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Credit Score is stuck! Help

Member

Credit Score is stuck! Help

Hi, My credit score has been stuck at a 565 and 566 on Credit Karma for about a month! NOTHING has improved it. Even the simulators don't show improvement. I'm trying so hard to raise my scores to get a mortgage, but no one will accept a PDF, and nothing has been removed from my report. I'm sick of renting, but it appears that I will have to rent for the next few years. Can someone offer some tips on how to get a boost?

11 REPLIES
Established Contributor

Re: Credit Score is stuck! Help

First off CK is not a real FICO score. 

To make an edcuated guess we would need more data points such as open CC accounts open loans and chargeoffs and collections. You can get your true FICo score at CCt just cancel before the 7 days is up and it will cost you a dollar. or something like that. Please reply back with some more data. 

Starting Scores 03/17/2017 EQ 491 TU 495 EX465 Currently 11/20/2017 EQ 578 TU 564 EX 562

$300 Open Sky/ $2K NFCU CashRewards/$5.1K NFCU GoRewards
Contributor

Re: Credit Score is stuck! Help

2/3 of your credit score is obtained by the algorithmic measuring of figures and factors weight by the data being reported to the bureaus by your open and active credit accounts.   

 

Generally speaking you want to have 2-3 accounts open that you use conservatively and pay religiously every single month.   If you don't have any revolving accounts open and actively reporting your on time payment every month, then you need to do so NOW.   Wait, not now, yesterday.  Because it will take 2-3 months before your new creditors will even begin reporting your first monthly payment is the reason why you should start yesterday, but my point is that patience may be required.   

 

However, these new accounts will help provide the positive type of account information you want to have recorded in your report vs. the derogatory type of information that might not ever go away and that you might want to address.  (or at least elaborate further on this forum for guidance)

 

 

 

__________________________________________________

Licensed NC Mortgage Loan Originator
Established Contributor

Re: Credit Score is stuck! Help

CK - is NOT a real score - even Fico8's are not the ones the mortgage companies use.    (My mortgage scores were about 20 pts HIGHER than my Fico8's).   I would recommend a full report so you can see everything being reported and when they should come off your reports.    Then go to the Rebuilding forum and see what they have to say.  Be prepared to list out everything - but they are pretty good at tackling issues and providing recs so you can get your scores up.   Been hanging out in there for over 2 years - Set to close in Nov.  

 

You may not be as far off as you think you are...... Also it's good to talk to a loan officer and get things rolling and have someone that knows the rules/area and can guide you at that end.  

 

FAKO scores in April: TU 573 EQ 586 (Ya gotta start somewhere!)
Actual Scores July 2015 TU 614, EQ 651, EX 572 October 7, 2015 TU 642, EQ 679, EX 651 Updated December 9, 2015 TU 706, EQ 708 EX 684 Updated Sept. 30, 2016 TU 674 EQ 668 EX 660 Oct 2017 Fico* TU 630, EQ, 624, EX 631 MORTGAGE TU 659, EQ 662, EX 618
Capital One Quicksilver MC $500- $1,500-$2,000 / Discover IT $500 - $800 - $1200-$1800- $2300-$3200 / Capital One Plat. $500-$1500-$2000 / Chase Freedom $500-$1000-$2000 / AMEX Blue Everyday $2,000 / CITI Dble Cash $1,200-$1800 / Barclays $2000 / Kohls $400- $600 / Old Navy $600.00 / Victoria Secret $500-$800
Valued Contributor

Re: Credit Score is stuck! Help

Renting might be way cheaper than owning, so don't assume that renting for the next 2 years is a bad thing.

 

How about giving us some data?

 

  1. How much money do you have towards a down payment on a mortgage?  Not counting any loan assistance.
  2. What is the total of all your active collection balances?
  3. What is the total of all your active chargeoffs with balances?
  4. How many open credit card accounts do you have?
  5. How many open installment loans do you have?
  6. What is the total amount owed on your open credit cards and loans?

My FICO scores in March 2017 were 550-570.  Today they are all 690-720 and by next week I expect them all to be 710-730.  I spent 10-12 hours a week on credit rebuilding, and have since March.

FICO8FICO8Visit:
03/1710/17My 11
Rules to
Credit
Rebuilding
550EX
570TU
559EQ
710EX
699TU
734EQ
Member

Rent here is in the $1200 range for a nicer neighborhood....

Rent here is in the $1200 range for a nicer neighborhood. I can't afford that at the moment, but yes, it could be cheaper than renting depending on the house that I'd buy.

1. I only have a little over $2k saved for my down payment. I'd need roughly $4500 if I wanted to get a house in the $130s..I'd have to pay for the inspection and appraisal too, so that's another $600 or more.
2. I have 1 active collection from an old apartment. Hunter Warfield has the account and it has a balance of $2060, but we reached a settlement of $1700 that I'm scheduled to pay off by the end of this month. I had a collection account with Comcast that has been settled, but hasn't reported to the bureaus yet.
3. $5k charge off from 2014...an old credit card
4. 3 open credit cards...one is an authorized user card with a limit of $750, but a $233 balance...ugh my brother needs to pay that down! My other 2 cards have a $500 limit ($7.00 bal) and $350 ($0 bal).
5. I have a $16k car loan that is a redeemed repossession. and $46k in student loans.
6. Total amount on all open cards and loans: $67k roughly.

This looks so bad....omg
Member

Re: Credit Score is stuck! Help

What is cct???
Valued Contributor

Re: Rent here is in the $1200 range for a nicer neighborhood....

Doesn't look impossible.  But if rent is only $1200 a month and you don't have to pay for property taxes, core insurance, maintenance and upkeep, I'd wonder if the cost to buy would just cost way more!

 

I'd say I would focus on getting your finances in order, and save a ton more for a downpayment and emergency fund.

FICO8FICO8Visit:
03/1710/17My 11
Rules to
Credit
Rebuilding
550EX
570TU
559EQ
710EX
699TU
734EQ
Member

Re: Credit Score is stuck! Help

Thanks everyone! I wish I knew what my mortgage scores were! I'm on pins and needles because I applied for a mortgage and was approved, and when I was under contract, the Loan officer had me remove dispute comments from my report and it dropped my score too low, so the contract was terminated. I was so devastated because I had already told my landlord that I was moving out and showed the house to another renter and she wanted it. So my kids and I moved back in with my parents but I have an hr and a half Drive one way to work now. I just want to find something in a good school district and a reasonable price because we have moved quite a bit and I honestly want to settle down in the next house we move into and make it our home
Member

Re: Credit Score is stuck! Help

I was hoping to find something in the $800 per month range...but I'm not sure. I don't understand why nothing is moving my credit. Yes, I do need to save more for my down payment and emergency fund. I don't have any rent or utilities to pay, so I'm able to save a lot more right now.