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Hello All, where do I even start. I'm only 24 and back when I first turned 18 I didn't know anything about credit and messed up badly. Looking for any advice or help to build my score back up. Been using AI Dispute Beast Credit repair should I continue that?
Good standing:
Cap One Auto Loan
Credit One $600 limit
Navy Fed: $1k limit
Cap One: $300 limit
Credit One: $300 Limit
Cap One: $300 limit
-
Charged Off:
Discover: $524
Us bank: $445
First premier: $433
Merrick: $350
Open Sky: $142
Verizon: $589
+ late payments on some closed accounts.
can someone help me with where to even start to getting back on track..credit utilization is already low now at 5%!
Hi Trey
What are the dates of 1st deliquency on your charged off accounts?
Discover: 2019
Us bank: 2022
First premier: 2022
Merrick: 2022
Open sky: 2020
Verizon:2024
First premier: 2022
Cap one: 2023
So most of them are just 2-3 years old, to young for early exclusion, this will be a marathon, not a sprint. Make sure you keep your open cards current, no more lates. I wouldn't app for anything else for quite a long time, since you have several accounts open, you could try and do a pay for delete or settle for less and delete.
I had thought about that but they are all just charge offs reporting. I thought the original creditor won't do a pay for delete?
One thing for sure I would just pay off the open sky for $142
I understand that but wouldn't it still still be on my report? So it wouldn't help at all would it?
I'll defer to the experts, but I think the unpaid charge offs are killing your utilization. Paying to zero or settling gets the balance off the utilization equation.
It looks to me like you're at 90% utilization just from the cos.
When a revolving credit card account gets charged off with a remaining balance, the CL that was associated with that card is no longer factored in utilization calculations. Until those accounts are paid to zero, or fall off your reports, they're scored at 100% utilization, and are most often updated monthly, so they will continue to tank your scores heavily.
Although the CO status will continue to suppress your scores the entire time they're on your reports, once you pay off a charged off account and it reports a zero balance, you'll start to see better score improvements as more time passes with no further missteps in your payment history and utilization compared to if they were to remain unpaid and continue to report balances monthly.
I'd first start by getting all your COs paid in full so you can start looking at them in the rear view mirror. Then focus on keeping your utilization down and making on-time payments with all your open accounts. Also look into practicing AZE0, lots of threads here on the subject.