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Rebuilding after another setback

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Contributor

Rebuilding after another setback

I am attempting to rebuild my credit yet again. Ignore the scores in my signature as I do not remember how to access it to change it (another topic altogether) as I haven't been here (forums) for about a year. After another 2 bouts of surgery and months off of work. I have destroyed my credit yet again although to be honest I never got it at an acceptable level...


My car was repoed in January. I believe it still is not sold as of today, balance is a bit over $5000 and Capital One is still requesting the same amount. I have 3 charged off accounts. 2 with Capital one approximately 1000 (but I believe they have been removed as my score jumped about 48 points in the past month) the other is Merrick Bank which I am challenging as it was a secured card where the ball was dropped by someone. I made another post about that. In short, before the account charged off I called in and asked to have the security deposit used to pay off the bill and have the remainder sent back to me but instead the card charged off for the $200 balance plus fees. Not sure where the remainding security deposit went or how to rectify this. 


My score has since plummeted to 548 still better than when I began my journey. Outside of paying this off I am not sure how to get my score higher. As of April 7th my score was 504 then I got notice a week ago that my credit score went up. I checked today it's still 548. 


I only have 3 accounts- (2 charge offs and 1 positive account- student loans) should I opened another secured account? I attempted and was approved for a $25k car loan with horrendous terms so I declined it. So there's only 1 hard hit in the last year.




Sorry I know it's a lot. Thanks in advance for your help!



2/8/16 EQ: 523 TU: 574 EX: 494 (a long way to go)
3/10/16 EQ: 559 TU: 633 EX: 544 (on my way up)

Message 1 of 3
Frequent Contributor

Re: Rebuilding after another setback

What are your end goals here? (Auto loan, mortgage, good cards, refi student loans, etc)


What are the DOFD for the charge-offs?


I think a secured card would be a good option.

Current Cards:

Goal Cards:

EX 8: Jan 2018 - 546 | EQ 8: Jan 2018 - 571 | TU 8: Jan 2018 - 566
EX 8: Feb 2019 - 579 | EQ 8: Feb 2019 - 595 | TU 8: Feb 2019 - 595
TCL: $1,500 | AAoA: 8.3 yrs | Util: 64% (high due to charge-offs - I'm working on 'em!)
Cleaning up and rebuilding after a long hiatus from credit
Message 2 of 3
New Contributor

Re: Rebuilding after another setback

At the moment it is a pressing matter to get into another vehicle as that is needed to get back and forth to work everyday. Ultimately I would like to see my credit score go up so that I could be approved for better cards and eventually a mortgage.

2/8/16 EQ: 523 TU: 574 EX: 494 (a long way to go)
3/10/16 EQ: 559 TU: 633 EX: 544 (on my way up)

Message 3 of 3