Need advice on how to raise my credit score.

[Anonymous]

Looking for any input on how I can raise my scores. I just started rebuilding my credit with the hope of being able to buy a home in the future. Thanks to these boards I have been doing what I can on my own to get things fixed. 

Current Fico Scores 8 from experian app are:

Exp: 583

Equ: 587

Tra: 569

Open Accounts:

Cap 1 Sec Card $0 bal/$200 CL - Waiting for 2 lates to be removed after GW approval

Comenity Bank $0 bal/$300 CL - 4 lates from 2019 - GW email sent -  Received VM that they received my request and they will decide in 15 days.

Credit One bank $350 bal/$700 CL - No lates - GW email worked! - Thanks to these forums

Westlake Financial-auto installment loan $13000 bal - 2 lates 01/19 and 01/20

Will NOT be missing any payments moving forward. Lesson learned.

Collections

Kimball Tirey & John - $1995 balance - 7 year mark will be May 2021 

Should I try to pay off the collection account? What can I do to boost my scores? Any advise would be appreciated! 

[Anonymous]

Your utilization on that credit one card is at 50%, I would try to get it at 30 or under. I try to shoot for 10% or even 0 because the interest on my cap1 is just way too high. As for the collections, IF you can, try to negotiate it down to pay it off. Your 7 year mark will still apply, but your debt doesn't disappear! My advice is DEPENDENT on your current financial situation. Times are hard now so you have to have some money for emergencies. Also focus on cleaning the report, the scores will follow. And this forum is like the best thing EVER. 

[Anonymous]

Paying a collection offers you no score benefit unless it is deleted from your report.

Get rid of those lates, I’d let the collection age off. Until you get rid of those lates and collection you’re gonna be in a dirty card.

Utilization will help you a little but not a lot in a dirty card.

[Anonymous]

Depends on when the OP wants to buy a home.  Mortgage lenders look poorly on unpaid COs and collections.  If OP is planning on buying a home prior to the fall off date, he/she may need to pay the balance to get a home loan.

[Anonymous]

Thank you. I'm not looking to buy a home until next summer. Hoping I'll be able to do it by raising my scores. I'm not sure if that's realistic though since this is all new to me! 

[Anonymous]

@Anonymous then what you need to do is read the scoring primer linked at the top of my signature. It'll give you a big start on understanding how everything works, it may take a few readings.

Leave the collection alone work on other things. Put that money towards better use, like a down payment on the mortgage.

[FireMedic1]

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@Anonymous wrote:

Looking for any input on how I can raise my scores. I just started rebuilding my credit with the hope of being able to buy a home in the future. Thanks to these boards I have been doing what I can on my own to get things fixed. 

Current Fico Scores 8 from experian app are:

Exp: 583

Equ: 587

Tra: 569

Open Accounts:

Cap 1 Sec Card $0 bal/$200 CL - Waiting for 2 lates to be removed after GW approval

Comenity Bank $0 bal/$300 CL - 4 lates from 2019 - GW email sent -  Received VM that they received my request and they will decide in 15 days.

Credit One bank $350 bal/$700 CL - No lates - GW email worked! - Thanks to these forums

Westlake Financial-auto installment loan $13000 bal - 2 lates 01/19 and 01/20

Will NOT be missing any payments moving forward. Lesson learned.

Collections

Kimball Tirey & John - $1995 balance - 7 year mark will be May 2021 

Should I try to pay off the collection account? What can I do to boost my scores? Any advise would be appreciated! 

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What are the length of the lates. 30, 60, 90? ect. The newest from Jan is hurting the most.

[Anonymous]

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@FireMedic1 wrote:

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@Anonymous wrote:

Looking for any input on how I can raise my scores. I just started rebuilding my credit with the hope of being able to buy a home in the future. Thanks to these boards I have been doing what I can on my own to get things fixed. 

Current Fico Scores 8 from experian app are:

Exp: 583

Equ: 587

Tra: 569

Open Accounts:

Cap 1 Sec Card $0 bal/$200 CL - Waiting for 2 lates to be removed after GW approval

Comenity Bank $0 bal/$300 CL - 4 lates from 2019 - GW email sent -  Received VM that they received my request and they will decide in 15 days.

Credit One bank $350 bal/$700 CL - No lates - GW email worked! - Thanks to these forums

Westlake Financial-auto installment loan $13000 bal - 2 lates 01/19 and 01/20

Will NOT be missing any payments moving forward. Lesson learned.

Collections

Kimball Tirey & John - $1995 balance - 7 year mark will be May 2021 

Should I try to pay off the collection account? What can I do to boost my scores? Any advise would be appreciated! 

---

What are the length of the lates. 30, 60, 90? ect. The newest from Jan is hurting the most.

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They are all 30s. 

[Anonymous]

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@Anonymous wrote:

@Anonymous then what you need to do is read the scoring primer linked at the top of my signature. It'll give you a big start on understanding how everything works, it may take a few readings.

Leave the collection alone work on other things. Put that money towards better use, like a down payment on the mortgage.

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Thank you I will definitely start reading it! 

[Anonymous]

@Anonymous Thank your lucky stars they are all 30s! A 60 banishes you to the dirty scorecards. I hope you’ve put them on autopay or corrected the problem.