about how much money do you have right now to settle what needs to be settled and get these balances down, roughly?
$5k? $10k? more? less?
I imagine we're waiting for the Palisades Apts collection to fall off when it reaches 7 years and not planning to pay/settle on that debt?
0/6, 2/12, 7/24
I hate to sound negative, but unless you have a stash of cash to pay all of your open credit card balances down most of the way, and to negotiate pay for delete settlements on the charge offs and collections, I'd look more towards a 4 year plan.
@myCreditNeedsWings wrote:Greetings to All - My goal is to buy my 1st home in 12 months and I need an plan to restore my credit accomplish it. The following are specifics of my credit report. I am seeking the most prudent and optimum steps to restore my credit report once and for all.. Please assist, thanks in advance!!!
Date 12/23/2024
Fico Score 8
Equifax: 570 TransUnion: 586 Experian: 579
- -- CHARGED OFF ACCOUNTS ---
Opensky Capital Bank - $200
Last Activity - 03/2020
Closed Date - 06/01/2020
Last Updated - 11/2020
Balance: $0
Comments: Account closed by credit grantor
Green Dot Bank - $85
Last Activity - 06/2019
Last Updated - 12/2024
Charged off account Unpaid balance charged off
Synovus/First Progre - $161
Last Activity - 06/2019
Last Updated - 10/2024
Comments: Charged off account,Account closed by credit grantor
Covington Credit - $748
Last Activity - 09/2019
Closed Date - 04/30/2020
Last Updated - 10/2022
Comments: Charged off account Purchased by another lender
Mariner Finance -$2,759
Last Updated - 11/2024
Closed Date - 10/31/2019
Last Activity - 07/2019
Comments: Charged off account Unpaid balance charged off
--- COLLECTIONS ---
Lvnv Funding Llc
Date Assigned - 10/01/2024
Current Balance - $161
Comments: Collection account
Palisades Apts
Agency Name: Iq Data International
Date Assigned - 09/05/2018
Original Balance - $7,258
Current Balance - $10,324
Comments: Consumer disputes this account information
- -- ACTIVE CREDIT CARDS ---
Credit Card Provider Balance Percentage of Limit
Capital One/Bass Pro - $442 88%
Capital One - $478 96%
Capital One - $2,000 100%
Credit One Bank - $800 100%
Nordstrom/Td Bank - $893 89%
Discover Bank - $1,784 89%
Navy Federal Credit - $2,000 100%
The charged offs are going to have the same negative impact on your mortgage scores... paid, or unpaid. Many mortgage lenders may not even care about them and simply ask for an explanation (some will care). However, having them paid will at least improve your utilization which, that part of it will help your scores and potentially eliminate the need for explanation with mortgage lenders. The other thing having a negative impact on your scores is obviously the high utilization on the rest of your active accounts.
Not to be all bah humbug here on Christmas Eve, but to be completely frank, you need to stop using credit until you learn to treat credit cards as if they were your debit card. In other words, if you can't pay for it with your debit card, don't use a credit card, no exceptions. You had a post a couple years ago seeking the same advice, for the same purpose, but from what you've posted here, everything seems to have gotten worse.
If you don't have the financial means to tackle the COs and/or get your active account balances down significantly within the next 4 to 6 months, you might consider looking at entering into a legitimate Debt Management Plan (DMP). This would NOT be with one of these "debt relief" companies you hear radio ads for, but rather a DMP with an accredited, non profit, credit counseling service who is approved by the DOJ, your State Attorney General's Office, or even the NFCC.
The good news is that time heals all wounds in the credit world, but while that time passes you have to be patient, and remain focused on being disciplined. Do those things and your goals will become a reality. If you don't, you'll remain stuck in an endless cycle of frustration and disappointment.
It doesn't look impossible, with some goodwill and strictly dedicated commitment to get those high usage ratios down, may be just doable.
I was carrying 90% neighborhood balances, for far too long without realizing how much interest I was paying, too. 4 months later I'm still about 6 months away but so much closer! And it's possible to lower those ratios pretty quick with determination 
The PowerPay online at Utah University has been a gigantic help for my utilization, payoff plans, and reducing interest asap. Maybe it will help you too Http://extension.usu.edu/powerpay/how-to
Think positive act positive
(Mods, I never posted a link before and truly hope this one is okay as it's opened my eyes about finances and helped keep me focused, it's totally free and nothing to buy at all in the 4 months I've been using it. TIA)