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Help raising my score.

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Anonymous
Not applicable

Help raising my score.

I have been stuck in the low 600s for a while. I have no collections to clean up anymore . I just have a 4 year old charge off from Chase that is 4 years old. I got a 1099-C , but it still shows a balance of $5299 and is killing my utilization. I have 4 open revolving credit lines and a car loan. I have never been late on my payments on the cards. I can bring down the util on those, but other than that I don't know what else to do. If I pay the chase, it will tank my score. I want to be at 660 by next March to buy a house . My mid score is 614 now. I don't know how else to raise my score. Should I get new credit cards to have more positive open accounts? Any help would be appreciated. Thanks.
Message 1 of 7
6 REPLIES 6
AutoBot
Established Contributor

Re: Help raising my score.

Not sure you need more revolving accounts if you already have 4 reporting. I am in the same boat, not much movement because of a couple charge-offs that are reporting balances even though 1099-Cs were issued. Reporting a balance when sneding out a 1099-C is a real crock of **bleep**aki.

Message 2 of 7
surferchris
Valued Contributor

Re: Help raising my score.

You should contact the creditor and verify that they wrote off the debt (that you no longer owe it).  Many times a 1099-C means the creditor has written off the loan, but sometimes the form is just filed per IRS guidelines.  Thus if the creditor has actually forgiven the debt, ask the credit bureaus to update your reports to show $0 balance.

Current Cards:
AmEx Hilton Honors Surpass//AmEx Platinum Card//Ann Taylor Rewards Mastercard//Capital One Platinum Card//Credit One AmEx//Credit One Platinum VISA//Fingerhut//Navy More Rewards AmEx//TruWest Platinum VISA//Aspire VISA//Costco Anywhere VISA//Lowes Advantage//Apple Card
Loans:
1 Mortgage/////Navy FCU Auto Loan (2020 Jaguar I-Pace)//Capital One Auto (2016 BMW i3)
Next Cards (4th QTR 2022):
Navy Flagship Rewards VISA//Chase Sapphire Preferred
Stats:
Scores: 700's // Inq's: 1 for mortgage // Util: 1% // AoOA: 21 yrs

Message 3 of 7
Anonymous
Not applicable

Re: Help raising my score.

Chase apparently won't update it to show a zero balance . I'm afraid to call them, because I don't want them to update the charge off on my credit reports. It hasn't been updated in over a year. I'm hoping that paying down my two cards that have balances will be enough to get me to 660. I am trying to avoid having to get an fha loan and go with conventional next spring.
Message 4 of 7
surferchris
Valued Contributor

Re: Help raising my score.

My advice is to Google the issue and then when you see some attorneys that have had success with this issue (I found some just right now), then contact them and see what they say (free consultation).  As this seems to be an issue right now with many people...at least then you will know the issues and your options.

 

Just my opinion...

Current Cards:
AmEx Hilton Honors Surpass//AmEx Platinum Card//Ann Taylor Rewards Mastercard//Capital One Platinum Card//Credit One AmEx//Credit One Platinum VISA//Fingerhut//Navy More Rewards AmEx//TruWest Platinum VISA//Aspire VISA//Costco Anywhere VISA//Lowes Advantage//Apple Card
Loans:
1 Mortgage/////Navy FCU Auto Loan (2020 Jaguar I-Pace)//Capital One Auto (2016 BMW i3)
Next Cards (4th QTR 2022):
Navy Flagship Rewards VISA//Chase Sapphire Preferred
Stats:
Scores: 700's // Inq's: 1 for mortgage // Util: 1% // AoOA: 21 yrs

Message 5 of 7
RonM21
Valued Contributor

Re: Help raising my score.

Bringing down your utilization will certainly help. But something will need done with that $5299 in order to get more movement in your scores.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 6 of 7
Anonymous
Not applicable

Re: Help raising my score.

Ok, thanks everyone!
Message 7 of 7
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