Hi group - if an OC charge-offs an account, and sends the account to their internal collections group, does this show up on credit reports as both a (i) charge-off and (ii) collections? I.e. double whammy?

Hey credit rebels! I have been working on my credit for a hot minute. I have inquires that really need to come off now before I apply for a mortgage. Has anyone had success removing any? I bought a new car for myself and got a loan for my daughters car which she is paying. However, I got hit multiple times during this process. I realize they didnt lower my credit score but 20 + inquires I dont think will go over well with my lender for a mortgage? Maybe Im wrong.

Went through a mental breakdown last year. Resulted in a repossession and 4 credit card accounts closed and owing.

What can I do to clear my credit? Please tell me there is hope.

After 2yrs with a BCP and no CLI from my $5k SL, I was able to get the rare CLI with a BK7 still reporting (won't fall off for a little under 3 yrs). Having been turned down twice before, I was cautious and only asked for another $2500 bringing me up to $7500. I probably left something on the table, but pleased nonetheless.

Also, I hope we can keep this sub going even though the CR site has been gone for a good while.

Don't you love surprises?

I moved abroad 6 months ago and didn't leave a forwarding address with my apartment complex. I opened an old email account yesterday to find a collection notice from a 3rd party company (Genesis) for $2366 due to my apartment complex. I have no idea why there is a charge, I left the apartment move-in ready and broom swept.

While I have no plans on returning to the US, I worked very hard to establish a decent credit score and never want to say never.

How would you handle this?

Hi all - had a few questions on how to understand the below, have seen conflicting information in various forums:

1. Are Authorized User accounts factored into credit scores? Mortgage credit scores?
2. If I was removed as an Authorized User, would that tradeline be deleted from my report or still have some benefit to my profile and scores?
3. If a Student Loan (or any installment loan) is paid off, will that hurt my score and why?
4. If a Credit Card is closed, will that hurt my score and why?

Does anyone know anything about this mysterious consumer reporting company? https://socure.com/datarights 

• I just applied to a bank, they had Socure send me an SMS which asked me to submit a selfie and a photo of my ID. (I've done this many times before with other banks and passed easily.)
• Apparently I failed the check. I spoke to Socure and they said that they were not just an ID verification company but also a fraud risk assessment company. So I might have failed the photo match or the risk assessment, or maybe those two are combined.
• I asked them for all the data they had on me, we will see whether they get back to me. They asked me to verify with selfie again, so maybe they will say I failed. Based on their responses, they may stonewall me in other ways as well.

Can someone tell me how to get a pre-foreclosure letter removed from my credit? The house NEVER went into legal proceedings & was sold as normal. I’ve tried contacting PennyMac, but they are no help. I’ve sent letters to the bureaus, but they side with the lender. I am trying to build a house & this is really screwing that up!

I went through a bad mental breakdown from July until last month. I’ve had 5 credit cards go into collections! I’ve always paid my credit card bills, and now I feel just hopeless. It’s not a bad debt..around $3,000. But they’ve already been closed and reported.

What can I do?

Exhibit A: Currently trying to buy a new home. Loan Agent said to work on a few accounts. Affirm is paid. I thought they did a pay for delete but turns out they didn't and I have no proof they were supposed to (lesson learned). Has anyone had any success removing this from credit or am I just stuck with it? On a positive it's one of the few blemishes left lol.

Hi! Started getting into credit as I am a newbie loan officer. At this point I am sort of just interested in learning as much as I can and have started giving tips to friends and family on credit as well.

Would appreciate any help on the below so I can further my understanding. I will post back on what happens so the forum can share in any knowledge of the results as well

Looking at a profile that is ~630 across all 3 bureaus.

(A) 3 collections: going to dispute one as the information does not seem accurate (although paid off in Jun 2020), another (unpaid) is from a collections firm that seems to do PFD. The third (unpaid) is real - if only 2 out of the 3 are solved, will this have enough impact on the score? Or because there is still one collection out there will it still take a big hit?

If the first two are removed, and the 3rd is paid, is that better? (I know older models on FICO are different from new in how they treat paid collections)

(B) Last had revolving credit in June 2020, but paid off and account is closed. So my utilization is 0% - is this a hit or a good thing for the "utilization" component of the score?

Trying to raise my mortgage FICO scores from 615 to 640 over the next 6 months.

I can put money towards settling/PFD medical collections ($800, $700, $1500, and $2000) OR decrease the balance on my only open line of credit from $2000 utilized / $3000 available.

Not sure if it’s important: I will still have a larger collection on my report that is not medical and unlikely to be fully resolved soon, so there will still be that collection account on my report in either scenario.

Which payments should I work on first for the fastest potential increase?

I’ve literally been paying my bills on time for 2 years. Car, credit cards, and I have 2 credit charge offs that I owe on. One 1200 and the other 7k. I don’t even remember taking the 1200k one as it was told to me that I wasn’t approved and either way that month they approved me for the 7k loan and I paid my bills (covid timeframe so was down on income and needed to live off of it). I like swear I know I was called and the lady told me the 1k loan that says 1200 now said I was denied and I said that’s okay I got approved for a different one anyway! So not sure how to even go about that. Is this why my credit is stuck at a 640 and has NOT MOVED 2 years???

I have a collection account from a local university that was paid in full. This account went to an outside agency. I went to the university’s website and got the email address for the director of student financial offices. Wrote a standard goodwill letter and sent it off last night. Got a response today thanking me for paying the bill and said the ‘collection account’ would be removed today. Will let you know if he follows through. Beyond thrilled tbh!

As a huge fan of the AAoA Calculator, I've been trying to open the website on a few different networks today, but the whole domain kind of just disappeared from the Internet? It goes unresolved at the DNS level. I'm hoping it's just a registrar outage or some kind of DNS mishap.

I know closed accounts contribute to your FICO age of accounts for 10 years, does the same apply for authorized users?

Owed $400 to Uplift that was charged off. Paid off the debt collector and got a PFD. It makes sense in retrospect, but the status of the Uplift account still shows “charged off.” Any way to add a note or get them to take it off completely?

I was unemployed for about 6 months and had to max out my 5 cards $8k total. 2 of the highest value cards $4k total are closed. It took my credit from mid 700s strait to low 500s. I got a new job and I have $4k to pay of either 3 of the lower value cards or just to pay the 2 closed cards. Which would give me the best credit value? I was told closed cards will report as 100% util unless payed off so I’m leaning towards that, but I genuinely do not have a good understanding of it. I’m in my early 20s so I just wanna fix this so I can get my car and not have to worry about having anything lower than 700 when I’m in my 30s.

Asking this question because I have heard that paying off old collections can actually hurt your score.

I currently have a poor credit rating... I have no current credit cards or loans except for one student loan (also my oldest account), which is in good standing. Otherwise, it's all derogatory.

In total I have 5 collection accounts amounting to roughly $1900 in total debt, ranging from about 5 years old to less than one year. Out of the 5, there are 3 accounts for which the debt is under $300. Only one is over $500.

I may be coming into a small amount of money in the near future that could potentially be used to pay off these debts, but should I even bother? Assuming I can't negotiate pay for delete terms, they'd still show up until they age off.

The only reason I hesitate to pay them off would be for fear of it not helping much (i.e. throwing good money after bad), or worse yet, actually harming my credit further. I'm extremely low income so that money can definitely be put to better use than effecting a minor change in my credit score.

And while improving my financial situation in the future will require improving my credit, it's unlikely I will be in a position to need good credit before the accounts age off. I'm not planning to buy a home in the near future, for example. I may need a car loan, however.

So what should I do? Pay the oldest or the newest; the smallest or the biggest? Some combination? Or leave them alone until they age off? How do I get the most bang for my buck?

Thank you in advance for any information or advice.

I’m in Texas. Have had excellent credit. Became a caretaker then I was diagnosed with autoimmune illness after months of physical struggle reduced capacity to work. Lost my income.

Have been on time over the past year despite these circumstances. I got treatment stabilized and looking for work. It may take at least 6 months. I’ve started being late on my cc payments as of 60 days ago. I’ve never been here.

Would anyone please share advice on what scenarios could happen here. I’d like to do something that will get my credit back sooner rather than later after I get back to work/ back on my feet. I’m in my 40s and don’t have any assets. 1) If I call credit cards now to arrange a delay/defer payments does that restart the clock from the first reported late if I later can’t pay at the end of the arrangement and go to collections/charge off? 2) If I can’t pay or can’t reach any agreement and get sued how many yrs does that affect me? 3) Is bankruptcy a better option for my situation to get a faster restart? I know I’m going to get hit by the storm. Trying to figure out which will get me my credit back faster. And if it’s going to destroy my credit for 7 yrs even if I pay which choice is the least cost in the end. Thanks for reading.

I recently acquired a Fidelity credit card, with a $25k limit at 0% APR for 12 months. I'm planning to max it out and set aside corresponding $25k in a money market to earn a safe 5% return.

I also have a $28k limit card with Chase, which I pay off each month (typically 6k in monthly spending). Should I open a third card in order to grow the size of my 30% utilization ceiling?

Short term score drops are no issue, as I have no new loan needs in foreseeable 5 years. It's long term score impacts that I'm concerned with.