09-21-2010 11:17 PM
Hello again, I am getting kinda frustrated about my scores, i have been working on my CR for 2 years now and had many items deleted through PFD and DV. I have a couple items left but I just cant seem to reach 600 or above, I have been working to try and get a used truck but I dont know what else to do. here is what i have ...
No Mortgage accts
13 installment accounts from CU all paid on time never late. 3 of which were auto loans no lates
1 open USAA Secured 2 dollar balance with 300 cr never late opened this year
1 closed les schwab revolving line with 600 cl from 2004 0 bal never late
1 closed ASPEN that was a CO but i negotiated them to reomove it if i pif. cr 300 0 bal, opened in 06 about 10 lates. sent about 13 gw
1 duplicate ASPEN acct that is being deleted within the month
1 closed Cap 1 co paid in 2006 0 bal fall of in 2012
1 closed kay jeweler co bal 800s cr 2282 I am paying about 200 a month to get it taken care of. 3 pfd denied. item will fall off in 8/2011
1 CA 1500 dofd 2006 sol expired. waiting on pfd.
so essentially I have one open cc and thats it, I have 1 inq I AM STILL AT 550 ISH UP AND DOWN 10 POINTS. I AM REALLY WORKING HARD TO GET INTO THE 600S SO I CAN HAVE SOME KINDA CHANCE OF GETTING AN AUTO LOAN. please help maybe when the kay jewelers acct is paid to 0 i will get a nice jump in scores since its being calc in my util.
09-23-2010 06:52 AM
Have you pulled your FICO scores within the past few weeks? Or do you use ScoreWatch? You may be at 600 already.
With all of those installment accounts, do you know what your AAoA is? Do you have any accounts opened within the past year? New accounts are a score-drainer. However, you'll likely regain the points within a year of opening the TL.
If I read right, your util is over 30%. If you PIF the Kay account (even though it is a CO), then you might see a 15-25 point gain.
If you added one more CC, I bet you'd see a 20 or so point gain over time (6 or so mo.). Though, you can certainly hit the upper 700s with what you have.
Are you still paying on the installments? Generally speaking, installment TLs won't help your score. In my case, it actually hurt my EQ by having 1 open car loan, but helped TU. YMMV based on your bucket. If those go to $0, you may see a slight bump, especially with 13 reporting. If more than half of all your TLs report a balance, then your score is taking a decent hit.
If both Aspens are the same, and if any of those lates were 90+ days, then I bet you'd see a large gain if your AAoA doesn't take a serious hit. If the CA, CapOne, and Kay are removed, assuming the two OCs have some serious derogs reporting, then you'd see a decent gain (I est. 120 points for all). Purely a guess. YMMV.
09-24-2010 11:47 PM
Thanks llecs, all of my installment accts are closed and paid never late. I just pulled my EQ fico and it went up to 572. I paid 2 of 3 cc to 0 and have kay jewelers left. My AAOA according to ex is 6.6 years.
Im waiting for my new balances to report maybe i will get a good score increase.
the only acct opened within the past 3 years is my USAA cc open never late bal 2.00
09-25-2010 12:59 AM - edited 09-25-2010 01:02 AM
I feel your struggle and frustration.
For each account, open,closed, paid or unpaid, there are probably many closet derogs lingering there that are the primary reason for your current low FICO score.
They remain, regardless of current account status, until their normal aging drop off dates, or you secure a prior GW deletion.
For each account, what prior monthlhy derogs have been posted?
When did each occur?
The COs are an additonal and major hit. Do you know the DOFD on each OC account?
Where you are now, and I commend you with now haviing one accoutn that is satisfactory and in good standing, does nothing to erase the prior derogs.