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Credit Repair GamePlan

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trey
New Visitor

Credit Repair GamePlan

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%! 

Message 1 of 12
11 REPLIES 11
myscoresucks2
Contributor

Re: Credit Repair GamePlan

Hi Trey

 

What are the dates of 1st deliquency on your charged off accounts? 

Message 2 of 12
trey
New Visitor

Re: Credit Repair GamePlan

Discover: 2019

Us bank: 2022

First premier: 2022

Merrick: 2022

Open sky: 2020

Verizon:2024

First premier: 2022

Cap one: 2023

Message 3 of 12
myscoresucks2
Contributor

Re: Credit Repair GamePlan

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. 

Message 4 of 12
trey
New Visitor

Re: Credit Repair GamePlan

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? 

Message 5 of 12
SuperbCredit
New Member

Re: Credit Repair GamePlan

One thing for sure I would just pay off the open sky for $142

Message 6 of 12
trey
New Visitor

Re: Credit Repair GamePlan

I understand that but wouldn't it still still be on my report? So it wouldn't help at all would it? 

Message 7 of 12
FicoMike0
Valued Contributor

Re: Credit Repair GamePlan

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.

 

Message 8 of 12
FicoMike0
Valued Contributor

Re: Credit Repair GamePlan

It looks to me like you're at 90% utilization just from the cos.

Message 9 of 12
JoeRockhead
Senior Contributor

Re: Credit Repair GamePlan

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.

 

 

Message 10 of 12
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