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EQ 542 TU 548 EX 555
I am trying to rent a new home and my score needs to get to 580.
Please let me know what are the best methods and each step I should take to get my score to 580 by
the next credit report? All my Tradelines are below.
Accounts:
Fingerhut balance $136 Web financing not a credit card
American Credit Acceptance-My Jeep
paid or paying as agreed but 30 days late six times or more
Bridgecrest Credit-My car
paid or paying as agreed and never late
Amex-Chargeoff 2018 $1,170.00
Amex-Chargeoff 2018 $2,133.00
Discover-Chargeoff 2021 $1,200.00
Collections:
Midland Funding-Capital One $1,258.00 and I believe a default judgement was just awarded
against me.
Midland Credit Management-Credit One Bank $1,733.00
LVNV Funding-Credit One Bank $1,403.00
No public records and no Bktpcy
@bott6698 wrote:EQ 542 TU 548 EX 555
I am trying to rent a new home and my score needs to get to 580.
Please let me know what are the best methods and each step I should take to get my score to 580 by
the next credit report? All my Tradelines are below.
Accounts:
Fingerhut balance $136 Web financing not a credit card
American Credit Acceptance-My Jeep
paid or paying as agreed but 30 days late six times or more
Bridgecrest Credit-My car
paid or paying as agreed and never late
Amex-Chargeoff 2018 $1,170.00
Amex-Chargeoff 2018 $2,133.00
Discover-Chargeoff 2021 $1,200.00
Collections:
Midland Funding-Capital One $1,258.00 and I believe a default judgement was just awarded
against me.
Midland Credit Management-Credit One Bank $1,733.00
LVNV Funding-Credit One Bank $1,403.00
No public records and no Bktpcy
At the risk of sounding bleak, I don't think you can unless you have the money to pay off the COs before the next cycle.
Can you negotiate with the landlord and see if they'll accept a larger security deposit instead?
Thanks for the reply. I have about $1,400.00 I can use to pay something.
Let me know which is best option thanks.
I would offer it to the landlord to get into the apartment... then you can take the time you need to climb out of what appears to be a pretty big hole.
I tried a double security deposit of $4400 and still was denied so my only option is
to fix something to get to 580 as my realtor told me once it is at 580+ they don't question credit.
The good news is that Midland (if beyond two years of the DOFD) and LVNV will both pay for delete. If the Midland accounts are two years behind the DOFD, I would settle those three accounts and have them removed from your reports. That could possibly get you there, although I doubt you'd be able to settle all three for $1,400, especially considering there's a judgement for one of them.
From there, I would settle/pay your charge offs. Then try a goodwill letter for the Jeep payments.
I would also look into establishing few credit cards, if you don't already have them. OpenSky (secured), Capital One and Discover (secured) all approved me when my score was around 580-590. If you have a family member with a credit card that has a low utilization and they don't miss payments, you could ask them to add you as an authorized user as well which could give you a boost at least until you establish your own credit lines.
@mycreditscoreisfair wrote:The good news is that Midland (if beyond two years of the DOFD) and LVNV will both pay for delete. If the Midland accounts are two years behind the DOFD, I would settle those three accounts and have them removed from your reports. That could possibly get you there, although I doubt you'd be able to settle all three for $1,400, especially considering there's a judgement for one of them.
From there, I would settle/pay your charge offs. Then try a goodwill letter for the Jeep payments.
I would also look into establishing few credit cards, if you don't already have them. OpenSky (secured), Capital One and Discover (secured) all approved me when my score was around 580-590. If you have a family member with a credit card that has a low utilization and they don't miss payments, you could ask them to add you as an authorized user as well which could give you a boost at least until you establish your own credit lines.
While I agree, getting the CAs deleted will take a couple cycles.
By next credit reporting cycle (which could be tomorrow or 1 month from now, you didn't say), it will be hard to get any updates you need completed by then. I found the faster I need a change to happen, the slower it is. It will generally take 1-2 updates or 30-90d. 30-60d average.
Biggest boosts will be to pay off the COs or to PFD all yhe CAs, but again, either of these methods will still likely take uowards of 60d.
It looks like TU says new update in 2 days so that would be June 10th. I am hoping to get the boost I need
by July 10
I agree with @Anonymous, getting the points you need would unfortunately take more than just one month. It would take at least two cycles.
As for advice, if you have $1,400, I'd pay off either the Discover charge off or the lower Amex charge off. That may yield some immediate points, however, it's not guaranteed since there'll still be several other charge offs and collections.
@bott6698 wrote:It looks like TU says new update in 2 days so that would be June 10th. I am hoping to get the boost I need
by July 10
I'm not sure where you're seeing that TU will update in two days. Credit reports continuously change and update as new information comes in. I'm assuming that update in two days is just the score update for whatever service you're using to view it?
The problem is, as said above, in order for scores to change the data has to change. And those changes typically take at least thirty days to be reported to the credit bureaus and then subsequently updated.