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Someone pls tell me what to do…need to get score up 150 pts


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A couple years ago I had a horrible accident and stopped working (plus, trusted a family member which I won’t do again) which negatively impacted my credit. For a while I used debit card for everything. Now I am stable and completely motivated to fix this asap because I want to move forward, buy a house, get the Amex of my dreams with benefits/perks…you know, reach my goals!!!

 

Grateful for any/all advice. Everyone here seems so awesome, knowledgeable, helpful, and empowering…appreciate you all!

 

MY PROFILE RIGHT NOW:

TOTAL ACCOUNTS: 5 (2 installment loans, 3 revolving credit accounts); mix considered ‘very good’

CREDIT HISTORY LENGTH: 16 years 7 mos; considered ‘very good’

INQUIRIES: 0 in the last 12 mos; considered ‘good’

MISSED PAYMENTS: 0 accounts reported late in last 12 mos, 1 in the last 7 yrs; considered ‘good’

UTILIZATION: 71% considered ‘fair’ but I think it is way too high

 

Per Experian:

Experian: 579 / Equifax: 603 / TU: 596

 

Per Credit Karma: 

TU: April 2021 started at 610, hit 692 in July (paid down a loan), 695 in Aug then inexplicably decreased 38 pts. Now at 657

Equifax: 610 in April, hit 701 Aug 9 (paid a loan and opened secured Discover card), Aug 26 score decreased 46 pts due to new collections I have no idea about. It does not factor into ‘accounts’ in CK but is noted as cause for decrease. Now at 655

 

THE GOOD:

Long credit history, exceptional payment history on open accounts and responsible use of credit e.g. 0 missed payments etc

 

THE BAD (& UGLY):

Derogatory remarks: 1 charge-off, 1 collections, and also credit utilization (currently 71% due to the charge-off).

 

2 BADDIES:

Both set to come off in 2024…seems not SO far off but also not so close, considering my goals. Also wary about making a payment or acknowledging the account/debt and starting the clock on SOL.

 

1 collections: $890 Portfolio Recovery

Disputed on CK due to unfamiliarity, but it was ignored. I would like to dispute again but not sure what the best move is. I am willing to pay for delete if this means it will be off my credit report and stop negatively impacting me.

+1 new collection that’s only on Equifax and not listed with a company or name, just the amt of $400…no clue what this is. Have requested paper credit report to investigate.

 

1 charge off: $3500K Cap 1

It's not in collections, what should I do about this?

 

AVAILABLE CREDIT NOW:

DISCOVER SECURED: CL $600 balance $0

CITI: CL $1500 balance $0

 

Think the 71% credit utilization has to do with the charge-off and collection(s).

 

QUESTIONS:

-How do I quickly mitigate impact of charge-off and collections? Concerned paying may not remove them.

-Am I getting hit with late payments each month from the charge-off and collections?

-Do I need more trade-lines? Should I get another secured cc with large deposit to lower my current credit utilization, ask someone to add me as an authorized user, and/or explore a secured loan?

-When will I be able to apply for a great CC considering these negatives?

-Should I use Experian Boost to boost my score in the meanwhile?

-I think I could get an FHA mortgage now and have savings for down payment but ideally want credit repaired to quality for conventional loan; if anyone has advice on this pertaining to someone with a credit profile like mine that would be great!

 

Ok credit warriors do your thing….appreciate your help and advice on next steps! 

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8 hours ago, bluetortillachip said:

1 collections: $890 Portfolio Recovery

Disputed on CK due to unfamiliarity, but it was ignored. I would like to dispute again but not sure what the best move is. I am willing to pay for delete if this means it will be off my credit report and stop negatively impacting me.

+1 new collection that’s only on Equifax and not listed with a company or name, just the amt of $400…no clue what this is. Have requested paper credit report to investigate.

 

https://www.portfoliorecovery.com/prapay/help/contact-us#credit-report-questions

Your account will be considered paid-in-full or paid-in-full for less than the full balance after your final payment is successfully posted. Within approximately 30 days of your final payment successfully posting, we will request that the credit reporting agencies delete our tradeline related to your account from your credit bureau report. PRA, LLC is required to delete the reporting of its tradeline seven years after the original date of delinquency, regardless of paid status.

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