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Contributor
Posts: 366
Registered: ‎02-25-2013
0

What am i doing wrong?

Hi let me start by saying my credit has never been great. I have always had middle of the road credit. Ive paid off old charge offs.. i think 4 neggis on my report a late 2 years old.. a repo 2.5 years old.. and 2 paid charge offs.. now during this time ive had several cards. Get to those in a few. I have student loan ive left on just paying bare minimum for the past 10 yrs.. orchard bank for about 5 yrs.. 2 good auto loans. Ford motor nmac. Nmac also my repo.. bad divorce. No mortgage. Ok thats about my background. I currently have.

5 cap ones 3 with1550 total cl on them.. orchard sold and a discover hsbc sold to them 500 each

Paypal 700
Walmart 800
Sams club 1600
Kays 2096
Visa extra points nfl 500

My score is always around 614.. my limits are low but so are my balances i pay them every month but never see a budge in my score. I never spend more than 30% on any one but use each every month. Except kay its just in limbo ill buy a watch once a year just to report lol. I just dont know why my score isnt better. Any advice? My report looks awesome. Exvept the repo.. mainly. But 2.5 yrs it should lessen the affect. Ty.
Starting Score:567Walmart TU 701, Credit Sesame 722, credit secure 701 credit karma 694Last Score: 689 TU/Walmart CK 645 Goal Score:800 CLUB
Last HP:2/2015 Util:9% CL:82KTake the myFICO Fitness Challenge
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Established Contributor
Posts: 534
Registered: ‎01-23-2013
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Re: What am i doing wrong?

whats your mix look like? have an installment or two in there?

 

lower util if you can. all 0 bal, with 1 at 9% or under (but not ALL 0 bal). seems to be the magic combo for max gain.

 

GW any lates...some would work with you if not a long string of KDs.

 

GW the pd COs.


does the repo have a deficiency bal? if not, try GW. if so, try PFD.

 

 

Know what makes up FICO score, and how its weighted in the algorithm ("fico model"):

 

 

Payment history (35%)

The first thing any lender wants to know is whether you've paid past credit accounts on time. This is one of the most important factors in a FICO® Score.

How is credit score calculated from payment history?


 
 

Amounts owed (30%)

Having credit accounts and owing money on them does not necessarily mean you are a high-risk borrower with a low FICO® Score.

How is credit score calculated from amount owed?


 
 

Length of credit history (15%)

In general, a longer credit history will increase your FICO® Score. However, even people who haven't been using credit long may have a high FICO Score, depending on how the rest of the credit report looks.

Your FICO Score takes into account:

  • how long your credit accounts have been established, including the age of your oldest account, the age of your newest account and an average age of all your accounts
  • how long specific credit accounts have been established
  • how long it has been since you used certain accounts

Community forums: Calculating Average Account Age


 
 

Types of credit in use (10%)

The score will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans.

How is credit score calculated from types of credit in use?


 
 

New credit (10%)

Research shows that opening several credit accounts in a short period of time represents a greater risk - especially for people who don't have a long credit history.

How is credit score calculated from new credit?

Contributor
Posts: 366
Registered: ‎02-25-2013
0

Re: What am i doing wrong?

Ohh yeh i do have a 3000 personal loan.. forgot that. Uhmn i do have some with 0 bal some with less than 9% some i use right up to 20% well my late was american airlines.. i had set up auto payment.. and they tricked me during divorce bad money period.. they said we will waive interest for 12 months and so isaid ok. Set up autopay so i figured i was good well it didnt autorenew lol.. so i was late 13th month, and by accepting no interest i had no idea that closed my account... we live an learn. I gw the late nothin they could do.. the repo is charged off.. yep a balance.. im hiding under rocks due to not wanting to receive letters from them.. lol. Avoid calls etc.. in nc i believe 3 yrs is the ..it slipped my brain atm.. co due to fall off soon. But still seems score would be a little better. Avg age of credit is little over 3 yrs all combined according to CK no derog just past bads.
Starting Score:567Walmart TU 701, Credit Sesame 722, credit secure 701 credit karma 694Last Score: 689 TU/Walmart CK 645 Goal Score:800 CLUB
Last HP:2/2015 Util:9% CL:82KTake the myFICO Fitness Challenge
Contributor
Posts: 366
Registered: ‎02-25-2013
0

Re: What am i doing wrong?

Also just paid off a vehicle at a buy here bend over here car lot. Needed a vehicle after repo. Said they reported to experian.. no visible signs of that.. lol.
Starting Score:567Walmart TU 701, Credit Sesame 722, credit secure 701 credit karma 694Last Score: 689 TU/Walmart CK 645 Goal Score:800 CLUB
Last HP:2/2015 Util:9% CL:82KTake the myFICO Fitness Challenge
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