Rebuild Help

[Anonymous]

I started my credit education October of last year after doing some research & found myfico forums early december. I started with 8 collections, 1 paid off student loan & nothing positive reporting. FICO Scores were (EX)442 (EQ)470 (TU)462

I've been able to PFD or remove 4 collections so far.
The 4 remaining:

EOS CCA $2,845
Enhanced Recovery Company $1065
IQ Data International $421
BYL Collections $131

Plan is to try to PFD smaller ones or just pay them this month. Enhanced Recovery falls off jan of 2019. Set up payments for the $2845

Self Lender secured loan opened in october. Was approved for Cap One Platinum in December for $300 but hasn't reported yet.

Trying to figure out what my next steps should be from here

Current FICO scores as of 1/11/18
(EX Vantage 3.0)551 (EQ)574 (TU)562

[Anonymous]

Congrats on your first steps!

Some of those CAs might be for utility bills, so I would call the OC and ask them to clawback/recall the collection so you can pay them directly.  Then dispute the incorrect collection tradelines and they'll go away.  I would never pay a collection agency if they didn't promise to delete as paid collections have no positive effect on FICO8.  Always contact the OC if a CA refuses to PFD and see if the OC can recall the debt.

As for what to do next...

abcd what to do next 01-09-18 second.png

Right click the image above, open in new tab, print the image out.  The CIRCLE on paper the most derogatory thing you have on each category and just do whatever is the next rectangle to the right.  Easy peasy!

[Anonymous]

Thank you. I've been kidding of getting overwhelmed by the wealth if information & kind of stuck on what to do next. Should I wait until I've removed all the derogatory marks before applying for another card?

[Anonymous]

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@Anonymous wrote:
Thank you. I've been kidding of getting overwhelmed by the wealth if information & kind of stuck on what to do next. Should I wait until I've removed all the derogatory marks before applying for another card?

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Nope!  For rebuilders, I would suggest the following:

1. Capital One Platinum Secured
2. Discover IT Chrome Secured (my favorite)
3. Credit Union secured (not sure if SDFCU still offers one but that was great)
4. Your bank's secured (BoA, US Bank or Citi if you bank at any of these)

Get a total of 3 cards now, and after you clean up your reports get 2 more unsecured prime cards from banks.  Then age everything 1-2 years and you'll be in the 700s if not higher.

[Anonymous]

*Update*

Was able to remove the $2845 collection from all 3 reports through dispute. Still waiting for Cap One to report

[Anonymous]

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@Anonymous wrote:
*Update*

Was able to remove the $2845 collection from all 3 reports by getting Verizon to take back the collection. Had to PIF tho. Still waiting for Cap One to report

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Congratulations, RJ!!  You're on the high road now!

Best of luck to you!

[Anonymous]

Thank You. The rebuild hasn't been nearly as stressful as I thought it would be😅

Thanks to people on these forums being so informative

[Anonymous]

I agree.

I've been here only a few months myself.  I've made a lot of progress.  I'll be closing on my home in March, so my hands are tied as far as adding new tradelines.  I'll get to that come March.

The MyFico Forums have been a Godsend!

Good luck to you!

[Anonymous]

How were you able to get Verizon to take back the collection? 

[Anonymous]

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@Anonymouswrote:

How were you able to get Verizon to take back the collection? 

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What I would do is contact Verizon.  Tell them you will pay in full if they will recall it from the collection agency and remove it from all 3 bureaus.  Get this in writing before you pay if possible!

That's it!!