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What now???

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Established Member

What now???

So here is a brief breakdown of where I am at and I would like some tips as to what to do now or if there is nothing to do but keep working on the one collection and let everything age

Discover - 750 limit 1YR 8MTHS 10% used
1st Financial- 250 limit 1YR 5MTHS 32%
Credit one- 450 limit 8MTHS 01%
Cap1 Platinum 300 limit 2 Months 10%
Target 300 limit also hasn't reported 2 months 0%
11% Total CC utilization
Ally Financial 8600 Balance 1YR
Five Star Bank 22,000 1 Month not reported yet traded in car financed with ALLY
One Baddie 3600 student loan collections
Average Age- 1YR
697 Transunion
690 Equifax
Discover Fico is from last month showing 636 with 56% Utilization but Amex denied me for gold skymiles showing I have a 646 so probably around there but not sure how they score exactly

I'm trying to get a new card before July so Credit One doesn't get there AF and I don't loose avalible credit so any tips on what to do from here would be greatly appreciated
Message 1 of 3
Super Contributor

Re: What now???

Get you util down then the closure of credit one card wont mean much. Dont need to replace a card with a card. Do some more housekeeping and aviod the HP, hit to your AAoA's and adding a new account. Scores need to rise some more. Just shut it down. And yes time will heal all things.

My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 2 of 3
Valued Member

Re: What now???

Call collection company. Confirm that the call is recorded.  Have a figure/percentage of balance owed that you will offer.  Tell them you would like to offer to settle for % of the balance in exchange for their agreement to report 'paid in full'/or 'settled in full' to all major credit bureaus and deletion of tradeline.  (they rep may balk at the initial offer, but if it is appealing and almost immediate, you could get a favorable result) Also, if necessary ask them to place you on hold and check with their supervisor (this worked once for me...probably just luck but..).


After everything is confirmed - and BEFORE you provide payment make sure they agree to send you a letter via email confirming the agreement to report to all bureaus with the delete.


With your existing cards, you may be eligible for CL increase.  Sometimes it is just a matter of dialing the 800 number on the back of your card, or going online and requesting the increase.  Make sure it is a soft pull.  It might be better to call and confirm it is a soft pull.


Good luck.

Starting Score: 600
Current Score: 650
Goal Score: 750

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