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Need a guiding hand, just starting to rebuild my credit

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
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Need a guiding hand, just starting to rebuild my credit

So my FICO 8 score is pretty much 550-565 at the moment across all three CU's. 

 

I've decided to finally get my nonsense together and start rebuilding and I think I've made some great first steps. When I first ran my credit score I had about 7 accounts in collections. I've successfully deleted 5 of them through Experian as they weren't valid and I didn't even know that. TU is currently investigating the same collection accounts. They were never reported to Equifax. The accounts removed totaled to I believe around $700

 

I currently have 3 collection accounts I still need to tackle. One is slated to fall off next year as it became deliquent in 2013. It's for a 1158, what do you recommend on this one?

 

The other two I'm reaching out for debt validations, then going to attempt to do PFD's. (One of them has the wrong amount and wrong dates reported accoring to the credit report not sure how that'll affect anything, and should I dispute it right away or do the DV first?) 

 

In terms of my credit use I was at 103% utlization due to being an authorized user on a few cards that were maxed out. 

The total credit available was 9700 with an utlization of around 10k I believe. (This was due to a card having defered interest being tacked on)

 

I have now removed myself from all of these maxed out cards as they aren't even mine and were put on to help me with credit in the past but then I realized this is just affecting me negatively. I have also paid down my cards to be either 10%-35% utlization

 

My current utlization now would be a total of $3250 in credit cards with only $1005 being used. (3 total cards)

 

I have 3 Student Loans that I ignored so they were all reporting over 180 days late. I first requested for foreberance and now I requested a consolidation. 

 

I have 4 missed payments in total across two cards, they were 60 days late as I had my accounts on autopay and forgot to switch it over. 

 

My total credit age is around 5 years. 

 

Is there any other steps I should take right now?

 

I have done all the above steps in the last 4 days, so I haven't seen my score increase yet obviously, do you guys have an idea as to how much itll increase?

 

Thanks in advance!

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Re: Need a guiding hand, just starting to rebuild my credit


@Oscarg321 wrote:

So my FICO 8 score is pretty much 550-565 at the moment across all three CU's. 

 

I've decided to finally get my nonsense together and start rebuilding and I think I've made some great first steps. When I first ran my credit score I had about 7 accounts in collections. I've successfully deleted 5 of them through Experian as they weren't valid and I didn't even know that. TU is currently investigating the same collection accounts. They were never reported to Equifax. The accounts removed totaled to I believe around $700

 

I currently have 3 collection accounts I still need to tackle. One is slated to fall off next year as it became deliquent in 2013. It's for a 1158, what do you recommend on this one? Who's the CA? Some delete after PIF or settle for less than amount owed.

 

The other two I'm reaching out for debt validations, then going to attempt to do PFD's. (One of them has the wrong amount and wrong dates reported accoring to the credit report not sure how that'll affect anything, and should I dispute it right away or do the DV first?) 

 

In terms of my credit use I was at 103% utlization due to being an authorized user on a few cards that were maxed out. 

The total credit available was 9700 with an utlization of around 10k I believe. (This was due to a card having defered interest being tacked on) Get off the AU cards ASAP! Unless you made the charges its on you.

 

I have now removed myself from all of these maxed out cards as they aren't even mine and were put on to help me with credit in the past but then I realized this is just affecting me negatively. I have also paid down my cards to be either 10%-35% utlization Get 1 below 8.99% and the rest 0. AZEO.

 

My current utlization now would be a total of $3250 in credit cards with only $1005 being used. (3 total cards)

 

I have 3 Student Loans that I ignored so they were all reporting over 180 days late. I first requested for foreberance and now I requested a consolidation. Not a student loan expert. In the 80's was totally different than now.

 

I have 4 missed payments in total across two cards, they were 60 days late as I had my accounts on autopay and forgot to switch it over. Well this is on you for making the mistake. This is seen on here frequently. Call and be polite and ask for forgiveness for a mistake on your end.

 

My total credit age is around 5 years. 

 

Is there any other steps I should take right now?

 

I have done all the above steps in the last 4 days, so I haven't seen my score increase yet obviously, do you guys have an idea as to how much itll increase?

 

Thanks in advance!


Guessing scores is never spot on. Those 60 days will hold back what could have been a decent score jump. Getting off the AU cards will help some. If successful in getting the 60 day lates reversed. Theres your score jump there. If not. Time is on your side. They'll sting less as they age.



My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC.
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