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Rebuilding from scratch - Need Help

lakeshoredr19
Established Member

Rebuilding from scratch - Need Help

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

Message 1 of 12
11 REPLIES 11
KJinNC
Valued Contributor

Re: Rebuilding from scratch - Need Help

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).


FICO Resilience Index: 66. Cards: 14/24, 0/12, 0/6. Accounts including loans: 17/24, 1/12, 0/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $104,100, not counting the AU card. The AU card brings the total to $129,100. In March 2019, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, member since 1987, direct deposit; PenFed, member since 2019; Navy Federal, member since 2020; USAA, member since 2020; Chase Bank, member since 2020.

Closed but still on reports: American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 2 of 12
lakeshoredr19
Established Member

Re: Rebuilding from scratch - Need Help

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. 

 

Message 3 of 12
lakeshoredr19
Established Member

Re: Rebuilding from scratch - Need Help

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



Message 4 of 12
lakeshoredr19
Established Member

Re: Rebuilding from scratch - Need Help

Here are the collections:  No public records, 16 inquiries

 

Jefferson Capital Sy (this one is now PIF, waiting (hoping) for a deletion)
Original Lender
Jefferson Capital Sy
12 Verizon Wireless
Date Assigned
12/03/2018
Original Balance
$738
Current Balance
$738
Collection account
 
Lvnv Funding Llc (do I even bother paying this one?  Will it even help?)
Original Lender
12 Capital One N A
Date Assigned
12/21/2017
Original Balance
$368
Current Balance
$368
StatusCollection account
 
Medical Collection (I'd be more than happy to pay this or any of them off in full if it helped my score)
Agency Name
Alliance Collection Ag
Date Assigned
08/02/2017
Original Balance
$248
Current Balance
$248
Responsibility
Individual
Status
Unpaid
Collection account
 
Health Care Clinic (is this one too old to hurt my score?  Would paying it off give me an increase?)
Agency Name – Certfd Rcvry
Date Assigned – 11/05/2013
Original Balance – $706 
Current Balance – $902
Status – Collection account
 
 
Message 5 of 12
ScooterMcDoodlebutt
Established Contributor

Re: Rebuilding from scratch - Need Help

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.







Message 6 of 12
lakeshoredr19
Established Member

Re: Rebuilding from scratch - Need Help

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

 

 

Message 7 of 12
gdale6
Moderator

Re: Rebuilding from scratch - Need Help


@lakeshoredr19 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.

Message 8 of 12
lakeshoredr19
Established Member

Re: Rebuilding from scratch - Need Help



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

Message 9 of 12
KJinNC
Valued Contributor

Re: Rebuilding from scratch - Need Help

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.


FICO Resilience Index: 66. Cards: 14/24, 0/12, 0/6. Accounts including loans: 17/24, 1/12, 0/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $104,100, not counting the AU card. The AU card brings the total to $129,100. In March 2019, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, member since 1987, direct deposit; PenFed, member since 2019; Navy Federal, member since 2020; USAA, member since 2020; Chase Bank, member since 2020.

Closed but still on reports: American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 10 of 12
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