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About three months ago, my car conked out so I had to buy a new one. When I went to the dealership, they pulled my report and the only option available was a really bad 22.9 APR 300/month loan for 10k with 2000 down through Credit Acceptance. My score at the time was 479 TU.
I had no recent credit history in the positive as my student loans were paid off almost 10 years ago, six collections accounts totalling 1600 dollars (old cell phone bill + a government lien + some misc debt, all over 2 years old)
I would pull all three reports this last February and get to work on it. Educating myself with websites, hoping I didnt make it worse. I would find my scores to be 505 EX, 467 TU (after the loan), and 522 EQ
So I disputed the baddies, applied for a few secured cards, picked up a couple shopping cart cards, and opened a fingerhut account. As it stands right now...
Revolving
Capital One Secured MasterCard- 200
Credit One Platinum Visa - 300
Fingerhut WebBank - 250
Williams Sonoma Store - 250
King Sized Direct Store - 250
Wayfair Store - 500
Victoria's Secret Store - 350
Installment
Credit Acceptance - 9600 (plan to refinance when some of my hard inquiries fall off early next year)
Two of my baddies were verified and will have to be paid off or waited out (about 2 years old and verified on dispute)
5 Hard inquiries. 4 in the last 60 days.
Current scores as of end of May - 601EX 590TU 635EQ
So is this where I just sit on my accounts for two years, use and pay off, and just let it all build? Is there anything more I should do at this point. You guys have been a wonderful resource (along with CreditKarma) and this is my first post as a member of the community.
I do eventually plan to refinance the car loan, drop a couple of the store cards in favor of real credit cards (Discover, Chase, etc) as I cross milestones, but thats not for a year or more off yet.
Am I doing it right?
@medicgrrl wrote:
Who are the last 2 collections with? You could attempt PFD's. I would definitely garden for awhile and work on getting the collections paid and possibly deleted, but definitely paid. Every month they remain unpaid is updating that you are "currently late" so the sooner the better.
I had a couple court appearances a couple years ago for a traffic violation (which is now paid), but the Public Defenders office charged me 480 dollars for both appearances. So 960 total.
I totally botched that one, had I paid on time with their little envelope they gave me, it would have been 60 for each, but if it goes past due they take away the sliding scale fee and really knock you over the head.
So who its through is State Collections.
In hindsight it wasnt worth fighting the ticket -.- Ended up having one charge dropped, paying 150ish on the other, but almost 1000 in attorney fees on my reports.
@medicgrrl wrote:
Are those 2 separate collections? Research those or hopefully RobertEG will chime in, but I thought there was a new rule about non credit type debts like this were going to be removed from reporting. There's an actual name for the agreement and I'm sure someone will post soon what it is.
Yeah 2 separate, one for each of two appearances,
Update as of 9/30/17
Plan to keep for the next 2 years or more
Current balance: 1,120 split between seven of the below cards. Another 300 on PPC that doesnt report.
Citi Best Buy Visa - 2000 (on recon 9/17 from denied prequal mail)
Cap One QS1 - 300 (prequal, 39AF)
Cap One Secured - 500 (300 credit steps, still secured at 99 as of 9/11/17)
Walmart Store - 500 (first sync card 9/10/17)
Amazon Store - 600 (second - got same day)
William Sonoma Store - 1750 (750 luv at 4 months and another 750 at six)
Wayfair Store - 1700 (200 luv at 4 months + 200 again at 5 months, and 800 at 6 months)
Overstock - 750
Paypal Credit - 1250 (hidden TL, does not factor into util)
Fingerhut - 500 (graduated freshstart at 8/19)
Home Depot - 500 (prequal instant, in with Citi on 9/17)
Plan to drop before the year is over (high AF or not used/growing)
Credit One - 450 - dropping for sure before March - 99 AF on 450 CL can kiss it
Victoria Secret - 350 - used once, PIF in 2 months (denied CLI each statement cut for last six months)
King Size - 250 (denied cli at every statement for last six months)
Indigo - 300 (PIF, will be closed before yearly anniversary)
Auto Loan - 7500 (cant refi until under 6000, LTV too high)
Current Scores:
EX: 641, TU 649, EQ 671
Now to the garden for sure, as i picked up a few keeper cards (Best Buy Visa, QS1, Walmart, Amazon) I had been eyeballing for when I went over 620/640
@Anonymous wrote:
@medicgrrl wrote:
Who are the last 2 collections with? You could attempt PFD's. I would definitely garden for awhile and work on getting the collections paid and possibly deleted, but definitely paid. Every month they remain unpaid is updating that you are "currently late" so the sooner the better.I had a couple court appearances a couple years ago for a traffic violation (which is now paid), but the Public Defenders office charged me 480 dollars for both appearances. So 960 total.
I totally botched that one, had I paid on time with their little envelope they gave me, it would have been 60 for each, but if it goes past due they take away the sliding scale fee and really knock you over the head.
So who its through is State Collections.
In hindsight it wasnt worth fighting the ticket -.- Ended up having one charge dropped, paying 150ish on the other, but almost 1000 in attorney fees on my reports.
I personally have experience with paying off the courts/state.. They generally remove the account completely once it is paid, without even having to request. It's happened to me, my brother, and a few of my friends. (This response is specific to California, but it might help to find outif the courts in your state/county do the same).
Got my FICO 8's today, just throwing them in my thread for posterity. (+40 points across the board in four months, +150 across the board since the rebuild started seven months ago)
I am feeling it. I have reached milestone 1 - fair credit 650, more or less. Next stop 690-700
How much things have changed since I got my car loan back in february! You guys are amazing, and we arent done yet!
2/17/17
EX: 505
TU: 467
EQ: 522
Today - 9/19/2017
EX: 641 (+136)
TU: 649 (+182)
EQ: 671 (+149)
Keeping a sort of ongoing credit diary here, dont mind me, feel free to jump in. These notes are for my own organization and to remind me of my journey. Feedback is always appreciated.
Update 10-20-2017
EX FICO +10 to 651
TU FICO +5 to 657
Added
None, in the garden
Luv button (SP only)
Wayfair 1700 to 2500
Canceled
None - four pending if they dont CLI within the next couple of months, two for sure by march due to AF's and low limits
Declined
None
======
Update as of 9/30/17
Current balance: 1,120 split between seven of the below cards. Another 300 on PPC that doesnt report.
== Plan to keep for the next 2 years or more (all within six months of each other, aging together so my AAoA down the road becomes harder to affect)
Daily use/carry in wallet
Cap One QS1 MC - 300 (prequal, 39AF) - Main/most used card due to rewards
Citi Best Buy Visa - 2000 (on recon 9/17 from denied prequal mail)
Walmart Store - 500 (first syncb card 9/10/17)
BP Store - 200 (only used for gas)
Semi- sock drawered but used every couple of months to keep active
Cap One Secured - 500 (300 credit steps, 99 still secured as of 9/11/17)
Amazon Store - 600 (second syncb- got same day)
William Sonoma Store - 2,550 (750 luv at 4 months and another 750 at six, and another 800 at seven)
Wayfair Store - 1,700 (200 luv at 4 months + 200 again at 5 months, and 800 at 6 months + another 800 at seven)
Overstock Store - 2,350 (Luv at first statement cut, two presses of 800 each)
King Size Store - 650 (denied cli at every statement for last six months - used a lot until it didnt grow at all) - Finally CLI to 650 at sixth statement cut (7 months)
Fingerhut - 500 (graduated freshstart at 8/19)
Home Depot Store- 500 (prequal instant, in with Citi on 9/17)
Target Redcard Credit - 300
Paypal Credit - 1250 (hidden TL, does not factor into util)
== Plan to drop before the year is over (high AF or not used/growing)
Credit One - 450 - dropping for sure before March - 99 AF on 450 CL can kiss it, might consider keeping for another year if it CLI's to over 1000, but not likely
Victoria Secret Store - 350 - used once, PIF in 2 months (denied CLI each statement cut for last six months)
Indigo - 300 (PIF, will be closed before yearly anniversary, these dont grow, so its gotta go)
== Auto Loan - 7500 (cant refi until under 6000, LTV too high)
Current Scores:
FICO: EX:651, TU 657, EQ 650
Vantage: TU 630, EQ 646 (no EX available)
Revolving
2 Citi accounts, 3 Synchrony accounts, 6 Comenity accounts (1 hidden), 2 Cap One accounts, 1 Webbank account, 1 TD bank account, 2 Other accounts (credit one and celtic)
Installment
1 Credit Acceptance account
Oldest closed student loan account 11 years old, 8 months since oldest open, 4 month open AAoA, 8920 Debt with 8620 showing (1420 revolving with 300 hidden, 7500 auto installment), 15800 total credit line (1250 hidden).. 10% showing util, 1 5yo C/O, 2 3y/o CO (not shown on EQ), no other baddies
Total monthly spend approx 2500, all PIF leaving some small balances to report (except installment loan and 50 percent balance on one store card for a large purchase)