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Hey guys,
Need some advice on how to improve my FICO scores
Currently my FICO scores are EQ 624, TU 608, EX 622
I have 5 unpaid charge offs on my credit reports from 2014-2015 (Bank of America $9540, Bank of America $6101, Amex $8655, Toyota Financial $17,890, Honda $9570). I have been worried about getting sued for these with Bankruptcy as what i would need to do if i got sued.
My Current Credit Cards are:
1st Financial Bank USA opened 8/2009, CL $1,250, Utilization 18%
Credit One, opened 11/2016 , CL $1,200, Utilzation 30%
NFCU Secured Card opened 3/2017, CL $1,000, Utilization 5%
CFNA (Firestone), opened 9/2016, CL $1,000, Utilization 48%
Kay Jewelers, opened 3/2013, CL $906, Utilization 45%
Nordstrom, opened 11/2016, CL $3000, Utilization 6%
Total CL: $8,356
Authorized User Accounts:
Discover, opened 2003 CL $6,800 UTL 0%
Capital One, opened 2008, CL $2,000 UTL 0%
NFCU, opened 3/2017, CL $10,000 UTL 0%
NFCU, opened 3/2017, CL $1,000 UTL 0%
CHASE, opened 3/2017, CL $5,000 UTL 0%
Total AU CL: $24,800
Current Auto Loan: Global Lending Services, opened 2/2016, 15.45% APR, 72 months $597/m
What i would like to accomplish by the end of this year:
1. Refinance my current auto loan for a much lower APR
2. Get my FICO's to 680's
Should i be trying to settle the charged off accounts? Would NFCU refinance my auto loan or give me a mortgage without those being paid off? My concern is i don't have enough to settle all of them and if i settle 1-2 and then get sued by another then i would have to file bankruptcy and i could've just done bankruptcy to begin with. I rather not file bankruptcy but what is the likelihood that i won't get sued or that i still have alot of time before i can settle the other accounts?
Thank you
Im very shocked your scores are actually decent with all those charge-offs. If I seem to remember correctly in the late 90's when I let a bunch of cards go my scores were mid-400's for at least 2 years. Even with about 10 accounts in good standing and no utiilization.
Further, im even more shocked that Nordy's gave you a $3K(!) credit limit a year after accounts were charged off. Your credit scores are very decent. Maybe in another year or two they will be mid to high 600's. Just leave everything alone or you will restart the clock. Hopefully nobody will sue you, and they may not.
@Anonymous wrote:Im very shocked your scores are actually decent with all those charge-offs. If I seem to remember correctly in the late 90's when I let a bunch of cards go my scores were mid-400's for at least 2 years. Even with about 10 accounts in good standing and no utiilization.
Further, im even more shocked that Nordy's gave you a $3K(!) credit limit a year after accounts were charged off. Your credit scores are very decent. Maybe in another year or two they will be mid to high 600's. Just leave everything alone or you will restart the clock. Hopefully nobody will sue you, and they may not.
I was thinking the same thing! That poster's scores are very decent to have 5 charge offs.
@rmduhon wrote:
Pull your actual credit reports from annualcreditreport.com and see what the DoFD or estimated date of removal is for each account. What is the SOL for your state? Taking care of the charged off cards will be best for your scores because they are being calculated in your UTI.
SOL in my state is 4 years
BOA $9540 - DOFD 7/2014
BOA $6101 - DOFD 7/2014
AMEX $8655 - DOFD 5/2014, Amex deleted all late payments just left charge off derog
TOYOTA MOTOR $17890 - DOFD 7/2014
HONDA $9570 - DOFD 4/2015
@Anonymous wrote:Im very shocked your scores are actually decent with all those charge-offs. If I seem to remember correctly in the late 90's when I let a bunch of cards go my scores were mid-400's for at least 2 years. Even with about 10 accounts in good standing and no utiilization.
Further, im even more shocked that Nordy's gave you a $3K(!) credit limit a year after accounts were charged off. Your credit scores are very decent. Maybe in another year or two they will be mid to high 600's. Just leave everything alone or you will restart the clock. Hopefully nobody will sue you, and they may not.
I was in mid 400's until about 12 months after then it skyrocketed after getting a bunch of accounts paid on time
Nordstrom is great, they started me with a $300 line and then gave me an auto cli to $3000 on the 3rd statement
Yes, the BK would be an added major derog and would affect scoring in addition to the previously reported derogs.
@RobertEG wrote:Yes, the BK would be an added major derog and would affect scoring in addition to the previously reported derogs.
But don't some banks like BOA remove the tradeline if it is IIB? Cause in that case they would remove the BOA chargeoff's and leave the bankruptcy?