My journey to better credit!

QuestionsMy journey to better credit!
asked 3 years ago

Hello y’all. I’ve been lurking around here, mostly soaking up information and I figured it’s time I made a post. I’m just going to create a quick run down of my what my report currently looks like and what my rebuild plan is. I’m hoping that I can get some suggestions on how to improve on my plan to make things move more smoothly/quickly. I will be updating this as frequently as possible and so the scores/info you see should be UTD as you’re reading this. Anything I have accomplished and positive accounts will be colored in green, negative remarks I’m still working on will be in red, and any changes to my plan/general updates will be in yellow.

 

CURRENT SCORES

EX: 556

EQ: 560

TU: 568

 

 

CURRENT ACCOUNTS

Public Records

None!

———-

 

Titan Insurance Services

Collection Account

Open

D/O: 3/24/2016

Balance:$ 75.00

REPORTING ON TU ONLY

Center Physical Rehab

Collection Account

Open

D/O: 9/2/2016

Balance $ 118.00

REPORTING ON TU ONLY

Sherman Radiology (TU) / MBB (EX, EQ)

Collection Account

Open (TU) / Closed (EX, EQ)

D/O: 3/2/2015 (TU) / 3/1/2015 (EX, EQ)

Balance: $ 260.00

REPORTING ON EX / EQ DIFFERENTLY THAN TU?

Capitol One (TU) / Portfolio Recovery (EX, EQ)

Collection Account

Open (TU) / Closed (EX, EQ)

D/O: 9/22/2014 (TU) / 9/1/2014 (EX, EQ)

Balance: $ 807.00

REPORTING ON EX / EQ DIFFERENTLY THAN TU?

WillowBend (TU) / National Credit Systems (EX, EQ)

Collection Account

Open (TU) / Closed (EX, EQ)

D/O: 6/15/2013 (TU) / 6/1/2013 (EX, EQ)

Balance: $ 2,539.00 

REPORTING ON EX / EQ DIFFERENTLY THAN TU?

———-

Department of Education

Student Loan/Installment

Open

D/O: 9/1/2016 

Balance: $ 1,000.00 

Paid as agreed / Deferred

REPORTING ON EQ ONLY

Department of Education

Student Loan/Installment

Open

D/O: 9/1/2016 

Balance: $ 1,750.00 

Paid as agreed / Deferred

REPORTING ON EQ ONLY

 

 

 

MY REBUILD PLAN

1. Create an email account for creditor correspondence only.

2. Get P.O. Box for creditor correspondence, update address to P.O. Box.

3. Send DV letters for all collection accounts.

4. Offer PFD on any verified accounts, as I can afford to (nothing is outside of SOL so being careful here!)

5. Satisfy all reporting debts.

6. Saturate GW letters to any who would not PFD.

7. Clean up any remaining derogs that I can and satisfy Chexsystems debt ($ 200ish?) .

8. App for 1-2 secured cards while waiting for GW responses.

9. App to join NFCU and get one of their unsecured cards and the NavCheck.

10. Keep my utilization low and just garden for a while! Smiley Very Happy

 

 

 

So, there’s the run down. I am a freshman college student so the student loans will continue to be in deferment for about 4 more years. I should be able to have the first two collections taken care of by the end of the year, possibly the third one as well. I just started a new job so I am a bit tight on cash for now until the end of the month. I’m sure I have the rest PIF by May 2017, possibly sooner if I can negotiate the larger debts down and still get a PFD. I do have a car that I am paying, it is current with no lates but it is not reporting at all. Possibly because I’ve only had it since June? We will see if it pops up I guess.

 

MY ULTIMATE GOAL

I would like to reach 650 by Christmas time next year. It may not happen but I am certainly going to try! In the future I would like to feel confident apping for prime cards/financing, so that I can have those options available to me if I need/want them. Also rewards would be a nice thing to earn.

 

QUESTIONS

1. Does this plan seem ok/do you have any other suggestions? All of these debts are mine and as far as I can tell are reporting acurately. So I’m wondering if I should just skip the DV process and go straight to sending out PFD letters? To get things moving more quickly.

2. I am a bit confused as to who I should be sending my PFD/GW letters to on the accounts that are being reported by both the OC and the CA. So who gets the letters?

3. Is email correspondance alright for this process or do I need to to this all via CMRR?

4. After steps 1-7 I am hoping that I will be able to app for unsecured cards rather than secured ones, but I would be hard to tell until I see the results of my PFD efforts. If I have to go with secured cards, are they really all that bad? I bank with Wells Fargo (bleh I know, it’s only until I can get into NFCU), I think I could easily get a secured card with them but I want to optimize my scores!

 

 

Register New Account
Reset Password