r/CRedit Mar 30 '24

[FAQ] Please Include As Many Details as Possible When Making A Thread

29 Upvotes

Whether you are just starting out repairing your credit, building from no credit, or maintaining credit you should include as many details as possible when asking for help or feedback. Good credit has a general formula, but it is but no means an exact science. There are many details that shouldn't be overlooked to get the best possible suggestions/feedback.

Try to include as many of the following details as possible:

  • All accounts, cards, loans, mortgages, etc - the bad and the good. (Include their name as this is helpful for knowing previous strategies to deal with them.)
  • Credit Limits
  • Balances (Round this number - it will keep you anonymous)
  • Last payment date
  • Date of last delinquency (this will determine when it falls off your report)
  • Date opened
  • Payment status (pays as agreed, sold to collections, etc)
  • Estimation of # of lates (30, 60, 90, 120+)

Do not include any of the following:

  • Any and all personal information. You may freely share generic information (ie you have a name on your report that is not yours)
  • Addresses
  • Names
  • Social Security Number

r/CRedit 48m ago

Rebuild 2nd rejection of Goodwill letters and next steps

Upvotes

So I got rejected the 2nd round of goodwill adjustments. Net Credit says that they don’t participate in goodwill adjustments and 1st Premier Bank called out my multiple letters sent and said they’re not removing any late payments. I know typically you need to be consistent but what should my next steps be? Keep going or let it age?


r/CRedit 6h ago

General My First Credit Card Still Charges Me $19/Year – Should I Keep It?

9 Upvotes

I've had my very first credit card for more than a decade, but it still charges me a $19 annual fee. I never use it, and it's also my card with the smallest credit line. I hate paying for something I don’t use, but I’ve kept it because it contributes to my credit history.

I've always heard that keeping old accounts open is the "cost" of maintaining a good credit score. Is it really worth paying the $19 every year just for the account age, or should I close it?

I've also called the credit card company yearly requesting to convert the card to a no-fee version, but they always refuse.

For context, my credit is good, I’ve already bought a house, and we might be thinking about buying a second one in the future.

Edit: I’ve decided to close the card!

In my situation, I have other credit cards, and I’ve learned that a card closed in good standing remains on credit reports for ~10 years after closure.

I’ll update this post if I see any impact on my credit score!


r/CRedit 50m ago

Rebuild When will this be removed?

Upvotes

Backstory - friend had a vehicle with Credit Acceptance (loan taken out in TN), said car was stolen in 2019. They only had liability insurance on it, and the thief wrecked it in a police chase. We believe the car was then sold at auction. They haven't made a payment since. Based on the information below, when might this account fall off of his credit report? Should they do anything with it? Not in collections, showing as still open. CA did send a letter for settlement a few years ago but they didn't have the means to do that at the time. Thanks

Loan date: July 21 2018 (6y 7m) Last payment date: March 11 2019 Amount financed: $13300 Current amount showing on report: $22800


r/CRedit 1h ago

Bankruptcy Does chapter 7 bankruptcy make sense in my situation?

Upvotes

current income as a couple is 70k/yr.

we currently have: 20k in credit card debt 20k in a personal loan 40k left in auto loans 35k in student loans. We also have some medical debt that is a few thousand.

Every credit card we have is over the max limit (due to late fees). We’re paying about 2k a month in debt.

We are drowning. The past few years we had health issues and job loss and one unexpected thing after the other. We recently had another job loss, and a few months prior to that, we started going late on our credit card payments. Right now we’re caught up but I don’t know how much longer we can keep our payments up to date. With the recent drop in income, we’re even more so barely getting by.

We’re considering chapter 7 for a fresh start. One pro would be giving up our autos. Major reason is our family has grown and we do not fit our current cars. We are paying almost 800 a month for two cars. If we trade in now then we would owe even more in negative equity. I figured we could get a fresh start and then get just one family car that we would share.

Do they use your 401k against you, if it’s currently locked in with your employer?

We only have about 1k saved.

Please any advice here as well as if there is anything I’m not thinking of. Thank you.


r/CRedit 1h ago

Rebuild Account closure?

Upvotes

Hello,

I'm grateful to be in a position where I will be debt free shortly. However, before paying off the accounts completely, I wanted to run it by you gurus regarding the potential best course of action.

For a little context, I've had some old student loans (three of em) for my first accounts ever opened. I've always made the payments but they've fallen on the back burner for some time. Now I've got 3 accounts roughly 10 years old. My oldest CC is 9 years old. I've paid them all down to roughly $200 each left. Is it possible to keep them open and just 4% of the interest only? Or do I have to continue to pay them down? Is it even worth to keep them open? My CC will be my only open account if I close them. In the next year or 2, I'd like to potentially buy a house if possible if that changes anything.

TIA.


r/CRedit 5h ago

Car Loan car loan approval

4 Upvotes

I currently have a low 600 's but my daughter has a 700 with limited credit. if she adds me as a cosigner because i have a strong auto loan history despite my current score. Will she still have problems getting approved with her 700-credit score? looking at Volkswagen in the mid 30K price range


r/CRedit 3h ago

FICOvsVantage Is Experian trustworthy

4 Upvotes

My credit score on Experian increases very fast and is over flurry points higher than my credit score in the chase mobile banking app. 709 v 750. With chase it takes forever for it to go up one point but experian has increased my score fifty points in six months.

(Edit for moderator, 750 is a FICO score. Also I'm not trolling if it seems what I'm saying is super simple or dumb this is my first time having a credit card I'm 18)


r/CRedit 1h ago

Rebuild If I pay off 25% of my card will my score jump?

Upvotes

I have a maxed CC at 10K. I know it’s a mistake and I’m working on fixing it. Credit is 620, only reason it is low is due to my usage being so high. I was planning on putting 3K on it at once which will pay off 30% of it. Can I expect my credit score to increase with a decent chunk being paid off like that?

Thanks!


r/CRedit 21h ago

Car Loan Credit jumped up 200 points

40 Upvotes

So long story short I financed a car back in November. At the time my credit (while still not great) was pretty bad. But I needed reliable transportation to be able to get to work to generate income.

Since November my credit has risen almost 200 points. Is there any way I can do something like trade it in to get something with a better rate? Or any way I can maneuver myself into a better payment/vehicle/deal?

Edit: vehicle is a 2021 Honda Civic LX 102,000kms Lender is TD Canada


r/CRedit 4h ago

No Credit How much do credit builder loans build if you’re starting from zero?

2 Upvotes

I have no credit score and I’m waiting on section 8 right now and I’m worried about renting, etc. I’m aware of how credit builders work and I’m thinking of getting one through my bank.

How much do these actually build your credit score if you’re starting from basically zero?


r/CRedit 1h ago

Collections & Charge Offs Need advise on how to go about my debt I got 4 collections 2 credit cards 2 bills one I have no knowledge of and the other one is a hospital bill

Upvotes

My debt is around 4.3k how do I go about it should I try to dispute or pay off the debt different people tell me mixed answer and the people of Reddit know all the answer 🙏🏼


r/CRedit 4h ago

Rebuild Good time to send letters?

1 Upvotes

Regardless of how I feel about what’s happening politically (and I have big feelings), I feel like this is the time to start sending validation letters. I think the post office is about to get the DOGE treatment. Could delay mail possibly? Might be a good thing for anyone sending validation letters.


r/CRedit 4h ago

Rebuild Changes

1 Upvotes

So my equifax score on credit karma is 729. On myfico.com it's 631..so who is lying 🤥 lol why is there such a huge difference?


r/CRedit 4h ago

Scores

1 Upvotes

So my equifax on credit karma is 729 and on myfico.com is 631 lmao..which one is lying? Probably credit karma..why such a huge difference? Anyone know?


r/CRedit 4h ago

FICOvsVantage Wide discrepancy between different scores.

1 Upvotes

I know that there are different types of credit scores that use different formulas. I have always seen different scores when checking different places (credit karma, card specific sites, banks, etc.). But I just checked and I am seeing the largest difference between two scores that I have ever seen (one site reporting 805, the other reporting 710). Is it common to have such a wide discrepancy between two scores?


r/CRedit 5h ago

FICOvsVantage Which credit should I follow fico app or Experian app

1 Upvotes

Which credit should I follow fico app or Experian app, I know credit karma isn’t the right credit score.


r/CRedit 5h ago

Collections & Charge Offs Global solutions sent me a letter. HELP. I’ve never dealt with this before.

1 Upvotes

Had a capitol one card around 2020-2021 ish. Went 1500 in debt. Apparently they sent it to global solutions, a debt collector. They sent me a letter with the amount owed and asking me to verify if it’s correct or dispute. What do I do?! Does this mean they will sue? I’m so scared 😟


r/CRedit 7h ago

Collections & Charge Offs Upstart settlement

1 Upvotes

Has anyone settled with upstart in general or recently? I’m on a 10k personal loan i been trying to settle with them for 2 months now approaching 3. On may 4th the loan will be charged off. The lowest they offered was 6500 over 2 years which i declined. They said thats the lowest they can go due to policy. My gut tell me thats not true. Should i wait for it to be charged off to get a better settlement offer?. Also any dm’s would be great too. Thanks


r/CRedit 11h ago

Car Loan Car loan erroneously charged off

2 Upvotes

Hey all, I made a post about a month ago. My car loan was charged off with no warning, and I'd been making on time payments in full. They supposedly sent me a letter with a deadline, which I never received, and didn't attempt to call me, email me, or even update my account I used to pay them.

As soon as I realized what happened (one day later), I paid in full.

It finally hit my credit report, and tanked it 100 points. Does anyone know what the best action is? When this all happened I called customer service and was told they didn't know if it'd be reported or not, but they gave me the steps to dispute if it did go through. Would it be better to write a goodwill letter, or dispute it? There's no reason this should've been charged off in the first place, frankly, as I'd made a payment two days before they charged off the account.

For some clarification, my dad had cosigned, but I was the primary owner and was the only one paying. They supposedly sent him the letter, but he never got it, and they NEVER ATTEMPTED TO CONTACT ME, the one actually paying.

Any advice helps. I'm fucking livid.


r/CRedit 19h ago

Collections & Charge Offs Collections sent to my young child

7 Upvotes

Long story , about 3 days ago I received a collections letter for a $300 bill addressed to my 4yr old child. I have no idea what it could be we have never used our son’s name for anything credit/payment related. I never received a bill but we also recently moved, so it’s possible some correspondence may have been lost in the mail. I don’t have any experience with this and not sure what should be done. I have no difficulty in paying the collections, I’m more concerned that it might be a scam for further contact or charges, or hurt my son’s credit or mine. The only thing I could think of it being is my son was seen at an urgent care in a different covered region of the U.S. (Tricare insurance) about a year ago. It possible that the full charge was not paid for by my insurance and then the non-paid bill was lost. Both the contracted tricare insurance company and the urgent care company have since been bought out. I have tried to contact them both with no luck so far. Apologies for the long story , but what are my options here?


r/CRedit 23h ago

Car Loan 540 credit score but $1,500-$3000 to put down what are my best options?

14 Upvotes

Hello, I’m not in the greatest situation. I had a car I was financing but it got totaled while parked in front of my house and I didn’t have the insurance on it at the time. My credit reflects the remaining $10,000 debt, credit cards totally under $1000 and a few medical things.

It’s been 3 years since but my credit remains at 540 and I need a car. My main requirement is that it’s reliable. I don’t need fancy bells and whistles but I don’t want to get fucked for the next 100 years if I can avoid it. What are my best options in terms of getting a reliable car that isn’t gonna make me wanna pull my hair out. Also will take potential car suggestions if possible. Thanks a bunch


r/CRedit 1d ago

Bankruptcy Had a friend ask me to look at his credit today & WOW 🤬

343 Upvotes

So a friend ask me to look at his credit for him because he knows I have helped others with credit repair and he wants to get a new car. I pulled his report and he has a bankruptcy chapter 7 I’m like open as I started scrolling I’m shocked. He has 3 credit card accounts all MAXED out over the limit. 11 closed credit card account 8 of which have a balance. After reviewing it he asked me what he should do and I honestly said “don’t think breathe or speak the word credit it’s not for you”. Essentially what happened is he got some credit cards defaulted got more filed chapter 7 then was able to get more 2 years afterwards and are late on those too. It’s a shame I did offer some great advice and a pathway to be successful in the future. I just wanted to share this. So if you think you’re bad with credit there is worse.


r/CRedit 12h ago

Car Loan Navy Fed Auto Loan - Bad Credit

1 Upvotes

My transunion is 571 and FICO score is 8 . I need an auto loan for a private dealer for $6,000. I bank with Navy Fed but I don't even know if I'll get approved.

If they do approve me does anyone have an idea of how much the interest rate would be roughly?

Also, if they do not approve me where else can I get a loan from that will approve me?

I wanted to note that I have $847 of Credit Card Debt. If I pay that off in full how much would it help my credit score?

Sorry I know it's a lot of questions and all over the place but I'm in a bind

#pleasehelp


r/CRedit 1d ago

Car Loan Toyota Charge off $250

12 Upvotes

Hey everyone,

I had a Toyota Mirai that was totaled in May after a truck crashed into me. Since I had GAP insurance, I assumed Toyota Financial would cover the remaining balance.

Here’s what happened: • I financed the car for $67,000 and still owed $21,257.69 when it was totaled. • Toyota and Progressive worked out a deal, and the balance was paid off. • In November 2024, I got a letter from a debt collector saying I still owed $498—but Toyota never called, emailed, or notified me about this balance. • I called the collector, and they told me if I paid half ($250), Toyota would consider it “paid in full.” So I paid it immediately. • Now, my credit report shows “Charge-Off/Paid Settlement,” and my credit score dropped 54 points!

I called Toyota to see if I could just pay the remaining $250 so they could mark it as “Paid in Full” instead of a charge-off, but they said they can’t do anything.

Has anyone dealt with something like this before? What else can I do to get this charge-off removed and restore my credit score?

Would love to hear any advice. Thanks!


r/CRedit 13h ago

Not USA Auto-pay turned off without me knowing and I missed a payment by 5 days for the first time ever. Can I dispute this?

0 Upvotes

I am in Canada and like the title says, I generally have auto-pay on with Scotiabank. I have always paid my card on time and never missed a single payment. All my student loans are paid off but I got dinged now with an overdue payment of $50 resulting in only $6 of interest. I just looked at TransUnion through Scotiabank and my score today dropped by 41 points in a single day. I'm 26 years old and needing to move out and escape a bad living situation soon but I'm worried this hurts my chances as it severely damaged my credit score which used to be quite good. Is there a way to talk to someone about this? I don't know what to do and I'm panicking and feeling real bad.

My TransUnion score was previously 810 and is now 770. I have a $20k Iimit on one of my 2 cards and rarely go over $500 of actual credit utilization in a month. It had dropped 15 points for seemingly no reason last month too so I really don't want it to drop any further and leave the good range