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Forever On The Garden Due To Decreased Scores***

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Imperfectfuture
Super Contributor

Re: Forever On The Garden Due To Decreased Scores***


@Anonymous wrote:
@Anonymous @ RedMini... that's great! Congrats. @Anonymous, okay! Thank you for the information. I can most definitely get them paid down super fast. I just couldn't believe the hit I took. It's insane. I was so sure I was gonna break 700 soon and then reality check. Haha.

If you have secured loans, that can act as buffer.  Only problem is if mortgage under 5 years, and/ or car loan financed for 3 years, age under one year.

 

Also, no good bump if have any baddies still on report.  I had a secured installment loan start reporting in  November, and with new accounts bringing AAoA down to one year from almost 3 years, I was still above 720.  During the gardening phase, you might want to work on getting rid of derogatory information, otherwise score rebound and build is tougher.

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Message 31 of 58
racer-x
Valued Contributor

Re: Forever On The Garden Due To Decreased Scores***

Chase may have used a sp prior to your big point drop and recent search for more credit.

Since AA is definitely a ymmv, its even more important to be aware of it and not so naive.

Ask discover and chase why they cld me for using 30% of my available credit. 4 accts, $25k worth. Wasnt seeking credit, no new inq's, their accts were 2 yrs old, pifd them 95% of the time. I carried balances for 3 mos
Message 32 of 58
racer-x
Valued Contributor

Re: Forever On The Garden Due To Decreased Scores***

And scores were. 680's at the time. A 1yr old small paid negative on tu. Thats it
Message 33 of 58
Imperfectfuture
Super Contributor

Re: Forever On The Garden Due To Decreased Scores***


@racer-x wrote:
Chase may have used a sp prior to your big point drop and recent search for more credit.

Since AA is definitely a ymmv, its even more important to be aware of it and not so naive.

Ask discover and chase why they cld me for using 30% of my available credit. 4 accts, $25k worth. Wasnt seeking credit, no new inq's, their accts were 2 yrs old, pifd them 95% of the time. I carried balances for 3 mos

Racer, while we are sorry things happened (I remember your threads) not every case is the same as yours, as has been pointed out before.  You also have the ability to get back in with said banks.  You carried VERY HIGH balances, changed jobs, had ill person, etc.  This is not the case for everyone.

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Message 34 of 58
Anonymous
Not applicable

Re: Forever On The Garden Due To Decreased Scores***

I am definitely not being naive about the situation. I'm being proactive which is why this post was created to begin with. I know what I need to do and I have a plan in motion. I also want to say that I always pay more than the minimum payment on cards I'm carrying a bigger balance on. For Example: I just paid $500 to Cap1. Paying these down is not an issue, I just didn't realize why my scores dropped so much. I also have no baddies or derogs on my reports at all and 100% payment history across all accounts.
Message 35 of 58
racer-x
Valued Contributor

Re: Forever On The Garden Due To Decreased Scores***

I mean 1 paid neg that is 5 yrs old
Message 36 of 58
Imperfectfuture
Super Contributor

Re: Forever On The Garden Due To Decreased Scores***


@Anonymous wrote:
I am definitely not being naive about the situation. I'm being proactive which is why this post was created to begin with. I know what I need to do and I have a plan in motion. I also want to say that I always pay more than the minimum payment on cards I'm carrying a bigger balance on. For Example: I just paid $500 to Cap1. Paying these down is not an issue, I just didn't realize why my scores dropped so much. I also have no baddies or derogs on my reports at all and 100% payment history across all accounts.

Then I am confused why you are not over 700,  what is the age of your oldest account?

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Message 37 of 58
Anonymous
Not applicable

Re: Forever On The Garden Due To Decreased Scores***

Oldest account is 3 years and my AAOA is 5 months. I was almost at 700 and then this happened. That is why I posted, I'm trying to understand the drastic drop to prevent this from happening again in the future.
Message 38 of 58
Imperfectfuture
Super Contributor

Re: Forever On The Garden Due To Decreased Scores***


@Anonymous wrote:
Oldest account is 3 years and my AAOA is 5 months. I was almost at 700 and then this happened. That is why I posted, I'm trying to understand the drastic drop to prevent this from happening again in the future.

Do you have any installment loans?  Interesting scoring with the AAoA.  BTW, store cards are placed in a lower tiered bucket than credit cards.  On the credit report, they come up as "charge account", not "credit card" nor "charge card".  This can also lower your score, if a lot of those cards are "charge accounts".

 

A secured installment loan, that I opened up in November, will cause an initial decrease, but in 2 to 3 months, get a nice little boost, and provides a buffer against inquiries, etc.  also, my last card was a small business card, that doesn't report to personal credit, so doesn't mess with AAoA.

 

Anyway, store cards can be a turn off for major banks, like Amex, US Bank, Barclay (when you want a higher tiered card, such as sallie Mae) etc.  Many users have started to ditch the store cards, they were discussed in the analysts thread, and the banks tend to give toy limits with them.  As the UW stated in the thread, the damage is already done, but after a year, you want to close all but one or two store cards, provided you want better cards, and a higher FICO.

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Message 39 of 58
racer-x
Valued Contributor

Re: Forever On The Garden Due To Decreased Scores***

Imperfect- i didnt change jobs, not in 3 yrs. same profession for 25 yrs, never unemployed. 2 job changes in 25 yrs.

The accts that were cut were at 30% utilization. The usuck bank acct was 50% and had been for over a yr. it was my buffer acct and usuck was my main back. 4tl's and direct deposit with them. I felt 'safe' with them.

Point is, i didnt expect aa to happen to me but i sorta see why.
I knew i was running up my usage a bit but i also knew i would be pifing quickly. All i needed was another week and aa would have been avoided. Problem was the reporting and updating to the cra's wasnt keeping up when i pifd.

Struggles, wasnt calling you personally naive, just everybody in general.
Like i said, i just ran up some debt, 30% worth on 4 cards. Big whoop. Pifd within week of the aa.
I think what got me was that i went from 0% to 30% util on those accts. lesson is if you pif all the time, better keep doing that and dont change your spending/payment patterns
Message 40 of 58
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