Sneak peak at a successful rebuild after 8 months @ MyFico Early exclusion 116 pt jump

[tparks5961]

I was lucky to find the Myfico forums back in Nov. of last year.  There were a few things that enabled a quick and speedy rebuild.

#1 I studied the forums and figured out who to PFD, how to dispute inaccurate information, goodwill letters.. just so much. The forums helped me remove 21 negative accounts spread across the 3 CRA's. Everything that you will need to repair and or rebuild your credit is in these forums... for free. Spend some time,, obsess over your credit for a bit.. You got yourself into this situation.. you can get yourself out of it.

#2 My financial situation has improved a lot over the past few years.. So rather than haggle and negotiate, I offered to pay in full any account that was delinquent.. (Outside of a couple of repos ) I even went as far as paying old debt to collection agencies from 2004. (Some of the agencies that had my new defaulted accounts, also had some of my old accounts.. Yeah, was kind of crappy... and I wanted to tell them where to go.. but figured since I have the resources now to just play along.. and in the end it worked.)

#3 Timing was right.. It was approaching the 7 year mark on some items, and im just starting to get EE's.  Even with a couple of repos on my Experian report, my score is hovering around 680.

#4 Dont give up.. The only thing you're wasting is time. Try and try again.

Here is a screenshot of my most recent report... In january all of my reporst will be clean and transunion will be my lowest score.

I have old positive accounts that havent dropped from EQ and EX from 25 years ago... The age of my oldest account @ transunion is just over 8 yrs old..  That's how I know itll be my lowest score..

Thank you all for your wisdom and help throught this process.

[Remedios]

Congrats on your success! 

[Anonymous]

Great job! I started on mine in January and loving it! just wondering what made your score shoot up so high? What fell off? And does age of oldest account really matter that much? I've gotten my 21year old student loans deleted off of Equifax and it's now clean besides 2 charge off's ( one paid and one not) and my scores are all hovering around the 630 mark. I did notice that I got a 25 point drop vs a 4 point drop. From what i'm hearing is that because I moved into a new scoring bracket it hits harder. So my question is should I add my student loans back on to my Equifax?

[tparks5961]

If your student loans had a positive history, It would have been better to leave them there. It would have helped with your average age of accounts. I don't think there will be a way for you to add them back on at this point.

If you can afford to pay off the other chargeoff, its best to do that and close the account so it can age. 

If you look at my 3 scores, there are three different scenarios.

EQ 644 - Two repos, both are closed, but I didnt close one until 2 weeks ago by settling for less. My equifax shows 6 1/2 hears of late payments.. (They updated every month to have the maximum negative affect on my reports)

TU - Completely clean, I got an early exclusion for one repo which tanked my socre because I was moved into a new scorecard bracket, Today I got the second early exclusion and have a clean report.

EX - Two repos, both are closed, but when I settled for less on my an account last week, they removd all of the late payments and put a closed on date of 6013.. So it gives the appearance as if the repo occured in 6013 and I settled it.. and then the account aged over 6 1/2 years,,  So you can see the result of keeping an open chargeoff for years and not settling it .

[Anonymous]

Thanks for the reply! I called Navient yesterday and they told me to send in a dispute to them to readd them back. I guess they will make sure that they are reporting to all the CBs I'll be getting on that tomorrow.