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Member
Posts: 13
Registered: ‎01-15-2009
0

The Annual Disappointment

Every year about this time I pull what scores I can to see if I am making progress to getting my scores up to a reasonable level. 700 would be nice, but I think I could live with a 680 or so. Every year, I tell myself, I'm going to buy a house in the spring. All year long I pay my bills ontime (there is not a late payment anywhere on my report), wait for some old baddies to fall off (I have 2 - they are 6.5 years old now), and make more than the minimum payments.

 

And every year my FICO remains flat. How flat?

 

 

That flat. I'm not sure what else I can do. I paid off an auto loan this year - also paid off 2 consumer finance loans. I now know these HURT a score - I was told originaly they were a good way to re-establish!!

 

I do have a judgement on my report that is about 4 years old (I think). I have 3 credit cards with a balance totaling less than $1500 (all 3 combined). Yes - my utilization is high. Really high - 92%.  I would pay them all off (almost) right now, but according to Score Simulator that would barely budge my score. My total length of credit is 4 years, 5 months - so I know that is low.

 

Any suggestions?

01/14/08 TU:620 EQ:573 EX:622
11/29/12 TU:636 EQ:633 EX:???
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
0

Re: The Annual Disappointment

What is your score?

 

If you don't have an open installment loan that hurts your credit mix, and I believe weighs heavier on your revolving.  If you're at 92% UTIL, and revolving is the only type of credit you have open...that's not a pretty picture.  Pay down your util <30% at least, <9% ideally.  Your score will skyrocket.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: The Annual Disappointment

[ Edited ]

I agree that you will likely see a huge boost by paying down your Credit Cards to less than 9% utilization.  From there,  your scores may jump into the 640 catagory to qualify you for an FHA mortgage.

 

 

Also, check out a secured loan from a credit union.  Having an installment loan can increase your "mix" of credit, which can boost your scores by 10 pts or more.

 

 

Also, check with your courthouse docket to see if your case (judgment) was dismissed after your judgment was settled.  (Mine was and I didn't know it for 2 years!)


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
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Re: The Annual Disappointment

I didn't even see the scores in your signature.  At around 630 and your current profile, 650+ should be easy to obtain, and probably beyond.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Member
Posts: 13
Registered: ‎01-15-2009
0

Re: The Annual Disappointment

As of this morning:

 

11/29/12 TU:636 EQ:633 EX:???

 

See the graph above - basically hasn't moved in a year.

 

I understand what you are saying about dropping my UTIL and it makes sense to me - but why does the score simulator disagree? Using the simulator, I paid everything off in 1 month - score wouldn't move. Then using the simulator, I paid 95% off over 3 months - 3 point change.

 

Now when it comes to open installment loans.... any suggestions? I just paid my truck off about 6 months ago and have REALLY been enjoying not having a payment on something. Are there other types?

01/14/08 TU:620 EQ:573 EX:622
11/29/12 TU:636 EQ:633 EX:???
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
0

Re: The Annual Disappointment

Simulator is broken in that case.  There is NO WAY that going from 92% UTIL to 9% will have no effect on your score.  Do you have any open charge offs or anything random?

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Established Contributor
Posts: 509
Registered: ‎10-25-2012
0

Re: The Annual Disappointment

+1 Like it was said before, lower your utilization from 92% to <9% and the scores will sail!

NFCU CashRewards $13.5k | AMEX BCE $15k | Lowes $17k | Sportsmanss guide $6.6k | Chase Freedom $1k | Discover IT $1.4k |
Walmart $8k | Gordman's $2550 |
Scores: EQ: 676 EX: 714 TU: 725 Goal: 750 across the board
Member
Posts: 13
Registered: ‎01-15-2009
0

Re: The Annual Disappointment

[ Edited ]

I'm not sure if this will help or not, but this is pretty much everything:

 

Capital One Bank Usa Na 1/2012$691Paid or paying as agreedNoDetails
Credit CardCredit One Bank 2/2009$554Paid or paying as agreedNoDetails
Credit CardFirst Premier 10/2009$220Paid or paying as agreedNoDetails
OtherDollar Loan Center 8/2012$991Paid or paying as agreedNoDetails
OtherMaverick Finance 9/2011$0Paid or paying as agreedNoDetails
OtherDollar Loan Center 3/2012$0Paid or paying as agreedNoDetails
OtherDollar Loan Center 10/2011$0Paid or paying as agreedNoDetails
OtherDollar Loan Center 5/2011$0Paid or paying as agreedNoDetails
OtherMaverick Finance 5/2011$0Paid or paying as agreedNoDetails
OtherMaverick Finance 5/2010$0Paid or paying as agreedNoDetails
OtherMaverick Finance 2/2010$0Paid or paying as agreedNoDetails
OtherMaverick Finance 9/2009$0Paid or paying as agreedNoDetails
OtherMaverick Finance 6/2009$0Paid or paying as agreedNoDetails
OtherMaverick Finance 11/2008$0Paid or paying as agreedNoDetails
OtherMaverick Finance 6/2008$0Paid or paying as agreedNoDetails
Vehicle LoanNationwide Neveda 11/2008$0Paid or paying as agreedNoDetails

 

Ntl Bus Fctr
$135
$177
Jun 27, 2006
Med1 02 Remsa Ground Ambulance
XXXXXX
Individual
Placed for collection

 

Ntl Bus Fctr
$800
$1,055
Jun 02, 2006
Med1 02 Remsa Ground Ambulance
XXXXXX
Individual
Placed for collection

 

Civil judgement
C2007042719
Apr 18, 2008
Apr 18, 2008
$1,247
Asset Acceptance Corpo
Individual
01/14/08 TU:620 EQ:573 EX:622
11/29/12 TU:636 EQ:633 EX:???
Member
Posts: 13
Registered: ‎01-15-2009
0

Re: The Annual Disappointment

The Dollar Loan Center for $991 was paid off last week. Just hasn't been posted yet.

01/14/08 TU:620 EQ:573 EX:622
11/29/12 TU:636 EQ:633 EX:???
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
0

Re: The Annual Disappointment

Is there a chance that is factoring into your UTIL?  I know Payday loans (or whatever you want to call them) are factored strangely

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL

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