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Question By
chet8504

13 Contributions
1 Person Helped
Initial successes - where from here?
I have made a lot of very stupid mistakes with regards to my credit and have - for the past two months or so - been working on repairing my credit. I have had some successes so far, but need some advice on how to proceed from here. I am working on bringing down my utilization for the Discover card and will have that down by next month. I know I need to keep it down. What should I do from there? These are the "problems" on my report:

TransUnion: 534
Experian: 596
Equifax: 592
FICO: 579

Syncb/Walmart
Balance: 492
Pay Status: Charged off
Falling Off: 4/2020
Which reports: TransUnion, Experian, Equifax

Chase Card
Balance: $0
Pay Status: Account Paid In Full; was a charge-off
Remarks: “Settle-less than full blnc; paid in full/was a charge off”
Falling Off: 11/2019
Which reports: TransUnion, Experian, Equifax

Barclays
Balance: $0
Pay Status: Collection/Chargeoff
Falling Off: 04/2020
Which reports: TransUnion & listed as “Unknown” on Experian
Note: I got a certified letter letting me know of a course case against me from Barclays with a law firm representing them. I verified that Barclays still owned the debt and the lawfirm was acting on their behalf. I owed Barclay’s $1,800 and settled for $1000 at the end of August. I asked for a letter that this would be considered settled in full. I was sent this letter. Barclays hadn’t updated my report by the middle of November, so I asked them what the hold up was. My status was “Account 120 Days Past Due” before the lawsuit and up until this point. They updated it to “Collection/Chargeoff”. I submitted a dispute to the credit bureaus recently.

Wells Fargo
Balance: $0
Pay Status: Charged Off
Falling Off: 7/2017
Which reports: TransUnion, Experian, Equifax

Santander (Car Loan @ 21.32%)
Balance: $12432
Pay Status: Current.
Which reports: TransUnion, Experian, Equifax
Issue: Have had car since April 2015 and there is one 30 day late payment on September of 2015. That is the only late payment.

Undergraduate University
Balance: $1603
Pay Status: Collection
Falling Off:
Issue: This is for a defaulted Perkins Loan. It was serviced through University Accounting Services and now Key2Recovery is trying to collect on it. I asked the school to take it back and let me make payments to them, but they said no. Can I somehow rehabilitate this loan?

Omni Management (Collection from a doctor’s bill – third company to own it)
Balance: $50
Pay status: In Collection
Falling Off: 5/2020
Issue: I have sent them a pay-for-delete letter via certified mail. I checked the delivery status and they got it 7 days ago.

Porfolio Recovery (for Wells Fargo account mentioned above)
Balance: $0
Pay Status: Account paid in full; was a collection (no status on Equifax)
Falling Off: 7/2017
Which reports: TransUnion, Equifax, Experian

Hard Credit Inquiries
39 falling off on 4/4/2017 - these are from when I tried to get the car I currently have. I was left without a car, no savings, bad credit, no down payment, and needed a car for work.
6 falling off by 11/2017
3 falling off by 6/2018

Where could I go from here?

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Top Contributor
16 Contributions
1 Person Helped

Just a suggestion...

Helpful to 1 out of 1 people

I recently disputed a chargedoff account's balance that hadn't been updated in over 2 years. One report had balance of $0, the other had balance of $40...the actual balance was $600. Apparently, they removed the account from their computer system when they sold the debt. The account was removed from both credit reports and my scores went up 65 points!!!! It wasn't scheduled to fall off for 4 more years!!! Now to figure out how to get the collection account associated with it removed.

Top Contributor

Reply by
chet8504

13 Contributions
1 Person Helped

Thanks!  I have been trying to work with them, but I will probabl end up going this route.  I'm afraid since they're large CC companies that they will have all of the info on file and that won't be the case with me.  But, no harm in trying!

Top Contributor
476 Contributions
226 People Helped

Helpful to 1 out of 1 people

A lot of it is going to take time, unfortunately... the good news is, two of the derogatory reports will be falling off next year, which should help greatly. Some other helpful tips would be to keep your utilization low, maybe get a second card but don't use it, and similar things that this site mentions in its blogs.

Top Contributor

Reply by
chet8504

13 Contributions
1 Person Helped

I've been thinking about getting another secured card.  I've seen it mentioned a lot here.  Is the idea just that I'd have another account showing on time payments and an increased amount of credit?

Top Contributor

Reply by
Random789644

476 Contributions
226 People Helped
Helpful to 1 out of 1 people

Yes, that is almost the idea - a higher amount of credit, and as long as you keep the utilization under 10%, you should be good. However, it will still take time to do, so take your time and wait a couple of months before getting that second card.

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Reply by
chet8504

13 Contributions
1 Person Helped
Helpful to 1 out of 1 people

Thanks.  I need to do more research in which second card to get.  

I just got some late payments for a student loan to be removed and my score bumped up to 616 on TransUnion :)

Top Contributor
13 Contributions
1 Person Helped

Thanks for any help you can give.  I have started some initial research on the Perkins Loan and maybe trying to rehab it.  I think that may be my only possible route there.

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