5 to 6 years...and no improvement on credit score!

[sparky2star]

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@Anonymous wrote:

Correct me if I'm wrong, but it was my understanding that they could include them if they complied. But that due to the costs/headaches, the CRAs just decided to create a policy not to report them at all.

Per Experian: "... Experian no longer shows judgment and tax lien information as part of a consumer's credit history.
Bankruptcy is now the only public record information that is collected routinely by the national credit reporting companies, including Experian."

https://www.experian.com/blogs/ask-experian/judgments-no-longer-included-on-credit-report/

---

Interesting. Just to be clear if you had a judgment it would be in the Public record section, as opposed to collections? Or it just doesn't get reported in the public record and stays in the collection section? Hope this makes sense.

[Revelate]

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@sparky2star wrote:

---

@Anonymous wrote:

Correct me if I'm wrong, but it was my understanding that they could include them if they complied. But that due to the costs/headaches, the CRAs just decided to create a policy not to report them at all.

Per Experian: "... Experian no longer shows judgment and tax lien information as part of a consumer's credit history.
Bankruptcy is now the only public record information that is collected routinely by the national credit reporting companies, including Experian."

https://www.experian.com/blogs/ask-experian/judgments-no-longer-included-on-credit-report/

---

Interesting. Just to be clear if you had a judgment it would be in the Public record section, as opposed to collections? Or it just doesn't get reported in the public record and stays in the collection section? Hope this makes sense.

---

AFAIK collections and PR's both sort into the same bucket anyway.

Collections though are reported by CA's, and apparently not gathered by the bureaus directly.  Think I mentioned earlier but eventually the various counties and state agencies will get their poop in a group on a technology front (they're non-trivially behind most commercial businesses which are far behind even technically advanced companies which are still behind the hyperscale ones) and at that point judgements could be more easily done.

Appreciate the link Birdman, not sure that applies to anyone other than Experian but it probably does.

[Anonymous]

What you need to start doing is rebuilding your credit. You need positive credit to start rebuilding your credit. I would review your current finances to see if you can start handling some debts. Find out what your debt to income is and if you don't know how? Do all your credit accounts that are reporting not the collections and divided it by your income. Here is a link that explains it https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-why-is-the-43-debt-to-income.... After you find out your financial situation pick between some options of either applying for a credit card, secured credit card or secured loan. For credit cards Total Visa you have a good chances of getting approved for a small line of credit like $300, you can try capital one secured credit card. If you own a vehicle outright with the title you can always apply for secured loan against the vehicle this is an installment loan which are the best because it will show payment stability over a certain period of time vs a credit card that will vary in monthly payment. I don't like to suggust this but you can always be a authorize user with someone you know that has a 730 credit score and above, this will help short term because you need credit of your own. There are other options but with your overall credit history you have low chances of being approved for loans from a bank or credit union. Also start settling or making payments to those collections because they will hold you back from being approved through lenders. (Mod cut - not here please.  Per myFICO TOS, solicitation of any kind -- PM or otherwise -- is strictly prohibited on the forums)

[sparky2star]

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@Revelate wrote:

---

@sparky2star wrote:

---

@Anonymous wrote:

Correct me if I'm wrong, but it was my understanding that they could include them if they complied. But that due to the costs/headaches, the CRAs just decided to create a policy not to report them at all.

Per Experian: "... Experian no longer shows judgment and tax lien information as part of a consumer's credit history.
Bankruptcy is now the only public record information that is collected routinely by the national credit reporting companies, including Experian."

https://www.experian.com/blogs/ask-experian/judgments-no-longer-included-on-credit-report/

---

Interesting. Just to be clear if you had a judgment it would be in the Public record section, as opposed to collections? Or it just doesn't get reported in the public record and stays in the collection section? Hope this makes sense.

---

AFAIK collections and PR's both sort into the same bucket anyway.

Collections though are reported by CA's, and apparently not gathered by the bureaus directly.  Think I mentioned earlier but eventually the various counties and state agencies will get their poop in a group on a technology front (they're non-trivially behind most commercial businesses which are far behind even technically advanced companies which are still behind the hyperscale ones) and at that point judgements could be more easily done.

Appreciate the link Birdman, not sure that applies to anyone other than Experian but it probably does.

---

Roger that. Thanks.

[sparky2star]

Since I have been educated on this situation I do have a game plan. After getting all the tips from all of you...it's a very obvious route now. 

Where I could use a little more insight is when to apply.

So this is the new game plan...

I have two accounts falling off from my report in 3 months and 5 months. I have also seen that info about early fall-off from a couple of the CRA's. 

It has been to my understanding that I need to create a positive tradeline. I agree, but when? Should I just wait until the 3 and 5 months fall off?

I ask because Penfed, Merrick and SkyOne are my only options for now. I am not confident Penfed will approve me for a secured credit loan and secured credit card at 520-540 credit score. But if the baddies fall off aren't my chances better of getting approved?

The majority of the baddies will fall off almost 18-24 months later. I'm thinking just to wait a few more months before I go "on the repair" tact.

There is no sense getting an inquiry if I can avoid it. This is going to require a lot of time and patience. I've waited years so a few months won't bother me...

[Anonymous]

@Rev From my understanding there was an agreement made and all 3 of the big CRAs agreed not to report them anymore.

IIRC, it was @RobertEG who explained it in a thread once. I could look for it if you like. However, with that said, I don't think the agreement prohibited them from beginning again in the future, when it is more technologically feasible, or like you said, when they get their poop in a group! LOL!

[Anonymous]

@sparky2star Remind me your profile stats: (dirty details, AoOA, AoYR, number of accounts on CR? open/closed loans?)

What's falling off and when? Give me a brief refresh, so I don't have to read 50 posts! Or point me to the relevant post. Sorry, hard to remember everything.

[sparky2star]

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@Anonymous wrote:
@sparky2star Remind me your profile stats: (dirty details, AoOA, AoYR, number of accounts on CR? open/closed loans?)

What's falling off and when? Give me a brief refresh, so I don't have to read 50 posts! Or point me to the relevant post. Sorry, hard to remember everything.

---

That's only fair and reasonable. Thanks!

First credit card coming TU or EQ (Capital One) - April and June 2020

Second credit card coming off (Chase) - March and May 2020 

The rest will be coming off 10/2021 - 1/2022 

My original question was to wait to apply for the secured lower level cards and loans after the above comes off, instead of before. Since the next batch isn't for another 2 years in some cases. 

[jamie123]

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@sparky2star wrote:

---

@Anonymous wrote:
@sparky2star Remind me your profile stats: (dirty details, AoOA, AoYR, number of accounts on CR? open/closed loans?)

What's falling off and when? Give me a brief refresh, so I don't have to read 50 posts! Or point me to the relevant post. Sorry, hard to remember everything.

---

That's only fair and reasonable. Thanks!

First credit card coming TU or EQ (Capital One) - April and June 2020

Second credit card coming off (Chase) - March and May 2020 

The rest will be coming off 10/2021 - 1/2022 

My original question was to wait to apply for the secured lower level cards and loans after the above comes off, instead of before. Since the next batch isn't for another 2 years in some cases. 

---

Quit stalling!

Seriously, building credit is a marathon and not a sprint. Every day, week or month that you delay in rebuilding your credit will add in the long run. Then next month, life will happen and you will delay again! Start now, today if possible! No more delays!

In building or rebuilding credit you need a long term plan. You have literally months to plan between credit moves to increase your scores but when it is time to pull the trigger, you need to pull the trigger!

All of us posters helping you here at MyFICO are rooting for you! We have helped you to determine your best moves needed at this moment and they are:

1. Open a secured credit card with Open Sky. This will start to give you good marks and some credit card history so you can be approved for other credit cards later in your journey.
2. Open a share secured installment loan with a Credit Union. Don't worry about being approved. Approval for loans like this are almost guaranteed and if you have problems being approved, stop back here and we will help you out.

Times a wasting! Get moving and good luck!

Don't forget to stop back to let us know how this turned out.

[sparky2star]

---

@jamie123 wrote:

---

@sparky2star wrote:

---

@Anonymous wrote:
@sparky2star Remind me your profile stats: (dirty details, AoOA, AoYR, number of accounts on CR? open/closed loans?)

What's falling off and when? Give me a brief refresh, so I don't have to read 50 posts! Or point me to the relevant post. Sorry, hard to remember everything.

---

That's only fair and reasonable. Thanks!

First credit card coming TU or EQ (Capital One) - April and June 2020

Second credit card coming off (Chase) - March and May 2020 

The rest will be coming off 10/2021 - 1/2022 

My original question was to wait to apply for the secured lower level cards and loans after the above comes off, instead of before. Since the next batch isn't for another 2 years in some cases. 

---

Quit stalling!

Seriously, building credit is a marathon and not a sprint. Every day, week or month that you delay in rebuilding your credit will add in the long run. Then next month, life will happen and you will delay again! Start now, today if possible! No more delays!

In building or rebuilding credit you need a long term plan. You have literally months to plan between credit moves to increase your scores but when it is time to pull the trigger, you need to pull the trigger!

All of us posters helping you here at MyFICO are rooting for you! We have helped you to determine your best moves needed at this moment and they are:

1. Open a secured credit card with Open Sky. This will start to give you good marks and some credit card history so you can be approved for other credit cards later in your journey.
2. Open a share secured installment loan with a Credit Union. Don't worry about being approved. Approval for loans like this are almost guaranteed and if you have problems being approved, stop back here and we will help you out.

Times a wasting! Get moving and good luck!

Don't forget to stop back to let us know how this turned out.

---

I feel like I got my hand slapped. That was awesome! 

I hear you... and you're absolutely right...it's a marathon. True words. Realistically, I know that the majority of the work will come after these drop-off. And I was trying to show some patience something I usually don't employ.

My motivation, I guess, is a little different but I don't disagree with what you are saying. When I did speak PenFed, last year, he said in an indirect way that I wouldn't get approved based on my credit score. That's where I was coming from...Of course, there is Opensky.

I do appreciate the support!