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Ways to build credit with ~30k in medical debt

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Ways to build credit with ~30k in medical debt

So I broke my wrist without insurance around 4 years now. Around ~30k in debt. 

 

I have worked on getting my credit to a decent level for a few years now. Was able to get it from ~505 to ~640 pretty quickly. I have 3 credit cards, Quicksilver, Discover IT, and I just got the Savor One today. Total credit limit of 5100. For the last year or so my credit has fluxuated between 630-645. I use my cards every month, and pay off in full every month. I make around ~80k a year. I paid off an installment loan last summer and my credit dropped 10-15 points. Never really recovered to where it was before, but didn't go down too much. I have 1 new account in the last 9 months and 3 hard pulls in the last 3 years. 

 

I've been doing everything I've supposed to. Is my only option to wait? I was considering a car soon, should I get a favorable loan (by putting a lot down) so I have a monthly installment instead of paying for it outright?

 

What are my options? I really want the Uber Visa (and I did apply, and am going to try recon) but I know my credit isn't good enough right now and am trying to get it up to ~670+. 

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Valued Contributor

Re: Ways to build credit with ~30k in medical debt


@pushthepig wrote:

So I broke my wrist without insurance around 4 years now. Around ~30k in debt. 

 

I have worked on getting my credit to a decent level for a few years now. Was able to get it from ~505 to ~640 pretty quickly. I have 3 credit cards, Quicksilver, Discover IT, and I just got the Savor One today. Total credit limit of 5100. For the last year or so my credit has fluxuated between 630-645. I use my cards every month, and pay off in full every month. I make around ~80k a year. I paid off an installment loan last summer and my credit dropped 10-15 points. Never really recovered to where it was before, but didn't go down too much. I have 1 new account in the last 9 months and 3 hard pulls in the last 3 years. 

 

I've been doing everything I've supposed to. Is my only option to wait? I was considering a car soon, should I get a favorable loan (by putting a lot down) so I have a monthly installment instead of paying for it outright?

 

What are my options? I really want the Uber Visa (and I did apply, and am going to try recon) but I know my credit isn't good enough right now and am trying to get it up to ~670+. 


If you can pay for a car outright then it really doesn't make sense to pay (potentially quite a bit of interest) just to temporarily raise your scores.  There are better ways to add an installment loan where it wouldn't be so costly.  You can do a search here for SSL or maybe even Self Lender would be beneficial.  

 

Do you have any other negatives on your reports?

 FICO 8
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New Visitor

Re: Ways to build credit with ~30k in medical debt

Age of accounts - 2 years 9 month on nerdwallet and 4 year 1 month on Credit Karma (just started getting approved for cards when my credit went from 500-620 so my cards aren't very old). 100% on time payment. Utilization around 13%.

 

I have 10 negative/derogatory accounts all related to the one broken wrist without insurance incident. All opened between mid 2015-mid 2016. 

Message 3 of 4
Valued Contributor

Re: Ways to build credit with ~30k in medical debt


@pushthepig wrote:

Age of accounts - 2 years 9 month on nerdwallet and 4 year 1 month on Credit Karma (just started getting approved for cards when my credit went from 500-620 so my cards aren't very old). 100% on time payment. Utilization around 13%.

 

I have 10 negative/derogatory accounts all related to the one broken wrist without insurance incident. All opened between mid 2015-mid 2016. 


I suspect your average age of accounts is higher.  The scores that you posted above, are they from Credit Karma?  If they are then hopefully you know that they are not your FICO scores.  Barclays Uber uses Transunion FICO 8 for decisions.  If you don't know your real scores, then Credit Check Total offers a 7 day trial for $1 to get your FICO 8 scores from all 3 bureaus.  Be sure to cancel before the trial ends so you won't be charged further.

 FICO 8
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