How do you know "which mountain to tackle" first? - Looking for guidance.

[bigmistake22]

Good morning, 

I've been reading for days and I've officially spun myself in a circle or two trying to figure out what direction to go first.

Can anyone offer some guidance? The goal is to repair credit (I know it will take time) and maximize my score, wherever possible. 

Currently in low 600s. A big drop from a few years ago when I was 750+. Husband lost his job, pandemic, etc - my credit took a hit (his is about 730, we opted to protect one of us. Maybe not the best choice but...here we are).

 

My question is, based on the info below, which do I tackle first? I'm thinking medical accounts in collections, esp the 2 (of 3) that will not fall off in 2022 but would love some feedback. 

My other question would be: would it be wise to get a secured card? My profile is very thin, due to closed accounts and I have a short age/history.  I have a mortgage and 1 Synchrony Bank/Care Credit card for vet bills...that's it. I *just* opened the CareCredit last week and it has a CL of $4900. It was a total shock and I'm grateful but I've heard that Synchrony is known to cut CL and close cards so I'd like to get something else up and running, if possible. Balance reported is $737 (16% util) but I immediately paid down to $490 (9.9% util) - that should be reflected next month. I have 0% for the next 6 months to pay the remaining balance. 

Also: I was eligible for a Discover secured card but I believe time ran out on the offer. That was before the Synchrony card was opened last week, so I'm not sure if I'm still eligible.  

 

The biggest issues are a few charge offs and collections. One good thing: I just settled a credit card w a JDB and the OC does not show up as a charge off on my CR. It's within SOL (6 years), so I'm not sure why but I'm grateful. 

I know this is a lot but if anyone has a moment to read through, please let me know your thoughts. I've read a secured card will help bump me up, which would be great, but I know opening too many cards at once isn't good. 

 

Here's the ugly stuff (and I'm not sure what to tackle first) and, if in the midst of paying things off, do I get a secured card to help out (My concern is they will close synchrony)

Thank you, everyone, who has helped in the past. You are all extremely kind! 

 

COMENITY BANK/NWYRK&CO: CHARGE ACCOUNT

Charge off: Estimated month and year this item will be removed 11/2025

Date Opened 10/02/2018  Updated 08/03/2019 Closed 07/01/2019

Balance $0  Payment Received $0

 

 

JPMCB CARD SERVICES

Charge Off: Settled with OC for 13% of total on 3/30/22. They will report for "settled for less than full" 

Date Opened 06/21/2000  Updated 11/12/2019 Last Payment Made 03/01/2019 Closed 01/10/2019

High Balance (Hist.) High balance of $15,129 from 09/2019 to 11/2019 <not sure this is accurate but also not sure if that matters>. I don't remember ever going that high, esp w/ a CL of $8000. Credit Limit (Hist.) Credit limit of $8,000 from 09/2019 to 11/2019 Estimated month and year this item will be removed 09/2018

 

 

NAVIENT: Student Loan

Pay Status >Transferred; was 120 days past due date< 

Date Opened 10/31/2007  Updated 08/09/2019  Last Payment Made 04/16/2018

Balance $0  High Balance $22,678

Terms $0 per month, paid Monthly for 300 months

 

 

SYNCB/OLD NAVY

Pay Status Paid, Closed; was Paid as agreed. CLOSED BY CREDIT GRANTOR

Opened 10/17/2010  Updated 06/19/2018  Last Payment 01/06/2017  Closed 01/19/2018 Paid 01/06/2017

Balance $0  Payment Received $0

1 - 30 day late: Jan 2016 <-- maybe send goodwill letter? Right now it's showing up as an adverse mark on my report. Only 1 late since 2016.

 

AMERICAN ADJUSTMENT BUREAU - Medical Debt

Pay Status: Collection

Balance $362  Opened 06/26/2020  Updated 03/25/2022

Estimated month and year this item will be removed 01/2027

 

CREDIT CENTER INC -Medical Debt

Pay Status : Collection

Balance $650  Past Due $650  Date Opened 01/30/2017   Date Updated  03/15/2022

Estimated month and year this item will be removed 08/2023

EASTERN ACCOUNT SYSTEM - Medical Debt

Balance $666    Opened 08/02/2018   Updated 03/11/2022

Estimated month and year this item will be removed 03/2023

 

 

Open in good standing: Mortgage since 2013. Pays as agreed.

Synchrony CC: Opened last week. $4900 - 16% usage, paid down to 10% usage yesterday (not reported yet). 

[Bulldoger]

The care credit will help once it appears. The only negatives as far as score goes is the 650 and the 666 medical collections the $362  does not effect your score as it's under $500.  Medical Bills are not usually sold that are most commonly sent to collection firms.  Call them see what it will cost for pay for delete as I said before all my medical collection were removed once paid. 

FYI on Care credit if they start to drop the amount they give you as credit make sure you don't go to zero balance as they may close account. 

  

[bigmistake22]

16 hours ago, Bulldoger said:

The care credit will help once it appears. The only negatives as far as score goes is the 650 and the 666 medical collections the $362  does not effect your score as it's under $500.  Medical Bills are not usually sold that are most commonly sent to collection firms.  Call them see what it will cost for pay for delete as I said before all my medical collection were removed once paid. 

FYI on Care credit if they start to drop the amount they give you as credit make sure you don't go to zero balance as they may close account. 

  

Thanks @Bulldoger

This is (again) extremely helpful. I always thought we had to keep utilization under 20%, I didn't realize (until I found this board) the importance of keeping it below 10%. I will also try and keep a small balance on it. The tough spot is that it's for vets and medical but I'm sure I can find something to charge - especially with my pup!

I will definitely reach out to the $650 and $666 for PFD. The hospital promised itemized bills b/c I would like to understand what the $650 was for. I have no memory or record of it at all (although, I am sure it happened, I just can't remember what). It was around that time that life took a turn and we went into 4 years of financial/employment hell. Those years were tough and we are paying the price now.  

Thanks so much - I'm looking forward to seeing if my score changes at all once my settled charge-off (chase) balance goes to $0. I've read some get a bump. 

I'll tackle the medical debt first.

What are your thoughts on a secure card? My file is thin - only Carecredit and a mortgage. A secure card might help but I wasn't sure if that's pushing too much in one month b/c I just opened CareCredit.

 

Thank you again for your time...It's much appreciated!