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Hey all, I've been lurking CB's for a couple weeks now. I've had bad credit for years now, trying to finally get it sorted and I think I'm close to finally making real progress. Here's a breakdown of where I stand today:
FICO scores: TU (562), EQ (597), EX (554)
Credit cards: 0
Loans: $22,000 Auto Loan (GM Financial) at 17% APR
Open Collections: 2 accounts $647 total
Credit Inquiries: 23!! (Didn't realize how damaging they were when try to get approved for car loan)
Missed Payments: 24 total - 22 of which are from two student loans I defaulted on in 2010. Student loans have since been paid in full. The other 2 are from a gas utility from 2014.
I'm not really sure where to go from here. I've had quite a few collection accounts removed by Lexington Law, I recently read on here that I should stop using them, called about an hour ago to cancel and they gave me a free month. That being said, they have saved me about $3,000 in collection accounts removed in the last two months.
Should I pay off the 2 open collection accounts, I'll be able to pay the balance in full this month but is it worth asking to pay less, will that jeopardize my chances of getting them deleted from my report? Once that's paid, I think I'll be at the point where I'm ready to begin building my credit. Would love advice on the best way to approach building credit from the low point that I'm at. I havne't applied for any secured cards because I'm worried I'll be denied due to the 23 inqueries on my account.
My business partner is willing to add me to one of his rather high tradelines with low utilization, is this something that will still help or is that no longer relevant?
Thanks in advance for any advice I receive. I'll continue updating this thread as progress is made.
I have been reading this site and it has helped me tremendously in my credit repair journey . I have deleted all previous addresses on Equifax and TU . Experian is a work in progress. I also successfully opted out of LN . I have an unpaid Federal and KS state tax lien on my report on all three CRAs.
I disputed both items with TU in July and they came back verified . Now, TU indicated the Federal tax lien was relieved in bankruptcy . Funny thing is I never filed . I redisputed in Sept after successfully opting out of LN . It came back verified . I filled a complaint with CFPB . Here is what I wrote " I received my credit report from Trans Union and it contained two public records which I have disputed and they have come back verified. I have spoken to the clerk of both courts and have been told they don't report nor provide any information to credit reporting agencies including Trans Union . Moreover, court records do not list Social security numbers. I would like to know how Trans Unionm keeps verifying this account. My SSN and the SSN listed in the courts do not match. So how does Trans Union tie this account to me (MY NAME). My Social security number does not match what is in the court records. If the court records don't match my records Trans Union needs to have documentation that matches my exact nine digit SSN, if it does not Trans Union must DELETE this account from my credit profile. Worse of all , there is an item Trans Union claimed has been relieved in bankruptcy . I have never filed for bankruptcy "
After about 7 days , they replied with this
"We have reviewed your complaint along with the information you previously provided regarding this issue. We contacted the Shawnee County District in reference to Docket # at (785) 251-5429 and verified your name and social security match to the State Tax Lien. Additionally, we contacted Cobb County Superior Court at 770-528-1332 in reference to Docket # and verified your name and social security match to the lien. The clerk also provided information that in their records the bankruptcy filing had been dismissed. Based on this information provided by the court, the tax lien under Docket # was removed from your TransUnion credit file. The Fair Credit Reporting Act allows: Unpaid tax liens to be reported for an indefinite period of time, depending on your state of residence. "
They deleted the Federal lien and left the State . How do I attack the State lien in my response . I seriously doubt they contacted the court .
Disputed both items with EQ . They deleted the Fed tax lien and said the state lien was released/satisfied . It can't be as I haven't paid this lien. I intend to file a complaint with the CFPB next week . Need ideas on how to attack this via a CFPB complaint . Should I use the same TU complaint ?
I also have a CA account that EQ deleted after three weeks and TU verified in 7 days . I also intend to file a complaint with CFPB on this CA .
Thanks for this great site .
First time poster, thanks for all the great info on this site...hoping you can help.
Mid-aged single person, have finally gotten to a financially stable point in my life. Pulled my credit yesterday from Experian's $1 offer, and my scores are good, not great. 701 (Experian & TransUnion, Equifax: 698. I would like to get my credit above 780, but to be able to use my credit cards for as many purchases as possible so I can get points to travel (I do several international trips a year).
Had a terrible history with credit, dating back to college. Used them as free cash and got into real trouble. Finally 10-15 years ago, realized that I had a problem managing my credit. Really scaled back and cut back on cards (using only my ATM/Visa and 1 BOA) to get used to buying within my means. Opened up my first card (SPG Amex) almost 2 years ago, and have had good success managing that (pay in full every month), so I'm ready to build on it.
The current stats:
Good wage earner: $16k+ month. It's just me.
Own home: $320k in mortgage. All on time payments last 24 months, was 60 days behind in 2010/2011 (see below).
1 small car loan: $10k. All on time payments.
1 Corporate AMEX: (doesn't show on my credit reports)
1 SPG AMEX: Opened 12/13: $17k credit limit, high spend of $8k. Pay in full every month. 20 month clean payment history. Have been using it for everything possible for SPG points. But realizing I'm charging too much on it (the report said something about using more than 30% of my credit).
Oddly enough, I just found a writeoff due to an old utlity bill ($72 bucks!!!)...so I have to figure out how to get that off. The only 'deliquent' that shows active on my account.
Old accounts: Fixed
Owned a condo before the house. Tried to buy the house/sell the condo at the same time during the recession (2010/2011), had to carry 2 mortgages for a year. Ouch. Had some trouble manging both payments, as you'll see below:
DCU: HE load for condo renovation. Potentially negative close (but I Paid in Full before closeout).
15 months of okay payment
4 months 30 days late
1 month 60 days late
NHSA: Condo mortgage: Potentially negative close (but I Paid in Full before closeout).
18 months of okay payment
2 months 30 days late
1 month 60 days late
1 month of 90 days late
DCU: Car Loan. Potentially negative closed. Paid in full, all but 1 on time payments. 30 days late. Was traveling, forgot to send in payment (duh).
Old accounts: Credit
BOA Card 1: Opened 3/1/2004, High balance of $15k, potentially negative close. Closed the account after I closed on the house, as I used it to fund repairs to get the condo sold.
Past History: 2013: ND, 2014-2015: OK (odd, because I dont' think the card was open). Should I re-open this card? I had called last month (I ran across an old card), and they were happy to reopen it. Challenge is, I won't/will rarely use it (no points) but it's good credit aging.
BOA Card 2: Opened 11/2006, High balance of $5k, Current close.
Past History (2009-2010): All ND
Chase Cards (2): $15k and $6k credit limit. Looks to be closed in 2007, okay payment history for 2006-2007.
Store Cards: Macy's, Linens, Lowes,Talbots, Yale Electric : All closed, good payment history.
So the question is, how do I increase my credit score. I'm thinking I shoud:
1. Dispute this old National Electric charge
2. Reopen my BOA account
3. I'd like to open another account, for points. Either Chase Sapphire or Citi Premiere/Prestige.
Any feedback would be helpful. Thanks!