638?

[Anonymous]

Hello everybody.

I'm fairly new to myFICO forum, but have a major concern. My credit score 638, and I know that's not too bad in certain scenarios, but I know it can be better. I am 21 years old, with one Wells Fargo credit card, a car loan, and a Macy's credit card. I have a couple of concerns:

1. i had a potential negative on my account in June due to a 45 dollar past due balance from Macys, I've had the card since February 2011, and every other payment has been made.

2. Is there any way I can move on from this and still get good credit? Or am I just ruined credit wise?

3. If there a possible way, in which ways can I build my credit back up that will make a remarkable change to my credit score?

I know i'm still very young, but I made a horrible mistake and I now have the potential negative flag. i'm very nervous on the effects it will have on my future, I don't graduate until spring of next year, but won't be done with school officially until after my masters. I'm hoping by the time I've finished school that my credit will be great so I can eventually begin saving for a house. 

Any advice would be great! I am a confused young adult with many worries about her future.

[RobertEG]

First, can you provide more info on the "potential negative"?  Was it just late, or did it remain delinquent more than 30 days after first becoming delinquent?

Being late is not basis for reporting its delinquency to the CRA, its delinquency must extend 30-days past its billing due date.

Has it actually been reported?

Being of young age, I would suspect that the most important category affecting your score, if no derogs are reported or if one is later excluded, is your low average age of accounts and oldest account.  It takes time to build score in that 15% of scoring category, which amounts to approx 127 pts to be garned with time.

[beb86]

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@Anonymous wrote:

Hello everybody.

I'm fairly new to myFICO forum, but have a major concern. My credit score 638, and I know that's not too bad in certain scenarios, but I know it can be better. I am 21 years old, with one Wells Fargo credit card, a car loan, and a Macy's credit card. I have a couple of concerns:

1. i had a potential negative on my account in June due to a 45 dollar past due balance from Macys, I've had the card since February 2011, and every other payment has been made.

2. Is there any way I can move on from this and still get good credit? Or am I just ruined credit wise?

3. If there a possible way, in which ways can I build my credit back up that will make a remarkable change to my credit score?

I know i'm still very young, but I made a horrible mistake and I now have the potential negative flag. i'm very nervous on the effects it will have on my future, I don't graduate until spring of next year, but won't be done with school officially until after my masters. I'm hoping by the time I've finished school that my credit will be great so I can eventually begin saving for a house. 

Any advice would be great! I am a confused young adult with many worries about her future.

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I think the fact that you are this "green" with credit and are only 21 AND found your way to this website you have found yourself in a better situation than most of us at your age. The thing to remember about credit is that time heals all, so if its late there are a few things you can do, call the OC and explain the situation and ask for a goodwill deletion for the late, the may do it the may not. Take care of your accounts you have now and you will be fine. welcome to the fourms