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Moderator
Posts: 13,897
Registered: ‎04-15-2011
0

Re: Fixing bad credit

+1  Get the GW letters going.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Member
Posts: 18
Registered: ‎10-12-2012
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Re: Fixing bad credit

Macys and Bloomingdales gave me a firm "NO we cant and wont do this at all" over the phone. I have wrote one letter to EOS CCA so far and going to try macys/bloomys by mail. What else could I do?

 

PS anyone know how long it takes amex to report a AU to the 3 CR?


Starting Score: TU 594 - EX 550
Current Score: TU 594 - EX 550
Goal Score: 720

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Established Member
Posts: 18
Registered: ‎10-12-2012
0

Re: Fixing bad credit

How long do inquirys take to come off?


Starting Score: TU 594 - EX 550
Current Score: TU 594 - EX 550
Goal Score: 720

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Established Contributor
Posts: 905
Registered: ‎07-25-2008
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Re: Fixing bad credit

2 years


Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
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Established Member
Posts: 29
Registered: ‎02-17-2011
0

Re: Fixing bad credit

They stay on 2 years but don't affect FICO scores after 12 months old.

Established Member
Posts: 10
Registered: ‎10-15-2012
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Re: Fixing bad credit

What sort of AMEX account is it?  I ask because you seem to be placing a lot of hope on this account.  A typical AMEX account doesn't have a credit limit and does not report one to the CRAs so your credit utilization will appear high.  It would be better to be an AU on your SOs BOA (non-signature) account.  I'm really sorry you closed the other accounts.




Starting Score: 570
Current Score: 604
Goal Score: 740+


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Moderator
Posts: 13,897
Registered: ‎04-15-2011
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Re: Fixing bad credit


DeC wrote:

Macys and Bloomingdales gave me a firm "NO we cant and wont do this at all" over the phone. I have wrote one letter to EOS CCA so far and going to try macys/bloomys by mail. What else could I do?

 

PS anyone know how long it takes amex to report a AU to the 3 CR?


So they gave you a firm NO, do you want to know how many NO's I've heard and they finally do it?   If they turn down one, send two more!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
Posts: 1,253
Registered: ‎03-22-2012
0

Re: Fixing bad credit

You made a huge mistake closing those cards. Do you know by closing those cards as you paid them off that you actually increased your utilization percentage and forced your scores lower?

 

Being an authorized user on GF AMEX card is not going to help you that much. AMEX usually requires your scores to be higher that 700 to get the card your GF has.

 

You now need to work to get all the baddies off your reports and as your scores start to climb apply for a couple of more cards. You need to have at least 3 CC to maximize your scores.



Starting Score: EQ 658 6/18/12
Current Score: EQ 705 6/21/15 - EX 783 6/21/15 - TU 707 6/21/15
Goal Score: EQ 720+
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Established Member
Posts: 18
Registered: ‎10-12-2012
0

Re: Fixing bad credit

I was approved for the card (true earnings amex/costco, it shares the same credit limit as her card does $21.500,00. That should help my overall util. I was using 1000/$1250 credit limit on my two cards. I closed all the other cards i was tired of paying yearly fees on all of them, I was paying about $200 a year just to have credit cards with 250,320,350,400 credit limits. To me that just doesnt make sense. I could put all of that money to other bills. My age card open right now is 4.7 years old. I only have one baddie left on my acct an att bill. Other then my billion of inquires but Im not applying anywhere till atleast may of 2014.


Starting Score: TU 594 - EX 550
Current Score: TU 594 - EX 550
Goal Score: 720

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Valued Contributor
Posts: 1,253
Registered: ‎03-22-2012
0

Re: Fixing bad credit

First off, just paying your bad debts off does ABSOLUTELY nothing to your credit scores, good or bad. As long as the negative information remains on your report it is a drag on your scores. You need to have the negative information REMOVED from your reports to have your scores improve. That means all lates, collection actions and charge offs. The newer the information the worse it affects your scores. Anything negative on your reports that is less than 2 years old has a MAJOR drag on your scores.

 

I think you fail to understand some important information we are trying to convey that concerns FICO scoring.

 

Your $300 CL Cap1 card is just as important if not more so than your GF's $20,500 AMEX. Credit lines don't matter in FICO scoring. FICO scoring considers the $300 Cap1 the same as the $20,500 AMEX. The $300 Cap1 was in your name, on manual review a lender will find out that the AMEX is your GF's and discount your score because of it.

 

You need to read up and learn how to write PFD and GW letters and have all the negative information removed from your report.

 

Good luck!



Starting Score: EQ 658 6/18/12
Current Score: EQ 705 6/21/15 - EX 783 6/21/15 - TU 707 6/21/15
Goal Score: EQ 720+
Take the FICO Fitness Challenge

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