Need help on what i'm doing wrong to improve score

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Rockstar87
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Need help on what i'm doing wrong to improve score

Postby Rockstar87 » Fri Jun 27, 2014 5:59 pm

Ok here goes. I recently graduated college and
I have about 5 things on my credit report that are affecting my score and will fall off on the 7 year mark later this year or next. $237 to Sprint, $637 to Credit One from my college years, $300 to Target, and about $500 to a closed Captial One Card all from my college years when I was not very wise with my credit and wasn't making much money. Now I'm trying to rebuild and it seems the process is just extremely slow. I recently opened a secured card through my Credit Union for $1,000 June 2014, just got a Capital One Quick Silver card with $300 June 2014 (not sure how since I owe them from a closed account from college), and a $300 credit limit with First Premiere August 2013. My CK score is 541, Transunion is 614, and FICO is 568. I just started a monthly payment to Equifax for their 3 in 1 credit score tracker and I have a free FICO score from my credit union DCU. Every card that I applied for I have been denied. Barclay Rewards for Average credit applied June 2014, Discover IT January 2014, BofA secured February 2014, Amazon Visa November 2013 and PayPal Master card June 2014. My score just seems to stay and not move up or down. Was thinking about getting a Credit Builder Loan through my credit union as I don't have mortgage or a car note. Trying to keep my CU <30%. ANY ADVICE IS GREATLY AND MUCH APPRECIATED!!!
DCU Platinum Secured-$1000; Cap 1 Quick Silver-$300; First Premier-$300; Finger Hut-$230


MemberSince99
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Postby MemberSince99 » Fri Jun 27, 2014 11:33 pm

With all those collections, it's no wonder. I mean think about it, would YOU give a prime card with a high limit to someone with multiple collections on their report? FICO is the only score that really matters at all, and honestly that's a pretty low score. I can't think of any prime lenders who will be very likely to touch you with a FICO of 568 and multiple collections on your report.


The best thing you can do for your score is work out PFD (pay for delete) deals on your collections. If you can get those off your report, your score is bound to improve. Let all those inquiries age too and resist the urge to try for more because prime lenders right now will only decline you so it's just a waste that will further drop your score. Get the collections off, let things age, use your current cards responsibly and keep utilization down (a challenge I know with low limits but 1k is workable). Do these things and your score will go up. It just takes time. Do NOT app further until your score is at least around 650 or so preferably 670 to 680 to give you some kind of realistic shot at better cards. Don't make the mistake of trying to do the "Shopping cart trick", those new toy limit tradelines will just drop your AAoA and odds are you will never make use of them anyway. Save your apps for prime cards when you have a score that can give you what you want.

takeshi
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Postby takeshi » Sat Jun 28, 2014 12:35 am

Rockstar87 wrote:Now I'm trying to rebuild and it seems the process is just extremely slow.

Yes it is. That should motivate you to avoid derogs at all cost in future. You're not really going to get anywhere with them reporting. See what you can do to address them. Keep in mind that falling off does not mean ceases to exist.

Rockstar87 wrote:My score just seems to stay and not move up or down.

Derogs are always a major problem and should be addressed first. You can't expect approvals or improvements with derogs. Applying when no creditor will touch you doesn't help either.

supercoolman
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Postby supercoolman » Sat Jun 28, 2014 1:10 am

all those apps while score is low made your situation worse

Rockstar87
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Postby Rockstar87 » Sat Jun 28, 2014 1:34 pm

I applied for a pay of delete with three of my derogatory sand waiting to here back. They should fall off in the next year or two so if I don't get the pay for deletes should i pay them off for just wait? Also if I pay them off and won't get the pay for delete will that improve my score. FICO is 568 and Transunion is 620
DCU Platinum Secured-$1000; Cap 1 Quick Silver-$300; First Premier-$300; Finger Hut-$230

Rockstar87
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Postby Rockstar87 » Sat Jun 28, 2014 4:47 pm

If I can't get the derogs removed by PFD, will paying them off help my score improve??
DCU Platinum Secured-$1000; Cap 1 Quick Silver-$300; First Premier-$300; Finger Hut-$230

Rockstar87
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Postby Rockstar87 » Sun Jun 29, 2014 11:07 pm

Any idea if my score will improve if I can't get a pay for delete but just pay it off instead or should I not do that and just let them age in the next year or two?
DCU Platinum Secured-$1000; Cap 1 Quick Silver-$300; First Premier-$300; Finger Hut-$230

OldMan
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Postby OldMan » Mon Jun 30, 2014 5:48 am

Rockstar87 wrote:Any idea if my score will improve if I can't get a pay for delete but just pay it off instead or should I not do that and just let them age in the next year or two?


Actually, your score will probably drop a little at first once you pay them off, if you can't work out a PFD.

But there's going to be a problem if you don't get them paid off, later down the road. From what I understand, most mortgage lenders will find them during a manual review, even if they've fallen off your CR. I doubt you'll ever get approved for a mortgage until they are settled.
My Wallet:
Discover IT - $4000;
AMEX BCE $12000;
Citi Double Cash - $6600;
CHASE AARP Visa - $5000;
Banana Republic $1200;
NFM - $20,000;
Sears (Citi) MC - $6000;

Rockstar87
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Postby Rockstar87 » Mon Jun 30, 2014 4:24 pm

I'm in the process now of paying of an old sprint bill. I talked to the collection agency and they offered me a settlement offer and I also called sprint. If i go to the Sprint store and pay the balance in full ($266) then they said it would post to my credit report and not show on there anymore and the collection agency would be notified as well. My question is should I just pay Sprint the $266 or accept the settlement offer. I want if off my credit report and $266 isn't really alot of money so I wouldn't mind paying Sprint to have it removed because getting it off my report is what I'm trying to achieve here
DCU Platinum Secured-$1000; Cap 1 Quick Silver-$300; First Premier-$300; Finger Hut-$230



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