Rebuilding Credit and Late Payment removal

Anonymous · ‎01-13-2020

I am trying to rebuild (or build) my credit score. I am 21 and as of right now I have one car loan through BMW financial ($18,198) (cosigned) and a Credit One Platinum credit card. I had two cap one cards that got closed due to a returned payment as I had forgotten to change the autopay information after closing a bank account. I had a 30 day late from Credit One, I emailed the presidential office 2 days ago and within 24 hours (yes, 24 hours), my late payment was deleted and my credit scored jumped 20 points. I have no dergatories but my credit score is still 523 through Equifax and I do not what I could possibly apply for that will approve me and help me get my credit score up. The car payment does nothing in terms of raising my score so I have one credit card that has $500 limit (Paid off) that will not budge. My oldest credit line was the cap one but now it is the Credit one which is about a year.

silver_idle · ‎01-13-2020

@Anonymous wrote:
I am trying to rebuild (or build) my credit score. I am 21 and as of right now I have one car loan through BMW financial ($18,198) (cosigned) and a Credit One Platinum credit card. I had two cap one cards that got closed due to a returned payment as I had forgotten to change the autopay information after closing a bank account. I had a 30 day late from Credit One, I emailed the presidential office 2 days ago and within 24 hours (yes, 24 hours), my late payment was deleted and my credit scored jumped 20 points. I have no dergatories but my credit score is still 523 through Equifax and I do not what I could possibly apply for that will approve me and help me get my credit score up. The car payment does nothing in terms of raising my score so I have one credit card that has $500 limit (Paid off) that will not budge. My oldest credit line was the cap one but now it is the Credit one which is about a year.

Are the other two capital ones paid off? If so and it been a couple of months since then, you could see if they will allow you back in the door by checking to see if you can be approved for QS1 or Platium. Whats your report like currently (eg whats holding your score down like derogs, CO, CA, etc?) and is that your fico score of fako score? What about TU and EX?

Anonymous · ‎01-14-2020

Capital One are paid off. It has been about a month and a half. I have no other remarks, no derogs, no CO, CA & no lates as of a few days ago. TU is 532 and Equifax is 523. I think it's the lack of history but I do not how to build history if I can't be approved for any cards. QS1 and the platinum cards I had with Cap1.

silver_idle · ‎01-14-2020

@Anonymous wrote:
Capital One are paid off. It has been about a month and a half. I have no other remarks, no derogs, no CO, CA & no lates as of a few days ago. TU is 532 and Equifax is 523. I think it's the lack of history but I do not how to build history if I can't be approved for any cards. QS1 and the platinum cards I had with Cap1.

It takes time. As the derog remarks age your score will improve. Also, is that FICO or Vantage (aka FAKO)? If the latter (which likely is if youre using credit karma, or the like), you may want to find out your fico score either through myfico, experian (its $1 for 7 day trial for all three so make sure to cancel if you dont plan on keeping the service), or use something like discover scoreboard (fico but its experian only, if youre a discover cardholder, you will get TU). You can try secured cards if you cant get another cap1 card at this time. Might want to try Discover, Citi, etc., for secured cards since they will graduate. You could also try cap1 secured cards but those cards dont graduate at this time.