Hi everyone.
First I'd like to thank all of you for your contributions as it has provided me with the inspiration and confidence to take control of my credit. I appreciate it!
I'd love advice on how to move forward.
Currently, I have a few negative items on my report:
- 1 Collection for $1,117 dollars with Portfolio Recovery Associates. I paid this in full 2 weeks ago, and expect it to be deleted from my report in the coming weeks.
-1 charge off with Affirm Inc for $2810. This account went delinquent on 03/17. I plan to pay this in full this week, and ask for a delete. If they refuse, I plan to ask for a goodwill delete later in the year. This account is reporting every month, only to Experian.
-1 charge off with First Premier for $852. I plan to pay this in full this week. From what I understand, they don't delete. This account went delinquent on 04/15 and they are reporting monthly to all three and showing 122% utilization.
Open Accounts:
Carmax Auto Finance. Opened 01/20. Balance $30,100. Interest rate: %10
Barclays Bank: $1,000 CL. Currently reporting at %100 utilization, I've paid it off and waiting for it to report with new zero balance. Zero lates on this card. opened 11/19
Dell Financial Services (webbank): $3000 CL. $600 owed on 0% deal which must be paid by November to avoid interest charges. I plan to pay the remaining balance in the coming weeks. Zero lates, opened 11/19.
AU on REI Visa card (US Bank): $5,000 CL. no balance currently. No lates. Opened 09/13. My wife is primary on card.
AES (student loans):~$30,000 owed. All on time payments since account opening (July 2019)
Closed Accounts:
Mortgage Account with local CU. Account paid in full with no lates and closed on 07/19. I'm on loan as co-signer.
Auto loan with local CU. Account paid in full with no lates on 09/18. High Balance of $18,794
Current Fico 8 Scores:
EQ: 626
TU: 602
EX: 600
Now that I've laid it all out there. I'm curious as to what you all think I should do. I anticipate that my scores will improve upon deletion of the collection and full payment of the charge offs. I also anticipate that my score will increase once the updated balance posts for the Barclays Card.
Currently, our mortgage is in my wife's name due to my lackluster scores, but we would like to move next summer (July or August) and we will need my income to get the house she and I would like. With that in mind, I'd like to be in a position to deliver if possible.
My primary questions are:
1). If and when my scores rise due to deletion of collection and payment of charge offs and high balance CC, should I refinance the car loan? I have set up an account at DCU based on what I've learned from this forum in preparation for a potential refinance. What would the latest date be prior to planned mortgage app that you'd advice refinancing? 1 Year? 6 months prior?
2). If and when my scores rise due to deletion of collection and payment of charge offs and high balance CC, should I apply for another credit card?
Thanks in advance! I'm gratefull for all of the knowledge contained here!
