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67 points in 5 months....what's next??

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tamdugg1980
Contributor

67 points in 5 months....what's next??

I started my credit repair journey in April 2011 in order to purchase a home.  This is all thanks to myFICO!!!!  After 5 months of "going hard", PFD'ing, GW'ing, etc., I've reached a plateau.  My credit score has not moved.  The down payment assistance program that  was available to me, is no longer available and I am not able to purchase my first home at this time.  I'm at a cross roads as I don't know what to do.  I would like to continue to build my credit but I am not sure how to go about doing that.  I currently have an auto loan, a consolidated student loan, and a credit card with First Premier that has a $250 limit.  I would like to add another two credit cards to the mix.  Possibly a store card and another credit card.  Is this the right path to go down?  How should I go about ramping up my credit? Suggestions are welcomed!

Starting score: (April 2011) 530 - myFICO EQ
Current score: (04/2012) EQ - 608 (myFICO), EX FAKO - 671, TU FAKO - 619

Let's see what happens once they report minus the late payments!!!!!!
Message 1 of 8
7 REPLIES 7
jasimae
Frequent Contributor

Re: 67 points in 5 months....what's next??

I'm sorry to hear about that.  Don't get bummed out.  Have you maxed out your credit card?  What is your utilization like? I assume that you have no baddies at all on your report?  It seems to me that you just need to give it time.  You didn't say what your starting score was and what your score is now.  You can qualify for FHA loans and I believe the score range for FHA is in the 620 - 640 range (possibly even 680).  Are you in that range?  Also, if you find the right seller, you can get seller's concession so that could cover the closing costs and I think you also might be able to get down payment assistance with FHA, too.  It's difficult to know since I don't know what your current score and credit situation are like at this moment.  Maybe trying for one more card might help.  I feel your pain, though.  Although I'm getting items removed from my reports, I'm hoping that my score doesn't drop.  Especially since I have a baddie that is also happens to be the account with my longest credit history (10 yrs).  Although I need that off my report because it's a charged off credit card, it's also helping my score.  I also have one collection account that's scheduled to drop off any day now.  I am shooting to purchase a home in February and my score is in the low 600's right now.  I'm hoping that it will go up with the collection removal and not drop with the removal of the charged off credit card account that has history.  I plan on obtaining one credit card as soon as the baddie account comes off and I hope I'll be alright.  Let's keep our fingers crossed together and pray no serious changes.

Message 2 of 8
CreditBob
Established Contributor

Re: 67 points in 5 months....what's next??

Here are some factors that will affect the score. So I will need you to reply back with an answer to the questions that I am going to ask you because it will help you better understand.

 

On your credit card with First Premier:  How long has the account been open for?    What is the current balance that you owe?

 

On your auto loan:  How long have you had the loan for?    What was the original balance?     What is the current balance that you owe as of right now?

 

On your consolidated Student Loan?  How long has it been reporting to the credit bureaus?   What is the original balance?   What is the balance that you owe as of today, right now?

 

INQUIRIES-How many inquiries have you applied for within the last 12 months?    How many within the last 6 months?   When was the last time any creditor had pulled your credit, how long ago????

 

NEGATIVE ACCOUNTS-Are there any negative trade line (accounts) that are on your credit report? If so what type (collections, bankruptcy, late payment repossessions, foreclosures, judgments, etc.) & how long ago were they reported if they are on the credit reports?

 

If you would be very specific to the questions that I have asked you then I can help you have a better understanding of what you can do.

Message 3 of 8
tamdugg1980
Contributor

Re: 67 points in 5 months....what's next??


@CreditBob wrote:

Here are some factors that will affect the score. So I will need you to reply back with an answer to the questions that I am going to ask you because it will help you better understand.

 

On your credit card with First Premier:  How long has the account been open for? Opened since 2009    What is the current balance that you owe? I have a $7 balance on the card,when I was working with my leander he suggested I have a balance of $10 max

 

On your auto loan:  How long have you had the loan for? I've had the loan since 2005   What was the original balance? The original balance was $18k    What is the current balance that you owe as of right now? My current balance is $3500

 

On your consolidated Student Loan?  How long has it been reporting to the credit bureaus? The consolidation loan was added in July 2011   What is the original balance? Original balance is $15k   What is the balance that you owe as of today, right now?  What I owe now...$15k...LOL

 

INQUIRIES-How many inquiries have you applied for within the last 12 months? Within the last 12 months I have 3-4 but they were all pulled by my lender (which I believe all count as 1 pull)    How many within the last 6 months? Same as above with regards to the last 6 months   When was the last time any creditor had pulled your credit, how long ago????  The last pull was done in August 2011, buy my lender

 

NEGATIVE ACCOUNTS-Are there any negative trade line (accounts) that are on your credit report? If so what type (collections, bankruptcy, late payment repossessions, foreclosures, judgments, etc.) & how long ago were they reported if they are on the credit reports?  Yes, my auto loan has 3-30 day lates from 2008, My credit card has 1-30 day and 1-60 day late from December 2010 and January 2011 (which I KNOW is hurting my score tremendously!).  Prior to consolidating my student loans, I have 2-30day late September & October 2010 (again which I know is hurting me tremendously).

 

I also have a tradeline with University of Phoenix that I settled, in August that is still reporting on Equifax but has been updated on Experian, ( University of Phoenix never reported to TU).

 

I should also mention, I am an AU, on my mother's Chase card.  She has a CL of $12k, with a balance of $3k.  Again, this was suggested to me by my lender as another option to get my score to rise (which it has not).  It is reporting on both Equifax and Experian, but not on TU (and if I understand correctly, TU does not report AU). 

If you would be very specific to the questions that I have asked you then I can help you have a better understanding of what you can do.

That's my credit life in a nutshell.  I think this the first time I've ever put all of that out there for anyone to see...hmm...I'm not expecting 700's especially with the lates, but I kind of expected a little bit more than the plateau.

Starting score: (April 2011) 530 - myFICO EQ
Current score: (04/2012) EQ - 608 (myFICO), EX FAKO - 671, TU FAKO - 619

Let's see what happens once they report minus the late payments!!!!!!
Message 4 of 8
tamdugg1980
Contributor

Re: 67 points in 5 months....what's next??


@jasimae wrote:

I'm sorry to hear about that.  Don't get bummed out.  Have you maxed out your credit card? Nope my cards are not maxed out, my card carries a low balance What is your utilization like? My utilitzation is about 26% I assume that you have no baddies at all on your report? I have lates, and I believe those lates are what is holding my scores down  It seems to me that you just need to give it time.  You didn't say what your starting score was and what your score is now. My starting score was a 537 and I am currently at 604. You can qualify for FHA loans and I believe the score range for FHA is in the 620 - 640 range (possibly even 680).  Are you in that range? Depending on the credit bureau you ask, Equifax, nope, experian, yes, TU deifinely!  Also, if you find the right seller, you can get seller's concession so that could cover the closing costs and I think you also might be able to get down payment assistance with FHA, too.  It's difficult to know since I don't know what your current score and credit situation are like at this moment.  Maybe trying for one more card might help.  I feel your pain, though.  Although I'm getting items removed from my reports, I'm hoping that my score doesn't drop.  Especially since I have a baddie that is also happens to be the account with my longest credit history (10 yrs).  Although I need that off my report because it's a charged off credit card, it's also helping my score.  I also have one collection account that's scheduled to drop off any day now.  I am shooting to purchase a home in February and my score is in the low 600's right now.  I'm hoping that it will go up with the collection removal and not drop with the removal of the charged off credit card account that has history.  I plan on obtaining one credit card as soon as the baddie account comes off and I hope I'll be alright.  Let's keep our fingers crossed together and pray no serious changes.


 

Starting score: (April 2011) 530 - myFICO EQ
Current score: (04/2012) EQ - 608 (myFICO), EX FAKO - 671, TU FAKO - 619

Let's see what happens once they report minus the late payments!!!!!!
Message 5 of 8
kjm79
Valued Contributor

Re: 67 points in 5 months....what's next??


@tamdugg1980 wrote:

@jasimae wrote:

You didn't say what your starting score was and what your score is now. My starting score was a 537 and I am currently at 604. You can qualify for FHA loans and I believe the score range for FHA is in the 620 - 640 range (possibly even 680).  Are you in that range? Depending on the credit bureau you ask, Equifax, nope, experian, yes, TU deifinely! 


 

Just to be sure...are the scores you are referring to above provided by your lender?  Only reason I ask is because in your signature you indicate that the TU and EX scores are FAKO's.  And since it's hard as heck to come by real Experian FICO scores it kind of makes me think your aren't looking at real scores.  If you're relying on those FAKOS, your real scores could be higher or lower. 

 


CH 7 Filed 7/27/15 Discharged 11/16/15
Starting Score: EQ 620 TU 568 EX 593
Current Score (07/13/16): EQ 674 TU 649 EX 674 (FICO's 08)
Cap1 QS ($5350) (Combined QS and QS1) Discover It ($4100) MilStar ($8,600) Fingerhut ($800)
Off to the garden 05/01/16
Message 6 of 8
tamdugg1980
Contributor

Re: 67 points in 5 months....what's next??


@kjm79 wrote:

@tamdugg1980 wrote:

@jasimae wrote:

You didn't say what your starting score was and what your score is now. My starting score was a 537 and I am currently at 604. You can qualify for FHA loans and I believe the score range for FHA is in the 620 - 640 range (possibly even 680).  Are you in that range? Depending on the credit bureau you ask, Equifax, nope, experian, yes, TU deifinely! 


 

Just to be sure...are the scores you are referring to above provided by your lender? 604 (Equifax) is lender pulled, the other two are FAKO scores.  My Experian score is actually lower than what is shown on my signature, per my lender. My Experian score is 60?, can't remember exactly, from what my lender told me the last time he ran my report which was about a month ago.  Only reason I ask is because in your signature you indicate that the TU and EX scores are FAKO's.  And since it's hard as heck to come by real Experian FICO scores it kind of makes me think your aren't looking at real scores.  If you're relying on those FAKOS, your real scores could be higher or lower. 

 


That is why I am not quite sure what to do now.  I know if I attempt to take on any credit, my score will drop.  If I do nothing, my score will rise...slowly.  I'm not looking for 20pt jumps, but  going from a 604 to a 605, though an increase, makes me crazy! 

 

It also gets confusing for example with ScoreWatch, it says, I have don't have enough credit.  Well, duh!  Of course I don't have enough credit, and if I take get credit, my score will drop.  What am I supposed to do? 

Starting score: (April 2011) 530 - myFICO EQ
Current score: (04/2012) EQ - 608 (myFICO), EX FAKO - 671, TU FAKO - 619

Let's see what happens once they report minus the late payments!!!!!!
Message 7 of 8
GregB
Valued Contributor

Re: 67 points in 5 months....what's next??


@tamdugg1980 wrote:

It also gets confusing for example with ScoreWatch, it says, I have don't have enough credit.  Well, duh!  Of course I don't have enough credit, and if I take get credit, my score will drop.  What am I supposed to do? 



Unfortunately the answer to that is to go back in time and not be late. Those lates are killing you, particularly the recent lates. Unless you can GW some of them, they are going to hurt you for a while.

 

Best bet might be to try to get the limit increased on your existing CC. Might go ahead and carefully app for something you know will be approved so that you will get to a decent score later. Perhaps get a secured card that will unsecure later. I can't see a quick answer other than GW.

Message 8 of 8
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