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Gonegrl's Rebuilding/Managing debt


GoneGrl
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GoneGrl, I read your thread yesterday and it was very encouraging. I have a question did you end up having to pay any of these Collections on your report. Because I'm really considering doing the 1-2 punch like you did for mine and DH accounts, though mine are just medical and I'm following whychat method. Also were your collections in Sol. Thanks so much and congrats!

 

Hey Outdoorsy, so sorry to get back to you months later. I've been so spotty with checking my threat and this forum online as I have been so deep in work this past year.

I did do the 1-2 punch and it did work for some things but my LVNV FUNDING baddie is still on my record and I have given up trying.

 

I will say everyone's Credit situation is unique, I think some of the methods on here did not work on my rebuilding. Mostly what worked for me was talking with CRA's over the phone and waiting for stuff to fall off. The Main issue holding back my score were Credit Inquiries. They kept my FICO at 580 and wouldn't budge for no matter how good of payments I made. Finally they all fell off in August and boosted my credit score by a lot. DO NOT BELIEVE WHEN SOME PEOPLE SAY INQUIRIES DO NOTHING TO YOUR SCORE, THEY DO. I'm very paranoid about credit inquiries on my report and its keeping my score moving upward.

 

My Collections were mostly medical too with a few utility and one bad Capital One card so I wasn't that deep in the Red with my report. Right now I only have LVNV Funding on my report.

 

It takes a while and so much persistence but use these boards as a jump off point. Much great advice on here but also keep in mind when it doesn't work, do not get discouraged. Your situation can be unique that requires different methods to clear whatever baddies you may have. Always be proactive when those times arise. :)

From the info in this thread it appears that you have multiple paid collections, at least one open collection and multiple late payments reporting.

 

I assure you that it's not the inquiries that are holding down your scores.

 

Also, your conclusion that improved credit comes from being at the same address for four years has no basis in reality.

 

https://creditboards.com/forums/index.php?showtopic=545358&p=5524324

Ah you could be right, it's just something I noticed. When I became stable my credit offers started to fly in. Although I have changed addresses recently I noticed I haven't received any offers at my new address yet and it's been a year. My score of course has improved vastly and I am debt free right now which is a good thing because I'm on a limited income now.

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  • 5 weeks later...

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Thank you!

 

I'm not applying for any more cards in the nearer future. Continue gardening. I had a mysterious TMobile collection that popped up last week but I called them (TMobile) and paid the balance.

 

I've zeroed out all my balances on my department store cards last month. That's probably why my credit jumped high.

 

I put balances on my new Discover (500) and Amex (100) today. I want to have myself zeroed out completely on all my cards by the end of the year. Don't know if that's a bad thing and someone can advise if that is but would like to be Debt Free going into the new year.

 

Any other advice please send over. Thank you!

 

 

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I hunted this one down. Could you make a current listing by any chance of your current cards/dates opened/CL/balances, and any baddies you might still have? I'll see if I can help getting those done, and clearing off balances off cards is always good, letting one report around $2 puts you in that 'idea'

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I have

 

Amex - 500 credit limit 00 balance (New card)

 

Discover - 2000 credit limit. 00.00 balance (new card)

 

Chase Slate - 1000 credit limit - 100.00 balance

 

Credit One Bank - 300 credit limit - 00.00 balance

 

First Premier - 400 credit limit - 00.00 balance

 

Overstock - 500 credit limit - 50.00 balance

 

Victoria's Secret - 500 credit limit- 00.00 balanc

 

Fingerhut - 1500 credit limit - 00.00 balance

 

My FICO is 8 with 699 Experian Score / 690 Transunion/ 687 Equifax

 

Thank you!

 

Ooops and the baddie I currently have is this STUBBORN collection from LVNV

 

407.00 Collection (Cable bill)

 

 

Edited by GoneGrl
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If you're sitting with an AmEx, a Discover, and a Chase, then yes, I would close that First Premier and Credit One (Especially with the horrid fees, and anything with an AF would die for that matter unless it was exclusively for rewards that compensated me for it). Do you have uses for the rest of those, that give rewards or major discounts? Remember that when you close a card, it's still going to report as a good tradeline for quite a few years, so you'll have that benefit, and you have better cards at this point. I'm hoping you don't use Fingerhut anymore either, right? That would be another I'd personally say could wash away in a rainstorm.

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I have

 

Amex - 500 credit limit 00 balance (New card)

 

Discover - 2000 credit limit. 00.00 balance (new card)

 

Chase Slate - 1000 credit limit - 100.00 balance

 

Credit One Bank - 300 credit limit - 00.00 balance

 

First Premier - 400 credit limit - 00.00 balance

 

Overstock - 500 credit limit - 50.00 balance

 

Victoria's Secret - 500 credit limit- 00.00 balance

 

Fingerhut - 1500 credit limit - 00.00 balance

 

My FICO is 8 with 699 Experian Score / 690 Transunion/ 687 Equifax

 

Thank you!

 

Ooops and the baddie I currently have is this STUBBORN collection from LVNV

 

407.00 Collection (Cable bill)

OK, the reds (My personal opinion here) I would close out ASAP. General consensus seems to be that many prime lenders may "look down" on a profile that holds those cards. The two oranges I'd likely close as well, just because they're essentially "Toy Cards" and unless there's major benefit for you in having them (IE: Vicky's gives you 30% off every purchase or something, not just a one-time wannabe SUB), their lower limits can be an impediment rather than the open line being as much a boost as you might think.

 

I'd take another swing at the Cable bill. I'll have to read about and see what methods you've tried before, but JackAttacking it might have good effect...sorry, work strikes again, but which AmEx & Disco do you have? Cash back? Travel rewards? Etc?

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If you're sitting with an AmEx, a Discover, and a Chase, then yes, I would close that First Premier and Credit One (Especially with the horrid fees, and anything with an AF would die for that matter unless it was exclusively for rewards that compensated me for it). Do you have uses for the rest of those, that give rewards or major discounts? Remember that when you close a card, it's still going to report as a good tradeline for quite a few years, so you'll have that benefit, and you have better cards at this point. I'm hoping you don't use Fingerhut anymore either, right? That would be another I'd personally say could wash away in a rainstorm.

THANK YOU SO MUCH FOR THIS ZANSHIRO! I appreciate the advise.

 

No, the department store cards like Overstock, Victoria's secret and Fingerhut have no rewards. I will close all these out today. I just didn't know if I should do that.

 

I'm sending more letters out today for the Cable bill with LVNV but it's being super stubborn.

 

I have the Amex Blue Cash Everyday Card. Cashback rewards and standard Membership benefits. I don't see any travel rewards on this program but I could be wrong.

 

Discover is almost the same. Cashback rewards but I'm not seeing anything with Travel yet.

Anything below Chase Slate with AF

 

THANK YOU !!! <3

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For your last one, I would get your newest reports, and find all the things wrong with the collection that you possibly can, in the form of Jack Attack. Here's the Master Thread for the how-to on it.

 

https://creditboards.com/forums/index.php?showtopic=313560

 

Combining the Jack Attack with the 1-2 punch has been extremely successful for many people in my brief reading. Feel free to take a pause with the LVNV, and post a letter (with personally identifying information redacted of course) and get some thoughts on it before throwing out just another round. Remember, it's a marathon, not a sprint.

Edited by Zanshiro
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For your last one, I would get your newest reports, and find all the things wrong with the collection that you possibly can, in the form of Jack Attack. Here's the Master Thread for the how-to on it.

 

https://creditboards.com/forums/index.php?showtopic=313560

 

Combining the Jack Attack with the 1-2 punch has been extremely successful for many people in my brief reading. Feel free to take a pause with the LVNV, and post a letter (with personally identifying information redacted of course) and get some thoughts on it before throwing out just another round. Remember, it's a marathon, not a sprint.

Awesome advice Zanshiro!

 

I'll definitely do that. I closed out my cards you recc'ed for closing. I feel so much relief having Credit One and First Premier off of my fanny. :)

 

Thank you thank you!! <3

Edited by GoneGrl
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Why not leave Overstock and VS open?

 

Theyre good trade lines. Sometimes you may use them to buy clothing or household goods.

 

They are with Comemity and FNBO, right? FNBO sometimes has $250 Sign Up Bonuses on their AMEX card, and having a longstanding account open with them will make it very easy, in the future, to get new credit lines.

 

If you havent already canceled, consider putting them in your sock drawer and using once every six months, and asking for a Soft Pull Credit Line Increase as well to get them up in the $2 - $5 K credit limit range.

 

FWIW, MP

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  • 3 weeks later...

Why not leave Overstock and VS open?

Theyre good trade lines. Sometimes you may use them to buy clothing or household goods.

VS should not have been closed. It will continually grow. And the Overstock should have remained open for the time being until better cards had been approved and reporting.

 

The OP now has under 5 revolvers open, which is a detriment to their FICO scores.

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The main reason to close Credit One and First Premier because they are sub prime turds. Congrats GoneGrl on your progress.

 

Thank you Poppa! :yahoo:

 

Yes they are big turds but I have to also be a little grateful because even with their lil' Pirate ways, it helped me build credit. I'm not a big spender so I always utilized the cards sparingly which probably helped.

 

I'm so happy to see my score and wallet fill up with better cards and status.

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Why not leave Overstock and VS open?

Theyre good trade lines. Sometimes you may use them to buy clothing or household goods.

VS should not have been closed. It will continually grow. And the Overstock should have remained open for the time being until better cards had been approved and reporting.

 

The OP now has under 5 revolvers open, which is a detriment to their FICO scores.

 

 

Good to know Conrad!

 

Luckily I got a Chase Freedom Unlimited in the mail that I accepted so now my cards as follows:

 

Chase Slate

American Express

Discover

Target (forgot about this card when I listed it's a zero balance and I rarely use it)

 

And the new Chase Freedom Visa (3000 limit) rounds out my wallet to 5 cards.

 

grope.gif

Edited by GoneGrl
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