cl 0.00 balance no lates

Discover secured 8 months
200 cl 100 balance
Not lates

Credit one 400cl 300 balance
5 months old no lates

Newly authorized user on a new boa Alaska airlines car 2400 limit. 0 balance

17000auto loan 5 months old no lates

Now far the bads

I have a 4yro charge of with one main finical for 3000 that’s was settled for less last month

400 charge off for Verizon that’s 2 years old

459 charge off first premier 3 years old

I have around 8-9 inquiry’s on each report

I’m looking to raise my fico5/4/2 to 600

And my fico 8 to at least 660s

What can i do to get there


Sorry for the bad English and punctuation.

First the cards that have a balance on them I would try and get them to around 8% utilization. I’m in the same boat with some of the cards you have. This will help you as utilization has no memory and it’s the thing you can manipulate the easiest. 

 

Second if some of the charge offs you have have been passed on to collection agencies I would try and good will with the OC to have them remove them from your file. I had a 4 year old charge off removed from a bank. I believe this will help you also. 

 

Im in the rebuilding phase so I hope this helps you a bit. But I’m sure a more experienced person here will have more solid information on what to do. 

 

Good luck 

Message 2 of 6
Established Member

Re: Looking for some insight and what to do next

any otherideas?

 

Message 3 of 6
Moderator

Re: Looking for some insight and what to do next

Settle any OCs or CAs updating monthly. Attempt the PFD but do take care of them even if they refuse.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 4 of 6
Valued Member

Re: Looking for some insight and what to do next


@amckee wrote:
So to start off
My FICO Scores or as follows

603 eq
615 exp
622 trans

Fico 5/4/2 are
527/544/543

I have

Finger hunt open 9 months
600cl 0.00 balance no lates

Discover secured 8 months
200 cl 100 balance
Not lates

Credit one 400cl 300 balance
5 months old no lates

Newly authorized user on a new boa Alaska airlines car 2400 limit. 0 balance

17000auto loan 5 months old no lates

Now far the bads

I have a 4yro charge of with one main finical for 3000 that’s was settled for less last month

400 charge off for Verizon that’s 2 years old

459 charge off first premier 3 years old

I have around 8-9 inquiry’s on each report

I’m looking to raise my fico5/4/2 to 600

And my fico 8 to at least 660s

What can i do to get there


Sorry for the bad English and punctuation.

Pay down card balances.  Utilization is 30% of our scores, so get these paid down. This is one of the fastest ways to get some points. Now, this may sound counterintuitive, but you are going to have to use the FingerHut a little to show payments and get the CL increases. I don't mean to suggest that they give line increases to every customer who use their cards.  My experience tells me that if you use the card - a little - and pay, you will get the line increase.  With this account being open 9mos, you could see a line increase soon if you use it.  it is possible.

 

Set a goal to pay off the remaining chargeoffs; one for May the other for June or sooner.  As soon as you pay them, dispute.  If they are in collections, offer a settlement - PFD - but make sure the collection co sends settlement agreement letter first. They can email it. After payment is processed, as for SIF (settlement in full letter) to be email.  I think 650 is reasonable, if you are successful here.

 

Good luck.

 

 

Starting Score: 600
Current Score: 650
Goal Score: 750


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Message 5 of 6
Frequent Contributor

Re: Looking for some insight and what to do next

Avoid settling any accounts or any new derogatory information being reported to your cr.The less derogatory information you have the better it is. Its better to pay every credit account as agreed in full.As the derogatory information ages your Fico score will improve as long as you take positive actions.Use your cc's and auto loan/continue to make monthly on time payments.Keep cc utilization 1-6%,learn azeo method and keep your oldest open cc active never close it.Ask for a credit line increase on your cc every six months.GOOD LUCK...

Message 6 of 6
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