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I am trying hard to get my scores in the 640s by June or July and just started fixing my scores/reports beg. of Feb.
I have a Ch 7 discharged Aug 2011.
Good history since then, but 1 30day late as of June 2014 on CapOne card.
I have had an installment loan since a month after the bankruptcy
CapOne has been open since Nov. 2012. In Feb. I added 1 bankcard ($500), 2 store cards ($250 each) and a CLI on the CapOne ($2200 CL now). All have reported for the intial bump.
I decreased UTIL from 89% to <5% and it reported for Feb. For the last year or so I have carryied a high UTIL percent. In March my UTIL was report at around 2%, only one card will have a reporting balance:
VS $250 ($0 balance reporting)
Brylane Home $250 ($0 balance reporting)
CU Visa $500 ($0 balance reporting)
CapOne $2200 ($50 balance reporting)
I also went through all 3 credit reports, requested early exclusion through online dispute on 4 collection/chargeoff accounts from each CRA that would be falling off within the next 2-5 months (haven't heard back yet).
12 of 15 inquiries across the CRAs will be a year old as of June.
Can I succeed in the 40 point increase in the next 4-5 months? There was a 15-40 point bump across the 3 CRAs last month after adding accounts and decreasing UTIL. Will I continue to see monthly increases by keeping my UTIL this low? I know its a guess WHAT bumps I will see, but many of you have had similar circumstances -- can anyone guess?
You're on the right track but that recent 30 day late is gonna sting a bit longer...
Did you forget the payment? I only ask because what's the minimum payment on the account? $25?
Yeah, I was out of town and thought I had it set up on auto payment. When I went to go check the next month, saw it wasn't paid/on auto payment.
Been GWing CapOne, but not getting anywhere yet. In June it will be over 12 months old --- will that help?
I've read they are difficult to GW... I've never tried it so I can't say.
As said though you are on the right track... keep the UTI down and INQs to a minimum... your scores will rise. The 30 day late however is a problem... over time it will have less of a score impact though.
Should I try to add the third bankcard? I dont want scores to drop and when I added the $500 visa last month EX dropped 5 pts (AAoA most likely). will the benefits of that 3rd card be seen quickly? or over longer time?
Just pulled EQ for mortgage score. I'm up to 635! And my EX was at 656 (but had a small hit on at least my fico 8 EX due to new account being added).
A 3rd bankcard would be beneficial for optimal scoring.
I wouldn't go overboard with apps though... if you have the CapOne Plat you should app for the QS. That's what I did...
Grats on the score increase.
I agree about the apping - I think any additional credit lines are going to make the scores take a hit until I see results 6-12 months later from having that 3rd bank tradeline. Maybe wait till after June? I'd hate to see me fall a few points short in June mortgage wise because I took a hit from inquiries and a newer AAoA from adding that 3rd bankcard....
I have thought the QS would be an easy approval - but I hate that CapOne HPs from all 3 CRAs and not just one :/
Yeah if you are going for a mortgage I definitely wouldn't be opening any new accounts.
Just keep doing what you are doing but don't forget the 30 day late might rain on your parade a bit...