Seems like my credit will never get better

[Dluvmj23]

I'm new to this forum and I'm just hoping anyone can give me any pointers about credit. My current scores are super low. 570 Eq 606 Ex 607 Tr. I have 9 lates, 5 CO, and 2 collections that seems to have ruined me for the next 7 years. I finally have the money to pay everything, but im not sure it will boost my scores. They are about 3 yrs old. I have 2 secured cards and one reg credit one bank card. I max all of them out and pay in full each mo before statement date.(0 Utlz) Is there any other way to get my credit scores up from being soo bad?

[babygirl1256]

Greetings Dluvmj23 . . . Welcome to the forum . . . maybe you should post this under Bouncing Back from Credit Problems - Rebuilding Your Credit for some of our experts to see and perhaps provide guidance. In January 2019 my score was 592 and within 5 months my score had increased over 30 points . . . I then decided to do something about my credit and started my credit rebuild in June 2019. Many of us have been where you are so it's ok -but- it will take some time. Our experts may ask the following:

• Who are the creditors with the 9 lates?
• Who are the creditors with the 5 COs?
• Who are the creditors with the 2 collections? They may be creditors that will provide a PFD (Pay For Delete).

It may seem that you have ruined your credit for the next 7 years -but- nothing beats a failure but a try -and- you can do it -because- I did it!!! Before you pay anything, please wait on the response(s) from some of our experts. Wishing you success in your credit rebuild efforts!!! 

[Anonymous]

Hi @Dluvmj23 and welcome to the forum. Hopefully a moderator will see and move your post to the rebuilding credit section. I also suggest you go there to start your search. I believe there's a thread on what to pay first during rebuild. 

It'll be helpful for you to list out your delinquencies including the companies they're with; the # of days late and the date they're to fall off. That will help the experts diagnose your situation.

Likely you will want to try two techniques:

1. Pay for deletion (pfd) to get rid of as many if not all of your charge offs and & collections.

2. Goodwill letter campaign to see if your lates will stop being reported.

I'm glad you found the forum. We all have our own stories and come from diverse backgrounds...still we find common ground in our desire to improve credit and support one another. 

Lastly, the best thing about low scores is that you can see really huge score increases once you get rid of the baddies. Once you've done that the next big thing is to add the right mix of positive items and then let it age like fine wine! 

[Anonymous]

@babygirl1256 we must've been typing at the same time! Yes, great job on the score increases! Sorry if I repeated some of your same suggestions. 

[babygirl1256]

Thanks kkboom for providing the details of what the OP needed to provide . . . I'm not a credit expert -but- I am doing the "Happy Dance" related to my credit rebuild!!!

[Anonymous]

Hi OP, you're definitely in the right place to rebuild your credit. Bar none, this forum is the best place on the internet to learn the ins and outs of a rebuild.

As mentioned above, please list out all of your accounts, whether good or bad, with limits, balance, status, and current debt owner. For collections, include the collections agency. This will help us help you attack them strategically. If you have a lump sum sitting that you can apply toward debts, knowing that amount will allow us to see where to put it for a possible quick boost.

Regarding your use and pay on your existing accounts, do you let the statements cut and then pay them off or do you pay them off before, so that the statement cuts with a zero balance and no payment is due? If you want to optimize your usage of current accounts, consider paying off all cards before the statement cuts, except for one - on that one you would pay it down to $10 or so, allow that to report, then pay it off when the statement cuts. This is called AZEO, All Zero Except One, and can add as much as 15-20 points to your scores.

If you can fill in these details, we can get started turning you around. Don't worry about credit-shaming or anything like that. It's forbidden and strictly enforced, and honestly the membership here doesn't do it as most of us have been in your current shoes. We get it, life doesn't always happen in the best ways. The point of this site is to look forward and build up. Three years ago, I had $800 in total credit, a pile of collections and chargeoffs, and scores in the 500s. Thanks to this community, I'm now sitting as shown below in my signature. Many have recovered from far worse, to higher scores than I have. We can help get you there too. 

Welcome to MyFICO

[Anonymous]

hi @Dluvmj23 ,

although the numbers are truncated, I'd recommend deleting or redacting the account numbers in your above post. 

[jnbowmar]

The fastest way to rebuild is to declare bankrupcy and opening secured cards, you be back in with prime lenders in less than 2 years. 

Paying your charge offs help to have a mediocre credit score, but youll be out with prime lenders for the full seven years anyway for the most part. 

If you can live without a house or new car for the next 4 years, then don't worry about paying them. Pay them after they fall off for pennies if you feel bad.

If you want a house or car, pay them and get whatever loans you can get.

Either way, open secured cards with credit unions, discover, the best lenders that will aprove and graduate.