Scope for Improvement

[Anonymous]

Hello all,

I had a Stellar Credit History for 25 years - maybe couple of late payments

I have paid off multiple auto loans and one home mortgage completely.

In 2020 I missed credit card payments for 5 accounts and one was sent to collections. Three of them were closed. Three of them have late payments for 90-180 days.

Credit score dropped to 580

Credit Limit of 3 open accounts - $5500

Credit Balances on 5 accounts including closed - $10500

I am in the process of cleaning up things. I have paid off 3 accounts completely including one in collections.

I am in process of reducing balances to $0 in 4 weeks.

What are the prospects for my FICO scores in 6 months and in maybe 2 years ? Any guidance will be appreciated

Thanks

Bob

[mmajer4211]

Take a look at the attached chart. This will give you an idea of how those lates are affecting your scores and for how long. I'm not sure who the companies are that are part of the 5 accounts but some general advice would be to start off with GW letters to try to get those lates removed. Those 90-180 day lates are going to hurt your scores for quite some time.

Also, the collection account that you paid off, who was the company? Some of the collection agencies will delete it off of your report after paying it.

[Anonymous]

---

@Anonymous wrote:

Hello all,

I had a Stellar Credit History for 25 years - maybe couple of late payments

I have paid off multiple auto loans and one home mortgage completely.

In 2020 I missed credit card payments for 5 accounts and one was sent to collections. Three of them were closed. Three of them have late payments for 90-180 days.

Credit score dropped to 580

Credit Limit of 3 open accounts - $5500

Credit Balances on 5 accounts including closed - $10500

I am in the process of cleaning up things. I have paid off 3 accounts completely including one in collections.

I am in process of reducing balances to $0 in 4 weeks.

What are the prospects for my FICO scores in 6 months and in maybe 2 years ? Any guidance will be appreciated

Thanks

Bob

---

@AnonymousWelcome! How many derogatory accounts on your CR? Just the 5? how many clean? Having at least 7 paid-as-agreed acoounts helps, open or closed. You need to obtain bankcards, secured if necessary. No AF, no predatory creditors, just keeper cards. Check pre-qual sites and secured cards. Post 7 of the Primer linked in my siggy has links. Better to get them sooner so they age. GWS the derogs.