I posted previously under "creditor wont take my money!!" but after reading some other peoples posts I decided you all may be able to help me with the rest of my problem. I am trying to repair my credit as quickly as possible. Although if it cant be quickly anything will help. This is what I have: Credit scores currently 570-595 after viewing all three reports. I have 5 negatives on my report: Captial One - showing as charge off with a $2600.00 balance, but as my last post said they continually tranfer me to NCO Financial where they promptly tell me they are no longer handling my account (been going on for 5-6 months) LVNV Funding - showing as a collection for $150.00 MI Credit Bureau- was a medical bill, they reported for 1 month and I payed them in full - showing as "was a collection account - paid in full" Credit Protection Association - was a cable bill for the amount of $250.00 - same deal, they reported for 1 or 2 months and I payed in full - showing as was a collection - paid in full The last is a utilities company that was showing me 60 days late two months in a row June, July of 2010 and current ever since. On the positive side: One bank loan that is fully paid off - showing as "paid satisfactory" One revoliving line of credit from a retailer - closed - shows no late payments and paid satisfactory. One revolving line of credit from a retailer that is still open - limit 500 - high balance 477 - balance 102 - paid on time all the time That is my entire credit report. Any suggestion on how to build from here? As I said in my last post I have inherited a small sum of money so I have the cash to work with. I was planning on paying off LVNV funding and then attempting to get a credit card from my credit union as I have had 2 loans through them (only 1 still showing my report) and have NEVER missed a payment to them, so I think they will give me a credit card to help me build my credit. Open to suggestions.
It'll be difficult to do anything about the old collections you already paid in full. If there's anything inaccurate or questionable in regards to how they're reporting on your credit reports, you may want to dispute them through the CRAs and hope for the best. Otherwise, you can just wait them out and they'll continue to have less and less of an effect on your overall credit scores as time passes. For the debts you haven't paid off yet, take the lump sum of money you just received and negotiate hard for PFDs. You want to get those negative marks removed if at all possible in return for payment. Getting a credit card from your CU is a good idea too. You definitely need to get more revolving credit and continue building positive payment history. Keep your CU ratio low, always pay on time, and always pay in full. If you have a spouse or close relative/friend who would be willing to add you as an AU to one of their oldest credit cards in good standing, that should help give your scores an immediate boost as well.
Very good advice....I will probably apply for both a small personal loan as well as a credit card through my CU. I belong to a VERY good CU that actually offers free credit repair counseling and help, I just never have time during business hours (because I travel for work alot) to get down there and talk to them so Creditnet is the solution. From what I can see negotiating PFD's is a bit of a very time consuming art...Luckily I only really have (2) currents to deal with. I appreciate all the advice.
