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What else can I do? Will I be able to make my goals? Any help appreciated!!!

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Anonymous
Not applicable

What else can I do? Will I be able to make my goals? Any help appreciated!!!

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?

Message 1 of 9
8 REPLIES 8
TRC_WA
Senior Contributor

Re: What else can I do? Will I be able to make my goals? Any help appreciated!!!

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? 

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 2 of 9
Anonymous
Not applicable

Re: What else can I do? Will I be able to make my goals? Any help appreciated!!!

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? 

Message 3 of 9
TRC_WA
Senior Contributor

Re: What else can I do? Will I be able to make my goals? Any help appreciated!!!

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.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 4 of 9
Anonymous
Not applicable

Re: What else can I do? Will I be able to make my goals? Any help appreciated!!!

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?

Message 5 of 9
Anonymous
Not applicable

Re: What else can I do? Will I be able to make my goals? Any help appreciated!!!

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).

Message 6 of 9
TRC_WA
Senior Contributor

Re: What else can I do? Will I be able to make my goals? Any help appreciated!!!

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.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 7 of 9
Anonymous
Not applicable

Re: What else can I do? Will I be able to make my goals? Any help appreciated!!!

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 :/

Message 8 of 9
TRC_WA
Senior Contributor

Re: What else can I do? Will I be able to make my goals? Any help appreciated!!!

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...

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 9 of 9
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