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New Member
dyneemo
Posts: 7
Registered: ‎04-15-2013
0

How long to rebuild credit and/or raise credit score? FRUSTRATED

I am monitoring my credit score several ways. Myfico.com seems to be the 'most accurate' (or so it claims) but I still get varying credit scores.

 

A year ago, I enrolled in careonecredit.com to help me with my over-extended credit debt. Today, I have paid that down from just over $14K to now just at $3K and plan on having it paid, in full, by November of this year. I have not opened any other accounts, had any delinquincies or any other credit issues in that time. I have no car payment and the only two credit cards I have that I did not turn over to careonecredit.com are my JcPenney account (almost paid in full) and a Dell.com account; I have not been late on either of these. My JcPenney is at $800 and my Dell account is at $4200

 

I make over $90K per year at a job I have been at for four years. I have a mortgage that we are never late on. When I first checked my fico score here, it was at a 617, then it went up suddenly to 646 but dropped back down to 617 and is now at 610. I don't understand it because I have done nothing different and am really trying to improve my credit. While I can understand how being in a debt consolidation program lowers my credit score, I am baffled as to why my credit score dropped from a 646 to a 610 in a month when I have not been late in paying debt and I have actually paid 3 credit cards off, in full, in that time

 

How long does it take to rebuild your credit score after finishing a credit consolidation program? I plan on being done, hopefully, in October but I am so petrified now that it wont make any difference and my credit score will never go back up. I don't understand the fluctuation in the score so drastically...I can understand a few points up or a few points down but 36 points? Also, I don't trust the fico score any more than I trust any of the other scores...none seem accurate

 

Can anyone here help me with understanding: #1-Why my score is so drastically dropped, so quickly, without my doing anything to adversely affect it #2-How long it will take after I pay of my credit consolidation to increase my credit score #3-If I choose to try and purchase a vehicle AFTER my consolidation is paid off, which credit score will they pull?

 

Thank you all so much in advance!

Valued Contributor
AndySoCal
Posts: 1,944
Registered: ‎04-07-2009
0

Re: How long to rebuild credit and/or raise credit score? FRUSTRATED

When you look at your FICO credit report in score section what are the factors that are hurting your score? The factors are in order impact on the score.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011
New Member
dyneemo
Posts: 7
Registered: ‎04-15-2013
0

Re: How long to rebuild credit and/or raise credit score? FRUSTRATED

I have had late payments (30 days, 6 times) and I had too much credit at one point. No collections, judgements or public records. But I am frustrated because the score keeps going down, even though my balances are going down. My goal is to be able to purchase a vehicle in 9-12 months time and with my score I am so nervous that it will never improve, even when I am done with my credit consolidation. I am working really hard on improving it, but I feel like it will never happen. How long does this usually take?

New Member
dyneemo
Posts: 7
Registered: ‎04-15-2013
0

Re: How long to rebuild credit and/or raise credit score? FRUSTRATED

I honestly just want to give up. This just is not worth it anymore. I realize I made my bed and I'm lying in my bad spending choices, and part of this was due to my husband's business failure last year. Now, I am doing everything I can to improve my credit but I am worried that going through careonecredit.com may have harmed me more than I realized it would. I knew my credit score would drop, but I was already suffering by not being able to pay my debts and my husband's debts (I make close to $108K per year but most of it went to just trying to get his taxes and employee stuff dealt with, paying our mortgate, insurance, etc and little left for my own credit card debt). His business is stablized, I have no new open accounts, am paying down what I have and yet my FICO went from teh 646 to the 610 (Equifax). Could this be because I challenged some of the items on my report and requested they be removed? Is this Equifax's way of retribution? I mean, it says it is a FICO score on here but it is under the Equifax header. I am so desolate...I don't know what to do.

 

Factors influencing my score are the SAME as they were when I had a 646; nothing changed. Too many accounts at one point and too many accounts over the 30 days late more than once. Also, I had a auto dealership run my credit 6 times last year (without my permission) and that shows on my rating as well. Is it worth it to contest the hard inquiries on my account?

 

If anyone can help with advice on what to do, I would appreciate it. At this point, I just want to give up

Frequent Contributor
Countingpennies
Posts: 465
Registered: ‎02-14-2013
0

Re: How long to rebuild credit and/or raise credit score? FRUSTRATED

I'm not an expert, but it's possible your score went up because the accounts in dispute kind of go into fico suspension. When the dispute is complete, if accounts remain as they were, fico can drop back down again, because the accounts are counting again.

Valued Contributor
AndySoCal
Posts: 1,944
Registered: ‎04-07-2009
0

Re: How long to rebuild credit and/or raise credit score? FRUSTRATED

Since you have acocunt(s) in dispute those accounts are not fully factored into your score. After all the dsputes are removed from the credit report then see where the score is until then do worry about the score.

Equifax My FICO score 815 5/28/2012, 818 on 7/28/2014 . Average of Accounts 12 years and no Installment accounts. MyFICO TU 810 6/26/2012 809 4/21/2013 MyFICO XPN -805. 2/26/2014 Discover TU FICO 813 App free since 9/2011

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