[MarkForce]

Hey guys, Im a noob to the site. Ive been browsing around for a few days, Im Still learning the lingo, and such...and now I decided to register, and try to get some help. I feel like I have the worst credit in the history of credit reporting. Im probably not too far off. Im 23, and Ive got a decent job compared to a few years ago when I made half what I do now, and for some reason took every chance I could to bash my credit. Im not sure where to start. I realize that theres really nothing I can do overnight to jumpstart my credit score...but, Id like some assistance if you guys are willing. Itd be great to actually try and finance a home in the next couple years. So...to start off with Ill post what it says on my Credit Summary from Equifax.com.

Type of Account / Number of Account / Total Balance of Accounts

Mortgage / 0 / $0

Installment / 15 / $7,848

Revolving / 4 / $1,622

Other / 4 / $1,399

Total Accounts / 23 / $10,869

Number of Open Accounts 4
Number of Closed Accounts 19
Total Accounts in Good Standing 10
Accounts Currently Past Due 5
Negative Account History 10

All my accounts in Good Standing have a ZERO Balance except for 2...1 is my car...which Im still paying on. Ive only had 4 late payments in the history of the loan, and the last late payment was in January of 2004. I also got a piece of furniture that I paid off in installments...about a month ago I paid the entire balance off...but that account still shows a 378$ balance...?
Inquiries in Last 12 Months 6

10 of my closed accounts show a ZERO balance...


Okay...so...I guess it all boils down to this...I havent paid on my credit cards in years. Some of them havent been paid on in 3 or 4 years. All of my negative stuff is OLD..everything that Im currently supposed to pay right now...Im paying on time (Car, Utilities, Furniture). Whats the best way to start building my scored up...? Pay off some of these old balances...or what? Im sorry, guys...just SO confused.

EDIT : Equifax said my FICO is around 464...

[jlynn]

You need to do two things. Need to figure out what to do with the accounts currently past due. How old are they, what kind of balances amounts, what state are you in, and when was the first date that you became late AND never caught the accounts back up.

Secondly, believe it or not, you probably need to get some revolving credit. FICO likes a mix

[Qtip]

Welcome to the site markforce, I moved the thread to a more appropiate forum.

[ilovemydogs]

Originally Posted by MarkForce

Hey guys, Im a noob to the site. Ive been browsing around for a few days, Im Still learning the lingo, and such...and now I decided to register, and try to get some help. I feel like I have the worst credit in the history of credit reporting. Im probably not too far off. Im 23, and Ive got a decent job compared to a few years ago when I made half what I do now, and for some reason took every chance I could to bash my credit. Im not sure where to start. I realize that theres really nothing I can do overnight to jumpstart my credit score...but, Id like some assistance if you guys are willing. Itd be great to actually try and finance a home in the next couple years. So...to start off with Ill post what it says on my Credit Summary from Equifax.com.

Type of Account / Number of Account / Total Balance of Accounts

Mortgage / 0 / $0

Installment / 15 / $7,848

Revolving / 4 / $1,622

Other / 4 / $1,399

Total Accounts / 23 / $10,869

Number of Open Accounts 4
Number of Closed Accounts 19
Total Accounts in Good Standing 10
Accounts Currently Past Due 5
Negative Account History 10

All my accounts in Good Standing have a ZERO Balance except for 2...1 is my car...which Im still paying on. Ive only had 4 late payments in the history of the loan, and the last late payment was in January of 2004. I also got a piece of furniture that I paid off in installments...about a month ago I paid the entire balance off...but that account still shows a 378$ balance...?
Inquiries in Last 12 Months 6

10 of my closed accounts show a ZERO balance...


Okay...so...I guess it all boils down to this...I havent paid on my credit cards in years. Some of them havent been paid on in 3 or 4 years. All of my negative stuff is OLD..everything that Im currently supposed to pay right now...Im paying on time (Car, Utilities, Furniture). Whats the best way to start building my scored up...? Pay off some of these old balances...or what? Im sorry, guys...just SO confused.

EDIT : Equifax said my FICO is around 464...

So you have all THREE of your CR's? If not GET hard copies of these now. If you already do have current ones, look at t hem and you will be able to dispute, I am almost positive.

Look at the dates, have to be off within 7 years of charge off .

Look at your inquiries. Anything older than TWO years you want OFF. This will help your score. Anything that should not have been a HI dispute as well. I also like to clean up my reports even with soft inquiries which do not hurt your score and of coure anytime you dispute you get a FREE CR, and make sure you tell them you want a COMPLETE one,not partial.

Last month I got off an ATT and a Calvary off my CR and my score jumped 18 points, not great but still it went UP. : )

There are many people here that will be helpful to you. you came to a great board.

Good Luck!

ILMD

[spinn]

I would first segment your accounts into two categories....accounts that are outside of the SOL and accounts that are not. You can determine this by the SOL of the state you are in and the date of last activity which should be listed on your equifax report.

You dont want to go after people that can sue you at first. You first want to attack the accounts where they can not go after you. You do risk waking up the others but that is a decision you have to nake once you see how many, if any are within SOL.

What state are you in?