Rebuild Help/Advice

[Anonymous]

First post! Unfortunately I've never cared about credit until last year and of course it's killed my scores. Over the course of the last year I've raised my scores: MyFICO 8  TU- low 500's to 579 EQ- low 500's to 641 and EX from mid 500's to 634. I accomplished this with one 1K SL secured BOA card that I've had for 13 months with all on time payments. I did have a fairly high util % and did exceed the SL by $300 once but I paid it immediately. BOA has not graduated the card yet. I just opted to get a Secured Discover It card with $2,500 SL. I've only had the card a week. My credit file now shows my 2 revolvers, all paid on time, 12 on time payments for the BOA card and one for Discover, although I've never actually made a payment. 
The one and only baddie I have is a CO from Wells Fargo that I paid back in 2019. It shows as closed and paid CO on all 3 bureau's. The loan started in 2013 but only the last few months of the loan actually show any payments whatsoever, the rest of the years only have X's. So there's a few on time payments and a couple 30's, 60 & 90 which lead to the CO. This will fall of my report until 2026, so I'm sort of screwed until then. 
I need advice as to how I should proceed to continue to raise my scores. I understand this is a marathon not a race. 
My file currently has the 2 revolvers and only the one closed installment loan which was the CO, so I was thinking of adding a NFCU SSL to help as well as continuing to pay both cards on time keeping util under 9%. Any other advice or suggestions? 
I've thought about goodwill letters to WFDS but they don't have a great history of deleting a paid CO so I'm basically forced to wait it out another 5 years or so. Any help would be greatly appreciated. 

[OmarGB9]

Yes to both of your ideas. GW on WF may or may not work, but you've got nothing to lose. There's quite a while to wait still.

And the SSL will help fulfill your installment portion of your credit mix. The only other thing you'd still need is a 3rd revolver, which you could obtain maybe from a local CU or perhaps a Capital One Platinum/QS (not QS1).

[Anonymous]

Thanks for the reply. Should I try for the 3rd revolver right now after getting the Discover less than a month ago? My EX went down 9 points once Discover reported the new card. Although my TU & EQ did rise a couple of points each. 
Also, I'm not even sure who would approve me for an Unsecured card right now outside CapOne, and they triple pull. I'm a NFCU member, I'm just not sure if my scores are good enough and which score they use. Thoughts?

[OmarGB9]

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@Anonymous wrote:

Thanks for the reply. Should I try for the 3rd revolver right now after getting the Discover less than a month ago? My EX went down 9 points once Discover reported the new card. Although my TU & EQ did rise a couple of points each. 
Also, I'm not even sure who would approve me for an Unsecured card right now outside CapOne, and they triple pull. I'm a NFCU member, I'm just not sure if my scores are good enough and which score they use. Thoughts?

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Perhaps hold off on the 3rd revolver and even the SSL for that matter for a bit, only because your file is thin and vulnerable right now, so too many changes all at once can cause crazy score fluctuations and possibly spook your current creditors. NFCU uses TU9 for all new credit apps. They might approve you for the secured card, if not now then maybe in 6 months if you wait for your Discover to age to at least 6 months. 

[Anonymous]

Yeah my TU9 is 644 right now. I really want my next card to be unsecured, I did try for the Apple Card a week ago, SP which is how I know my TU9 and was denied. It listed I've experienced a charge off recently as the number one factor in the denial. I will take your suggestion and hold off on any new cards & the SSL for 6 months or so and go from there. In the time between now & then I will try to goodwill WF. 

edit: I'm just worried this CO will haunt me for the next 5 years and I won't be able to make very much progress if any. 

[Anonymous]

The longer your derogs age and the more stable and reliable you keep your profile during that time (go really easy on apps and HPs, low utilization, perfect payments), the more your scores will heal. I started on my rebuild in early 2018 with a bunch of collections, some chargeoffs, and high utilization on the $800 of total credit I had on my two cards (Home Depot and Target). Scores were mid to upper 500s. Following the advice on this forum got me where I am today. Every card and dollar of CL in my sig came with a dirty file of some varying degree, and I have just started getting clean (last derog on EQ fell off yesterday, fell off TU today, hopefully will fall off EX shortly). You absolutely can build a profile without clean reports. It takes time, strategy, and persistence in handling your accounts, but it can be done. The key is no more negatives, and diligence in handling your accounts.

[Anonymous]

Thank you very much. It's nice to know that people have been where I'm at & worse and recovered. Congrats at building your profile back up, I plan to do the same. Again, thank you!!

[Anonymous]

You're welcome and thank you too. It absolutely can be done. There are success stories and thank-you testimonials all over this forum from people who have put in the time and work, followed the advice here, and come out the other side better than ever. Ask questions, read everything here that you can, follow the wisdom offered, and before you know it you'll be rebuilt and rolling