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The journey begins, where to start...

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

The journey begins, where to start...

Hello All,

 

I am a new member and look forward to learning from you all. A few years ago I went through a divorce and sadly my ex-wife had done a world class job of destroying my credit. I have tried paying off as most of the debt as I can but the damage has still been done. I have made rebuilding my credit a top priority of mine which is why I have found myself here.

 

I recently hired a very well known credit repair company and in only a few months they have managed to get 4 negative items removed from my credit report but there are still a dozen or so left that they are working on. I recently had a conversation with my case worker and they told me that eventhough they are getting negative items I still need to work on other areas of my credit report. They pointed out that I do not have any available credit reporting to the credit bureaus with the exception of my auto loan and a student loan. They suggest that I establish multiple new lines of credit. 

 

The issue that I have found myself in is that because my correct rating is so poor no one will extend me credit and I can't improve my credit without establishing new credit. I have done some research and found a couple new lines of credit I was able to establish, both being $500 credit builder loans. I am open to all suggestions and advice, I am here to learn and look forward to re-building my credit.

 

Thanks!

 

 

 

 

 

 

 

03/19/19
Experian: 571 | Equifax: 563 | TransUnion: 563

04/06/19
Experian: 591 | Equifax: 566 | TransUnion: 577
Message 1 of 7
6 REPLIES 6
Established Contributor

Re: The journey begins, where to start...

Welcome to the forums!

 

I agree that you are losing quite a few points from not having any open revolving lines reporting.  If you are having trouble establishing yourself, the Open Sky secured Visa requires no credit check and is pretty much a guarantee.

 

First you could check online prequalifiers like Capital One and Discover to see if either one offers you something.  They are only soft inquiries so don't worry about them lowering your scores any further.  If they don't offer you anything then the Open Sky might be your best bet. GL!

 FICO 8
Message 2 of 7
Community Leader
Valued Contributor

Re: The journey begins, where to start...

Congrats on getting on track to rebuild your credit. You may want to list what negatives and the details.

 

Although I am glad the "credit repair" company got a few things removed, they are essentionally a waste of money, everything they do you can do yourself, just takes some research on this forum, time and perserverance.

 

Yes you do need to work on the negatives and also try to get started on rebuilding ( secured card, SSL etc.)

 

If you post your credit history, we may be able to give you more specific advice.

CU NFCU PENFED ALLIANT BANK USAA BBVA BB&T PPMC IKEA MARVEL DISCOVER STORECARDS LOWES AMAZON MACYS WALMART WAYFAIR CARECREDIT
Message 3 of 7
Regular Contributor

Re: The journey begins, where to start...

I will work on putting together a list of what has been removed and what is still on my credit report. I am still trying to learn all of the

abbreviations used in this forum so I am not familiar with what "SSL" means.

03/19/19
Experian: 571 | Equifax: 563 | TransUnion: 563

04/06/19
Experian: 591 | Equifax: 566 | TransUnion: 577
Message 4 of 7
Regular Contributor

Re: The journey begins, where to start...

The negative items that have been removed over the past few months collection accounts, 1 was for a credit card my ex wife had opened up, 1 was for an unpaid medical bill, and 1 was for unpaid rent for my ex wife's apartment.

 

I still have 10 negative items on my credit report, 5 are late payment items and 5 are collection accounts. Three of the late payment items are paid off and the remaining two are still active accounts that I have brought current and will continue to keep them current. 

 

I am open to all advice, thanks

 

 

03/19/19
Experian: 571 | Equifax: 563 | TransUnion: 563

04/06/19
Experian: 591 | Equifax: 566 | TransUnion: 577
Message 5 of 7
Regular Contributor

Re: The journey begins, where to start...

**UPDATE**

 

I pulled all three of my credit reports yesterday and am overwhelmed to say the least at what all is on my credit reports. In all honesty I am a little scared that I might not be able to get everything resolved. My ex wife really did a number on me and I am determined to try and get everything resolved without having to go the bankruptcy route.

 

I have put together a list of evrything on my credit reports and have a total of 10 collection accounts that are going to be my focus, I have already sent GW letters to the two accounts that I have that are in good standing but have late payments reporting in their history. I received settlement offers for three of the collection accounts earlier this month and have already sent PFD letters to those CA's. I intend to do the same for the remaining collection/charge-off accounts but some of them have high balences and I just can't afford to pay those so I will have to tackle them one at a time starting with the lowest balences first and working my way up to the higher balences.

 

I have found that there are 4 seperate accounts that are reporting on my reports as charge off's by the origional creditor but are also being reported as collection/charge-off's by a CA as well. I am not sure how to tackle these, any advice would greately be appreciated. I also have two collection accounts that are not charged off yet that are medical, I read on one of the threads a couple days ago that there is a specific way to address medical collections but I have not been able to find it again, any advice would greately be appreciated.

 

It was my hope that I could get my credit on point by the end of the year, I need a new vehicle and had planned to try and get financing to buy a new one in December. After getting a complete accounting of everything on my CR's I am not sure that will be possible.

 

Any and all advice would greately be appreciated, thanks...

03/19/19
Experian: 571 | Equifax: 563 | TransUnion: 563

04/06/19
Experian: 591 | Equifax: 566 | TransUnion: 577
Message 6 of 7
Moderator

Re: The journey begins, where to start...

As you have created a new progress thread this one is being closed to further comments. Please continue to post your updates in your other thread.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 7 of 7