The credit Repair Thread

[greenz]

never pay any collection unless you have a letter saying it's a PFD or Paid for For Delete. as far the student loans, try the IBR and tell them you're willing to pay

That's playing the game wrong. You need to prove to the bank you are reliable. People with 750+ scores are going to have more trust. Having debt is OK if you are smart about it. I have debt but I can wipe it all a way from my savings account if need be. Or by doing Ot.

I get a high line of credit and a high credit score. Anything I want to have within my income is mine with a low interest. Ie Cars/House/personal loan. And a vacation on them with them points

Aight Breh's @LeVraiPapi & @HarlemUSA or anybody else that would like to answer. need the credit karma gods to help me. I pulled all 3 of my credit reports.

Current score : 530

Amount of Debt
BOA Gold Visa = $7600 credit (Just paid 2800) Charged 800 to it to pay some parking tickets(Planned to Pay Back). BOA just called me today and dropped be down to $6200(Balance of 5800 currently) leaving me with high utilizations(they said my chase and pnc accounts below are affecting me) - Account is good standing paying minimum every month besides what i just paid this month.
AMEX Blue Sky = $1600 credit (MAXED) Paying Min Monthly
CHASE = In collections for $3600 CA offered me $1800 to settle i called chase they said if i don't pay in full they only will report to credit agency (PAID / Closed settled for less)
PNC = $1400 in collections (I can prolly pay about $1000 2 accounts one for 400 another for 1000 the 1000 said they would settle for 600) PNC is not telling me anything on how they report but im guessing its just like Chase.

Both PNC & Chase will be on my reports until 2021

Parking Tickets = Another 1k in collections only on Transunion Report (already paid 200 still got $800 or so left)

Now i have a little saved but it won't cover all of the collections / delinquent accounts. So what you guys are telling me is basically say fukk off with the collections agency unless im willing to pay in full and get the letter staying either paid in full or pay to delete. I should basically pay down and make my credit cards limits as low as possible. I already own a home and need to up my credit score to get a home equity line of credit to get a new whip.

The only collection account i have is on Transunion for some dumbass parking tickets above. Those Chase and PNC accounts just show up on closed accounts and not in collections according to all 3 of the credit reports i pulled.

I can get my amex down to around 30% utilization and probably get my BOA down to another 50% with what i have saved but i won't be able to pay for any of those settlement offers. Suggestions / Thoughts fellas ????

 

[DeuceZ]

personally I would work on those collection accounts...you need to get to minimum 620 before you can start thinking of a HELOC; if you cant do a paid to delete I would still pay off/settle on them. Easier to write a letter of explanation with stuff paid off than collections still outstanding....

 

[Mr210]

just got my first credit card with 11k limit 10% interest (23 years old)

700 charged on it so far and minimum payment is due october 3rd

If i pay it all off before then and continue to do the same the next month, will my credit score be eating well brehs?

damn thats a big CL limit for your first CC. I got my first CC at 21 and it was only like $3,000

 

[Mr210]

do you guys use credit karma to keep regular checks on your credit reports or are you using something else

 

[calh45]

damn thats a big CL limit for your first CC. I got my first CC at 21 and it was only like $3,000

They tryna trap his ass. I got two high limit cards like that when I was in college. I didn't understand the game so I was splurging left and right. It took me a while to pay them b*stards off in the end.

 

[LeVraiPapi]

personally I would work on those collection accounts...you need to get to minimum 620 before you can start thinking of a HELOC; if you cant do a paid to delete I would still pay off/settle on them. Easier to write a letter of explanation with stuff paid off than collections still outstanding....

You never pay off collections unless they erasing it from your credit totally. That's its

 

[LeVraiPapi]

personally I would work on those collection accounts...you need to get to minimum 620 before you can start thinking of a HELOC; if you cant do a paid to delete I would still pay off/settle on them. Easier to write a letter of explanation with stuff paid off than collections still outstanding....

You never pay off collections unless they erasing it from your credit totally. That's its

 

[DeuceZ]

You never pay off collections unless they erasing it from your credit totally. That's its

Don't know which bank will give a HELOC with collections outstanding. ..if not paying them off now will certainly pay off when getting the loan

 

[NerdNash]

I gotta clean my credit up asap

 

[DeuceZ]

I have used resources like this thread to get more information about credit and used it to manage my credit better. Started with a $300 secured card in 2012 with no credit score now have 10k line and score in the 730 range

 

[AVXL]

CreditKarma only reports 1 bureau and as far as credit cards go I'd say go with a card that will graduate in 1 year. Close to graduation day you need to make sure your balance is low and you deposit the max amount of money since that will be your new Credit Limit upon graduation when the bank decides to lend you money.

Credit Karma reports Equifax & Transunion for credit scores...I signed up there and they gave me very helpful advice on ways to build my credit (along with my fiancé). I jumped from the low 500's to 650

What helped me:

-Authorized user on my fiancé's secured CC
-challenging things on my credit history that weren't accurate
-not missing car payments/CC payments, etc

And it's steadily climbed

 

[Dat Migo]

My shyt dropped 80 points because of an account I thought was closed, but it wasn't and they charged me a annual fee and I had no idea so it was a missed payment for like 3 months. Only found out cause I keep tabs on my credit report.

 

[No Homo]

Credit Karma reports Equifax & Transunion for credit scores...I signed up there and they gave me very helpful advice on ways to build my credit (along with my fiancé). I jumped from the low 500's to 650

What helped me:

-Authorized user on my fiancé's secured CC
-challenging things on my credit history that weren't accurate
-not missing car payments/CC payments, etc

And it's steadily climbed

Be careful with credit karma though. They dont give you a true fico score which is what lenders use. Credit Karma scores are usually higher or lower than real fico scores.

Only place you can get your true scores are from the bureau sites (transunion, equifax, experian) or through Myfico.com

 

[earl n water]

Be careful with credit karma though. They dont give you a true fico score which is what lenders use. Credit Karma scores are usually higher or lower than real fico scores.

Only place you can get your true scores are from the bureau sites (transunion, equifax, experian) or through Myfico.com

I've also checked my FICO score against my my credit card FICO scores with Discover and Citi, and it was a 1 point difference between the three. Some CC companies actually print the FICO score on the statement, if they offer it as an incentive for the member.

 

[mannyrs13]

do you guys use credit karma to keep regular checks on your credit reports or are you using something else

I check that. I also use quizzle.com. The mint app has a credit score feature and my capital one app also has a credit tracker so I have a few places I use. I think mint uses a vantage score. Not sure what the others use.

What I need to do is start using one of my cards more often. I got two capital one cards and I have one sweet for all my streaming subscription but the other one just sits in my desk without creating any charges. It's only a $300 card but I need to start making small purchases on it just to keep the account active.