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New here - Another newbie Q - Low Score of 400

Established Member

New here - Another newbie Q - Low Score of 400

Can anyone please tell me if I they have had success of raising their scores from the low 400's or has anyone on here has had such low scores?  I feel aweful, but I am working on "raising" it.  This week I  paid 4 collections totaling of $600.  I guess I want to know how long does it take and what are the possibilities?  Below are my current scores, and what is the difference of credit carma?  Thank you everyone for your help. I am glad I found this site.  I am 40 years old and cannot believe I've let this happen.  Please send me good vibes and positive thoughts.

 

My Fico: Experian 479

My Fico: Equifax 426

Transunion: 520

Credit Karma :529

 

 

Message 1 of 17
16 REPLIES
Frequent Contributor

Re: New here - Another newbie Q - Low Score of 400

Keep the faith and don't give up! Believe it or not, as of July of this year, my starting FICO scores were 485 for EQ and 525 for TU (lender pull), can't remember EX (but it wasn't much higher/lower than TU).
Then like you, I found this forum. Haven't posted much, but researched, studied, read all I could. There's so much wisdom and knowledge to be found here....take advantage of that. The contributors on this board have been a blessing.
Anyway, I still have quite a way to go to get to my goal. But have to say, even though it has taken a lot of work, time and money, it's been all worth it.....especially because this process has given me such a new (and much-needed) perspective on how important building and maintaining credit really is.
Lots of ups and downs, but just know that it'll be all worth it after all is said and done. :-)

AmEx PRG (NPSL) | AmEx BCP (10k) | AmEx Blue Cash (1k) | AmEx SPG (3.5k) | Barclay Arrival WMC (7.5k) | Barclay Sallie Mae (1.5k) | Cap1 QS (2k) | Chase Freedom (1k) | Discover IT (4.5k) | InTouch (Local) CU MC (5k) | InTouch (Local) CU LOC (25k)

Citi/Best Buy (AU) (1.5k) | Citi/Best Buy (7.5k) | Comenity/Crate & Barrel (4k) | Comenity/Restoration Hardware (9k) | GE/Ethan Allen (2.5k) | Synchrony Bank/Banana Republic (3.3k) | Synchrony Bank/Gap (3.3k) | Synchrony Bank/Walmart (3.3k)

myFICO scores ~ 691 (EQ) 670 (EX) 712 (TU) || Goal scores: 750+ (all 3)
Message 2 of 17
Epic Contributor

Re: New here - Another newbie Q - Low Score of 400

You asked a similar question here http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Deleted-information-from-one-report-but-not-o...

 

Paying a collection will not help your score.  They are scored the same by FICO as unpaid.  It isn't the amount, it is the fact it is a collection.

 

Since they are paid start sending goodwill letters asking for removal.

 

It depends on what is on your report, your utilization, AAoA, many, many different things.

 

Do you have any revolving credit, like credit cards?  If so, do you keep balances on them.

 

Credit Karma is a FAKO score, not a FICO score.  Each is calculated completely different.  Lenders use FICO and not Credit Karma.

 

Also, get your free reports from annualcreditreport.com.  One from each CRA every 12 months.

 

If you have particular accounts in question, leaving out personal information, post them and someone will be glad to help.

Message 3 of 17
Established Member

Re: New here - Another newbie Q - Low Score of 400

Another question:  Some things are on my fico but aren't on my equifax, experian and transunion.  I don't know if I should "dispute" on my fico or leave it as is because on my equifax, experian, and transunion things are not listed or have been updated.  This is confusing.  Thank you all.

Message 4 of 17
Established Member

Re: New here - Another newbie Q - Low Score of 400

Thank you on the credit Karma explanation. 

Message 5 of 17
Epic Contributor

Re: New here - Another newbie Q - Low Score of 400

As already mentioned, get your free reports from annualcreditreport.com if you haven't.  Those are directly from the CRAs and are much more detailed and accurate.  myFICO is a 3rd party and can be different.

 

Is that where you got the 3 reports you are talking about?

 

You should not dispute anything that is accurate.

Message 6 of 17
Established Contributor

Re: New here - Another newbie Q - Low Score of 400


vfree wrote:

Can anyone please tell me if I they have had success of raising their scores from the low 400's or has anyone on here has had such low scores?  I feel aweful, but I am working on "raising" it.  This week I  paid 4 collections totaling of $600.  I guess I want to know how long does it take and what are the possibilities?  Below are my current scores, and what is the difference of credit carma?  Thank you everyone for your help. I am glad I found this site.  I am 40 years old and cannot believe I've let this happen.  Please send me good vibes and positive thoughts.

 

My Fico: Experian 479

My Fico: Equifax 426

Transunion: 520

Credit Karma :529

 

 


Had mine in the 400s a few years ago. Gave up & did nothing... just paid cash & stayed way from new collections. Should have joind a credit union, taken out a secured card (from ANYONE who would have given it), had utilities report, AND kept up with my credit reports so i wouldn't be fighting old baddies now.

If you take a few steps, you'll see improvement. The one thing that saved me was my student loans in good order (deferred).

 

Be patient and celebrate the little victories!

 

Welcome

My Wallet:Fidelity Amex $1K, DCU $3.9K, US Bank AeroMexico $300, Quicksilver $1.3K, Cap1 secured MC $750, DiscoverIT $200, Care Credit $5K, Sportsman Guide Visa $3K, Kay $3K, Jared $3K,American Airlines CC $3K, Amazon $2.9k, Walmart $2.2k, Macy's $800 revolving/$5k furniture, Comenity retail cards $5.55kStarting Score: 618Current Score: 711
Message 7 of 17
Established Member

Re: New here - Another newbie Q - Low Score of 400

I got all of them from myfico with the exception of transunion I paid I will do the free credit annual thank you so much

Message 8 of 17
Established Member

Re: New here - Another newbie Q - Low Score of 400

Thank you for the reply very motivating

Message 9 of 17
Established Contributor

Re: New here - Another newbie Q - Low Score of 400

One.Day.At.A.Time

Message 10 of 17