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Lost cause?

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2FixMyCredit
Established Contributor

Re: Lost cause?


@chasmith wrote:

It may not help your score the day after it reports as paid.  But it will in time.

 

That one item probably isn't the sole thing holding your core down.  What are the factors listed on your acore report?




 

Looking in myFico it says:

 

Deliquency + collections (colletions are no longer there, this was when I originally pulled my report)

short account history

No revolving accounts (just opened Fingerhut, Aarons will report in about 5-6 months, trying for a secured card)

Few accounts paid on time.

Total CL: $40k+
Discover, BOA, GE, Cap 1, Chase, Barclay!
Gardening Start: 04/22/2013

Message 11 of 16
2FixMyCredit
Established Contributor

Re: Lost cause?


@guiness56 wrote:

It depends on what and how it is reporting as to whether it will help your score.  A CO CC has to report the balance and CL to be included in utilization.  If it is, paying will help your utilization but the CO will still remain and affect your score for almost the entire 7 years.


It was a personal loan and it isn't showing any utilization at all. 

Total CL: $40k+
Discover, BOA, GE, Cap 1, Chase, Barclay!
Gardening Start: 04/22/2013

Message 12 of 16
chasmith
Valued Contributor

Re: Lost cause?


2FixMyCredit wrote

Looking in myFico it says:

 

Deliquency + collections (colletions are no longer there, this was when I originally pulled my report)

short account history

No revolving accounts (just opened Fingerhut, Aarons will report in about 5-6 months, trying for a secured card)

Few accounts paid on time.


 

 

So the best things you can do are - my opinion only -

 

Pay the chargeoff.

 

Open two secured cards (mastercard or VISA).  Stay away from the bottom fishers like CreditOne or First Premier.  You might try a credit union, Capital One, or Citibank.  Pay each card each month but allow one to report a small balance (alternate which one reports).

 

Remember, things didn't get this way overnight but you can improve them a lot faster than they developed.

 

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
Take the FICO Fitness Challenge
Message 13 of 16
2FixMyCredit
Established Contributor

Re: Lost cause?


@chasmith wrote:

2FixMyCredit wrote

Looking in myFico it says:

 

Deliquency + collections (colletions are no longer there, this was when I originally pulled my report)

short account history

No revolving accounts (just opened Fingerhut, Aarons will report in about 5-6 months, trying for a secured card)

Few accounts paid on time.


 

 

So the best things you can do are - my opinion only -

 

Pay the chargeoff.

 

Open two secured cards (mastercard or VISA).  Stay away from the bottom fishers like CreditOne or First Premier.  You might try a credit union, Capital One, or Citibank.  Pay each card each month but allow one to report a small balance (alternate which one reports).

 

Remember, things didn't get this way overnight but you can improve them a lot faster than they developed.

 


That is the problem, I keep getting told to get a secured card.  Every secured card I have applied for I have been declined for.  And I REALLY do not want the Opensky card after reading reviews.

Total CL: $40k+
Discover, BOA, GE, Cap 1, Chase, Barclay!
Gardening Start: 04/22/2013

Message 14 of 16
guiness56
Epic Contributor

Re: Lost cause?

Try sending something to the CEO or VP.  Maybe you'll get something done that way.  Some creditors just won't budge at all. 

Message 15 of 16
2FixMyCredit
Established Contributor

Re: Lost cause?


@guiness56 wrote:

Try sending something to the CEO or VP.  Maybe you'll get something done that way.  Some creditors just won't budge at all. 


I've done both so far and they have been ignored.  I think I am going to try and GW again. 
How does this look? 

 

I am writing in regards to a loan that I received from Vystar Credit Union nearly three years ago.   I was a member of Vystar for several months and never had any overdrafts, bounced checks or anything of the sort before taking out the loan.  The loan was in the amount of $300.   Unfortunately two months after receiving the loan I lost my job due to no fault of my own, I tried to make my payment's but had no luck finding work in a timely manner.   

I have recently pulled my credit report from all three credit reporting bureaus and found that this is marked as a charge off and in collections with Vystar.  I am writing in hopes of goodwill adjustment to the credit reporting bureaus for full payment of the remaining balance on the loan within six months.  I know this is a rather unusual request but I am hoping you can consider it.   This negative mark is not a good indicator of my actual credit worthiness as circumstances at the time were out of my control.  I have since remedied the situation, have been employed and adamantly pay my bills on time every month and have done so for the past two years.  I beg you for such consideration.

Total CL: $40k+
Discover, BOA, GE, Cap 1, Chase, Barclay!
Gardening Start: 04/22/2013

Message 16 of 16
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