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It’s a long post but, where do I go from here? I am not sure what to do next. Do I just pay everything off and only charge a small account to one or two cards and pay them off every month or is there more to it? My goal is to buy a house. Hopefully by next summer. I, unfortunately, listened to Credit Karma before I did more research and opened more cards than I probably should have and charged a bunch but, I will have all the balances back at zero in 2-3 months at most.
Here is what I am doing: paying all current credit balances to zero with no more charging, paying down student loans currently in deferment. I am thinking of closing the First Premier card and opening a self lender account (to get a better mix) but, am not sure if closing a paid card will hurt my score.
This is where I am sitting at:
Wells Fargo Fico 9 score: 626
Fico 8 scores pulled from premium Experian subscription:
Experian- 657 Equifax- 643 Transunion: 661 Fico 8: 657
LVNV/Resurgent: $518 paid just waiting to be deleted from credit report
IC Systems: $253, waiting on a response from debt verification letter, if that doesn't work I am asking for a PFD
What Is Reporting
Fingerhut: $73.06 out of $600 limit since Feb 2020
Capital One (authorized user, no card): $555 out of $9,500 limit since Nov 2014
Capital One (Walmart store card): $193.24 out of $300 since May 2020
Credit One $258.50 out of $300 since May 2020
First Premier: 270.83 out of $300 since Jan 2020
Synchrony Bank: $0 out of $1800 since Feb 2020 (never used)
Went through rehab and now in deferment due to being in school, no longer taking out more loans. Total: $39107.18
I also have some transferred closed student loans showing up on Equifax and Transuion as 120 days late with zero balances that I do not know what to do with.
FICO Score Message 1 of 3 0 Kudos Reply
Hello, I am a long time member but I have been away for a long time. I am looking for some advice or just opinions that I am doing the right thing!
To start I am looking to buy a home by the end of the year!
My Current Situation:
AMEX: Opened Feb 2012 / Balance $0 / Limit: $6700 / One 30 Day Late Payment
Barclays: Opened Oct 2019 / Balance $387 / Limit $1000 / No Lates
Capital One: Opened Dec 2010 / Balance $202 / Limit $5750 / One 30 day(Feb 2019), One 60 Day Late (March 2019)
Discover: Opened June 2020 (0% Balance Transfer) / Balance $9343 / Limit $9500
Kohls/CAPONE: Opened Oct 2016 / Balance $0 / Limit $3000
Merrick Bank: Opened June 2011 / Balance $0 / Limit $3300 / 30 Day Lates (Oct & Nov 2018) - 60 Day Late Dec 2018 - 90 Day Late Jan 2019
Nordstrom: Opened Nov 2012 / Balance $0 / Limit $5800 / No Lates
THD/CBNA (Home Depot) Opened June 2011 / Balance $2000 / Limit $6000 / No Lates
CLOSED: PNC Credit Card Opened Jan 2016 / Closed Dec 2018 Legally Paid in full for less than the full balance Lates: (2017) Aug 30days - Sept 60days - Oct 60 days- Nov 90 days (2018) Jul 30 days - Aug 60 Days - Sept 90 Days - Oct/Nov 120 Days
CLOSED: SYNCB/LAZBOY: Opened DEC 2014 Closed Oct 2017 Good history no negatives
CLOSED: NOT REPORTING NOW: Credit Union CC Balance $8500 with late pays (I am sure this will show up when i least expect it)
US BANK Opened April 2020 Good History
- I have 5 closed Auto Loans with perfect history
- Balance $7410 Good History
- Balance $6165 Good History
- CLOSED: Good History
- CLOSED: One Main Financial this loan was paid in full in 3 months!
$9500 - Auto Pay through pay checks does not show on credit report
Now you know my current situation: I just did the balance transfers on the Discover and it has increase my FACO score a large amount. I am thinking of taking a personal loan from my bank to pay off my 401k loan. I would then be able to take out a larger loan to pay off all my revolving debt and have it automatically taken from my pay checks at a 5% interest rate. I would normally leave the balance on the discover card at 0% but that ends in 14 months which I do not know if I would have it paid off in time. As I said i am looking to buy a house before the end of the year. Should i go forward with this process?
Why I am thinking of the 401k loan...
1) I like the idea that I have a very low interest rate and that interest actually goes back into my 401k
2) I know the debt will be paid off in 60 months
3) If god forbid i lose my job the loan is paid off by my 401k (I know this sucks but it does protect me)
4) this will clear up my credit report of debt and maybe increase my credit score more
I have a plan in place to not run up credit cards again. we are living will within our means now and not running up debt but actually slowly paying it off with high interest. It will go even faster with low interest rates! The way I figure I will be saving an average of $400 a month in interest alone!
Please give me your honest opinion on what I should do!
Hello Credit Board
I am newbie to this forum, but have been lurking for a while. I had recently pulled my credit report and I am having major issues with my student loans. Apparently I have loans that have been transferred \ sold and now are with a new company. The original loan was open back in the 2000's but they are still showing on my credit report. I am not sure how I can have these removed. Any assistance would be greatly appreciated.
Thank you in advance
I just wanted to share my strategy. I've written them many many good will letters and always get the generic response. I decided to message them on Facebook and I got an actual human in the states who responded the same. I then replied with a true sob story and the guy said he could remove 1 late payment from each card. This will change my life so much and hopefully raise my score. I just wanted to to share with you guys who might have issues with comenity