Your major issue may be charge offs, foreclosures, repossessions and or other major original creditors. Your goal may be to build credit as fast possible.
From our dispute team: Charge offs and foreclosures could take up to a year or longer to dispute/get removed/deleted from your credit report. Your scores may be drastically lower than normal while we’re working on getting negative items removed/deleted. We may be able to get the items deleted, but it may take months and there is no guarantee that they will come off. They have less of an impact over time and sometimes you don’t want to wake a sleeping/dormant volcano. Often, they are closed accounts and your scores could decrease if we start disputing them. Original creditors are more difficult and different than debt collectors/buyers.
Normally, we take the stance of the last paragraph in the article below which states (in our words): Your scores will rapidly improve after any negative items are closed such as charge offs, collections, foreclosures, etc. (and you build your credit with new credit cards). Those particular items will have less of an impact over time. The fastest way to improve your credit is to focus on building it with positive new credit cards/trade lines and using the authorized user strategy.
This article describes how to rebuild your credit even with the negative items (charge offs) remaining on the credit reports.
The amount of debt you have is one of the biggest factors that goes into your credit score; your level of debt is 30% of your credit score. Carrying a lot of debt, especially high credit card debt hurts your credit score and your ability to get approved for new credit cards and loans. The lower your balances, the higher your limits and the older your credit cards, the higher your scores will rise.
A few points to keep in mind:
Keep accounts in good standing open.
Pay your bills on time – use the automatic monthly payments feature.
Keep your monthly balance below 30% of your maximum available credit in any one account.
Avoid extensive loan shopping or other activities that result in pulling your credit, if possible.
Contact us with questions, BEFORE you take any drastic actions related to debt & credit.
Credit payment history determines 35% of a FICO Score
Clear explanation of the factors that make up your complete credit score: