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One more thing I could use some advice on... My Mortgage scores are much lower than my Score 8 (see in signature). One reason is late payments on my mortgage from 2+ years ago. I still own the home, but renting it out, and have been consistent on payments for 2+ years. Is there anything I can do to remove those late payments?
@ALUMINEX wrote:Credit Card Update
BestBuy
Limit: $4,000
Owed: $2,221 (55% utilization)
Owed Today: $1,850 (46% utilization)
APR: 25.99% (Deferred)
- 6/18 - Paid $371 to avoid interests charges
Barclay Card (Apple)
Limit: $2,000
Owed: $0.00 (0% utilization)
APR: 27.74%
Barclay Card (Frontier)
Limit: $2,500
Owed: $2,214 (89% utilization)
APR: 25.74%
Chase
Limit: $5,000Owed: $4,000 (80% utilization)
APR: 23.74%
Discover
Limit: $1,200Owed: $653 (54% utilization)
Owed Today: $601 (50% utilization)
APR: 23.74%
- 6/18 - Paid $52 due to leftover budgeted funds for card payments
Old Navy / SYNCB
Limit: $800
Owed: $407 (51% utilization)
Owed Today: $0.00 (0% utilization)
APR: 25.74%
- 6/18 - Paid $407 to get to 0% utilization
- 6/18 - Disabled autopay of $35.00 per month
Wells Fargo
Limit: $2,700
Owed: $0.00 (0.00% utilization)
Good you have 4/7 cards now that will report. Everyone has different techniques or varying opinions on which to pay, and how much.
Ugh on Wakefield, I have the same, my last derog on EX, and EQ for $34. I know in FICO 8 scores EX doesn't factor medical that are under $100, mortgage scores yes, but utilization would be my first choice in tackling, as that will also raise your mortgage scores. Also, it gets to the nitty gritty of all collections before you see the larger score bumps for having a clean file.
The thresholds of the score bumps that you want to begin is less than 49 percent, then less than 29, and ulitmately less than 8.9 percent.
1st month, I would pay (account for interest that would be charged when statement cuts) on the Barclay Frontier around $1300 to factor in the interest that will be charged, so it's utilization on this being your highest interest rate card will drop to less than 49% individual, also I would knock out (just my opinion, others will vary), pay off the Discover, so less than half of CCs will be reporting 3/7 (same interest as Chase anyway). This should be around a bit of $7200/18,200 at overall utilization being about 40% overall utilization. * based upon a 2k extra budget
2nd month, I would pay about 1600 on Chase to get it less than 49 utilization individual, and remainder $400? paid to Frontier again due to higher interest rate. Should be around 5200 ish/18,200 with total of 29% overall utilization, right on the cusp.
3rd month, pay off remaining of Frontier, around $500 or a tad more with interest, drops to 2/7 cards reporting leaving Best Buy and Chase, which I would actually finagle the figures then after two months, as things do pop up. We have to take it a month at a time.
I don't know who the 2 oldest collections are with, but you can try disputing to see if those will fall off. The newer ones, are the highest, those I would google those collection agencies on the forums here and see how well they work with people. Unless they are threatening legal action now, or have started hounding with calls, I'd save them for last. Overall credit utilization first. Then the collections.
Those are dates assigned. The DoFD is older.
Thank you DollyLama - I will apply the information you provided for payments on my next round of payments (about two weeks).
Medical Collections:
CA: MAR JOE ENTERPRISES DBA CR
Amount: $722
Date Assigned: Aug 2015
CA: HEALTHCARE RECEIVABLES GRO (disputed 6/18/17)
Amount: $270
Date Assigned: Jan 2012
CA: MAR JOE ENTERPRISES DBA CR
Amount: $162
Data Assigned: Aug 2015
CA: VALLEY CREDIT SERVICE (disputed 6/18/17)
Amount: $114
Date Assigned: Sept 2011
CA: REVENUE RECOVERY CORPORATI / WAKEFIELD
Amount: $42
Data Assigned: Nov 2014