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Dedikate

Dedikate

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Hi Everyone

I have a 550 score currently
I just opened a Capital One unsecured with 300 limit
Ive had a secured card for 200 open for a year
I have 7 derogatories that will be tough to get rid of (3 of them are chase credit cards totaling 20k)

What else can I do to boost my credit score? I was thinking so far as to get a car note and pay on that for a couple months Anyone have experience with this? Thank you in advance!!!

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I was thinking so far as to get a car note and pay on that for a couple months Anyone have experience with this? Thank you in advance!!!

I believe that would only have a negligible  impact on you credit score(s). 

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40 minutes ago, Dedikate said:

Hi Everyone

I have a 550 score currently
I just opened a Capital One unsecured with 300 limit
Ive had a secured card for 200 open for a year
I have 7 derogatories that will be tough to get rid of (3 of them are chase credit cards totaling 20k) What is their status?? Are they defaulted?? If so when did they default?

What else can I do to boost my credit score? I was thinking so far as to get a car note and pay on that for a couple months Anyone have experience with this? Thank you in advance!!!

Opening up a new line of credit will likely hurt you more than help you. PLUS if any of the "derogatories" are charge offs and within the SOL it might cause you to be sued.

Edited by Why Chat

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As noted, are the seven derogs all charged off or are they simply delinquent?

 

Also, a car loan won't have much of an impact and would cost you FAR more than the benefit gained would be worth.  I can all but bet the farm that you would be looking at a double-digit rate.  A new car loan won't be cleared in a couple of months and a used car loan isn't worthwhile unless you absolutely needed new transportation.  And unless you were doing a re-fi on an existing car loan, you would more likely see it written as a personal loan secured by the vehicle.  DO NOT even contemplate title loans through the store-front operations...they typically would not report unless you default and if you DID default, you are losing the vehicle, which puts you multiple steps behind where you are trying to start the journey. 

 

As you contemplate steps to take, do NOT go with any manner of half-assed approach that uses cut-and-paste templates.  You will want to draft and tailor letters that are specific to YOUR situation.  There is, generally speaking, no one-size-fits-all approach to credit repair. 

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1 hour ago, centex said:

As noted, are the seven derogs all charged off or are they simply delinquent?

 

Also, a car loan won't have much of an impact and would cost you FAR more than the benefit gained would be worth.  I can all but bet the farm that you would be looking at a double-digit rate.  A new car loan won't be cleared in a couple of months and a used car loan isn't worthwhile unless you absolutely needed new transportation.  And unless you were doing a re-fi on an existing car loan, you would more likely see it written as a personal loan secured by the vehicle.  DO NOT even contemplate title loans through the store-front operations...they typically would not report unless you default and if you DID default, you are losing the vehicle, which puts you multiple steps behind where you are trying to start the journey. 

 

As you contemplate steps to take, do NOT go with any manner of half-assed approach that uses cut-and-paste templates.  You will want to draft and tailor letters that are specific to YOUR situation.  There is, generally speaking, no one-size-fits-all approach to credit repair. 

Every derog is delinquent.

 

Thanks for the heads up on the car.

 

Not sure what you mean about cut and paste templates

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Dedikate:   you currently have two of our most senior members trying to help you.   Neither one of the two will ask you for information they don't need to formulate an answer to help you.    It is important to answer what is asked so the respondents can formulate a good course for you.

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3 hours ago, Dedikate said:

Would paying some of my derogs off help? Or would it be a better Idea to open new lines of credit?

Have you been delinquent RECENTLY?? ( within the past 2 years)? If your delinquencies are close to being 2 years old they will start to not impact your scores. If they are recent then before doing anything else I suggest you get your budget and credit spending and payments into a manageable level before doing anything else. Taking on new credit to try to improve your score would just be digging yourself deeper. Paying off your delinquent accounts will not eliminate the dings. Paying ALL your accounts on time for another year or 2 will be the best way to increase your score and put yourself into a better position to get increased credit limits. 

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26 minutes ago, Why Chat said:

Have you been delinquent RECENTLY?? ( within the past 2 years)? If your delinquencies are close to being 2 years old they will start to not impact your scores. If they are recent then before doing anything else I suggest you get your budget and credit spending and payments into a manageable level before doing anything else. Taking on new credit to try to improve your score would just be digging yourself deeper. Paying off your delinquent accounts will not eliminate the dings. Paying ALL your accounts on time for another year or 2 will be the best way to increase your score and put yourself into a better position to get increased credit limits. 


I haven't paid anything on them since they went delinquent 5 years ago. Before I couldn't, but now I can make payments.

 

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1 hour ago, MarvBear said:

Dedikate:   you currently have two of our most senior members trying to help you.   Neither one of the two will ask you for information they don't need to formulate an answer to help you.    It is important to answer what is asked so the respondents can formulate a good course for you.

Ok, I understand. I will make sure to answer directly

 

5 hours ago, centex said:

As noted, are the seven derogs all charged off or are they simply delinquent?

 

Also, a car loan won't have much of an impact and would cost you FAR more than the benefit gained would be worth.  I can all but bet the farm that you would be looking at a double-digit rate.  A new car loan won't be cleared in a couple of months and a used car loan isn't worthwhile unless you absolutely needed new transportation.  And unless you were doing a re-fi on an existing car loan, you would more likely see it written as a personal loan secured by the vehicle.  DO NOT even contemplate title loans through the store-front operations...they typically would not report unless you default and if you DID default, you are losing the vehicle, which puts you multiple steps behind where you are trying to start the journey. 

 

As you contemplate steps to take, do NOT go with any manner of half-assed approach that uses cut-and-paste templates.  You will want to draft and tailor letters that are specific to YOUR situation.  There is, generally speaking, no one-size-fits-all approach to credit repair. 

My apologies, I wasn't using the correct terminology. All of my Credit Cards were charged off. Chase for 8k and 12k, PNC for 2k and a Macy's AmEx for 2k had all been charged off and put on my credit report.

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Your comment "I haven't paid anything on them since they went delinquent 5 years ago. Before I couldn't, but now I can make payments." doesn't make any sense. They are reporting from an original creditor or a collection agency?? If you haven't paid on them in 5 years they have been written off-- not "delinquent" . I assume these are NOT medical accounts??What State are you in??

Follow the guides;

https://whychat.me/GUIDEBOOK.html

https://whychat.me/SOL PROGRAM GUIDE.html

Send each CRA this 

https://whychat.me/initdispltrsol.html

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what is the DOFD for the derogatory items based on paper copies of your consumer credit reports from each of the four major CRAs? They will harm your score for 7 years but how to handle them will depend a lot on the DOFD, the SOL for your state and this type of debt, and your effort.

 

There is no reason to opt out especially if you intend to use pre-qualifying portals from creditors to add new tradelines. While adding new tradelines is 50% of rebuilding your credit, dealing with your derogatory accounts should be the priority right now.

 

I would not get a car loan just hoping it will help your credit. It won't have much impact. Revolving accounts from major card issuers, however, will help you build a stronger credit profile in the long run.

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38 minutes ago, Why Chat said:

Your comment "I haven't paid anything on them since they went delinquent 5 years ago. Before I couldn't, but now I can make payments." doesn't make any sense. They are reporting from an original creditor or a collection agency?? If you haven't paid on them in 5 years they have been written off-- not "delinquent" . I assume these are NOT medical accounts??What State are you in??

Follow the guides;

https://whychat.me/GUIDEBOOK.html

https://whychat.me/SOL PROGRAM GUIDE.html

Send each CRA this 

https://whychat.me/initdispltrsol.html

They are reporting from a collection agency

 

They are NOT medical accounts

 

I moved to Michigan 5 years ago

 

I'm going to start reading those guides now

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1 hour ago, hegemony said:

what is the DOFD for the derogatory items based on paper copies of your consumer credit reports from each of the four major CRAs? They will harm your score for 7 years but how to handle them will depend a lot on the DOFD, the SOL for your state and this type of debt, and your effort.

 

There is no reason to opt out especially if you intend to use pre-qualifying portals from creditors to add new tradelines. While adding new tradelines is 50% of rebuilding your credit, dealing with your derogatory accounts should be the priority right now.

 

I would not get a car loan just hoping it will help your credit. It won't have much impact. Revolving accounts from major card issuers, however, will help you build a stronger credit profile in the long run.

I have resided in Michigan since 2015. Nearly all of these accounts were open prior to 2015 in Columbus, Ohio.

 

There are several addresses associated with me where I never lived

 

I can only find a 52 page Equifax report from December 7th, 2018. It is a full report with a confirmation #. The report was sent back to me after I disputed some accounts last year by mail.

 

My collection accounts are as follows:

2 Transworld accounts (Medical). DOFD on both was 4/2016.  (APD $1,500)

Verizon DOFD 6/2017   (APD $0)

Great Lakes Education DOFD 6/2017    (APD $21,904)  (These are spread throughout 10 different accounts)

Navient DOFD 7/2017    (Multiple Accounts)

US Dept Of Education  DOFD 7/2017

AmEx/Dsnb DOFD 10/2016  (APD $2,100)

Chase DOFD  12/2016     (APD $15,838)

Chase DOFD 12/2016       (APD $9,606)

Huntington National Bank DOFD 7/2017

PNC Bank DOFD 10/2016   (APD $2,600)

 

 

 

 

 

 

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20 minutes ago, Dedikate said:

I have resided in Michigan since 2015. Nearly all of these accounts were open prior to 2015 in Columbus, Ohio.

 

There are several addresses associated with me where I never lived

 

I can only find a 52 page Equifax report from December 7th, 2018. It is a full report with a confirmation #. The report was sent back to me after I disputed some accounts last year by mail.

 

My collection accounts are as follows:

2 Transworld accounts (Medical). DOFD on both was 4/2016.  (APD $1,500)

Verizon DOFD 6/2017   (APD $0)

Great Lakes Education DOFD 6/2017    (APD $21,904)  (These are spread throughout 10 different accounts)

Navient DOFD 7/2017    (Multiple Accounts)

US Dept Of Education  DOFD 7/2017

AmEx/Dsnb DOFD 10/2016  (APD $2,100)

Chase DOFD  12/2016     (APD $15,838)

Chase DOFD 12/2016       (APD $9,606)

Huntington National Bank DOFD 7/2017

PNC Bank DOFD 10/2016   (APD $2,600)

 

 

 

 

 

 

Order paper reports

https://creditboards.com/forums/index.php?/topic/590506-ordering-paper-credit-reports-information-inside

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https://whychat.me/States/state-mich.html

 

The SOL (statute of limitations for being sued) in Mich. is 4 years.

You said in an earlier post that you hadn't paid on these accounts in in 5 years, however your DOFD in  these accounts is only 2-3 years.

Follow the guide and get your real reports. Opt out and get your old addresses deleted. Go here to get help on your student loans;

 https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service

 

Follow this guide for the 2 Transworld accounts (Medical). DOFD on both was 4/2016.  (APD $1,500)

https://whychat.me/GUIDEBOOK.html

https://whychat.me/GUIDE HIPAA PROGRAM.html

 

Please try to get your facts accurate so we can help you.

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I know when you are new here and to credit rebuilding this site can be overwhelming due to the sheer volume of resources and sometimes feeling like the information can be confusing or contradictory, but listen to the others and order the paper copies of all reports and start cleaning up the reports prior to trying to obtain more tradelines for the sake of having positive activity.  Credit is a marathon, not a sprint, and many people try to do it all in a day/week when in reality it will take months/sometimes years to get to where you want to be.  Set small goals to stay motivated and set up a reminder/calendar for knowing when to check up on things etc. 

 

As others have said, order the paper copy of all reports - avoid ordering or disputing online.  Clean up the addresses and personal info (removing old names, aliases,  misspellings etc) first. Don’t carelessly dispute accounts that are within the statute of limitations in your state or you may suffer unintended consequences (poking the bear). 

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33 minutes ago, Why Chat said:

https://whychat.me/States/state-mich.html

 

The SOL (statute of limitations for being sued) in Mich. is 4 years.

You said in an earlier post that you hadn't paid on these accounts in in 5 years, however your DOFD in  these accounts is only 2-3 years.

Follow the guide and get your real reports. Opt out and get your old addresses deleted. Go here to get help on your student loans;

 https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service

 

Follow this guide for the 2 Transworld accounts (Medical). DOFD on both was 4/2016.  (APD $1,500)

https://whychat.me/GUIDEBOOK.html

https://whychat.me/GUIDE HIPAA PROGRAM.html

 

Please try to get your facts accurate so we can help you.

Will do. Thank you for your time, patience and experience.

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51 minutes ago, gerray said:

I know when you are new here and to credit rebuilding this site can be overwhelming due to the sheer volume of resources and sometimes feeling like the information can be confusing or contradictory, but listen to the others and order the paper copies of all reports and start cleaning up the reports prior to trying to obtain more tradelines for the sake of having positive activity.  Credit is a marathon, not a sprint, and many people try to do it all in a day/week when in reality it will take months/sometimes years to get to where you want to be.  Set small goals to stay motivated and set up a reminder/calendar for knowing when to check up on things etc. 

 

As others have said, order the paper copy of all reports - avoid ordering or disputing online.  Clean up the addresses and personal info (removing old names, aliases,  misspellings etc) first. Don’t carelessly dispute accounts that are within the statute of limitations in your state or you may suffer unintended consequences (poking the bear). 

This is great. Thank you. Now it's time to do the work...

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