My comments below in blue.
joker77c wrote:
Yes this is my only installment account.
I only have two active lines on my report. The RV loan and the Amex Platinum, I am an AU on my wifes WF card and her BCE Amex, and I was just approved for a Cap 1 Quicksilver. None of the AUs or the Cap 1 has hit my report. We dont carry a balance so the utilization is less than 5%.
There's no necessary connection between having a low utilization and whether or not you carry a balance on your cards, A person can carry a balance every month and have a low utilization, or never carry a balance and have a high utilization most months.
It is good that you are keeping your utilization low.
Credit monitoring sites such as thie one are telling me Im taking a ding by not having revolving credit cards so I got the Cap 1 and In a month or two I will apply for another one I'm sure I can get, and then repeat in another two months.
You should eventually want at least three true credit cards in your own name. (More than three is nice but not especially helpful. And a credit card is different from a chrage card like the Amex Platinum.) The big problem with your scores is your lates, liens, and the collection -- getting more cards won't fix those problems. You should probably head over to the Rebuilding forum.and get help from the people there.
Bad issues are the lates on the RV loan, one collection and two federal tax liens. The collection is paid, I'm working on getting it removed, and the tax liens will go away by the end of the year as Im waiting on my final paperwork for an offer in compromise with the IRS and then pay them off.
The loan was originally for around 38k, I owe around 21k
When you say pay it as fast as I can does that mean making my regular payments and additional principal payments until its done?
Yep, that's what I mean. Better would have been for me to say "as fast as you like."
You mention having the money to pay it off completely right now. If so, I would do the following.
(1) Pay off almost all of it, so that your balance is < 9% of the original amount of the loan. (The original amount of the loan will be listed on the credit report.) If the original amount was $38,000, then you'd pay it down to $3400.
(2) Allow the new balance to appear on your reports.
(3) Implement the SSL technique.
(4) Pay off the RV loan.
What do you mean by the share secure loan technique?
This will explain the SSL technique. You only need to read the first 2-3 posts:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...
The second post will give you a better understanding of how installment debt is scored by FICO 8.
