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What are we missing? What comes next?

Teachthewurld
Established Member

What are we missing? What comes next?

Hi! I really hope someone can help. So here is a rough layout of where we stand. I'm trying to get my hisband's score up to 700+ by year end. He works so hard and has been dying for a keep! His score is currently sitting around 645 according to experian. All open accounts (and the closed wayfair one) have excellent payment history. There are two closed accounts: suntrust bank (old car loan- paid off in 2017) and Jared jeweler (had to pay court settlement of full amount in 2017) and both have a lot of late payments recorded. Will if help to remove them?

 

mortgage:

PennyMac, opened July 2020, owe $241k

Credit Cards:
CU CC: $1000 CL, $0 bal open 11 years

Cap One QS: $1,100 CL, $0 bal, opened 8/19

Synch/LLFlooring: $1,500CL, $0 bal, opened 9/20 <-----we were going to get flooring for our new house but didn't get approved for enough and now we may end up going somewhere else

CLOSED: Comm Wayfair card: $2,950 CL, $1210 balance last reported but it's since been paid down to about $624 (it was closed because they stopped offering the card)

 

car: Santander (I know, I know): balance $7,520 est loan end date is 5/23, opened 3/17 😩😩😭😭 (rate is astronomical but we have lived and learned!) excellent payment history and we pay extra toward premium every month. 

 

he has two old collections from portfolio recovery for $950 & $965. I don't think they fall off for another year or two so I will be looking to do a PFD. He also has a $200 medical bill in collections that hit in 12/2020. 

what else do we need to do? Just garden? I'm worried removing the big collections won't help much because they are old. Would adding another credit line help or hurt? We want to do some home improvements and would get it for things like appliances etc. 

any tips or advice on what to do next would be SO appreciated! 

 

Message 1 of 3
2 REPLIES 2
gdale6
Moderator

Re: What are we missing? What comes next?


@Teachthewurld wrote:

Hi! I really hope someone can help. So here is a rough layout of where we stand. I'm trying to get my hisband's score up to 700+ by year end. He works so hard and has been dying for a keep! His score is currently sitting around 645 according to experian. All open accounts (and the closed wayfair one) have excellent payment history. There are two closed accounts: suntrust bank (old car loan- paid off in 2017) and Jared jeweler (had to pay court settlement of full amount in 2017) and both have a lot of late payments recorded. Will if help to remove them?

 

mortgage:

PennyMac, opened July 2020, owe $241k

Credit Cards:
CU CC: $1000 CL, $0 bal open 11 years

Cap One QS: $1,100 CL, $0 bal, opened 8/19

Synch/LLFlooring: $1,500CL, $0 bal, opened 9/20 <-----we were going to get flooring for our new house but didn't get approved for enough and now we may end up going somewhere else

CLOSED: Comm Wayfair card: $2,950 CL, $1210 balance last reported but it's since been paid down to about $624 (it was closed because they stopped offering the card)

 

car: Santander (I know, I know): balance $7,520 est loan end date is 5/23, opened 3/17 😩😩😭😭 (rate is astronomical but we have lived and learned!) excellent payment history and we pay extra toward premium every month. 

 

he has two old collections from portfolio recovery for $950 & $965. I don't think they fall off for another year or two so I will be looking to do a PFD. PRA has a stated deletion policy so if you meet the requirements the PFD is automatic.

 

He also has a $200 medical bill in collections that hit in 12/2020. 

Medical collections are some of the easiest to get removed from your CRs, here are the steps that you should follow to address them:

1. Call the OC and see if insurance can be billed, (or-rebilled), collections ultimately paid by insurance get removed per new rules that came from CRAs settlement with 22 state AGs. If not then
2. see if you qualify for Charity Care, if not then
3. ask that they recall the collection in exchange for full payment
4. Send the reporting CA a PFD offer
5. Google the HIPAA Process and contact its creator for help, this process cannot be discussed in any forum of myFico.

 

what else do we need to do? Just garden? I'm worried removing the big collections won't help much because they are old. Would adding another credit line help or hurt? We want to do some home improvements and would get it for things like appliances etc. 

any tips or advice on what to do next would be SO appreciated! 

 


As far as the lates, if those are your only remaining derogs after taking care of those 3 collections then getting them commuted with GW would definitely help.

Message 2 of 3
OmarGB9
Community Leader
Super Contributor

Re: What are we missing? What comes next?

Paying the collections and getting them deleted (which PRA does automatically whether PIF or settled) will definitely help. It doesn't matter that they're so old - collections hurt the same all 7 years. Getting all collections removed should yield a nice score boost.

 

Getting the late payments removed (if you can) via GW would also do wonders for DH's scores.


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