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Hi all,
Just found out this info from my AMEX Credit Secure monthly summary. I've been PIFing and staying on top of things for about a year now. But my scores are stuck at 650ish. I think the "Time Since Negative" plays a big part in it. I have 5-6 COs since 2010 but I settled them all with either paid full or partial in 2010. Can you please give me some advice on how to improve my score? Thanks
Your Credit Summary
Count of Records | |
Total Accounts | 23 |
Hard Inquiries | 9 |
Public Records | 0 |
Account Types* | |
Real Estate Loans | 0 |
Installment Loans | 1 |
Revolving Credit Accounts | 8 |
Credit Cards | 4 |
Retail Cards | 4 |
Total Open Accounts | 9 |
Negative Information | |
Accounts Listed Negative | 11 |
Accounts in Collections | 0 |
Time Since Negative | 1.8 Years |
Current Negative Status | None |
Most Negative Status | Failed to Pay |
Debt Summary* | |
Real Estate Debt | $0.00 |
Installment Debt | $5,551.00 |
Revolving Debt | $1,871.00 |
Total Debt | $7,422.00 |
Monthly Payment | $533.00 |
Revolving Credit Summary* | |
Revolving Credit Limit | $10,000.00 |
Revolving Credit Available | $8,129.00 |
Revolving Credit to Debt Ratio | 82% |
Length of History | |
Oldest Account | 12.8 Years |
Average Account Age | 6.3 Years |
@pt2005 wrote:
Total Open Accounts 9 Negative Information Accounts Listed Negative 11
Here's your problem. Those negatives need to age off or be removed.
Yeah I have 11 negatives (30, 60, 90, 120). They are all closed accounts waiting to fall off in 2014-2016.
Question:
I remember reading somewhere that as "time of negative" gets past 2 years, it does not impact much on the score anymore. Am I correct? With 2013 approach in 2 weeks, am I correct to say I'll see a big jump in score in 2013?
Thanks
Your negatives will impact you until the day they drop. Will they impact you less with time? Yes. But there is no dramatic bump at two years, especially not from the 650s. Also, if there were, it would be two years from DOFD. See the thread on the scoring forum, where a guy had a 100 point bump in eq the day his last chargeoff finally fell off.
You will likely get better info in the rebuilding forum. They will tell you to send goodwill letters, dispute what can be disputed, etc. But the only thing that will make a big difference is getting the negatives removed.
You have some great cards and limits when you consider in the negatives!
Now with that said I just think it's going to be time now!
I gained NO score increase when I paid a bad Santander and Capital One Card but I was then able to get Cap1, 8-10 GE Cards, a Infiniti Lease, etc. etc. !! LOL
Unless you HAVE to get scores higher for a house or something, I would just sit back and stay on top of your free CLI (I call them free when it's going to be a SP to do) Amex, PayPal, Banana, JCP.
Keep in mind that your Capital One Business Accounts are reporting to your credit too unlike a Chase Business or Amex that won't report unless delinquent on business cards.
Thank you all for your advice.
I will be in the garden seeing my new account age. I'm so glad I for Chase Freedom, Discover More, and AMEX TrueEarnings. In the mean time, I will be using these 3 as my main cards and see they compete with Auto CLI. For the GE cards, I'll call every 4 months or so to get free CLI.
Amex you need to Call at 62 days and then every 6 months, online or phone, 3x current CL ALWAYS
Discover I believe you can request and it will then give you option to take an offer or possibly HP and get increase... just do soft and then yes with GE always call!
Chase would be an auto CLI in my mind or just not happening since they always HP - frustrates me!
this is just your fako that's been stuck right? they do not have the same sensitivities as your fico. Things that cause my Fico score to drop 12 points do absolutely nothing to my USAA fako.
@pt2005 wrote:Yeah I have 11 negatives (30, 60, 90, 120). They are all closed accounts waiting to fall off in 2014-2016.
I have 5-6 COs since 2010 but I settled them all with either paid full or partial in 2010.
with charge ofs since 2010 even if you paid in full or settled, why do you think it's going to fall off on 2014-2016? It will remain for 7 to 7.5 years unless you can find ways to remove them off your reports which are possible, but the methods can not be generally discussed on this site. Although if you live in NY state you can get them removed in 5 years cause under FCRA of NY States that all paid (or settled) collections are to be removed in 5 years. Although it can be a pain for CRA's to honor it without a letter from the State Attorney general as many reps are unknowlegable about this rule.
Only Chase out of big banks generally delete if you send them a goodwill letter "i screwed up, i would love to do business with you again, is there anyway this could be deleted etc" explaining your situation of why you fell behind, and mentioning that you've paid in full or settled for the account since etc.
Regardless this section of the site is for credit cards, not nessasarily about credit scores you would have better luck in the credit repair section of the site.
@distantarray wrote:
@pt2005 wrote:Yeah I have 11 negatives (30, 60, 90, 120). They are all closed accounts waiting to fall off in 2014-2016.
I have 5-6 COs since 2010 but I settled them all with either paid full or partial in 2010.
with charge ofs since 2010 even if you paid in full or settled, why do you think it's going to fall off on 2014-2016? It will remain for 7 to 7.5 years unless you can find ways to remove them off your reports which are possible, but the methods can not be generally discussed on this site. Although if you live in NY state you can get them removed in 5 years cause under FCRA of NY States that all paid (or settled) collections are to be removed in 5 years. Although it can be a pain for CRA's to honor it without a letter from the State Attorney general as many reps are unknowlegable about this rule.
Only Chase out of big banks generally delete if you send them a goodwill letter "i screwed up, i would love to do business with you again, is there anyway this could be deleted etc" explaining your situation of why you fell behind, and mentioning that you've paid in full or settled for the account since etc.
Regardless this section of the site is for credit cards, not nessasarily about credit scores you would have better luck in the credit repair section of the site.
Thank you. I figured I posted to the wrong section. But I learn a lot from you guys. I live in California. The 2014-2016 fall off time was reported in my Experian dispute/report.
I'll be happy if Mod moves this post to "Rebuilding Credit".