Hello all! Thanks for the wealth of knowledge you've shared. Now I have a specific questions to my scenario.
Where do I get TU & EQ FICO scores? I've got the EX, but everything else is telling me only the Vantage scores.
My situation is an early rebuild that started about a year ago with a 550ish FICO. I'm now at 595 from EX. But the increases have dwindled the last couple of months or so. I feel like there are things I could do to change that after doing much reading here. Below is what I'm dealing with.
Goods:
One open CC unsecured with Cap One.
Starting Bal: $500
Increases: $100/month 3 - $1000 in Dec 2021. Both unsolicitated
Payment history: perfect
Open LIC: Huntington Standby Cash
Limit: $1000 - never a balance
Payment history: n/a perfect
Open Installment Auto Loan: Ally
Opening $40k
Payment history: Perfect
No late payments since 6/2016
Baddies
CO:
PNC $2500
Status: set to fall off 2025
NOTE: This is my longest standing account. All others are within the last year, with exception of installment auto.
Collection:
$60 medical
Status: Opened 12/19
So, my score has still been pretty consistent with rising. However, over the last couple of months, the increasing has been less then stellar. With that being said, my thoughts are to possibly try to open another card at NavFin or another reputable subprime card issuer. I'm ideally hoping for another unsecured card from them after my app. But... if the educated minds here feel thats a bad idea, I'm open to some suggestions or nix that plan. My thoughts are, the additional availble credit will outweigh the impact of another hard inquiry. Increase scores came at each increase from capone and the LOC from hunt. And I think with somewhere like NavFin that may narrow my chances at still getting a decent card, from a reputable institution and not getting hit with a hard inq and not even getting the benefits.
CapOnes last unsolicitated increase was in Nov/Dec 21. Would it be a good idea to ask for an increase from them? From what I've read this is often accomplished.
Now, the dreaded CO... What's my best alternative here? Should I pay this thing off? It really seems to be the only thing holding me back at this point. And I'm not quite sure how to handle it in the best possible manner. Of course, if its still going to damage my credit tremendously even IF I pay it off, I'm not really looking forward to dumping good money after bad.
Many thanks to all for the help you can and have provided for myself and many others. Have a great day!
Starting Score: 547EX
Thanks for the reply Juggalo!
Any difference if I pay the office responsible for the $60 medical collection? Or the CA reporting it?
The PNC baddie lists below on TU:
Date Opened: 9/2005
Last Payment Made: 8/2018
Date Closed: 1/2017 (I was mistaken in the OP on the year)
It looks like the SOL in Michigan is 6 years. This was just a quick search after you presented that question.
I would pay off those COs/collections (both, yes) if you can swing it. Especially the PNC CO. At the very least set up an arrangement to pay it off. It's still going to remain on your reports for 3 years, and it is hurting your utilization ratio. If it's updating monthly, even more reason to pay it off, as the monthly updates keep your score suppressed. If it's paid, these updates will stop.
@OmarGB9 wrote:I would pay off those COs/collections (both, yes) if you can swing it. Especially the PNC CO. At the very least set up an arrangement to pay it off. It's still going to remain on your reports for 3 years, and it is hurting your utilization ratio. If it's updating monthly, even more reason to pay it off, as the monthly updates keep your score suppressed. If it's paid, these updates will stop.
Ok, paying these both off is definitely acheivable. I guess I was a little confused on that part of things in the CO catagory. I guess I had a faulty mindset of waiting out the term and saving the $2500 by waiting for it to go bye bye. When if I'm understanding correctly a payoff could have me on track much faster? Additionally... if the CO isn't showing up on the CR's as UTIL is it still counting against me in FICO terms?
Would these actions bump my scores? As they would still show on my report as a CO, correct?
@madmann26 wrote:
My .02……
Since the PNC has been charged off, PNC has written it off as a loss.
Now, you can negotiate a PFD and offer like 25% as a start and see if they bite.
It will be listed as settled for less than but you can try and goodwill the removal into the dirt.
I also doubt PNC still owns it at this point as bad accounts are typically sold off rather quickly.
Your best bet is to contact them.
Yeah, I'm not very optimistic that PNC will write it off. But they are still the ones reporting it, so I don't think they've sold it off. However, I was the co applicant of a deceased relative on the account. Perhaps that will give me some footing when time comes to discuss a PFD. The only downfall to this is that it is my oldest standing account. Account length history is going to take a hit in that aspect of things.
@moto4man wrote:
@madmann26 wrote:
My .02……
Since the PNC has been charged off, PNC has written it off as a loss.
Now, you can negotiate a PFD and offer like 25% as a start and see if they bite.
It will be listed as settled for less than but you can try and goodwill the removal into the dirt.
I also doubt PNC still owns it at this point as bad accounts are typically sold off rather quickly.
Your best bet is to contact them.Yeah, I'm not very optimistic that PNC will write it off. But they are still the ones reporting it, so I don't think they've sold it off. However, I was the co applicant of a deceased relative on the account. Perhaps that will give me some footing when time comes to discuss a PFD. The only downfall to this is that it is my oldest standing account. Account length history is going to take a hit in that aspect of things.
Certainly try to negotiate to settle for less if that's what you wish, just be aware of the tax implications of doing so in the event that they accept. A 1099-C for the remaining canceled/forgiven debt will be issued if its $600 or more. This will count as income on next year's tax returns.
That said, as mentioned above, paying it whether in full or settling for less will typically yield immediate score boosts because of the drop in utilization (yes it counts towards utilization as a maxed account even if it's CO'd. That's why it hurts so much - it's basically a maxed account with a credit limit of zero) and if it has been updating monthly, because these monthly updates will stop.
Also, the age factor is basically neglible since it's been CO'd. At this point the fact that it's been COd hurts more than the age is helping.
Side note. Getting a PFD from the big banks wont happen. If you lend a friend 2500 dollars and they paid you back 2000 and said ok I paid you back. Please forgive (PFD) the rest. I dont think that would fly to well. And as everyone said. Not to be an echo. Pay the debts and up the ladder the scores go. Then level off until it falls off. Amounts on CO's dont mean a thing. A CO is a CO. Its a 100% maxed out account. Even higher % if the balance is over the CL. Good Luck!
