FUTURE CREDIT ADVICE STEPS

blondie_keen · ‎05-16-2009

alright guys, i'm hoping you can guide me to better fico scores : )

already since joining this board my EQ has gone from a 592 to a 639 in 7 months

i have one cap1 cc with a $500 limit-balance is $95

i just got approved for a care credit card with a $1000 limit

i was denied a victoria's secret card recently though : (

i have been stuck with a medical collection on my reports since last april, it was paid off this january and since then i've been going through the HIPAA process with no removal yet from any CRA : (

i have complained with the FTC and the BBB and am awaiting their results...

i have one closed BOA cc that has a couple late payments reporting-opened in 2003, closed in 2005

one cap1 cc that was a settled CO

one chase cc that was a settled CO-both from 2005

1 late payment reporting on a student loan from 2007 (tried GW 3x with no luck, it was a lame misunderstanding too!)

all the rest of accounts in my file are student loans and they are currently deferred with one that i'm paying interest on with positive history

i'm thinking once i get that medical collection off, i should see some sort of jump in my scores. so far, it has been stuck at 639 for two months. luckily, the two new credit inquiries have not affected my score-as of yet (i have score watch) although, if i'm just speaking about my EQ report, the victoria secret inquiry would have only hit my EX report (which has a higher score than my EQ and still i was denied : ( )

i know time heals all, but what should i think about doing for the future. i don't care about achieving a super high score but i would like to join the 700 club someday soon! i would also like to be able to get a car loan in my name alone within the next year if possible.

i am a senior graduating next december and i'm not sure if i'm going to be able to stay in my area, so i'm a bit leary of joining a CU at this point in time...thoughts???

i was told that i could call BOA and ask them to reopen my closed account and maybe GW the lates i had-this would help the AAOA section of my fico reports but i'm thinking in this economic climate they probably won't turn me down so i should maybe wait on that???

my credit card will turn 2 this june-any point increase from that?

i also have four inquiries (besides the new care credit one) and two-three of them will fall off my report this june as well i believe

i should probably get my cap1 to around 9% utilization right? and then ideally let my care credit report as $0??

could i possibly print out my credit report and bring it to my bank to see if they would approve me for a CC?

i would REALLY like a jcpenney card but i'm scared to apply for fear of wasting an inquiry on a denial...

i am REALLY loading you guys down with information-sorry if it's a lot to process!!!

love this board and know i'll get some great (honest) advice : )

MAY 2009 FICO SCORES

EQ 639
TU 647

llecs · ‎05-17-2009

blondie_keen wrote:
already since joining this board my EQ has gone from a 592 to a 639 in 7 months

......inquiry would have only hit my EX report (which has a higher score than my EQ.......

Where are you pulling your scores from? It is impossible to pull an EX FICO score.

blondie_keen wrote:
i have one cap1 cc with a $500 limit-balance is $95
i just got approved for a care credit card with a $1000 limit
i was denied a victoria's secret card recently though : (

i should probably get my cap1 to around 9% utilization right? and then ideally let my care credit report as $0??

I don't know what your goals are, but you can easily hit high 700s with what you have now. Just keep 1 reporting at $0 and the other reporting a small balance of under 9%, as you said

blondie_keen wrote:
i have been stuck with a medical collection on my reports since last april, it was paid off this january and since then i've been going through the HIPAA process with no removal yet from any CRA : (
i have complained with the FTC and the BBB and am awaiting their results...

i'm thinking once i get that medical collection off, i should see some sort of jump in my scores.

Keep at it. Hammer them. You may want to ask this question as to what to do next over in the Medical Debt section.

blondie_keen wrote:
i have one closed BOA cc that has a couple late payments reporting-opened in 2003, closed in 2005
one cap1 cc that was a settled CO
one chase cc that was a settled CO-both from 2005
1 late payment reporting on a student loan from 2007 (tried GW 3x with no luck, it was a lame misunderstanding too!)

all the rest of accounts in my file are student loans and they are currently deferred with one that i'm paying interest on with positive history

i was told that i could call BOA and ask them to reopen my closed account and maybe GW the lates i had-this would help the AAOA section of my fico reports but i'm thinking in this economic climate they probably won't turn me down so i should maybe wait on that???

The "settled" remark on those TLs are hurting your scores. If these are older than your AAoA, then tread carefully as they could delete. GW at your own risk. If these are younger than your AAoA, then GW away asking them to remove the "settled" remark. "Settled" is on par with "charged-off" per your score. If I was in that situation, I would ask to reopen now and also GW now. The economic climate won't get better right away. And keep GWing the late. It may take dozens of GWs to impact a change. All it takes is one "yes".

blondie_keen wrote:
i am a senior graduating next december and i'm not sure if i'm going to be able to stay in my area, so i'm a bit leary of joining a CU at this point in time...thoughts???

Wouldn't hurt. Chances are you would see an inquiry on EQ for opening an account. Inquiry damage is overrated.

blondie_keen wrote:
my credit card will turn 2 this june-any point increase from that?
i also have four inquiries (besides the new care credit one) and two-three of them will fall off my report this june as well i believe

Probably no increase for a 2-yr anniversary. No change if those inquiries hit two-yrs. FICO stops scoring them after 1 yr.

blondie_keen wrote:
could i possibly print out my credit report and bring it to my bank to see if they would approve me for a CC?
i would REALLY like a jcpenney card but i'm scared to apply for fear of wasting an inquiry on a denial...

You could try that for a bank or CU...printing the report and bringing it in. Be sure to print all 3 and make sure they are within a day or two from the day you go there. Some banks only pull one specific CRA.

IMO, hold off on the JCP. GEMB is in a funk and have been closing accounts or cutting CLs. They usually don't approve for high CLs. They'll start you off at a low limit.

blondie_keen · ‎05-17-2009

thank you soo much for your response Ilecs!

to answer the question of the EX report score i was just going off of the last score in february i was able to pull. it was 647 then, and since my EQ has only increased a tiny bit, i'm just assuming that EX is still my highest of the 3 CRA's.

FUSED on the medical boards has def been trying to help me out with the HIPAA process : )

hopefully one day soon....ho hum

as far as the charged off/closed cards are you asking me to write/call them up and ask for them to reinstate my accounts and remove the late notations on my file??? i'm just weary of having them pull my credit reports and denying me and having that cost me an inquiry....even if the "settled" term stays, would having the "lates" removed even make a difference??

you said without doing anything else that i would be able to get into the 700 club with what i currently have-how far away would that be you think? less than 6 months, more?

I REALLY APPRECIATE YOUR INPUT-A LOT!!!!

MAY 2009 FICO SCORES

EQ 639
TU 647

llecs · ‎05-17-2009

You are on the right track with the scores. Had to double check.

Of the CCs you listed, I think there's a chance with Chase. The others not so likely. Reason I mentioned is because within 7-10 yrs, those accounts will fall off and you could take a score hit then. Reopening them will extend their life and help. I would write the GW but call and inquire about reinstatement. If it looks like you'd have to reapply, then I wouldn't do it. Sometimes you can reopen without any inquiry.

Lates being removed will help, but the most serious is the settled remark.

You can easily hit 700 within 6 months. Depends how quick those baddies will go away. When looking at your FICO report, on page 2, you'll see the things hurting your score. Those are in order from more serious to less serious. I'd work of that order. Just keep an eye on your AAoA. Those closed, settled accounts are probably your oldest. Removing them, even if reporting bad, could hurt your score as they are part of that history. Tackle the newer stuff first.