Update on my VERY SLOW frustrating progess

[Anonymous]

Hello My Credit Crew

So it’s the end of month 2 and I’m a little frustrated but optimistic. Here are the dirty details:

Cap1 secured cl $200 balance as of today $1.00 (when i paid my balance i forgot to pay the .92 cents 🤦🏾‍♀️)
NO LATE PAY
New Disco secures cl $300 balance is 0 (haven’t received the card yet) i got this one because you wonderful credit gurus let me know Cap1 doesn’t graduate ....

MJC cl $5000 balance $53 (next auto pay is July 15)
NO LATE PAY

Auto Loan balance $7200 current and on time. Previous lates 30/60/90 ... 4/3/1 .... last late payment was 8 months ago

I have 5 collection accounts (420, 750, 1200, 3200)

4 Inquiries

I also have two other revolving credit cards that i thought were charged off but i see it still is hurting me because it’s got my util at 18% (125 & 450)

Current income is 97k. My plan is to pay those two charge off cards but after that I’m not sure where to go.
Should I become a AU to help boost the score. Right now I’m at EQ/TU/EX. 548/546/542.

First goal is to reach 600 by end of the year IF POSSIBLE 😊

*I also disputed a few items and it brought me down 2 pts so I’m not sure that was a good idea!! I’m just confused lol

[simplegirl]

Are those collections paid? Who are the CAs for the collections? Your doing a great job just keep it going.

[Anonymous]

It is totally possible to get past 600 before the end of the year, and scores tend to have bigger jumps when your numbers are below 600.

Charged off cards still affect your util, so yes, pay those off. Also, get those collections taken care of ASAP- the quicker you can get those off your reports (or at the very least paid so they stop updating monthly), the quicker your scores will start to rise. Try for PFDs first, but if they won’t budge, pay them. A paid collection on your report is still better than an unpaid one.

[Anonymous]

No they are not paid. 😔

Here is the correct amounts of the accounts:

Source Receivables - 3267
The Receivable Management -1569
Portfolio Recovert - 1007
Credit Collection Service - 720
Midland Funding - 414

[Anonymous]

Yes I’m going to make some calls today to see if i can at least take care of the two cards and the small collection account. Once those are done then i plan to take care of two more of the collection accounts. Hopefully by year end all collections will be at the very least reporting as PAID

[calyx]

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@Anonymous wrote:
No they are not paid. 😔

Here is the correct amounts of the accounts:

Source Receivables - 3267
The Receivable Management -1569
Portfolio Recovert - 1007
Credit Collection Service - 720
Midland Funding - 414

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The good news is that Portfolio Recovery and Midland Funding automatically delete paid tradelines now (Midland if it's 2years old), so that can help you right out of the gate.  I'm not sure about the other three.
Good luck!

[thornback]

Both Portfolio Recovery & Midland collection agencies have a policy to delete after payment (for Midland, the debt has to be at least 2 years old before they'll delete) so pay those first - settling for less is definitely a good option for both.

I'm not sure about the others, but offer them a PFD (pay for delete) and see what they say first before making any payments.

And yes - get those chargeoffs paid (either in full or settled) so they will reflect a $0 balance and stop affecting your utilization- this will also prevent future monthly updates allowing the derogatory to age so your scores can begin to recover.

Once everything is paid, you can start a Goodwill campaign for any accounts you are unable to get removed through a PFD.

Good luck!

[simplegirl]

I don’t know if source Receivables will pfd if you settle the account but they accepted my pfd but of course I paid in full but I would try to see if they will if you settle.

[Anonymous]

Nice work getting after your baddies! Yes you can cross 600 in no time.

As others have said, best approach is tackle the collections. PFD all the way. If any are medical related, even without PFD those can be removed too. Your scores will jump once those collections are removed.