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Rebuilding from scratch - Need Help


Re: Rebuilding from scratch - Need Help

@lakeshoredr19 wrote:

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? Yes


Are there any cards you recommend? You can get in with OpenSky secured without a credit check and for 3rd I typically recommend a local CU that has building credit in their line up or even a national CU like DCU, NFCU if you can get it here. You can also check Discover prequal.


I've read a lot here about the amazon secured card? Not really familiar with this one


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? You have major derogs in other accounts that will keep your Fico muted the entire time they are on file so its real hard to say what kind of bumps you will see with the collections coming off but i would expect some point gains.


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!




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Re: Rebuilding from scratch - Need Help

I've applied for the Amazon card (since we buy a lot from there) and got the $500 secured card.  I also did the dcu credit builder loan but still waiting to hear back on that one.


The next step is to remove the 4 collections...but you're right gdale, the student loan derogs are still going to hurt me.  I'm willing to do whatever it takes to help with those however.

Would you recommend too trying to consolidate the student loans?  Any other options to lessen their impact on my score?  Or is this question best posted in the student loan forum?  


I really appreciate your help on this...I'm not sure what I'd do without it.



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