HI,
Im new to myfico and I wanted to solicit any advice I could. Please feel free to help me out. Any advice or tips that you have would be greatly appreciated. Here are my starting stats.
Trans- 600; 3 ccounts in collection and 3 public records
Eq- 606 3 accounts in collection and 3 public records
Ex- 581 3 accounts in collection and 3 public records..... More late payments than others
I did recently get approved for auto refinance and got a 2000 CLOC with Navy Fed. How do yu think these will effect my scores?
Where do I start? Im totally new to this rebuild process so I am Lost. I dont understand why they differ?
Anyone else also confused on the extra scores that creditors get to qualify you for Credit cards, auto loans, and mortgages????? 
HELP!!
@Anonymous wrote:HI,
Im new to myfico and I wanted to solicit any advice I could. Please feel free to help me out. Any advice or tips that you have would be greatly appreciated. Here are my starting stats.
Trans- 600; 3 ccounts in collection and 3 public records
Eq- 606 3 accounts in collection and 3 public records
Ex- 581 3 accounts in collection and 3 public records..... More late payments than others
I did recently get approved for auto refinance and got a 2000 CLOC with Navy Fed. How do yu think these will effect my scores?
Where do I start? Im totally new to this rebuild process so I am Lost. I dont understand why they differ?
Anyone else also confused on the extra scores that creditors get to qualify you for Credit cards, auto loans, and mortgages?????
HELP!!
First off, WELCOME TO THE BOARDS!!! If you really care about turning things around you will become addicted to this forum. I've been up since 2am and on here reading and posting, lol. But really, you can get a very high level of credit education here so take advantage of it.
Are the scores above (in red) TRUE FICO8 scores or are they what is called FAKO's from CreditKarma or CreditSesame, etc??? If those are true #'s then you are in better shape now than I am and I've been hitting mine hard to make changes. I just found this forum a few weeks ago and made some mistakes even in the rebuild portion like carring way too large a balance on my accts and my #'s tanked because of it. This next cycle that will change because everything is paid down to $0 and ther will only be a few $$ reporting as used and a bunch of trade lines showing a lot of available credit. Get accustomed the initials and aconyms used here too.
You could use some positive reporting accts and some sort of mix of different types of credit, ie: Installment (you have that with you auto loan), CC and store credit lines, etc. Go slow and easy and don't take on too much at one time. You will end up with an HP for most of your new accts (some can be obtained with SP's and you can find out how to do that here to) and they will hit immediately dragging you #'s down for a bit. Don't get excited at that. You are in the rebuild stage and with your scores it won't mean that much anyway just don't go crazy and research any app process before you apply so you can maximize your approvals to go along with the HP's. You DON"T want a bunch of HP's with DENIALS!!!
@Anonymous wrote:HI,
Im new to myfico and I wanted to solicit any advice I could. Please feel free to help me out. Any advice or tips that you have would be greatly appreciated. Here are my starting stats.
Trans- 600; 3 ccounts in collection and 3 public records
Eq- 606 3 accounts in collection and 3 public records
Ex- 581 3 accounts in collection and 3 public records..... More late payments than others
I did recently get approved for auto refinance and got a 2000 CLOC with Navy Fed. How do yu think these will effect my scores?
Where do I start? Im totally new to this rebuild process so I am Lost. I dont understand why they differ?
Anyone else also confused on the extra scores that creditors get to qualify you for Credit cards, auto loans, and mortgages?????
HELP!!
I would suggest not doing anything right now, just read all the messages here for the next few weeks and you will begin to get a handle on this whole thing.