First of all I don't know where to start.. first of all I'm 27 years old and single my past history was I had a account with BofA and I also opened a capital one card as well.. Well after losing my job and being without work for almost about 2 years both accounts went into collections. The Capital one being a public judgment and the BofA a charge off, having just looked at all 3 credit reports it still shows and I checked my credit score on Myfico and it's 572.. Last year and into about the middle of this year I noticed I had some wage garnishments in my paycheck but for the past 4 or so months now I haven't seen them anymore, I'm not sure to which it was for really nor have I had any info in the mail about if anything was paid off.. I finally got my back IRS taxes paid which was around $1100 So my question here is the following 1.) How can I start knocking most of these off my report? As of now I have 4 things that look bad 2.) how can I go from 572 to 700+ in a few months? Now here is the annoying part because I remember this back when I got the Cap one card.. they make it so hard for you to get a credit card but then they scream you don't have enough credit on anything else when viewing your reports.. It's impossible to build credit if you can't get it.. I just don't know which way to turn right now The two major bad marks are capital one with a $1,200 bal & BofA that's a charge off that's about the same amount it screws with my credit reports because it thinks it's in good standing. Should I try bothering trying for a secured card at all? The other two are amounts of $193 and $40 Speaking of that who do you pay the company or the CA?
Just to be completely honest with you, moving your FICO scores from the 500s to the 700s in a few months isn't realistic. Plan on it taking longer than that from the start. Now, the wage garnishments you were experiencing were most likely for the Cap One judgment, and they must have collected what they wanted since the garnishments have now stopped. How old is this judgment? Also, how old is the BofA debt? It sounds like it was charged-off, sold, and is now with a CA. Has the CA been in communication with you? Also, how do the other 2 debts ($193 and $40) show up on your credit reports? Are they both collections?
The judgement is about a year and a half old, the BofA debt is a few years I think.. maybe 2-3 but the CA really has not been in contact with me so I'm unsure how to get in contact. And the $193 & 40 both show up on the credit reports, the $193 I can pay direct but I don't know if it would get cleared off my report or not.
I can speak from recent, personal experience that moving the scores takes time; like Josh said. Also, Capital One was in my experience the easiest company to work with by far. They deleted all negatives on my CR after payment was made.
sorry for the long delay, well hopefully this can be taken care of, but I just checked tomorrow's paycheck and I see another wage Attachment in my check but for only $16.63
Over the holiday's because I was making more money the wage attachments were back but this time around $100-110 a week, for the year I think it was around $344 or so, How can I find out where this money is going to? Having said that I was reading around here and most here said paying the charge off or capital one (default judgement) wont really do much to raise my credit score.. I wonder if it's just better to get a secured card and just buying fuel for the car every few weeks on it?
I would think you could speak with your HR department at work, they should have more details as to where your wages are being garnished to. Yes, having a negative account on your CR is what hurts your scores the most -- a paid/closed one should probably bump your score up some, especially as it gets older, vs. having an open collection....but the goal is to get the account removed completely. Just make sure the CC company you open the secured account with reports -- AND check the fees! Some are outrageous....Annual fees, monthly maintenance fees, APR's in the high 20's. If you belong to a credit union, that's probably your best bet. Or check with whomever you bank with.
I will have to check with HR at work to find out the info on that, I bank with Wells Fargo I have a savings account with ING however since I owe Capital One and they just brought ING I decided to move that savings money over to USAA just because I don't want to wake up one morning have find all the money gone in one large sum, I will keep a small balance in the account just to see what happens if anything.
USAA is a great bank to be with, especially if you or a family member is military. They offer secured credit cards with low AF, APR, and CL can start as low as $250
Only thing is I read is the secured CC will never become unsecured but just keeps rolling over in a CD.. And say I open it with $250 that's going to be the limit on the card for as long as the account is open.
That's not true about the opening limit never increasing, the change went in to effect Jan 2012; it can now be raised with additional future deposits. As far as becoming unsecured, IDK, you may be right. However with an AF of $35 and APR of 9.9%, it, IMO is a far greater card to have than one that charges well over $100 a year for an AF plus monthly account maintenance fees plus carries a near 30% APR should you decide to carry any balance. But all of this means nothin unless you're military, or was, or have a family member who is/was.
Yeah I was reading this this morning about the USAA card ht-tp://creditcardforum.com/blog/the-usaa-secured-credit-card-has-a-hidden-trap/ (remove dash in http) I have family in the service so it's not much of an issue, it was looking good until I saw that site.
