Seeking advice to boost score in next 10 months (Score & info inside)

[Anonymous]

Hello all,

Been a lurker on here for a while. In my youth I was incredibly irresponsible with my credit cards and thankfully never really got into huge debt but about a year ago my FICO8 scores were hovering around 480. I ended up getting a secured Cap1 and i am also an Auth. User for my Dad's QS1, and Playstation Cap1 cards which helped and my scores are currently sitting at:

EXP: 594

Trans: 551

EQ: 597

I was recently approved for a QS1 myself with $300 limit (yet to arrive in mail) and about two days ago I pulled a SCT for victoria secrets and was approved for $350. I have been trying to do one more SCT but no luck. I hope this will help boost me up a bit but I do have some baddies on my credit report that I would love some advice on. 

Collections: 2

1. Midland Funding (Credit One Bank) - $740 - 2 yrs old

2. IC Systems (AT&T) - $60 - 3 yrs old

Closed Accounts:

1. Bank of America - $854 - "Charged off as bad debt" - 6 yrs old

2. First Premier Bank - $456 - "Charged off as bad debt" - 3 yrs old

3. Credit One - $0 - This account is still showing up in my closed accounts and I am guessing it is counting against me even though it is the same acount that Midland funding now owns and is listed under collections. I have tried to contact Credit One about this and their customer service has not been great to say the least. I could be wrong but I feel like it should be one or the other, but it's hurting me twice.

Accounts in Good Standing:

1. Capital One Quicksilver 1 - $1,500 limit - Balance is $600 - 2 years and 9 mos old (Had 3 late payments in 2017, 30 day, 60 day, and 120 day)

2. Capital One Platinum - $500 - Balance is $0 - No Late Payments

3. Capital one Playstation - $1,250 - Balance is $0 - No late payments

How quickly would I be able to get my score up to like 680-700? I do have the funds now to pay off some of those collections but not sure if its worth it unless I can get a PFD. I am trying to get an auto loan some time in the next 10-12 months and would want the best rate possible. Also eventually looking to get an AMEX card :-)

Keep in mind My new QS1 with $300, and VS with $350 has not posted yet as I have not yet received the cards in mail.

Any advice would be much appreciated. Thank you guys in advance.

[Medic981]

Welcome to the myFICO forums!

[Anonymous]

Thank you! :-)

[Effielin]

Regarding your Midland collection account, if you pay it off, Midland will delete their collection on your credit reports. However, the Credit One will stay, however, you can then send GW letters to Credit One and try to get them to delete also.  When an account goes to collections, its normal for there to be two entries, one collection and one from original creditor.

[Anonymous]

Welcome ☺
Those 60 and 120 days late on the quicksilver are killing your score. Is that the AU card? If so I would get myself removed and fast.

Definitely seek out pay for delete on the collections and charge offs. And any that won't delete, still pay them and try a goodwill writing campaign. You can search this forum for the saturation technique.

Should be able to clean up your reports in the 10 months you mentioned, but it's going to take persistence.

[Anonymous]

Thanks for all the advice everyone. 

Do you think its possible to call capital one and ask them to remove those late payments? I suppose I could just take myself off as an authorized user but wouldnt it affect my aaoa?

[Anonymous]

120 day late is holding your score back waaaay more than average age of accounts. It's as bad as the collections. That is the potential downside to AU accounts, no control over how the account is being used.
You list it under accounts in good standing, however it is NOT in good standing.

I would just remove myself, but that's just my thoughts.

[FireMedic1]

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@Anonymous wrote:

Hello all,

Been a lurker on here for a while. In my youth I was incredibly irresponsible with my credit cards and thankfully never really got into huge debt but about a year ago my FICO8 scores were hovering around 480. I ended up getting a secured Cap1 and i am also an Auth. User for my Dad's QS1, and Playstation Cap1 cards which helped and my scores are currently sitting at:

EXP: 594

Trans: 551

EQ: 597

I was recently approved for a QS1 myself with $300 limit (yet to arrive in mail) and about two days ago I pulled a SCT for victoria secrets and was approved for $350. I have been trying to do one more SCT but no luck. I hope this will help boost me up a bit but I do have some baddies on my credit report that I would love some advice on. 

Collections: 2

1. Midland Funding (Credit One Bank) - $740 - 2 yrs old

2. IC Systems (AT&T) - $60 - 3 yrs old

Paid CA's look better than owed. Pay them off. Ask for PFD.

Closed Accounts:

1. Bank of America - $854 - "Charged off as bad debt" - 6 yrs old

2. First Premier Bank - $456 - "Charged off as bad debt" - 3 yrs old

3. Credit One - $0 - This account is still showing up in my closed accounts and I am guessing it is counting against me even though it is the same acount that Midland funding now owns and is listed under collections. I have tried to contact Credit One about this and their customer service has not been great to say the least. I could be wrong but I feel like it should be one or the other, but it's hurting me twice.

These will have to age off your report at 7 yrs. You may get a 1099 from the creditor that you will have to pay taxes on as income when you file.

Accounts in Good Standing:

1. Capital One Quicksilver 1 - $1,500 limit - Balance is $600 - 2 years and 9 mos old (Had 3 late payments in 2017, 30 day, 60 day, and 120 day)

2. Capital One Platinum - $500 - Balance is $0 - No Late Payments

3. Capital one Playstation - $1,250 - Balance is $0 - No late payments

 Jump ship its on fire! Get off Dads card as AU!!!

How quickly would I be able to get my score up to like 680-700? I do have the funds now to pay off some of those collections but not sure if its worth it unless I can get a PFD. I am trying to get an auto loan some time in the next 10-12 months and would want the best rate possible. Also eventually looking to get an AMEX card :-)

Right now honestly I would stop trying to get new credit and spend time fixing the old credit as best you can. Stop applying for new credit (SCT's) or anything. Maybe in a year possibly. Once the 2 accounts post your going to lose some points. You will have enough cards for max FICO scoring card wise. Time will heal. 700 maybe after getting off as AU and a year of more history. JMO others will chime in. GL

Keep in mind My new QS1 with $300, and VS with $350 has not posted yet as I have not yet received the cards in mail.

Any advice would be much appreciated. Thank you guys in advance.

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[Anonymous]

@FireMedic1

Thank you for the very thorough advice! :0)

Yeah Im really thinking about just taking myself off as AU then.

It hurts to lose the card with biggest CL but oh well, it will be for the best in the long run.

[Anonymous]

"It hurts to lose the card with biggest CL but oh well, it will be for the best in the long run."

It's not just better in the long run, it's better in the short term as well. Having a serious derog like a 120 day late, could keep you from getting credit limit increases on your other cards.