No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hey guys! Long time reader, and I've always loved the advice I've read on here...the community is so awesome and helpful.
I've finally decided to start my rebuilding journey...and even though I've been following these forums for a long time I'm still not sure what to do. I'm hoping to buy my first home next year. My income is now up to around 200K, so money isn't a problem..just how to proceed and which dings to take care of?
I have student loans that went very late a few years ago...(around 2.5-3 years ago)when I started my own business and needed every dollar to survive. Since, the business has been successful and I've paid off about 30 thousand of student loans.
I'm not sure what to do next. Last month I had a Jefferson Cap Collection ding me from a Verizon account from 3 years ago. I paid that off in full and am waiting for the delete. Is there any idea how much of a bump the delete could/should give?
My F8 scores are:
EQ: 574
Trans: 502
EX: 546
I'm also not sure what kind of info I should post on here to get some help...I feel like this should be easier but with all the student loan baddies I'm confused. Any help I can get will be HUGE.
Thank you SO MUCH to anyone who helps me! Please let me know what kind of information I can post here to help get started?
Sarah
When you say you paid it off and are waiting for the delete: did they agree to delete it, or do you mean, you are waiting for it to be shown as paid?
You will probably get better suggestions if you list what accounts you have on your reports now, including age, status, credit limit and balance if applicable, as well as other factors that might affect credit or approvals, such as debt, and if you've had a bankruptcy and if so, what its status is.
If the account you mentioned is the only account you have, I would suggest opening some secured cards and a Self Lender loan.
You've come to the right place! Good luck with the journey (which I just started a few months ago as well).
Thanks KJ! I'm so excited! I just read a lot about Jefferson Cap and I guess they're known for deleting the tradeline within 30-45 days with a PIF.
Here are the accounts. Any help is huge, i'm so confused on what to do next!
- Sarah
Citicards Cbna
| EQUIFAX |
Last Updated | 05/2019 |
Payment Status | Pays account as agreed |
Worst Delinquency | None Reported |
Balance | $44 |
Credit Limit | $500 |
Credit Utilization | 9% |
Ascendium Education
| EQUIFAX |
Last Updated | 05/2019 |
Payment Status | Collection account |
Worst Delinquency | 90 days past due |
Balance | $3,008 |
Ascendium Education
| EQUIFAX |
Last Updated | 05/2019 |
Payment Status | Collection account |
Worst Delinquency | 90 days past due |
Balance | $3,150 |
Fed Loan Servicing CLOSED
| EQUIFAX |
Last Updated | 04/2011 |
Payment Status | Pays account as agreed |
Worst Delinquency | None Reported |
Balance | $0 |
Credit Limit | – |
-- This one repeats 2 more times in my 3B Report? Same dates, amounts?
Us Department Of Edu
| EQUIFAX |
Last Updated | 05/2019 |
Payment Status | Collection account |
Worst Delinquency | 90 days past due |
Balance | $3,434 |
Us Department Of Edu
| EQUIFAX |
Last Updated | 05/2019 |
Payment Status | Collection account |
Worst Delinquency | 90 days past due |
Balance | $2,712 |
Us Dept Of Education/Gle CLOSED
| EQUIFAX | TRANSUNION | EXPERIAN |
Last Updated | – | 08/2016 | 08/2016 |
Payment Status | – | 120 days past due | Account transferred to another office |
Worst Delinquency | – | 120 days past due | 180 days delinquent |
Balance | – | $0 | – |
Credit Limit | – |
Dept Of Ed/Nelnet CLOSED
| EQUIFAX |
Last Updated | 10/2010 |
Payment Status | Pays account as agreed |
Worst Delinquency | None Reported |
Balance | $0 |
Credit Limit | – |
Us Department Of Edu
| EQUIFAX |
Last Updated | 05/2019 |
Payment Status | Collection account |
Worst Delinquency | 90 days past due |
Balance | $1,416 |
Us Department Of Edu
| EQUIFAX |
Last Updated | 05/2019 |
Payment Status | Collection account |
Worst Delinquency | 90 days past due |
Balance | $3,473 |
Us Department Of Edu
| EQUIFAX |
Last Updated | 05/2019 |
Payment Status | Collection account |
Worst Delinquency | 90 days past due |
Balance | $4,987 |
Us Department Of Edu
| EQUIFAX |
Last Updated | 05/2019 |
Payment Status | Collection account |
Worst Delinquency | 90 days past due |
Balance | $4,182 |
Us Department Of Edu
| EQUIFAX |
Last Updated | 05/2019 |
Payment Status | Collection account |
Worst Delinquency | 90 days past due |
Balance | $2,219 |
Us Dept Of Education/Gle CLOSED
| EQUIFAX | TRANSUNION | EXPERIAN |
Last Updated | – | 08/2016 | 08/2016 |
Payment Status | – | 120 days past due | Account transferred to another office |
Worst Delinquency | – | 120 days past due | 180 days delinquent |
Balance | – | $0 | – |
Credit Limit | – | – |
Firstmark CLOSED
| EQUIFAX | TRANSUNION | EXPERIAN |
Last Updated | 03/2017 | 02/2017 | – |
Payment Status | Pays account as agreed | Paid or paying as agreed | – |
Worst Delinquency | 90 days past due | 90 days past due | – |
Balance | $0 | $0 |
Comenitybank/Anntylr CLOSED
| EQUIFAX | TRANSUNION | EXPERIAN |
Last Updated | 12/2013 | 08/2013 | 08/2013 |
Payment Status | Pays account as agreed | Paid or paying as agreed | This is an account in good standing |
Worst Delinquency | None Reported | None Reported | No update received |
Balance | $0 | $0 | $0 |
Credit Limit | $250 | $250 | $250 |
Nelnet Loan Services CLOSED
| EQUIFAX |
Last Updated | 08/2016 |
Payment Status | At least 120 days or more than four payments past due |
Worst Delinquency | 120+ days past due |
Balance | $0 |
Nelnet/Glelsi CLOSED
| EQUIFAX |
Last Updated | 10/2015 |
Payment Status | Pays account as agreed |
Worst Delinquency | 120+ days past due |
Balance | $0 |
Nelnet/Glelsi CLOSED
| EQUIFAX |
Last Updated | 02/2014 |
Payment Status | Pays account as agreed |
Worst Delinquency | 120+ days past due |
Balance | $0 |
Suntrust Bank/Glelsi CLOSED
| EQUIFAX |
Last Updated | 12/2012 |
Payment Status | Pays account as agreed |
Worst Delinquency | None Reported |
Balance | $0 |
Citibank,N.A./Glelsi CLOSED
| EQUIFAX |
Last Updated | 09/2011 |
Payment Status | Pays account as agreed |
Worst Delinquency | None Reported |
Balance | $0 |
Kohls/Capital One CLOSED
| EQUIFAX | TRANSUNION | EXPERIAN |
Last Updated | 11/2011 | – | 11/2011 |
Payment Status | Pays account as agreed | – | Account paid satisfactorily |
Worst Delinquency | None Reported | – | No update received |
Balance | $0 | – | – |
Credit Limit | $700 | – | $700 |
Comenity Bank/Mauric CLOSED
| EQUIFAX |
Last Updated | 08/2013 |
Payment Status | Pays account as agreed |
Worst Delinquency | None Reported |
Balance | $0 |
Credit Limit | $200 |
Sallie Mae CLOSED
| EQUIFAX | TRANSUNION | EXPERIAN |
Last Updated | – | 09/2014 | 09/2014 |
Payment Status | – | Paid or paying as agreed | Account delinquent 180 days past due date |
Worst Delinquency | – | 120 days past due | 180 days delinquent |
Balance | – | $0 | – |
Here are the collections: No public records, 16 inquiries
I would see about consolidating all your student loans into one. When you do that, all your other accounts close with a zero balance & begin to age off or sometimes not even report anymore. Plus, you have a new loan with no baddies on it.
Thanks Scooter! Do you think that would be an issue even with my low score (consolidation)?
I've read a lot about the 3 card strategy. I have the one secured card right now (citi), would getting two more help increase my score? If someone were in my shoes what would they do?
Do the medical collections look to be too old to be hurting my score? Or would you pay them off and try to get a delete at their age?
Sarah
@Anonymous wrote:Thanks Scooter! Do you think that would be an issue even with my low score (consolidation)?
I've read a lot about the 3 card strategy. I have the one secured card right now (citi), would getting two more help increase my score? If someone were in my shoes what would they do?
Do the medical collections look to be too old to be hurting my score? Or would you pay them off and try to get a delete at their age?
Sarah
The first 3 revolvers that are open on a credit file do result in a Fico 8 increase, these are the minimums you want open. As far as the collections anything updating monthly is keeping your Fico depressed so you want to settle those preferrably with the PFD. Medicals have some extra things that can be done
Medical collections are some of the easiest to get removed from your CRs, here are the steps that you should follow to address them:
1. Call the OC and see if insurance can be billed, (or-rebilled), collections ultimately paid by insurance get removed per new rules that came from CRAs settlement with 22 state AGs. If not then
2. see if you qualify for Charity Care, if not then
3. ask that they recall the collection in exchange for full payment
4. Send the reporting CA a PFD offer
5. Google the HIPAA Process and contact its creator for help, this process cannot be discussed in any forum of myFico.
The first 3 revolvers that are open on a credit file do result in a Fico 8 increase, these are the minimums you want open. As far as the collections anything updating monthly is keeping your Fico depressed so you want to settle those preferrably with the PFD. Medicals have some extra things that can be done - Thank you so much for answering gdale! So right now I have the secured citi...adding two more revolving accounts would help raise the score? Are there any cards you recommend? I've read a lot here about the amazon secured card?
Also, do you think removing the last three collections I have will have a big impact even with my multiple student loan accounts? Or just a modest jump like 10-20 pts?
Medical collections are some of the easiest to get removed from your CRs, here are the steps that you should follow to address them:
1. Call the OC and see if insurance can be billed, (or-rebilled), collections ultimately paid by insurance get removed per new rules that came from CRAs settlement with 22 state AGs. If not then
2. see if you qualify for Charity Care, if not then
3. ask that they recall the collection in exchange for full payment
4. Send the reporting CA a PFD offer
5. Google the HIPAA Process and contact its creator for help, this process cannot be discussed in any forum of myFico.
Awesome! So glad to have hope on these. I'll let you know how it goes!
Sarah
My favorite secured cards are Discover (you may not qualify right now - try prequalification); Citi (you have); Amazon Store Card (since I shop a lot at Amazon anyway and it gives 5% back). All three of those can graduate to unsecured. For what it's worth, I got an unsecured Amazon Store Card with a $1500 limit yesterday based on my very thin TransUnion report with nothing older than April and 6 hard inquiries since March. Sub-600 FAKO, don't even have FICO for it. But I'd have taken the secured version happily if that's what they gave me. It's all the same in the long run. Beyond those, personally, I would get the TD Bank secured card, but that's available only to people who can visit a TD Bank branch and open a $500 savings account as collatoral. The TD Bank secured card is a 3/2/1 rewards card that can graduate after 7 statements. Beyond that, probably Capital One. Beyond that, I don't know, maybe Open Sky.