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Rebuilding History


Re: Rebuilding History

@LaHossBoss wrote:

@vlv_ wrote:

@Remedios wrote:

@vlv_ wrote:

Greetings all,

I am in need of advice on what to do next regarding rebuilding my credit. So the following goes like this. 
I have 4 open accounts

- Charge card (Amex)

- 3 student loans

I have 4 closed accounts

- 3 credit cards (charge offs) (2 closed back on 2017 & 1 on 2016)

- 1 auto loan (charge off last reported in 2019)

I have 1 collections

- Paid off


30 late payments all from the school loan. Also, some of it is NOT accurate.


What would be my next move? Any input would be HIGHLY appericated. Thank you.

Hi and welcome to the forums


Unfortunately, the answer is, start paying COs. 

COs count towards your utilization,  but you dont have any revolving credit accounts (charge cards are not included in utilization calculations). 

That is your first score killer.

Second one is, any CO that's reporting is keeping your scores suppressed even more. 

Third, some of your COs are recent, so if you are still within SOL, there is always potential for lawsuit. That car loan is definitely within SOL.

You should start making calls and see if your former creditors will accept settlement. It's better if you start paying voluntarily than via bank account liens and wage garnishment.


Once you start making some progress, you should attempt to get a couple of secured cards and let them age. 

I wouldn't start right now, because paying off COs and loan really takes precedence given the recency of those derogs. 

Which cards got charged off and what are the amounts? 


So I got to pay off all my COs but they are still showing utilization on them. Any reason why? Also, I disputed them because of that reason as well as my student loans for inaccurate payment history. Its been well over 30 days at this point. During this time I got approved for a Captial One credit card (which isnt showing on my report). How long does that take? Anything I can do at this point?

Especially now, it seems that CRAs have been taking awhile processing requests. The creditor themselves take 30-60 days and then sometimes it takes longer for the CRAs to update. It took 6 weeks for me to get an update. If the CRAs haven't received the info yet, it will just come back verified in a dispute. I would reach out to the creditors first to see if/when they submitted the updated info.


Disputing SL lates are the worst. They usually start at 90d reporting lates and when disputed they sometimes will add additional lates on (the 30d and 60d lates). Be careful with that. I would reach out to the SLs directly, first with any proof of incorrect payment history so they know what needs to be corrected, if innacurate.


Good luck!


Oh and with Cap One, it took until the second statement cut to start reporting for me, but only the first statement cut for my SO. They can be a bit all over the place, so don't expect it to be immediate. Some creditors report a new account the day it opens, but not with Cap One from any of the DPs I have read or from personal experience.


I know it is hard to be patient, but you have come this far! Just hang in there, it does take a bit of time for things to start moving on your CRs!

I appericate the reply thank you. I will start making calls/follow ups and see whats going on. I am about 45 days in since I have disputed with SL and for the COs. So lets see. Truly appericate it thank you.

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