Reply
Member
DjWesley
Posts: 9
Registered: ‎02-16-2012

So frustrated and Confused ...

I've started my credit building in January 2012, I've had no credit cards, home loans, or auto loans.  Just a few delinquencies of other bills on my credit (phone, medical), I have paid them off by the end of January. I grabbed a 300.00 First Progress Secured card & a Capitol One 500.00 Secured card.  I just recently in September applied for a Capitol one card and was approved for a 500 unsecured limit (SMH)  ... My utilization is never above 30% ..  It has been 10 months of great payments, low utilized card use. 

I started off with a 602 from equifax 593 experian and 595 transunion ... Today, 10 months later, I'm at a whopping 615 respectively ... Someone please tell me what I'm doing wrong.  I want to purchase a house this time next year, but the future is looking dismal...    Thank you for your input in advance...

 





Starting Score: 800
Current Score: 800
Goal Score: 850


Take the FICO Fitness Challenge
New Contributor
mmmagique
Posts: 82
Registered: ‎04-05-2011

Re: So frustrated and Confused ...

You're not being patient. Building good credit takes time for most of us.

Yes, there are those whose numbers seem to grow exponentially, but for me, (and I'm sure for many others) it's many small steps (and small increases) that add up over time. 

Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: So frustrated and Confused ...

i dont know why your score slowly grow.....but letme ask you a question ? does your card report to all three credit bureaus ? because with both of those credit card company you had...they are very messy.......Check your credit report again and see if there some baddie on your report maybe some charge off or collection that you dont know ? .......


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: So frustrated and Confused ...

i just read your thread again...well those baddie is holding your score down.....paid them ASAP but only if the company agree to Pay for Delete.....and get it in paper before you paid them anything......


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: So frustrated and Confused ...

Those late payments are and will continue to hold your score down. Starting will bad credit is a lot harder than starting with no credit. You are just going to have to wait it out. It is going to take several years for your credit to grow.

 

I would recommend you open up a large secured card. Anything over $5,000 is good. If you can, open up a few of them. This will create some good credit lines on your credit report prior to the home purchase. Having a few low limit credit cards isn't going to help you much. You need to show the bank that you can handle large lines. Also, these lines might go unsecured around the time of your mortage. This will give you more money towards your down payment.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Valued Contributor
SnackTrader
Posts: 1,563
Registered: ‎09-15-2012

Re: So frustrated and Confused ...

The above posters are right.  Your late payments mean you are in rebuilding mode, and there aren't many things besides time that are going to help you out at this point.  

 

Head on over to the rebuilding forums within MyFico  http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit  and start reading up on some of the successful things others have done.  Not everything will fit in your situation, but it should give you a good idea on the timeline for rebuilding and some of the good methods to bring your scores up.

 

Good luck!

 


In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Valued Contributor
rootpooty
Posts: 1,713
Registered: ‎10-28-2011

Re: So frustrated and Confused ...

First things first. Where are you getting your scores from? You only listed your most recent score once where did you get that one from also? What was the reported util? What derogs do you have on your reports? If they are fairly new then yes it will take some time with age they will start to affect your score
NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 3k | BOFA 123 3k |
Chase Freedom 1.5k | Amazon 1800 | Walmart 1450 | Buckle 300

On the prowl for Chase Sapphire Preferred!
Established Contributor
Jlu
Posts: 569
Registered: ‎06-12-2012

Re: So frustrated and Confused ...

you can accuse me of being an optimist but as somebody who has made the climb from the low 500's to the high 600's I can tell you that the 600 to 700 score range goes by much quicker than the 500 to 600 range. 

 

But as the poster above me asked, where are you getting your score?

Wallet: JP Morgan Select Visa Signature $10k | Chase Sapphire Preferred $7k | Citi ThankYou Premier Visa Signature $5700 | AMEX Premier Rewards Gold Card | Barclaycard Visa $5k | Discover IT $10k | Chase Freedom Visa $3k | Capital One Quicksilver $3k | Bank of America Cash Rewards Visa Signature $8k | Walmart Store $5k | Amazon Store $10k | Chase Total Checking |
Senior Contributor
youngandcreditwrthy
Posts: 6,154
Registered: ‎08-16-2012

Re: So frustrated and Confused ...

You're just going to have to build it and ALWAYS pay on time. Make sure you manage your debt/finances effectively. Your credit score is a direct consequence of your financial actions/obligations. In 6 mos to a year, you may try to open some GECRB store cards. If you want a mortgage, you can get an FHA loan with 3.5% down, I think. HOWEVER, if you cannot afford to put 20% down, you should wait.

Good luck... You're going to be at it awhile :-)
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Established Contributor
Jlu
Posts: 569
Registered: ‎06-12-2012

Re: So frustrated and Confused ...


youngandcreditwrthy wrote:
You're just going to have to build it and ALWAYS pay on time. Make sure you manage your debt/finances effectively. Your credit score is a direct consequence of your financial actions/obligations. In 6 mos to a year, you may try to open some GECRB store cards. If you want a mortgage, you can get an FHA loan with 3.5% down, I think. HOWEVER, if you cannot afford to put 20% down, you should wait.

Good luck... You're going to be at it awhile :-)

Wow its 3.5% now? That's like $10k on a $300k house.. I think I put more than that down when I financed my car. 

Wallet: JP Morgan Select Visa Signature $10k | Chase Sapphire Preferred $7k | Citi ThankYou Premier Visa Signature $5700 | AMEX Premier Rewards Gold Card | Barclaycard Visa $5k | Discover IT $10k | Chase Freedom Visa $3k | Capital One Quicksilver $3k | Bank of America Cash Rewards Visa Signature $8k | Walmart Store $5k | Amazon Store $10k | Chase Total Checking |

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+