Repairing credit but hit a wall. What to do next?

[jdf_13]

Hello all,

I’m new to the credit repair game however I feel I’ve made some progress already. Hoping the verterans in this group can steer me in the right direction in obtaining my goal of 700. I’ve read on other sites not to pay CO accounts and a paid CO will do nothing for your FICO score. Any insight on that?

So here is my plan of attack. Pay off my remaining CO’s and maintaining my credit utilization under 10%. I just settled 2 of my highest CO’s (which still isn’t reflecting on my CR) and plan to pay off the remaining 3 in full over the next 3 months. Just for reference all accounts are current. I have a few closed paid positive installments accounts not listed on my CR as well.

Any advise is appreciated. Just feels like I hit a wall.

Current scores:

EX – 609

TU – 610

EQ - 571

REVOVLING CREDIT

1. Cap 1 Plat – Opened 02/2014 - 300 CL - $0 Balance – Never late
2. Cap 1 QS – Opened 04/2016 -  500 CL - $0 Balance – Never late
3. Cap 1 Spark – Opened 01/2014 - 500 CL - $0 Balance – Never late
4. Living Spaces – Opened 07/2020 - $750 CL - $0 Balance – Never late

INSTALLMENT LOAN

1. One Main – 12K  Balance – Opened 06/20 – Never late

AU ACCOUNTS

1. Amex Blue –Opened 1/2018 -  6K CL - $0 Balance
2. Amex Gold – Charge card
3. Chase Slate – Opened 9/2016 - 9K LIMIT – $0 BALANCE

LATES

1. Student Loan – 3K - 120 DAY on  (09/2019 )
2. Student Loan – 2K - 120 DAY on (09/2019)
3. Student Loan – 4K - 120 DAY on (09/2019)
4. Student Loan – 5K- 120 DAY on (09/2019)
5. Student Loan – 8K - 120 DAY on (09/2019)
6. GMC Financial – 90 DAY on (02/2020) – Lease ends Aug 2020
7. CU car loan - 60 DAY on (09/2019) – Paid closed account

CHARGE OFFS

1. CU Personal Loan (01/2019) Balance $1,599 
2. CU Personal Loan (01/2019) Balance $2,572 
3. CU Personal Loan (01/2019) Balance $2,697
4. Cap 1 Venture (11/2018) - Paid for less settlement (was 5K)
5. Discover (12/2017) - Paid for less settlement (was 3K)
6. University loan  – Paid in full

COLLECTIONS

Smart, Sales and Lease - (Equifax Only) - 3K Balance - Went Bad – 07/2017 (There's a lot of errors reporting on this account, plan to dispute with EQ)

[OmarGB9]

No, paying COs is generally good, especially if they're reporting monthly and have an outstanding balance. I believe what you may have read or what those other places meant to say was paying *collections* doesn't do anything for your score and only looks good upon manual review of your CR. Paying COs stops the monthly negative updates, and stops their balance from being factored into your utilization because if they close them and zero out the limit they are considered maxed out.

Your plan sounds good. Perhaps try GW Saturation for all those lates. The 120 days are going to kill your scores all 7 years they're on there.

[FireMedic1]

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@jdf_13 wrote:

Hello all,

I’m new to the credit repair game however I feel I’ve made some progress already. Hoping the verterans in this group can steer me in the right direction in obtaining my goal of 700. I’ve read on other sites not to pay CO accounts and a paid CO will do nothing for your FICO score. Any insight on that?

So here is my plan of attack. Pay off my remaining CO’s and maintaining my credit utilization under 10%. I just settled 2 of my highest CO’s (which still isn’t reflecting on my CR) and plan to pay off the remaining 3 in full over the next 3 months. Just for reference all accounts are current. I have a few closed paid positive installments accounts not listed on my CR as well.

Any advise is appreciated. Just feels like I hit a wall.

Current scores:

EX – 609

TU – 610

EQ - 571

REVOVLING CREDIT

1. Cap 1 Plat – Opened 02/2014 - 300 CL - $0 Balance – Never late
2. Cap 1 QS – Opened 04/2016 -  500 CL - $0 Balance – Never late
3. Cap 1 Spark – Opened 01/2014 - 500 CL - $0 Balance – Never late
4. Living Spaces – Opened 07/2020 - $750 CL - $0 Balance – Never late Never have all your accounts show a $0 balance. Have one report $20 if need be. Nor have all accounts report a balance. FICO dings you for it.

INSTALLMENT LOAN

1. One Main – 12K  Balance – Opened 06/20 – Never late

AU ACCOUNTS

1. Amex Blue –Opened 1/2018 -  6K CL - $0 Balance
2. Amex Gold – Charge card
3. Chase Slate – Opened 9/2016 - 9K LIMIT – $0 BALANCE

LATES

1. Student Loan – 3K - 120 DAY on  (09/2019 )
2. Student Loan – 2K - 120 DAY on (09/2019)
3. Student Loan – 4K - 120 DAY on (09/2019)
4. Student Loan – 5K- 120 DAY on (09/2019)
5. Student Loan – 8K - 120 DAY on (09/2019)
6. GMC Financial – 90 DAY on (02/2020) – Lease ends Aug 2020
7. CU car loan - 60 DAY on (09/2019) – Paid closed account

CHARGE OFFS

1. CU Personal Loan (01/2019) Balance $1,599 
2. CU Personal Loan (01/2019) Balance $2,572 
3. CU Personal Loan (01/2019) Balance $2,697
4. Cap 1 Venture (11/2018) - Paid for less settlement (was 5K)
5. Discover (12/2017) - Paid for less settlement (was 3K)
6. University loan  – Paid in full

COLLECTIONS

Smart, Sales and Lease - (Equifax Only) - 3K Balance - Went Bad – 07/2017 (There's a lot of errors reporting on this account, plan to dispute with EQ)

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Its great your going to rid yourself of the debts. But then you can GW letter them. But getting a CO removed is next to impossible.

[jdf_13]

Great to know. Is their a score difference a settlement is reach or if paid in full?

[FireMedic1]

Nope. Either way it has to reflect a $0 balance. If there were any gains. The 120's would void that from happening.