Where do I start?

[Anonymous]

Hi all!  This is my first time posting here.  I have been working on my credit for the last 60 days or so and just found this forum a few days ago.  I am at the beginning stages of a building my credit and really don't know where to start.  So here is my breakdown: $405/mth Auto Loan (19%), $141/mth student loan (idk), 2, $450 CO charge-0ffs (because I was young and dumb).  The auto loan I'm actually paying $600/mth on right now, the charge-offs have fallen off my TU, EX reports so I expect it to come off EQ this month.  No other debt, total debt $27k

Where do I start?  Current FICO8 scores are EQ592 EX577 TU575

How do I fix this mess?  I have 1 hard pull for the last 24 mths.

[Jnbmom]

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@Anonymous wrote:

Hi all!  This is my first time posting here.  I have been working on my credit for the last 60 days or so and just found this forum a few days ago.  I am at the beginning stages of a building my credit and really don't know where to start.  So here is my breakdown: $405/mth Auto Loan (19%), $141/mth student loan (idk), 2, $450 CO charge-0ffs (because I was young and dumb).  The auto loan I'm actually paying $600/mth on right now, the charge-offs have fallen off my TU, EX reports so I expect it to come off EQ this month.  No other debt, total debt $27k

Where do I start?  Current FICO8 scores are EQ592 EX577 TU575

How do I fix this mess?  I have 1 hard pull for the last 24 mths.

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Does your auto loan and student loans report positive history,  or do those have any negative history?

I would definitely wait til your charge offs fall off EQ, are these coming off because of their age? If they are off the other 2 already, what else is holding your scores down?

[Remedios]

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@Anonymous wrote:

Hi all!  This is my first time posting here.  I have been working on my credit for the last 60 days or so and just found this forum a few days ago.  I am at the beginning stages of a building my credit and really don't know where to start.  So here is my breakdown: $405/mth Auto Loan (19%), $141/mth student loan (idk), 2, $450 CO charge-0ffs (because I was young and dumb).  The auto loan I'm actually paying $600/mth on right now, the charge-offs have fallen off my TU, EX reports so I expect it to come off EQ this month.  No other debt, total debt $27k

Where do I start?  Current FICO8 scores are EQ592 EX577 TU575

How do I fix this mess?  I have 1 hard pull for the last 24 mths.

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Hi and welcome to the forums 

Start by making sure you never make a late or missed payment again

If old COs fell off from EX, EQ must be just around the corner (2-3 months max)

After COs drop off completely, you will probably need to start with secured cards. There is a chance you may qualify for unsecured cards, but with lower limits as your CR will appear like you've never had a revolving account. 

It will also depend on any derogs on your loans 

Most people start with Discover secured card as it graduates and it has rewards. Capital One platinum ( non secured) is a good option because it can be PCed to QS, so at least you can get some cash back. Also, local CUs will frequently have starter cards. Those may or may not have any rewards attached to them, but it's a start 

I would hold off on any apps till those charge offs drop in the next month or so 

Good luck 

[Anonymous]

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@Jnbmom wrote:

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Does your auto loan and student loans report positive history,  or do those have any negative history?

I would definitely wait til your charge offs fall off EQ, are these coming off because of their age? If they are off the other 2 already, what else is holding your scores down?

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They have both been 100% paid on time.

I really don't know what is holding the score down other than I have NO revolving credit and haven't for 5 years.  The auto loan I will refinance later this year but I really want my scores up more before trying to get a better rate.

[Remedios]

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@Anonymous wrote:

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@Jnbmom wrote:

---

Does your auto loan and student loans report positive history,  or do those have any negative history?

I would definitely wait til your charge offs fall off EQ, are these coming off because of their age? If they are off the other 2 already, what else is holding your scores down?

---

They have both been 100% paid on time.

I really don't know what is holding the score down other than I have NO revolving credit and haven't for 5 years.  The auto loan I will refinance later this year but I really want my scores up more before trying to get a better rate.

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It's strange because if COs have been removed from two CRAs, even with lack of revolving credit but with "good' loans, your scores should be higher.

In any case, once COs are gone, adding a couple of revolving accounts should result in score increase

Do you have collection accounts associated with those charge offs?  

[siveriano]

Ill second what Remedios said.

Ill try to get a couple of CL and keep utilization low.

Capital One was the first bank to open its doors to me when i was deep down the hole, they also financed my first car, their online application is quiet simple and answers are usually instant.

About a year ago i apply for Discover as well their cash back mash up for the first 12 months was great and they have 5% cash-back on different categories.

[Jnbmom]

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@Anonymous wrote:

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@Jnbmom wrote:

---

Does your auto loan and student loans report positive history,  or do those have any negative history?

I would definitely wait til your charge offs fall off EQ, are these coming off because of their age? If they are off the other 2 already, what else is holding your scores down?

---

They have both been 100% paid on time.

I really don't know what is holding the score down other than I have NO revolving credit and haven't for 5 years.  The auto loan I will refinance later this year but I really want my scores up more before trying to get a better rate.

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Hmmm, are you sure there isn't any other negatives associated with those chargeoffs? Even with the lack of no open CLs I would think your scores would be higher with having those chargeoffs removed? 

[Anonymous]

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@Remedios wrote:

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It's strange because if COs have been removed from two CRAs, even with lack of revolving credit but with "good' loans, your scores should be higher.

In any case, once COs are gone, adding a couple of revolving accounts should result in score increase

Do you have collection accounts associated with those charge offs?  

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I do have collection accts attached to the COs.  

[Anonymous]

I just went to Cap One prequalify page and got 2 pre-qualifications.  Should I wait or take advantage of the CL offered by CO?

[Remedios]

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@Anonymous wrote:

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@Remedios wrote:

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It's strange because if COs have been removed from two CRAs, even with lack of revolving credit but with "good' loans, your scores should be higher.

In any case, once COs are gone, adding a couple of revolving accounts should result in score increase

Do you have collection accounts associated with those charge offs?  

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I do have collection accts attached to the COs.  

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Okay, we're getting somewhere now lol 

What you need to do, is grab a copy of free annual credit report. It will have DOFD for all negative accounts, CO's and collections alike. 

Those dates will tell us when the derogs should be gone

https://www.annualcreditreport.com/index.action

When a CO account falls off due to aging, so should a collection associated with it as they share DOFD. 

Also, here is the linkbto abbreviations  in case we start drowning you with the lingo 

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458