What should I expect?

Feb 162011
 

I had some SL 5 years ago that defaulted and have since been rehabbed over 2 years ago. Even with the loans being rehabbed and transferred to another lender with no late payments for 2 years the original loan showed 120 days late. After calling and trying to get them to update the status they refused and it was showing 4 accounts with 4 different loan amounts 120 days late. The only adverse accounts that I had on my credit were the 4 loans and 1 car loan. After disputing both through Transunion I was able to remove all of the negatives from each of those accounts. My credit score was around 602 with high usage on my credit cards which I plan to pay off fully by the end of the month. What should I expect score wise? I have about 3 credit cards all paid on time for 2 years and a car loan paid on time for 3 years along with the SL accounts that were transferred. Im pretty excited about my Fico future and trying to see what steps I need to take next.

Need help planning my next step

Feb 122011
 

Hi!  I am new to this forum, so please excuse my ignorance to abbreviations. 

 

I’ve been working on my credit for the past 2 years.  I began with a credit score of 415 and today I am up to 580.  Obviously I’d like to go higher.  All of my lines of credit are paid on time and I pay my credit card balances in full each month BEFORE the cycle date.  That way I always have 0% debt, but I’m still using my cards.  To date I have 1 $500 Cap One card, 1 $1500 New Mill card, 1 $300 Kohl’s card, 1 $350 VS Card, and 1 $1000 secured loan through my credit union.  4 hard inquiries.  Will raising my credit limits increase my score?

 

I do have a some old medical collections on my credit.  I paid 6 of them yesterday.  Will having some of those paid off or come off my report raise my score, or only if all of them are off or paid?  What would be a good next step in this situation? 

 

I really appreciate any help or advice anyone can offer.  Thanks!

Trying to help a friend develop a credit repair strategy and request advice on one action

Feb 122011
 

Hi all, my friend has not protected their credit score so now it’s in the low 500s with 2 judgments, 1 collection, and 1 recent charge off, i.e., Nov 2010, and lots of 30-day late payments.

 

We are developing a 3-year credit rebuilding plan and have submitted disputes on judgment and collection since they have been resolved.

 

Question is regarding the charge off for a revolving account; balance was $23K and they are willing to settle for $18K. Assuming that all cc accts will be paid on time from hence forward does it matter in the future if the full balance is paid or she we negotiate for lowest charge off amount possible since current score is already very bad.

 

Already own home and auto, so no other big purchase for at least next three years.

 

BTW there are no bankruptcies in the past. Very important to friend that credit score be rebuilt “properly” because has a serious opportunity for an SBA loan in about 6 or 7 years to purchase a business with real estate assets to back loan. So don’t want to make more missteps.

 

Thanks in advance for any practical advice.

collections question

Jan 042011
 

I have 11 old collections on my report(ALL THE SAME COMPANY IC SYSTEMS), half of which will drop this summer, the rest early next year. The total amount for all is less than $1000. I also have utilization of 95% right now, which I will pay down to 1 or 2% next month. The rest of my report is great, all cards paid on time always. I am wondering how much impact the collections have, as I am hoping to have a decent score after the cards are paid off, but am worried it will still be poor due to the collections. Any ideas?

In need of advice

Dec 092010
 

Hello to all…I have been reading here for some time now and have decided to get everyones opinion on what to do with my situation. Any advice or opinions will be greatly appreciated.  So here we go….

 

I have these 3/4 baddies on my reports and want to get them off if possible..

 

American general…………pd 12/07……was 120 past due……on all 3 CR….account is closed and paid,i just want it removed…..maybe a GW?

 

Jared……..opened 1/06….clsd 8/06…..$958 CO…..EDTBR 5/2013……on all 3 CR..

 

Pinnacle Credit Services…..bought by pinnacle on 8/2008……verizon was orig creditor….orig late was 5/06……$1309 CA……..on TU and EX….got removed from EQ

 

BoA…..current, paid on time for 2 yrs now….had a few lates 3 yrs ago, would like to have them removed…..GW?

 

 

Ok thats the bad, now the Good is i have about 9 good TL with ab 9% util….all current, never late.

 

 

 

 

The 4 baddies were the result of bad decisions made while in college…..i have a much better understanding for money and credit these days….i just cant seem to move ahead with these baddies holding me back…..current scores in the low to mid 600′s

 

 

All opions/advice is appreciated……thanks

Student Loans Payoff or Open Installment?

Nov 102010
 

I have about $1500 remaining in student loans with nelnet.  I have 4 or 5 times where I was very late.. like 120+..  I have paid on time for about 20 months since the last late.  They are showing a 54month history which is killing me I guess.  My questions are. 

 

If I were to pay the loans off how long would the loans stay on my credit given they were taken out in 1996?  Would they simply go away?  Doubtful..

 

Would I be better off to pay the minimum and keep open as long as I can for the benefit of an installment and a 14 year credit history?

 

Thanks for any help you can offer.

Rebuilding my credit…

Nov 042010
 

I am in the process of rebuilding my credit to make two major purchases in 2011.

 

I started in October 2010 with $6500 of credit card debt. All accounts were current and were being paid on time.

 

I have been agressively paying down the debt:

 - Currently at $4500 (Current FICO EQ: 649)

 - Will be down to $2500 by end of this month, November 2010

 - $0 by end of December 2010

 

I am planning on financing a used car in January 2011 and purchase a home in December 2011 (hopefully on a 15 year FRM).

 

What actions can I take to continue to raise my FICO after my debt is at $0 at the end of December 2010?

 

Any advice is greatly appreciated.

 

Thanks!

Is it worth it to pay off Deragatory account?

Oct 252010
 

Hello, credit experts. Thanks in advance for your help with this specific question.

 

I am trying to raise my credit score ASAP to buy a house. Currently, my score is at 632 for both TU and EQ. I have only one deragatory account left on my CR. It is a commerce bank credit card that is 6 years old and in my state (MO) it has already passed the Statute of Limitations for collection. I was in college at the time and never made a single payment on it. It will also fall of my CR in November of 2011. Is it worth it to pay it off? Will it likely increase my credit score very much? The only other credit accounts I have showing are a closed credit card with HSBC/BEST BUY from 7 years ago that was always in good standing, a paid-off FED student loan that is closed and shows always paid on time, a car loan 7 years old that is closed and always paid on time, and a new capital one secured credit card that hasn’t posted to my CR yet. (Credit limit is currently only $200.) What are your suggestions? Let it fall off on its own or will it pay on my credit score to pay it off?

Status suddenly reads "foreclosure/repossesson" on a credit card?

Oct 202010
 

Went  through a DMP to pay off credit card debt over the past 36 months.  Paid off the first card last month.  Up until now, the status was “paid on time” for the last three years.  (I run my CR every other month with MyFico).  Now that that card got paid off, all the sudden it says “36 times 90 days past due” and is listed as a foreclosure/repossession.  How is that even possible?  It dropped my credit score from 718 to 636.  I wanted to throw up.  It really bothers me because now I only have $430 of TOTAL debt, everything has been paid on time for 36 months + but it looks like I have bad credit.  By December, I will have ZERO debt (no CCs no auto, no loans, no nothing) and I want to buy a car and I’m afraid I won’t be able to, or I’ll get some horrible APR. 

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