New to this! HELP!

[Anonymous]

I guess I will start off with giving my scores.

myFICO Transunion 612

myFICO Equifax 642

CreditKarma 596

Credit Sesame 667

Where do I actually stand?  My scores are all over the map.  I was recently approved for a Capital One Rewards card with a $300 CL and a personal loan for $4,500.  I want to apply for a home loan and just need someone to point me in the right direction.

Thanks

[beb86]

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@Anonymous wrote:

I guess I will start off with giving my scores.

myFICO Transunion 612

myFICO Equifax 642

CreditKarma 596

Credit Sesame 667

Where do I actually stand?  My scores are all over the map.  I was recently approved for a Capital One Rewards card with a $300 CL and a personal loan for $4,500.  I want to apply for a home loan and just need someone to point me in the right direction.

Thanks

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Hi and welcome to the forums,

You can throw out the CK and CS scores since those are known around here as FAKOs

Best way to see your scores improve is to take care of your cap1 card by making on time payments and keeping the balance very low (below $20) and continue paying down the personal loan.

Also would be helpful to know more about your credit profile so we can give you more accurate advice.

Thanks

[Jutz]

Yeah, to have a better idea we'd need to know the negative items on your credit report, as well as how much history, and what your current balances are.

[Anonymous]

I have 3 flags on my report. One is completely inaccurate and being taken care of. One is from an Old Navy purchase in 2008. I am 100% positive I turned around and paid that purchase off as soon as I charged it. I did the same thing with a Macy's card that day. I was 30 days late paying the Old Navy bill because I refused to pay it again. I have no receipts to prove otherwise. The third flag is completely my fault. I was late on my truck note a few months in a row. I haven't been late over the past 6 months. I have learned that keeping my credit card balance low is definitely the most important. I didn't realize however that it should be so low. I have been hovering at 50%.

[Anonymous]

I owe around $28,000. $8,000 left for a truck. $10,000 for a motorcycle (for sale!). $4,500 loan and $5,000 in student loans.

[madmann26]

Installment loans have little impact on your score, unless you are late.

[kbl7td]

1. Dispute the negatives on your account and get them deleted.

2. Apply for another card with the highest limit you can get.

3. Watch scores grow in six months.

4. Profit???

[Shogun]

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@kbl7td wrote:

1. Dispute the negatives on your account and get them deleted.

Only if they are innacurate, plus you might want to direct dispute with the creditor first.  Send GWs for those lates.

2. Apply for another card with the highest limit you can get.

You might want to get a secured card.

3. Watch scores grow in six months.

4. Profit???

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Basically you want to get rid of the bad and add some good TLs.  Don't just go off and dispute, only do so if you have a legitimate reason, you don't want to send a frivolous dispute.  You should see about adding some positives, maybe a secured card, will be difficult to get an unsecured with those recent lates.  

[Jutz]

+1

Depending on the lateness of the auto loan (I'd assume 90 days based on your description) You'll be in better shape once you get the negative item removed.  I also agree that "Dispute all your negatives so they'll be deleted" is a bit simplified and optimistic to say the least.  Build your positive history, that should be #1.  It won't happen overnight, however if you have a responsible family member who is good with finances that may let you become and authorized user on an old credit card with low balance, that may be something you could do.  I say it all the time, but if I could have rebuilt over again, I would have ignored the rebuilder unsecured cards and gotten a secured card like Shogun recommended.

[Anonymous]

What are GWs?