Best Scenario to improve my score?

Anonymous · ‎05-22-2007

Hey folks. I finally settled a chase card from college that was charged off at $3913. I settled for $2300, and believe me I am very relieved. I am looking to buy a house in a year and I have a capital one credit card with a $500 CL that is 5yrs old and have not missed a payment in 18months with a current utilization of 10%. The total amount on my credit is $3913 and once the settlement updates on my credit it should should have a $0 balance. My EQ is 492 and TU is 515.

I have also sent out a GW letter to Chase to possibly remove the 33 90-day lates and charge off for the account I just settled. I also sent a GW letter to Chevron for a gas card that was charged-off two yrs ago and was paid in full, to see if that can be removed as well. Also paid 5 out of 8 collections and three of those were PFDs.

Do you think the following steps will help me get to where to a 660 or greater within 12months or is a 160 point increase possible within this time frame?

1. I will be paying my current capital one on time and keep a $5 balance

2. Open a revolving secured loan account (pledge of shares) with a credit union for $2000 of more

3. Open a secured credit card for with a credit line of $1000 or more

4. Piggy back on a friend's credit card as an authorized user with limit of $5,000.

I would like to know what the best combinations would be as I have a really good income and can afford to open secured tradelines. Please let me know what your thoughts are thanks..

Great forum guys, I have learned alot and I think finding this forum helped me to find myself!

Tuscani · ‎05-22-2007

Akinzo wrote:
Hey folks. I finally settled a chase card from college that was charged off at $3913. I settled for $2300, and believe me I am very relieved. I am looking to buy a house in a year and I have a capital one credit card with a $500 CL that is 5yrs old and have not missed a payment in 18months with a current utilization of 10%. The total amount on my credit is $3913 and once the settlement updates on my credit it should should have a $0 balance. My EQ is 492 and TU is 515.

I have also sent out a GW letter to Chase to possibly remove the 33 90-day lates and charge off for the account I just settled. I also sent a GW letter to Chevron for a gas card that was charged-off two yrs ago and was paid in full, to see if that can be removed as well. Also paid 5 out of 8 collections and three of those were PFDs.

Do you think the following steps will help me get to where to a 660 or greater within 12months or is a 160 point increase possible within this time frame?

1. I will be paying my current capital one on time and keep a $5 balance
2. Open a revolving secured loan account (pledge of shares) with a credit union for $2000 of more
3. Open a secured credit card for with a credit line of $1000 or more
4. Piggy back on a friend's credit card as an authorized user with limit of $5,000.

I would like to know what the best combinations would be as I have a really good income and can afford to open secured tradelines. Please let me know what your thoughts are thanks..

Great forum guys, I have learned alot and I think finding this forum helped me to find myself!

Sounds like you are on the right track. 160 ptsin 12 months is certainly attainable. Why no PFD for the Chase card? What else is on your reports (good and bad)? What is the high balance reporting on your CAP1 card?

Anonymous · ‎05-22-2007

Yup sounds like a plan that can be obtained. For AU on your friends card, its a perfect idea as long as your friend has a long perfect history on the card. Also, if you can get your parents or somebody who has a long good credit history on one of their cards, to put you as an AU...that would certainly help as well.

Anonymous · ‎05-22-2007

Tuscani. I tried settling to recieve a PFD but they refused, and only offered to indicate a settled in full on my report. However, I have sent in GW letters to Chase and I hope that can hold some water for me. The largest past balance on my Capital one card is $1213 and my current balance is $76.

I also have 8 items that were reported to collection and I have paid 6 items and 1 is in dispute as it is not my account, and 3 others were PFDs. I guess this will only leave 2 items that I plan to PFD in June. Thanks

Message Edited by Akinzo on 05-22-2007 08:34 AM

Tuscani · ‎05-22-2007

Akinzo wrote:
Tuscani. I tried settling to recieve a PFD but they refused, and only offered to indicate a settled in full on my report. However, I have sent in GW letters to Chase and I hope that can hold some water for me. The largest past balance on my Capital one card is $1213 and my current balance is $76.

I also have 8 items that were reported to collection and I have paid 6 items and 1 is in dispute as it is not my account, and 3 others were PFDs. I guess this will only leave 2 items that I plan to PFD in June. Thanks

Message Edited by Akinzo on 05-22-2007 08:34 AM

Good luck on the GWs.. I don't understand why CAs say no PFD.. it only helps them get their money.