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Please Help! Credit worthiness for future approval?

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Anonymous
Not applicable

Please Help! Credit worthiness for future approval?

I am just starting to rebuild my credit life after discharging from the military due to medical reasons affecting my ability to maintain full time work...

All my bills are set to auto pay, My credit card bill date I have set 14 days before the due date so that I am never late & I am in the process of building my savings in the meantime while continuing positive payment history on my account (Only 1 credit card/ 4 inquiries on Credit Karma though rest of cards are closed out// 14 inquiries in total not showing on Credit Karma) I don't intend to apply for any more credit cards at all, I do not have a car & the only other debt I have is just through a government over payment which I intend to pay off in full before the end of the year as the the rest of my derogatories are from paid charge off that have a 0$ balance & one paid repossession

I currently have a stable income through disability as a means to pay my debts down but wondering if my game plan is a good one so far..

I have a secured credit card with 8-9 months of positive payment history,

I've been paying down debt since my discharge from the military though I still have some major derogs that are kicking my overall credit profile I'd like to have some of my late payments removed though with my disputes I've sent into the bureaus, they contantly reupdate things to "verified" without a full detail of the procedure used to verify the information. I've recently been working with a credit repair agency but I wonder if there is something I can do on my own like Goodwill letters on my paid charge off and on removing the late payments to help out a bit instead of disputing the accounts. Here is a list of my credit profile so far..

14 inquiries -

2. MILITARYSTAR - $0 chargeoff,

3. NAVY FCU - 4 late payments 2017,

4. TOYOTA MTR - From a repo I paid down in full that converted to a paid chargeoff. I get paying it in full doesnt automatically get it off the report though it looks good with paying in full vs settling.. $0 paid chargeoff

5. VERIZON - $0 paid chargeoff

6. OMNI FINANCI - 14 late payments 2017-18
7. DFAS-IN - $1207 Government overpayment - Debt with DFAS. I researched around & I; found information stating that if the account is paid in full through DFAS they will ask the credit bureaus to remove the account from all CRAs

What else can I do to improve my situation?

EQ: 652 TU:636 EX: 568
16 REPLIES 16
FireMedic1
Community Leader
Mega Contributor

Re: Where do I go from here?


@Anonymous wrote:
I've been paying down on debt since my discharge from the military though I still have some major derogs that are kicking my overall credit profile down. I'd like to have some of my late payments removed though with my disputes I've sent into the bureaus, they contantly reupdate things to "verified" without a full detail of the procedure used to verify the information. I've recently been working with a credit repair agency but I wonder if there is something I can do on my own lilke Goodwill letters on late payments to help out a bit instead of disputing the accounts. Here is a list of my credit profile so far..

14 inquiries

2. MILITARYSTAR - $0 chargeoff

3. NAVY FCU - 4 late payments 2017

4. TOYOTA MTR - From a repo I paid down in full that converted to a paid chargeoff. I get paying it in full doesnt automatically get it off the report though it looks good with paying in full vs settling.. $0 paid chargeoff

5. VERIZON - $0 paid chargeoff

6. OMNI FINANCI - 14 late payments 2017-18

7. DFAS-IN - $1207 Government overpayment - Debt with DFAS. I researched around & found information stating that if the account is paid in full through DFAS they will ask the credit bureaus to remove the account from all CRAs as long as it is still in collections.

EQ: 652 TU:636 EX: 568

You've done well getting all these paid down. A CRC wont be able to get lates removed. Save your money. Check out the GW Tech. thread here>https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/The-Saturation-Technique-Best-GW-adjustment-odds/td-p/4727098

Although the accounts you listed aren't known to do GW's. Time will be your best friend. If you were deployed and all this happened then maybe it could be accomplished.


Message 2 of 17
Anonymous
Not applicable

Re: Where do I go from here?

Hi,

I agree about time being my friend, I'm hoping that it will be good to me this time around. I have one account set for bills & rent that I set aside with an automatic draft out each month so that way I'm never late on anything I have also. I was thinking of adding my utility payments as evidence of positive payment history down the road but Im thinking just keeping the secured card I have with the on time payments is probably my best long term bet without more headache.
Thank you also for linking GW Tech. I'll check that out 👍 (:
I'm on the fence about quitting with the CRC because they sent a letter to Toyota last week requesting full removal of the account. Should I save my money & quit now or wait till Toyota has a response for the removal letter request?
Message 3 of 17
FireMedic1
Community Leader
Mega Contributor

Re: Where do I go from here?

Take your $ and place it in a savings account. What cards do you have now? And possibly do you know your FICO scores? If not, join credit check total out for a buck and cancel before the trial ends.Lets see what you got to work with.


Message 4 of 17
Anonymous
Not applicable

Re: Where do I go from here?

To piggyback onto what @FireMedic1 said, you mentioned that you’re disputing accounts and they’re coming back as verified. Are they legit accounts, as in are they reflections of accurate debts and derogs? If so, please stop disputing them immediately. You never want to dispute accurate entries. The requirements to validate a debt are very vague and minimal, requiring little effort for the collection agency. When you dispute and they are validated, the reporting of the derog is “refreshed” and can often further damage your score. I know it sucks to have them on there, but if they were in fact bad debts, then goodwill letters, not disputes, are the way to address them.

I would echo the sentiment to save your money vs paying a credit repair company for two reasons. One, there is nothing they can do that you can’t do yourself, and the money you pay them could be out toward other debt or savings. Two, what they basically do is just dispute everything in hopes that some of the CAs don’t verify, causing the derogs to be removed from your report. Those that do verify, cause damage to your score as described above. And some even stretch it out, disputing one account a month, so they can keep billing you for months or years while they “work diligently on your behalf”🙄

Cliff notes - don’t pay a CRC, do it yourself, and don’t dispute accurate info if you want to avoid further score damage.
Message 5 of 17
Anonymous
Not applicable

Re: Where do I go from here?

I appreciate you being honest with me and telling me. I will stop immediately so as not to further damage the score. Am I correct in focusing my efforts instead on Goodwill letters instead of disputes ( piggybacking off of what is suggested) at least this way I'd be saving money & not damaging score further.
Message 6 of 17
Anonymous
Not applicable

Re: Where do I go from here?

Equifax score// 652, Transunion score// 636, Experian score// 568

I only have one secured credit card through First Progress with 8 months of on time payments. On credit Karma it says I have 4 inquiries, though the CRC stated I have 14 inquiries over a period of 2 years which began in 2017 (the inquiries) I have 4 inquiries in total according to CK; 3 this yr from a mortgage pre approval application I was not aware they did a hard pull on my credit (those are slated to fall off in 2021) and one is due to fall off before the end of the year
Message 7 of 17
Anonymous
Not applicable

Re: Where do I go from here?

Yes that is correct. Disputes are meant for challenging incorrect information on your reports. Many have found that they can get lucky and have legit info deleted by disputing and not having it validated. Many have also found that it hurts them when they do this and the CA validates. Sadly, CRCs do exactly this - they throw it all at the wall in the hopes that something sticks.

The additional possible downside is that erroneously disputing correct info can get you tagged as a frivolous disputer by the bureaus, and that can make it hard to dispute things later - they may disregard the disputes altogether as “already founded”.

Goodwill persistence, cognizant financial management, and time are your allies, as is this forum. I can promise you that with reading here and diligence in adhering to the tactics you’ll learn, your profile WILL improve. It can’t not get better if you go about things using the knowledge here. You’ll be on the road to 700s and beyond in no time Smiley Happy
Message 8 of 17
FireMedic1
Community Leader
Mega Contributor

Re: Where do I go from here?


@Anonymous wrote:
Equifax score// 652, Transunion score// 636, Experian score// 568

I only have one secured credit card through First Progress with 8 months of on time payments. On credit Karma it says I have 4 inquiries, though the CRC stated I have 14 inquiries over a period of 2 years which began in 2017 (the inquiries) I have 4 inquiries in total according to CK; 3 this yr from a mortgage pre approval application I was not aware they did a hard pull on my credit (those are slated to fall off in 2021) and one is due to fall off before the end of the year

Bingo. I dont trust the CRC's. CK is accurate on inq's. So you see they are playing you to keep you as a customer. You got one card. Try Cap1's prequal site and see what pops up. No QS1! Grab the Plat and you can upgrade in 3 months. Give Disco a shot too on their pre-qual page. Try slowly to get the 3 cards. Spread out the apps if 1 is approved by 3-6 months. Let us know how it went.


Message 9 of 17
Anonymous
Not applicable

Re: Where do I go from here?

I applied for Cap One in July or August & they denied me due to having a low income . Would getting more secured cards help me out overal)?)
Message 10 of 17
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