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I hardly have any debt, but my scores suck!!


DangerouslyShy
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Hello Everyone,

Ok hope someone can help me a tad. I am trying to do some HEAVY DUTY CREDIT REPAIRING to get a mortgage on a condo, at an ok rate.

My scores were in the 600's until I got hit with two collection accounts now they are in the 500's, the collection agencies were sending my statements to a po box that I didnt even own at the time, so I didnt know I owed anything until I reviewed my CR.

Those two were reported as paid, One should be coming off, but the other probably would stick and that one is for 170.00.

The only debt i have is my lease (is that considered debt?) 4,304.00 and my student loans which equal 2,000.00 and a target card with 89.00

I do have some deliquencies, my most recent is my student loans, which are both 120+ past due, and this is because I never got the statement that they were out of deferrment. So I hopefully can get some resolution with this on Monday. And one 30 day with target, but hopefully I can talk that off my CR.

I had some old lates that are 3 + years old , 2 (30 days) and 1 (60 days).

4 old auto loans that were all paid on time every month and have been paid off or transferred.

And 3 store department cards that I have closed back in 03/04. (those 3 old lates were on these cards)

Number of accounts 16

Number of accounts with balances 5

Number of accounts that are negative 6 (see Negative Items)

Total balance on all accounts $6,393

Length of credit history 26 years, 6 months

I am only 22, but my mom made me an authorized user of her AMEX which is 4 years older then me.

Does anyone see where I can improve my credit score? Is my utilization high? Do I need more revolving credit? Any info would be greatly appreciated.

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Here's what I would do, I'm sure others will chime in later...

(1) First things first, anything recent hurts far worse than something old, so bring the student loan current as soon as possible.

(2) You need another revolving trade line I think. Target is good, but get a secured credit card. This will help alot. Personally, I have a Mastercard 0 balance and a Visa which I use regularly. Try to keep the balances low. Don't close old accounts if possible (I know, you already closed some but try to keep them open where possible)

(3) Try a pay for delete for the collection accounts, especially if they are low. You may be able to get away with paying less than the 170 for the one.

________

condo sale Pattaya

Edited by kevin3344
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Here's what I would do, I'm sure others will chime in later...

(1) First things first, anything recent hurts far worse than something old, so bring the student loan current as soon as possible.

(2) You need another revolving trade line I think. Target is good, but get a secured credit card. This will help alot. Personally, I have a Mastercard 0 balance and a Visa which I use regularly. Try to keep the balances low. Don't close old accounts if possible (I know, you already closed some but try to keep them open where possible)

(3) Try a pay for delete for the collection accounts, especially if they are low. You may be able to get away with paying less than the 170 for the one.

Thanks Kevin for the reply. Ok I will get on the student loan thing ASAP.

I thought I might need another revolving tradeline.

The thing with the collections accounts is that they are already paid for, can I still pay for delete of the collection accounts?

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Oh just a question can I reopen accounts that I closed

Sometimes. You'll have to call each of them and ask. If they were in good standing with a zero balance when you closed them, they may reopen (and sometimes with the original opening date). These are dept. store cards, right?

You need to do some reading here about cards for people with bad or little credit. There's a lot of valuable info in these threads. Head for the "Obtaining Credit Cards, etc." Forum.

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Sometimes. You'll have to call each of them and ask. If they were in good standing with a zero balance when you closed them, they may reopen (and sometimes with the original opening date). These are dept. store cards, right?

You need to do some reading here about cards for people with bad or little credit. There's a lot of valuable info in these threads. Head for the "Obtaining Credit Cards, etc." Forum.

Ok thanks, I will try to do that on Monday as well.

Yes they were all department store cards. Would that help my credit score? Or no?

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Ok thanks, I will try to do that on Monday as well.

Yes they were all department store cards. Would that help my credit score? Or no?

Yes, it will. Especially if they reopen with the original dates. But you do need to get some bank cards (MasterCard, Visa, AmEx, Discover). Read through the Obtaining Credit Cards forum.

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