Hi all,
I've decided to take control and be proactive about getting my credit and finances back in order and I think this is just the right place to gian some valuable insight.
BLUF, after going through a divorce in 2019 and ensuing child support payments, my finances and subsequently credit took a nosedive. It has been a very humbling and insightful period thereafter as I had always prided myself in a strong financial profile. But life is full of surprises and I find myself rebounding now for the better. My incme has improved significantly, and the rebuild process is somethig I am excited to continue to do. My main goals inculde improving my FICO scores as much as possible over the next 6-8 months, and to get approved for a VA home loan (second VA loan, first was before divorce and just recently sold the property).
My starting scores (FICO Score 8):
21 March 2024 EQ 642 TU 620 EXP 644
Currently 21 April 2024 EQ 642 TU 623 EXP 660
Derog accounts:
Missouri Higher Educ (Closed) CO - Last updated 2/2019 TU and EQ
Comenitybank/Jaredje (Closed) CO- Last updated 4/2019 EQ TU and EXP
Cap One Auto (Closed) PO Worst Delin 30 days - Last updated 3/2024 EQ 4/2021 TU and EXP (Not sure why this is still updating in 2024 with EQ
AMEX (CLOSED) CO Settled for less - Worst Delin 120 days - Last updatd 7/2023 EQ, TU and EXP
PennyMac Mortgage (CLOSED) Paid in full - Worst Delin 180 - Last updated 3/2024 EQ 2/2024 TU and EXP - Last late Dec 2023
Comenitycapital/Zale (CLOSED) CO - Worst delin 180 - Last updated 11/2019
Best Buy/Cbna (CLOSED) CO - C/L 4850 - Last updated 3/2024
Firstmark/Efp20061 (CLOSED) - Last updated 7/2019
Capital One (CLOSED) CO - C/L 6000 - Settled for less than full amount - Last updated 3/2024
Capital One - OD 4/2002 Worst delin 120 - In repayment settlement plan - Last updated 4/2024
Portfolio Recovery A - Collection Account for Jared currently in repayment for settlement - Original balance 4482 Current Balance 3112
Good Standing accounts:
AVANT Personal Loan (recently opened) - Bal 20,078
Affirm Inc Opened 11/2023- Paid as agreed
Navy Fcu Auto Opened 8/2023 - Paid as agreed
Ally Financial Inc CC Opened 3/2023 - Paid as agreed CL 4600 Bal 1863
Ally Financial Inc CC Opened 11/2022 - Paid as agreed CL 2600 Bal 876
Discover IT Card Opened 7/2022 - Paid as agreed CL 1000 Bal 119
Capital One Savor Opened 5/2022 - Paid as agreed CL 1000 Bal 85
Capital One Platinum (CLOSED) Opened 6/2023 CL 300 Bal 0
Capital One Quicksilver Opened 4/2021 CL 400 Bal 72
Santander Consumer Auto Opened 3/2021 Paid as agreed
Dept Of Ed/Nelnet (CLOSED) Opened 1/2010 Closed 12/2021 Paid as agreed
Acs/Loan Science (Student loan) (CLOSED) - Opened 1/2007 Closed 12/2017 Last updated 1/2018 EQ
Ces/Loan Science (Student Loan) (CLOSED) - Opened 1/2007 Closed 12/2017 Last updated 12/2017 TU
Navient (CLOSED) - Opened 2/2004 Closed 3/2018 last updated 3/2018
Navient (CLOSED) - Opened 8/2003 Closed 3/2018 Last updated 4/2018
Bank Of America CC (CLOSED) - Opened 12/1998 Closed date 7/2014 Last updated 2/2020
Any tips and insight into the most beneficial actions to improve my credit profile, with an desired goal of purchasing a home in early 2025 would be greatly appreciated. I understand the missed mortgage payments need to age to at least 1 yr. Would settling the portfolio collection account in one lump sum render a faster improvment to my scores versus paying it over time?
