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@Anonymous wrote:
I had bad credit for several years from 20yr old till I was 26. For the last 2 years (im 28 now) I have been fixing my credit. I hired a company to send rounds of valadation letters to have baddies removed. I paid every bad debt i owed, only settled with one. I never filed BK.
After the point I didn't owe any bad debt and items were getting removed monthly my score started going up little by little every month.
I was approved for a 50k vehicle in May then another 21k car loan in July. This past month I applied for 2 more credit cards (chase & Discover) which i was both approved and that added to my 2 other cards (Cap 1 & Navy Federal) both my current cards gave me CLI totaling 11.5k additional.
With all the new credit and accounts plus several inquiries across the board my score has taken a good hit. I average to date 650s Fico.
My report is pretty clean showing good payment history and 25% credit utilization. I have no mortgage and thats my next goal.
I think it is time to let this ferment for a while. I plan to "garden" this till my scores are back up and debts are lower. Then i will tackle the mortgage goal.
Thoughts?
A good plan, get that 25% util down to just 1 card reporting 1-9% of its CL and your score should rise even further, 30% of the Fico score is based on revolving card balances alone. Great job so far
Congrats. You have a good plan so you need just to simply follow it. Hang out here and learn all you can with some of your free time and you'll be amazed how quickly you will begin to make improvements in your scores and overall credit health. Welcome to the forum