Started my credit file with a utility bill in collections in 2005. Since I have seen highs and lows. I have a CapitalOne card 1500 limit with apr of 13.58% and a Chase Card( formerly wamu) 1300 limit with 17.24. My problem is my Chase APR. Last July when I had FICOs of EQ 605 EX 610 Tu 630 and they lowered Apr from 18% to 14.99% when with WAMU. When my acct went over to Chase they took my APR up to 17.24% and told me it was my FICO and that was why took it up.
My EQ 663 and I had paid off all of my cards the month before all of that happened. I have a car loan for $8200 and student loans for about $4500. I have great debt structure, never missed any pymts on cards or loans. No trouble on any acct that i have since that collection and a minor collection that was paid almost immediately after it reported and paid off. I make $10K more than i made in the past. I am doing only gardening so that I can secure a HELOC for a family home I will have deeded to me later this year. What did I do wrong? My FICO has improved why that rate?
Besides that I have a few other questions, If i can get at least a 700 FICO would I qualify for HELOC? Any thoughts would help!
Hi iverij -
Your post is what I call typing the "thought stream"
From what I gather, it sounds like your main baddie that you mentioned is the collection account from the utility bill 2005. Has the Collection Agency (CA) contacted you? Is this paid or unpaid?
Why HELOC? Do you have an intended purpose or just want to establish one for future use?
What credit accounts do you have now? What are the balances and credit limits?
What other derogatories do you have (late, charge off, collections, etc)?
What is your oldest account and how old is it (when opened)?
What is your Average Age of Accounts (AAoA)?
How many inquiries do you have in the past 12 months?
How much limit do you want in your HELOC?
It was exactly that...a thought stream!
My AAA of accts is 3years4mos ago, which was that UNPAID utility bill of about $1885 with CA contact maybe twice since 2006 when it was charged off. Only a Checking acct overdraft that snuck its way in back last February, that has been paid off since July 2008. No Lates on anything else.
Student loans $4,500
CC balances are as follows since i pulled just my report:
Capitalone $406 with $1500 limit
Chase $0 with $1300 Limit
Lane Bryant $0 on $200 limit
I am a Auth on my younger sisters card that was just opened in last month or two. $720 on $900. ( I am teaching her to be responsible)
All the cards actually will be paid off in the next week!
3 inquiries when i applied for associate card through my job at BofA, thats how i learned of a my file not being so great.
HELOC is to make home improvements so that I can move in. I am looking for only $15K when appraisal value is $102K for 15years or less.
I want more than anything to be financially sound and comfortable. And if I need credit to do something I want to be able to do it.
04/11/09: EQ 662