Donnyten

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About Donnyten

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    Durham NC
  1. Donnyten

    Fixing my credit and improving my score

    Yes I did. score started off in the mid 500s. i settled all of my debts and requested collectors to take the stuff off my report, also challenged everything on my report afterwards to help expedite the process. when this happened my score dropped to 4. 4??? i thought was so weird, but was because i no longer had anything on my report, no established credit and was basically like i was starting new again. first thing i did was get two secured credit cards, one through my bank ( bank of america), and one through capital one. the bank of america card has a 300 dollar limit and the capital one had a 200 dollar limit. your free to deposit as much as you want but thats how much i put on both cards. from here i made sure to use the card every month only spending at most max of about 10-15 bucks on each card, and paying off my balances a week before the end of each due date. magically my score then jumped to around 650 ish i think. i kept using the card, and each month my score would increase by 4 or 5 points. not too bad. but hit a major roadblock when my car died on the road one day and needed a tow and did not have money for it. i was forced to use nearly half of my capitol one card, 87 dollars for the tow, and did not make any payments before they reported to the buearu that i owed 87 dollars which, i suppose is bad because of debt to credit ratio? or credit utilization? ( dont know if these go hand in hand) so my score dropped by 10 points from 664 i think to 654, of course i panicked a bit. but i paid off that entire balance in one felt swoop before my due date and to my surprised my credit score jumped by some odd +20 something points. it was actually unbelievable. then i guess bank of america reported to the bureau currently owed, which was around 10 bucks out of 300 dollar limit, and my score jumped again by another odd 5-10 points. i dont remember by how much exactly my score dropped, and was raised again but thats a close enough approximation and now my score is 700. I'm very thankful of this forum and through patience and due diligence my score continues to raise each month. by the way, not only did my score jump by 20+ points after paying the 87 buck capitol one balance, but they also increased my credit limit by 200 bucks. so now my capitol one limit is 500 dollars i think the keys are to, pay off any debt that you have FIRST, if you cant pay it in full, settle, and negotiate the settlement further with debt collectors, get it in writing as this is very important that they will remove the negative remarks from your credit report. I would do this first with physical money that you have rather than getting a credit card and using that money to pay off debt. I also had a few credit inquiries on my report, hard inquiries from times i MAY HAVE inquired about a vehicle purchase. called the bureaus and debated them all and had them remove them from my report. next, get one secured card. I wouldn't have gone with bank of america honestly, mainly due to annual fee and high interest rate. but im stuck with it now. eventually, a month or two later, i got a capitol one card. your score will jump a bit just by the banks reporting that you have a new line of credit alone. then from here, dont use too much of the money from your cards. i used them to say put 15 bucks of gas in the tank of my car, and i left the card alone for the rest of the month, used another to make a light purchase at wal mart, then left the card alone.. make sure you pay that back BEFORE time.. NOT ON TIME. BUT, its important you give it time for the banks to report what you owe FIRST, just dont wait too long to pay off the balances. you can buy anything you want, but what has worked for me is not to use the card to much and to keep balances relatively low in respect to your security deposit. keep your credit utilization fairly low relative to your credit limit stay out of debt, i dont have any loans, dont plan on taking out loans, sure may help improve credit and establish a history or whatever but that just opens up the door to more potential debt.. i only rely on money i physically have. building up my score and history in case of DIRE emergencies or i want to buy a home one day.. who knows.. just want good credit. good luck
  2. Donnyten

    Credit score dropped 10 points

    thank you, i appreciate it. So, an update.. i paid off the entire balance and to my surprise, my score jumped significantly from 657 to 672 according to transunion. But i also received an email from experian stating my fico score is at 715? Which one is more accurate? My capitol one limit was also increased from 200 bucks to 500 bucks Also, this made me think a little.. would a quick way to improve credit score , would be to use up a little less than half your limit ( such as what happened last time) , have the bank report to the bureau, score drops.. then pay off entire balance before due date? will this always work?
  3. Donnyten

    Credit score dropped 10 points

    thanks for the responses. if i pay all of my balance off before the due date instead of the minimum, would my score increase by a few extra points instead of the usual 4 points per month?
  4. Hello. Been working on my credit thanks to this lovely form.. Was recently at 667, until I got an email that stated credit score had dropped by 10 points. I login to transunion to check my credit score ( as they reported it had dropped) and it has indeed dropped by 10 points. I have two secured cards a bank of america with a zero balance, and a capital one card with an 87 dollar balance, 200 dollar limit. Could the credit utilization have something to do with the significant drop in score? it is almost a little depressing but i'm trying not to let it stress me out.
  5. Donnyten

    Fixing my credit and improving my score

    Wait a minute. A collection was taken off my transunion report and now transunion reports my score is 4. Wtf?
  6. Donnyten

    Fixing my credit and improving my score

    Good to know. Good news also, those two collections that were paid off have been removed from all three bureaus. Score increased by 30 points. Score is still extremely low in the mid 500s but its a start. I also applied for another cap one secured card 1 week ago. I guess from here on out i'll need to be patient.
  7. Donnyten

    Fixing my credit and improving my score

    awesome This may have been answered in one form or another, but would it be advantageous/ disadvantageous to me if I were to apply for another secured card? does it look better to have multiple streams of credit open or does it not really matter? At this point I've paid off all of my debts so I guess all thats needed is time and wise spending. I dont plan on using that card for anything if I can manage unless its a dire emergency, whatever to build my credit at this point.... whatever can help accelerate the process as well as far as my score is concerned
  8. Donnyten

    Fixing my credit and improving my score

    Thanks for the replies again. Though it wouldn't have made a difference to my score or history ( im assuming) I went on ahead and contacted Chase and Cap 1, both which did not have any open accounts on file ( not new news), they referred me to the collection agencies that had my data. Both agencies said the accounts fell off/ were no longer open and that I did not have any debts. So I guess that's that.... with that said, this may be a silly question but, restarting of SOL does not apply since I dont have accounts with the agencies correct?>
  9. Donnyten

    Fixing my credit and improving my score

    Thanks. I paid the major collection on my report, the other one was just a $50 charge so I took care of that as well. I paid a visit to Bank of America and got a secured credit card that I can use to build my credit with. They no longer had the 99/300 option available to me. With that said I had a question about utilization. The guy I spoke with told me the amount and cost of the purchases is irrelevant as long as you are paying in full and on time. That will help build a positive credit score over time. I'd like more opinions on this if possible. do I make small consecutive purchases and pay in full on time? A couple huge purchases? max out the card? Keep a certain amount on the card at all times? Also what if let's say I lost my job and didn't want to use the credit card just in case I wasn't able to make a payment for a purchase . Will that negatively impact my score and history ? The guy said as long as I don't close the card I would be okay if that were to happen .Also would it help to apply for another secured card as well? This time I plan on being highly responsible since my goal is to build and maintain a positive score and history.. aside from loans what else can I do to improve my score and build a positive history? A few years back I did in-house financing for an automobile that has been paid off. I wasn't given a loan or anything but was able to make payments. This was not reported to any Bureau. Is it possible to potentially get the auto place to forward the information to the bureaus? I considered paying the charged-off accounts just to be in good hands in case I really need their assistance in the future and also to be in good faith. Just trying to tie up some loose ends so I'm not indebted to anybody
  10. Donnyten

    Fixing my credit and improving my score

    I wish i would have known beforehand: re:paying a collection, that I needed to get in writing an agreement to remove the debt from my history. I say this because I felt the urge to settle one of two major debts on my report today, for half the amount owed, when I asked the rep if it would be taken off my report, she said " I think so, yes". SMH. In retrospect that was not good enough and I hope I didn't waste my time and money settling that debt if it will just stay on my report. I also felt the urge to attempt to settle with Chase bank, and capitol one, two cards I screwed myself over with many years ago. Is this a good idea though they are no longer on my report? or Is it a waste of time?
  11. Donnyten

    Fixing my credit and improving my score

    Thanks for all the help. Re: name change- only the name was changed but not the SSN. I managed to get a copy of my credit report for free and see two collections listed. Needless to say I need to pay them off and plan to negotiate with the two for something I can afford. So, when the two are paid off how long will it take for them to be taken off my report, or shown to have a zero balance/ paid off ? and will this even improve my score or keep it stagnant until I start building credit? I now bank with bank of america so I'll see if they can offer a secured credit card. Question about building score with the card. Say They gave me a card with 300 bucks limit. Do I buy something worth 300 bux then pay it off immediately? or do I pay it off over time ? ( make monthly payments). Unfortunately No one will cosign me. I'll look more into the authorized user thing
  12. Hello people. I'm looking to improve my credit. I'm 31 years of age and made a few bad choices when I turned 18. I was approved for a capital one and chase Bank credit card, both went unpaid and ended up in collections. I was younger and had a different name but was changed years ago. As of today there are two items on my credit report. however I cannot see the past collections from those credit cards on my report. I'm not sure why they are not listed and whether or not they still affect me. Could anyone provide insight as to what's going on with that? Could it have been due to my name being changed? When I apply for certain things say for financing an automobile, they report that I have no credit history. I am not really sure what that means and would like some insight one that as well. I also read that if someone as me as an authorized user to their credit within a month or so that can help improve my score as well. If anyone has information as to whether or not this is true please let me know. Thanks