@Anonymous wrote:Hello everyone,
I am in the process of rebuilding my credit profile and want some suggestions or advice on how to continue cleaning up my credit reports and improve my overall Fico scores. However, what specific information from my credit reports would I need to share to receive guidance moving forward with my rebuilding process?
I really appreciate any help you can provide.
August
The more detailed and specific you are from when you're credit started to go south originally to where you are now in the journey the better. Outstanding debts, active accounts, late pays, charge offs, the companies you have the negatives with. All these things can help someone step back and take a look at the full picture and offer guidance.
I was hesitant to share specifics during my start of rebuilding and it slowed down the help. I got detailed and things changed swiftly for me.
Right off the bat. Get all the CO's paid so they quit updating and can age a slow death. I appears you may have gone app crazy with all the store cards. Number 11-15 are where you can gain the most. Some will graduate. Main question. What was the timeframe from begining to end did you obtain this many cards. This will paint a better picture and what to do next. But the CO's is priority 1 right now.
@Anonymous
I was thinking the same thing (mostly). A charge-off is the second worst thing that you can have on your credit report (in my opinion - a bankruptcy would be the worst) and getting them gone is a priority. Unfortunately, the idea of a 'Goodwill Letter' for a Charge-Off is likely a waste of time (as a starting point....or, maybe better said, the expectation for a postivie outcome - the CO being removed by the lendor - needs to be VERY LOW).
As FireMedic1 suggested, getting the COs paid off is important. That outstanding balance counts against your credit utilitzation. And, credit utilization is 30% of your credit score. So, once you get those baddies showing a balance of $0 then your credit utilization landscape will look a whole lot better.
Additionally, while there is a balance the lendor can - and bet your backside does - continue to update this account. That changes the "Date Reported" data and this suppresses your score. In that it looks like a 'fresh' baddie. You want that bad boy to age so that this looks like an older situation.
I would also consider all of the Credit Cards you have. Not judging, because we all do this (some more so than others.....some far less than others.....I am in the "more than others" camp if I am being honest) - but is there a need for all of these credit cards?
I would also look at Capital One (not the QuickSilver) and the Discover Secured and see if there is an opportunity for a Goodwill Letter to get the Charge Off removed from your credit reports (now that each is paid off). Again, not a likely "win", but if you do not try.....
I would also look at the Capital One QuickSilver - the one with the four lates.
Those folks in here who have more experience than I will be able to provide better information on this topic, but I am pretty sure that a 90-day late hurts substantially more than a 30-day late (to be clear, all "lates" hurt....just a matter of how much and for how long) so getting those two 90-day lates removed *could* help immensely. Again, focus is on the Charge Offs, but this could be a nice parallel or secondary path to take.
What I am trying to suggest with the above regarding the 'pain' from a Late mark is that there is a point where said pain becomes a lot more. What I do not remember at this point is if that "pain went up exponentially" hits at the 60-day point or at the 90-day point.
Obviously, getting the two 90-day lates is gonna help big time. But I am struggling to determine if having the 60-day late provides the same amount of pain as a 90-day. Not sure that I am wording this correctly (I am really tired and exhausted.....). So, if you get the 90-days removed does anything really change assuming that you still have the 60-days? Well, other than having two 'late payments' removed. That will help payment history....no doubt about that!
What is the time frame - as asked already - for all of these credit card approvals? You could - dependent on that answer - be seeing lots of "inquiry points removed" for all of the cards that you have (obviously, you have to apply for them....and I do not see any card that you have that I know does not do a hard pull when you apply for it). Sure, those points do eventually come back....and the hit is going to be based on your credit file....
Anyway, I hope that this helps.
Starting Score: Exp 627Cool. Now that you posted dates. Got to let those 10 accounts this year cool down. Yes wait till 2022 in a year. As we say here its a marathon not a race. Sit back and enjoy what you got and take care of the rest. Good Luck!
@Anonymous wrote:
Thank you for your advice and suggestions on how to move forward with my rebuild process. I will continue focusing on CO accounts, and once the two Pen Fed accounts are under $200, I will make one large payment to satisfy those balances. I decided to go ahead and PIF the MoneyLion account about an hour ago. So hopefully, I gain a few points for an $0 balance on that particular account once the account updates.
Thanks again!
👍