New Into Town: What to do next?

[Anonymous]

Hi Everyone, 

New here. I've been lurking and have been seeing lots of people very happy with the success they seem to be having. I'm just getting back on track in terms of really working on my credit and I'm wondering what people think my next move should be. 

Situation: Equifax FICO = 648

The bad: 

- Charge off with a US Bank CC with a limit of $500 back in 2008

- (2) 30 late payments with BofA back in 2006

- A few 120's with a Citi Dividend card that I currently have open and those were back in 2008 as well (Credit limit on that card is $1,900, balance is $1,000 but paying it off soon)

The decent:

- Just recently opened a new Southwest card with a limit of $5,000

- Purchased a motorcycle with a loan amount of around $7,000 back in June

So I feel like I'm getting there, especially considering the fact I was able to obtain a new line of credit for $5,000 just this week. But other than paying down balances and paying on time, is there anything I should be doing to help boost the score further?

Would love to hear what other folks say. FICO's score simulator says my best course of action is to pay down balances and that simulates my score to be anywhere from 712-758. I'd love to be above 700 as I'll be looking to obtain a mortgage within the next five years. 

Thanks much. 

[Anonymous]

Have you disputed the charge off?  Getting rid of that thing would probably be my next move!

AND...

As hard as it is, it CAN be done!  I just had an Old Navy charge off removed.  I had been around and around with the 3 bureas trying to get them to delete the charge off and they never would.  See, the thing is...if the credit card company doesn't have signed legal documents where you opened the account, then technically...its not yours   Armed with that info, this is what I did:

1.  Call the credit card company.  Keep a pen and paper handy bc you'll need to write down the date, time, who you spoke with, their employee ID number, and then the big question (DRUM ROLLS)..."I need to know if you have signed legal documents from when this account was opened."  They're probably going to say something like "WE don't have them but the collection agency that bought the account can give you that information."

2.  So then get the collection agency info.  Call them.  Repeat step one.

3.  Next, file a complaint with the Consumer Financial Protection Burea.  You can google them to get their address.  If you want to know exactly what I said, PM me.  But all you do is report everything you wrote down....who you talked to, what they said, the collection agency's response, and the fact that you know since they can't provide you with signed legal documentation they are in violation of the FCRA and the tradeline needs to be removed immediately.

In less than 2 weeks, I got a letter from GE bank stating they were removing the trade line.

Hope this helps!

ps..you can file the complaint online, it only takes about 5-10 min and they will email you the confirmation.