My last post disappeared, so I'll try again.
I've been actively working on repairing my credit since August 2015. I started with a Vantage Score of 492 when I opened a Wells Fargo secured card with a limit of $300 in December 2015. Since then, I have paid most of my collections/credit cards that were closed (with the exception of one closed card that has a utilization rate of 49%, being paid on every month), and my scores have risen to 678 Ex and 714 TU (Vantage Score), 648 (Wells Fargo FICO BankCard Score 2), and 604 (Discover FICO 8). I have 1-2 inquiries in each bureau, and a 100% positive payment history and very low utilization on the secured card, plus I am listed as an authorized user on my dad's Capital One Platinum card (100% positive history and low utilization since April 2012).
My scores have plateaued and I'm wondering where to go next. Should I apply for my own Capital One card? Their site says I'm prequalified for the Platinum and Quicksilver One cards. Or should I wait until the closed card shows a lower utilization?
The closed card is showing a maxed out utilization, not 49% -- if it reports a credit limit of $0, ANY balance is going to max it out and really ding your scores.
I recently had a new account post with a maxed out balance (surprise to me as I was expecting another month to report) and my scores dropped 20ish points across the board. So paying that one tradeline to $0 will help you probably 15-20 points.
How many open credit card accounts are you reporting?
Do you have any installment loans reporting?
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The closed credit card is still showing a $4750 credit limit, and it has been closed since 2014. I'd like to get it paid off, it's currently part of a Wisconsin Chapter 128 plan (it's like a debt amortization, not a bankruptcy) that will be completed by next July.
So far, 2 open credit card accounts (one secured, one being an authorized user), no open installment loans, but 7 closed installment loans, 5 of which have perfect positive history, 1 with a couple of lates, and one was a charge-off that was paid.