Where do I go from here

[Anonymous]

As i read, some of the threads, I am somewhat feel stupid, as I have not paid any attention to my credit and have suffered because of it. You all have your act together, I only wish I had done something sooner and really feel uneducated. So here is my story. TU Score is 539, with 800.00 past due, revolving credit 2000.00 Installment loans 10,000, 5 collections with balances. Eq Score is 581, with 663.00 past due, revolving credit 2000.oo Installment loans 10,000, 2 collections with balances. Exp Score, 604, with 1069.00 past due, revolving credit 2000.oo,Installment loans 445.00, 2 collections with balances I recently paid all the collections off, and have zero balance except for my secured credit card. Not all the amounts show as paid. Not sure if that was a good move? Today, from score watch my equifax score dropped from 591 to 581 with the change of $48.00 which was reported by my USbank secured credit card. Somehow, I have no clue as to what to do next, all the agencies, have different information, different scores, which one do i use as a benchmark. I have zero debt, now what ? Oh so need help ........James

[Tuscani]

Welcome.. Please read the Scoring 101 thread.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

[Anonymous]

Tusc, I was not aware I could have used the PFD when paying off my accounts, I paid of 10k, for nothing.  as on one recent account is as follows: Balance [?] Current Status [?] Past Due Amount [?] $0 120+ days past due Not on Record

So do I have get this statement to say paid and not " not on record"

James

[Tuscani]

Try a GW for paid collections.

[Anonymous]

Look on the bright side, jamesjimmyj...your FICO is as low today as it's ever going to go (unless you get some minor random bump in the scoring system, which won't last long anyway). You've troughed out. You've paid all your debts...okay, so it doesn't help your score but at least the accounts can't be re-reported or sold. You've got nowhere to go but up.

Rather than worrying about the past, build the future. Keep the balance on your secured card below 10% (but do use it, even if for little things). Keep payments on time. Look at getting another secured card if you have fewer than four or five positive TLs. Try for a BofA card--you'll likely miss, but you might get a 99/500 secured card, which is a godsend if you're trying to rebuild. BofA DOES graduate secured cards, usually within 9 to 12 months if you keep your record clean.

[Anonymous]

Thanks, and what are TL's, do I have to open a checking account to get a secured BofA card, will there be another inquiry on my CR?

James

[Anonymous]

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@Anonymous wrote:

Thanks, and what are TL's, do I have to open a checking account to get a secured BofA card, will there be another inquiry on my CR?

James

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A tradeline (TL) is a line of credit. Positive TLs are TLs that you pay on time and that you have never (or at least very rarely) been late on. Credit cards and charge cards (revolving credit, in most cases) are the easiest TLs to obtain and manipulate to your advantage.

Too often people trying to improve credit focus on trying to "take care of" negative TLs (especially chargeoffs and collections). There's usually not much you can do about negative TLs...you can try for GWs or PFDs, but your chances are low. Your best bet is to build positive TLs to offset the negative.

Oh, and you don't have to be a BofA customer to get a BofA card. You apply for the unsecured card first, and they may come back at you with an offer for a 99/500. It will cost you an inquiry, but when your FICO is below 700 inquiries don't really matter THAT much...don't go painting the town applying for credit hither, thither and yon, but don't be afraid of an inquiry to get a desirable TL.

Message Edited by TheNewWorldMan on 07-16-2007 10:16 AM

[Anonymous]

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jamesjimmyj wrote:
As i read, some of the threads, I am somewhat feel stupid, as I have not paid any attention to my credit and have suffered because of it. You all have your act together, I ........James

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Not before we came here....

And now your here too...so  guess what....

Tons of good info and many knowledgeable folks here - Welcome & Good Luck

ctRob

[Anonymous]

Thanks all, a question though,   Is an autoloan a trade line, if it is, what about the 93% gap between borrowed to owe?    I have credit clean up to do, on GW attempts and mis stated data, I am hopeful my scores will increase.  Or should I wait, I know I will get a heavy interest way..

James

[Anonymous]

As of today, I have Golden 1 still showing from 2000, to 9000 balances on accounts, all balaces except 200.00 for US Bank have been paid off.   I have 13 derogatory statements and one to three open accounts depending on what CRA I look at.  I have increased my secured visa card from US Bank from 300 to 1,500.

I am working[albeit harrasing G1] Golden 1 to clear my balances.  I have had some CA report to the wrong CRA and getting dinged for a major derogatory... Its my fault I know, It was me who got myself into this position.

My Fico scores stand as follows TU 616, EQ 580, EX 634. as of today. When I signed up for Experian, my score when up, TU and EQ did not move, I stopped EX and then signed up with TU now my TU is moving up.  I just signed up with EQ, hopefully this will now move up.  Is it just coincidence or if you pay for monitoring and reports, your score improves.

So, how do i jump my scores higher, should I focus on companies using Experian over Equifax or does it not make a difference?

Should I still get store cards, or a gas card or more secured credit cards or bit of each, can I get them without a hard hit inquiry. 

I have had some new inquiries, should I just get them done out of the way?

James