Credit Repair Help

[RemzRR]

what is a PFD?

[tweak]

PFD = pay for delete

 

Some collectors will do this.

It is very rare for original creditors to do this.

 

You were already paying off your charged off loan from the CU, and are about to finish your payments to them.

You could always ask them to delete this account from your reports, but I doubt they would do it.

 

Short answer: I don't think PFD applies in your situation.

[RemzRR]

i was able to pay the charge off on Sat and called the rep who acknowledged it this morning. Stated that it would show as paid in full and should appear in credit report in about a week. Tried to hint at if there is an option for pfd or delete completely didnt budge oh well. I still have other loans to pay off but that was the only charge off in my credit. Whut would be a good next step..Wait a week and ask for a cl increase, open a secured credit card/loan or just continue to pay off other loans(car, student loans, credit cards)

[tweak]

You don't need secured cards at this point.

 

Just pay your current loans on time - no need to pay them early.

But do pay all your credit cards off in full.

And read about the $2 trick - to get a few more FICO points.

 

 

After all your credit cards and the CO have reported $0 balances (or $2 for one card) to the CRAs,

- Call the Cap1 EO and ask for a CLI.

- After Cap1 has reported the new limit (next statement after CLI), then ask BOA for a CLI. Ask them to match your Cap1 limit.

 

 

 

Bank of America

Opened 9-28-2007

Balance $0

Credit Limit $500

 

Capital One

Opened 12-15-2012

Balance $1402 (this will be paid off in 3-4 weeks)

Credit Limit $1,500

Credit Utilization 93.47%

 

Macys

Opened 2-18-12

Balance $0

Credit Limit $100 (If you dont use it then they reduce it, Should I close ?)

 

Keep the Macy's account open.

 

Wait until everything (Cap1 and charged-off loan) is paid off in 3-4 weeks,

and both have reported to the credit bureaus (CRAs) as $0 balance.

 

After you pay off Capital One, call the Executive Office (EO) and ask for a credit line increase (CLI).

Ask for a $3000 limit.

EO: 800-955-1455

 

After those two are paid and have reported,

ask BOA for a CLI.

 

Hopefully others can advise you on BOA.

 

After you get your reports and know more about the charged-off loan,

we can advise you better on when you might want to apply for new credit, and what you might get approved for.

 

[RemzRR]

Jus checked the Cap1 app that hs a credit report feature which says its powered by TransUnion and doesnt say any custom or proprietary scoring model...Is this accurate and if not is it more accurate then CreditKarma at least

[cv91915]

Jus checked the Cap1 app that hs a credit report feature which says its powered by TransUnion and doesnt say any custom or proprietary scoring model...Is this accurate and if not is it more accurate then CreditKarma at least

 

It's exactly the same score model that CK uses.

 

There is no such thing as a credit score that's "inaccurate," since they're all just calculations based on formulas and algorithms.

 

The main question is, "Do any lenders use this particular score to make credit decisions?" There are hundreds (at minimum) of score models out there, most of which aren't useful to you as a consumer to know where you stand with for a given credit-seeking opportunity.

Edited June 6, 2015 by cv91915

[RemzRR]

Great news. Paid off both my BOA and Capital One credit cards. Afterwards i requested a CL increase from Capital One and got approved immediately for double the amount for $3500. Will have to look in the $2 trick and paying down my student loans and car loan. Any other tips in speeding the process like more secured loans/cards???

 

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[cv91915]

Great news. Paid off both my BOA and Capital One credit cards. Afterwards i requested a CL increase from Capital One and got approved immediately for double the amount for $3500. Will have to look in the $2 trick and paying down my student loans and car loan. Any other tips in speeding the process like more secured loans/cards???

 

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Patience.

[RemzRR]

ran a quick credit report via CK and seen the payment status is listed as collection/charge off, the account status is listed as closed-derogatory,remarks are listed as......."Payment after charge off/collection Paid profit and loss"

 

I am used to seeing closed-paid status and the derogatory listing is bothering me.Should i ask for them to change the account status to show as closed-paid or does it matter??

 

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Edited July 22, 2015 by RemzRR

[AnnMichele]

It matters.

 

Since you did pay off a collection it is reporting correctly. I'm not sure if you'll be able to convince the collection agency to change the status but it's worth a shot.

[RemzRR]

Now working to pay off my my credit cards again. Havent checked my report in a while and didnt look into that $2 trick. Jus a quick update

 

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