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My credit is a mess and need help deciding best method for quick score boost

bott6698
Established Contributor

My credit is a mess and need help deciding best method for quick score boost

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

 

 

 

 

 

 

 

 

 

 

 

10/11/2017 EQ 640 TU 639 EX 652 12/10/2016 EQ 621 TU 607 EX 626 10/10/16 EQ566 TU591 EX 587
01/31/2008 EX 502 EQ 466 TU 481
3/14/2008 EX 578 EQ 539 TU 543
4/16/2008 EX 622 EQ 532 TU 578
5/19/2008 EX 604 EQ 591 TU 592
1/1/2009 EQ 625 EX 576 TU 569
02/13/2009 EQ 648 EX 617 TU 590
09/28/2009 EQ 568 TU 591
Thanks to all Fico supporters for your encouragement and advice
Message 1 of 24
23 REPLIES 23
designated_knitter
Established Contributor

Re: My credit is a mess and need help deciding best method for quick score boost


@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?

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 2 of 24
bott6698
Established Contributor

Re: My credit is a mess and need help deciding best method for quick score boost

Thanks for the reply. I have about $1,400.00 I can use to pay something.

Let me know which is best option thanks. 

10/11/2017 EQ 640 TU 639 EX 652 12/10/2016 EQ 621 TU 607 EX 626 10/10/16 EQ566 TU591 EX 587
01/31/2008 EX 502 EQ 466 TU 481
3/14/2008 EX 578 EQ 539 TU 543
4/16/2008 EX 622 EQ 532 TU 578
5/19/2008 EX 604 EQ 591 TU 592
1/1/2009 EQ 625 EX 576 TU 569
02/13/2009 EQ 648 EX 617 TU 590
09/28/2009 EQ 568 TU 591
Thanks to all Fico supporters for your encouragement and advice
Message 3 of 24
designated_knitter
Established Contributor

Re: My credit is a mess and need help deciding best method for quick score boost

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.

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 4 of 24
bott6698
Established Contributor

Re: My credit is a mess and need help deciding best method for quick score boost

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.

 

10/11/2017 EQ 640 TU 639 EX 652 12/10/2016 EQ 621 TU 607 EX 626 10/10/16 EQ566 TU591 EX 587
01/31/2008 EX 502 EQ 466 TU 481
3/14/2008 EX 578 EQ 539 TU 543
4/16/2008 EX 622 EQ 532 TU 578
5/19/2008 EX 604 EQ 591 TU 592
1/1/2009 EQ 625 EX 576 TU 569
02/13/2009 EQ 648 EX 617 TU 590
09/28/2009 EQ 568 TU 591
Thanks to all Fico supporters for your encouragement and advice
Message 5 of 24
mycreditscoreisfair
Frequent Contributor

Re: My credit is a mess and need help deciding best method for quick score boost

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.

Starting score (January 2020): 454 (TU)
First goal (December 2020): 580 (TU)
Second goal (August 2021): 670 (TU)
Current scores: 679 (TU), 665 (EQ), 658 (EX)
Current goal: All three bureaus over 670

Declined credit cards: First Premier Bank, Verve, Self, Credit One, Today Smiley Happy
Message 6 of 24
LaHossBoss
Senior Contributor

Re: My credit is a mess and need help deciding best method for quick score boost


@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.

 




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 7•21 | EQ [F8 645] [F9 651] [EQ5 684] [VS3 630] | TU [F8 717] [F9 692] [TU4 723] [VS3 643] | EX [F8 714] [F9 675] [EX2 681] [VS3 674]
Goal Score: 670 [X] TU [X] EX

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SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 7•21 | EQ [F8 670] [F9 622] [EQ5 706] [VS3 639] | TU [F8 676] [F9 673] [TU4 652] [VS3 620] [VS4 598] | EX [F8 707] [F9 711] [EX2 680] [VS3 656]
Goal Score: 670 [X] TU [X] EX




Message 7 of 24
bott6698
Established Contributor

Re: My credit is a mess and need help deciding best method for quick score boost

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

10/11/2017 EQ 640 TU 639 EX 652 12/10/2016 EQ 621 TU 607 EX 626 10/10/16 EQ566 TU591 EX 587
01/31/2008 EX 502 EQ 466 TU 481
3/14/2008 EX 578 EQ 539 TU 543
4/16/2008 EX 622 EQ 532 TU 578
5/19/2008 EX 604 EQ 591 TU 592
1/1/2009 EQ 625 EX 576 TU 569
02/13/2009 EQ 648 EX 617 TU 590
09/28/2009 EQ 568 TU 591
Thanks to all Fico supporters for your encouragement and advice
Message 8 of 24
OmarGB9
Community Leader
Super Contributor

Re: My credit is a mess and need help deciding best method for quick score boost

I agree with @LaHossBoss, 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.


Last App: 12/27/2021
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Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 9 of 24
mycreditscoreisfair
Frequent Contributor

Re: My credit is a mess and need help deciding best method for quick score boost


@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.

 

Starting score (January 2020): 454 (TU)
First goal (December 2020): 580 (TU)
Second goal (August 2021): 670 (TU)
Current scores: 679 (TU), 665 (EQ), 658 (EX)
Current goal: All three bureaus over 670

Declined credit cards: First Premier Bank, Verve, Self, Credit One, Today Smiley Happy
Message 10 of 24
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