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Everyone has a story.. I'll make mine short. Life altering unexpected decline in health lead to unemployment. No support system, no help. It took me about four years to get both my health and life back on track. I met a girl four years ago who I'd like to marry. We're moving next summer and I want to prepare my credit to buy a home in the next year or two.

I beat Cavalry in court on one account (thanks to this community!), the rest have surpassed the statue of limitations here (5yrs).

  • AMEX ($3,500) - Est Removal: 10/2018
  • Portfolio 1 ($3,000) - Est Removal: 02/2019
  • Portfolio 2 ($2,500) - Est Removal: 10/2018
  • Enhanced ($1,000) - Est Removal: 11/2018

I'm not sure what the best course of action here is.. I've been living under the radar for years, running cash businesses etc. I'm self employed, I do pay some taxes but do not have my own checking (use PayPal business w/card) or my own credit cards (on family accounts as an AU, pay them directly).

  • I'd like to begin improving my credit score.
  • My SO has great credit (810+) BUT about $150k in student loans.
  • I'd like to try and get us a house or investment property in the next 1.5 to 2yrs.

So I was thinking contact the reporting agencies on Portfolio one as I'm sure the last payment is inaccurate. I'm hopeful there is something aggressive I can do against the three remaining account but maybe just let them run their course? In the mean time then, open a bank account, and get a secured card (Discover IT). Possibly a secured loan the first year for extra oomph. Next step, focus on that AMEX. I'd like to get another one, one day. I've read I need to pay the debt directly to AMEX and should get myself added as an authorized user on a good standing account a bit after that. If approved as an AU then I'm off the BL and should re-apply to AMEX on my own when my credit merits it. Thoughts?

Thank you for any time you may spend reading this or better yet.. replying. Sincerely, my thanks.

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2 hours ago, myDebtThrowaway said:

Possibly a secured loan the first year for extra oomph.

Waste of time and money.  Won't really help over all in the long run.  Skip this.

2 hours ago, myDebtThrowaway said:

I'm hopeful there is something aggressive I can do against the three remaining account but maybe just let them run their course?

Now that a lawsuit is time barred PRA will report to the bitter end.  Count on that.  They do not do pay for delete and even if the amount is inaccurate when you dispute they will simply correct it.  They won't delete.

Enhanced is a credit report poisoner.  If you complain to the BBB, CFPB and other regulatory agencies they delete and disappear.  

2 hours ago, myDebtThrowaway said:

Thoughts?

AMEX has a LONG memory.  That plan might work but I would not bank on it.

For rebuilding you need to focus on ways that prove you have sufficient income to support getting credit on your own and that you can manage debt.  Start with a couple of secured cards and move on from there as you re-establish.

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@myDebtThrowaway

In a year, AmEx and Portfolio 2 will fall off your CR.  Enhanced will fall off a month after that and Portfolio 1 just a few months later.  In less than a year and a half, the negative entries will be gone.

 

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4 hours ago, Clydesmom said:

For rebuilding you need to focus on ways that prove you have sufficient income to support getting credit on your own and that you can manage debt.  Start with a couple of secured cards and move on from there as you re-establish.

After our foreclosure we started with a single Credit One CC with a $300 limit. It was predatory card with high interest and insane fees for being one second late on a payment, but it worked, as Clydesmom said.

Unfortunately it can work too well. My wife is now getting credit cards with limits out of all proportion to what she would be capable of paying with her income alone.

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Thanks again everyone. I appreciate you guys taking the time to comment.

On 10/20/2017 at 11:08 AM, Clydesmom said:

Now that a lawsuit is time barred PRA will report to the bitter end.  Count on that.  They do not do pay for delete and even if the amount is inaccurate when you dispute they will simply correct it.  They won't delete.

Enhanced is a credit report poisoner.  If you complain to the BBB, CFPB and other regulatory agencies they delete and disappear.  

Thanks for the insight, very detailed. I'll take your advice regarding Enhanced and do some research this week. While you're at it, any comment on how Calvary would handle something like this and or course of action as the consumer? Thanks again.

 

On 10/20/2017 at 11:08 AM, Clydesmom said:

AMEX has a LONG memory.  That plan might work but I would not bank on it.

For rebuilding you need to focus on ways that prove you have sufficient income to support getting credit on your own and that you can manage debt.  Start with a couple of secured cards and move on from there as you re-establish.

Yeah the AMEX has me worried.. I'll be keeping my fingers crossed there. Lots of success stories and I had a good history up until I didn't, so I'm hopeful they'll be willing to work it out.

I appreciate the tips on rebuilding.. It seems things will just take time. I'll have more then enough income.. the new career should pay very well and I don't have any expenses. I'll just be getting those secured cards and patiently waiting for my score to improve. Any personal suggestions for any specific secured cards? I'd like something I can grow with in to a traditional card if possible. I've read good things about the Discover IT that I mentioned in the OP.

 

On 10/20/2017 at 11:33 AM, BV80 said:

@myDebtThrowaway

In a year, AmEx and Portfolio 2 will fall off your CR.  Enhanced will fall off a month after that and Portfolio 1 just a few months later.  In less than a year and a half, the negative entries will be gone.

 

Thanks for the clear cut opinion/facts. I hear ya, I was just wondering if there was anything I could do during this in-between time. Sorry for being naive but, what kind of credit score can I expect to have after that? I have old accounts I closed that were in great shape and will be getting at least two secured cards in about 4 months that will be well maintained.

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Do you have any idea what your credit score is now?  I got approved for a Capital 1 card with a not very high score (I want to say 620).  At the time, I had an old closed store card account, a closed auto loan with 7 lates and a 9-month old tax lien.

The Cap1 card is nice because they don't charge any fees.  It's a $300 initial limit and if you pay on time for 6 months they automatically bump you up to $500.  It can't hurt to try. 

7 hours ago, myDebtThrowaway said:

Sorry for being naive but, what kind of credit score can I expect to have after that?

If all that's in your credit file are the negatives, you won't have any score at all when those drop.  I would start rebuilding.  Another option is to see about getting a cheap car loan ($6,000-$8,000).  Your interest might be high, but the payment would probably be under $200.  If you did both of these things, in 2 years you'll probably be near 680 when all the negatives drop.

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The balances on the negative TLs is what really kills a credit score.  Who are the OC's that PRA bought those 2 debts from?  I have used arbitration against JDBs to get TLs removed when they have a reporting error.  Instead of paying $5k to arbitrate my FCRA claim, they just agreed to wipe out the alleged debt and remove the account from my credit reports.  This will not work with AMEX, FYI.

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