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My first plan of attack. Let me know if holds up

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Amex_or_bust
Valued Member

My first plan of attack. Let me know if holds up

Hey Everyone,

I (re)discovered the forum after a financial meltdown and then three years of ignoring all my issues. If anyone has advice about the current plan or if you see any improvements that could be made I would be grateful. Any help would be appreciated.

Current Credit State

 

Credit Scores from myFICO (FICO 8) Equifax: 552 – TransUnion: 573 – Experian: 548

Last Late Payment: 3 Years ago

Revolving Utilization: 96%

Inquiries: 2

 

Open Accounts

Name

Type

Balance

Limit

Notes

CREDIT ONE BANK

Credit Card

464.00

450.00

 

US BANK (SECURED)

Credit Card

452.00

500.00

 

CAPITAL ONE BANK QUICKSILVER ONE

Credit Card

-

300.00

Approved this week

DISCOVER (SECURED)

Credit Card

-

1,500.00

Approved this week

CAR LOAN

AUTO

17,000.00

1st payment pending

 

 

 

Closed Accounts in Bad Standing

Name

Type

Balance

NFCU

Credit Card

8,672.00

JPMCB

Auto Loan

3,155.00

USAA

Credit Card

500.00

CAPITAL ONE  BANK Usa

Credit Card

700.00

 

Collections

Name

Amount

Contract Callers Inc -

               339.00

Portfolio Recovery

               981.00

Portfolio Recovery

               678.00

The Bureaus Inc

               799.00

 

Steps – Completed

  • Added Discover (Secured) and Cap One QucksliverOne
  • Paid off Credit One card and US Bank (left 8%)

Steps - Planned

  • Pay off both Portfolio Recovery items as they will PFD automatically
    • Off letter to reduce 981.00 to 671.00
  • Send PFD letters to CCI and The Bureaus
    • Based on other threads people have had PFD Success with both  
  • Pay off NFCU in full
    • This is big priority as I want to get back in their ecosystem
    • Apply for NFCU Secured Card
  • Payoff JPMCB balance
  • Drop Credit One card
  • Graduate Discover and QS1 Cards
  • Refinance auto loan (hopefully with NFCU)
  • GW attempt late payments and negative closed accounts.

 

Please let me know if I am missing anything or if the step order should be different.

 

Thanks!

Message 1 of 3
2 REPLIES 2
FireMedic1
Community Leader
Mega Contributor

Re: My first plan of attack. Let me know if holds up


@Amex_or_bust wrote:

Hey Everyone,

I (re)discovered the forum after a financial meltdown and then three years of ignoring all my issues. If anyone has advice about the current plan or if you see any improvements that could be made I would be grateful. Any help would be appreciated.

Current Credit State

 

Credit Scores from myFICO (FICO 8) Equifax: 552 – TransUnion: 573 – Experian: 548

Last Late Payment: 3 Years ago

Revolving Utilization: 96%

Inquiries: 2

 

Open Accounts

Name

Type

Balance

Limit

Notes

CREDIT ONE BANK

Credit Card

464.00

450.00

 

US BANK (SECURED)

Credit Card

452.00

500.00

 

CAPITAL ONE BANK QUICKSILVER ONE

Credit Card

-

300.00

Approved this week

DISCOVER (SECURED)

Credit Card

-

1,500.00

Approved this week

CAR LOAN

AUTO

17,000.00

1st payment pending

 

 

 

Closed Accounts in Bad Standing

Name

Type

Balance

NFCU

Credit Card

8,672.00

JPMCB

Auto Loan

3,155.00

USAA

Credit Card

500.00

CAPITAL ONE  BANK Usa

Credit Card

700.00

 

Collections

Name

Amount

Contract Callers Inc -

               339.00

Portfolio Recovery

               981.00

Portfolio Recovery

               678.00

The Bureaus Inc

               799.00

 

Steps – Completed

  • Added Discover (Secured) and Cap One QucksliverOne
  • Paid off Credit One card and US Bank (left 8%)

Steps - Planned

  • Pay off both Portfolio Recovery items as they will PFD automatically
    • Off letter to reduce 981.00 to 671.00
  • Send PFD letters to CCI and The Bureaus
    • Based on other threads people have had PFD Success with both  
  • Pay off NFCU in full
    • This is big priority as I want to get back in their ecosystem
    • Apply for NFCU Secured Card
  • Payoff JPMCB balance
  • Drop Credit One card
  • Graduate Discover and QS1 Cards
  • Refinance auto loan (hopefully with NFCU)
  • GW attempt late payments and negative closed accounts.

 

Please let me know if I am missing anything or if the step order should be different.

 

Thanks!


You have the right mindset to get it done. I'm just going to point out a red flag. Your balances that you are carrying now could or would lead you into the same situation. You need to clean up the past so the future will be brighter. Open and closed (charge off) cards right now are maxed out. Even if you pay down the open cards. The charge off cards still whack your aggregate util at 100%. Go with your plan but tackle the CO's first if you can until any CA start the legal route. Points will be gained by paying down the util% amounts on the CC's. CA pay offs not so much. Your lucky you have Portfolio which will delete. But those others that dont will stop hurting once they fall off. Remember GW's arent 100% successful all the time. Good Luck on your journey to getting back on your feet.


Message 2 of 3
Anonymous
Not applicable

Re: My first plan of attack. Let me know if holds up

I believe Portfolio Rec will accept pay for delete.  Ditch the Discover $1500 secured; used the $1500 towards collections and work on utilization.  

Message 3 of 3
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