Hello Everyone and thanks for reading!!
I recently started working on my credit because I would like to purchase a car next year, and within the next 2-3 years purchase my first home. I have pulled all three credit reports, reduced some bills so I can save money, and got my credit card (capital one secured) down to a $0.00 balance after maxing it out ($550 limit) now $750. I pulled all three credit reports and in total combined over all 3 CRA there are about 13-17 accounts in colections. Now 10 of those will fall off this year and there are a few that are duplicates I need to work on.
Heres my issue:
I really want to send verification letters some of the other collection accounts (the ones not falling off this year) but they are not active on my credit report. For example between all 3 CRAs there are 12 accounts that are only 5 that seem to be active. By active I mean that are still reporting monthly to the CRA. Some stopped reporting in 2012, mid 2013. Would sending validation letters to the collection agencies be a good idea if they are not reporting now and are inactive. If they are not reporting will this cause them to start and if they do will this harm my credit? Or should I just leave them alone? On several accounts the SOL has pasted here in Florida, I have been keeping stuff out of collections and paying on time. Also would it be a good idea to get another secured card? i'm thinking this will hurt my score as it will be a new account and I really dont need a new card anyway.
Here is my current situation:
Car payment $436 never missed a payment and now paying on the balance instead of interest
Captial One secured card $750 credit limit, I increase it $100 everytime I get paid which is every 2 weeks
Rental Agreement from Acceptance, I know its crazy but it helps my credit because its a very low amount $1000 and I can afford it
Student loan which is deferred but im going to start paying for anyway because I have the extra money and that will help reduce debit.
My Goal is to work hard to clean my credit, get to 700+ score and buy a 2015 Subaru WRX next year!!