Hey guys!
I am fairly new to credit and am new here. I am needing advice on what happened and what to do next and any input would be apprecaited.
I ignored my credit through my 20's and decided to take a look now (early 30's) I started with a few small collections and about a 520 credit score. I opened up a capital one card and saw a huge Jump about 70 pts. My limit is $300 and my first report was at $77 under 30% my credit got another boost and my second report was $147 (the score simulator on CK said it would go to 715 paying the balance off. after removing all collections i got to 698 tu 698eq and 630ex. I opened up a credit one card with a $300 limit and i was using and paying it like every few days, every where i read it takes two months to report, mine reported in about a month with a balance of $213 and the limit is $300 
i was really looking forward to this next update because i was going to pay the balance down and hopefully shoot into the 700's. now i am at a 606ex 601eq and i am super bummed. When i do the score simulator on CK it tells me i will only get a 10 point increase paying everything off in full. I am beyond upset as i have been working hard on this and did not think the card would report as i read a ton of reviews and others said it didnt report until the second month. If anyone has any advice or any good news i'd love to hear it. Thank you for reading.
@Anonymous wrote:Hey guys!
I am fairly new to credit and am new here. I am needing advice on what happened and what to do next and any input would be apprecaited.
I ignored my credit through my 20's and decided to take a look now (early 30's) I started with a few small collections and about a 520 credit score. I opened up a capital one card and saw a huge Jump about 70 pts. My limit is $300 and my first report was at $77 under 30% my credit got another boost and my second report was $147 (the score simulator on CK said it would go to 715 paying the balance off. after removing all collections i got to 698 tu 698eq and 630ex. I opened up a credit one card with a $300 limit and i was using and paying it like every few days, every where i read it takes two months to report, mine reported in about a month with a balance of $213 and the limit is $300
Welcome to the forums.
To achieve the most boost, it is optimal to have 3 bank card/retail accounts reporting with 2 reporting zero and 1 reporting a balance of less than 10 percent, which means spend and pay as much as you like during the month, just make sure when the statement cuts that the balances are where they need to be. Also, do you have an installment loan such as student loans, mortgage, or car note? If so, then that part of scoring is covered. If not, then you might consider looking at a small, secure share loan.
Also, are the scores you are listing, FICO or FAKO? You mentioned CK. CK is good for keeping track of UTI and/or baddies, but most lenders don't use Vantage scores for approvals.
You are doing good so far. If there are negative things on your reports, focus on getting rods of them, continue to maintain good payment history, and get UTI under 10 percent.
@Anonymous wrote:I know its only credit karma but i was hoping to see well into the 700's especially with my last collection off and a new card opened. I know the balance reported high but a loss of almost 100 pts and now the score simulator wont see better than a 10 point jump?
i do not have any other types of things on my credit report except these two cards.
no collections, only 4 inq, and an old car loan i paid off 10 years ago. my payment history is perfect i need my scores to go back up!
Thanks,
If you have no other installment loans reporting, then I would suggest going the secured share loan route. SDFCU offers a secured share loan that you could qualify for you could get a secured card and share loan at the same time. It would give you a third tradeline and an installment loan at the same time. You need to have a good credit mix and FICO looks at both bank card/retail card accounts and installment loans. Whatever score you see with CK is irrelevant because the majority of lenders don't use it. You are building a good foundation for your real scores to go above 700, you just need to tweak things a bit.
Also, avoid some of the pitfalls that can befall you like the SCT and too many new accounts and too many INQs. Once that happens, the only thing you can do is sit back and garden and let accounts age; that is what I'm having to do while waiting for my last baddie to fall off. I went a little crazy with getting approvals and my scores dropped, but gardening will help me rebound.
Good luck...and let us know what you decide. 