What would you do...

[Anonymous]

In an effort to rebuild credit, I have been paying off all accounts with the exception of 3: AMEX, Car loan, and student loans. I've received some amazing advice since joining my FICO so I figured I'd continue to absorb more advice from those with credit profiles I hope to achieve.

Here is my current credit profile:

CH7BK Filed 09/09; DC 12/09

Car loan - $7,800

Student Loans (Grad Student) - $140K -- No more loans -- Company pays for classes until graduation

AMEX - $8k balance on $10k CL

Capital One CC x2 - $1500 CL
First Premier CC x2 (Closing)

NFCU CC - $2kCL 

Macys/Old Navy CC - No balance. Only use for member rewards

I'm also an AU on two of my dad's CCs total CL of $30k

I do have a few baddies -- 2 collection accts reported 2015; 1 paid/closed (Credit Control Corp) and the other I'm trying to PFD. Lates -- Merrick updated 10/16 with over 120 late after being closed for over 3 years!! Trying to get that deleted. 2 lates from First Premier in 2015 (literally 2 days past 30 day mark) and 1 late from CapOne in 2013. 

I'm nowhere near perfect but I've paid everything on time and in full for almost 2 years on all accounts. My scores were up in the low 600s 2 weeks ago before a FORD dealership pulled my credit 20 times and my AMEX hasn't updated from my last payment... I didn't purchase the car once we couldn't negotiate a better loan amount and rate. 

I really want to join the garden this summer but before I do, I'd love to see my CLs increase and add NavCheck.AMEX will be paid off before summer and my car will be paid off before the end of the year... Should I do anything else to get my scores up? I'm hoping to reach 700s this year but once my scores fell below 600s, I'm not sure that'll happen. Use and pay off all cards. I'm trying to manage all debt this year so I can potentially purchase a home next year... 

How do I get more purchasing power? I make decent money but my credit doesn't reflect my hard work or efforts ...Help, oh knowledgable ones! 

[Anonymous]

Note to the mods: this post may be in the wrong forum.  General Credit or Fico Scoring may be a better choice.

Hi Ugmf!  Welcome to the forums.

You don't tell us the what the typical balance is on each of the two cards on which you are an AU.  That's important.  Can you tell us, for each of those two AU cards, the typical monthly balance, the credit limit, and the Date Opened?

You ask: "Should I do anything else to get my scores up?"

Yup.  Continue to work on your derogs.  And also pay off your credit cards. 

You want one card reporting a small balance ($20, whatever) with all other cards reporting $0.  That may take you a while, but that's really the thing that will help your score.  It will also help you financially, since you are paying a ton of interest right now.

You express a desire to have more credit cards and bigger CLs.  Neither will help your score in themselves.  FICO gives a scoring benefit to having 3-4 cards, but you already have those.  And FICO gives no scoring benefit at all for having bigger CLs.  All FICO cares about in that area is lowering your utilization, and you can achieve that best by paying off your debt -- not by increasing your capacity to incur debt.

Depending on what you tell us about the AU cards, we may have some advice for you there too.

[Anonymous]

---

@Anonymous wrote:

Note to the mods: this post may be in the wrong forum.  General Credit or Fico Scoring may be a better choice.

Hi Ugmf!  Welcome to the forums.

You don't tell us the what the typical balance is on each of the two cards on which you are an AU.  That's important.  Can you tell us, for each of those two AU cards, the typical monthly balance, the credit limit, and the Date Opened?

You ask: "Should I do anything else to get my scores up?"

Yup.  Continue to work on your derogs.  And also pay off your credit cards. 

You want one card reporting a small balance ($20, whatever) with all other cards reporting $0.  That may take you a while, but that's really the thing that will help your score.  It will also help you financially, since you are paying a ton of interest right now.

You express a desire to have more credit cards and bigger CLs.  Neither will help your score in themselves.  FICO gives a scoring benefit to having 3-4 cards, but you already have those.  And FICO gives no scoring benefit at all for having bigger CLs.  All FICO cares about in that area is lowering your utilization, and you can achieve that best by paying off your debt -- not by increasing your capacity to incur debt.

Depending on what you tell us about the AU cards, we may have some advice for you there too.

Hello,

Should I move this post into one of the other forums or keep it for now?

Only one of the AU accounts have a balance on them. Balance is $3,500 out off $22k and the other has a 0 balance. Both cards were opened in 98. However, the $3,500 will be paid off before the statement close -- my dad never leaves a balance on any of his cards.

My cards have a zero balance but I usually use them, let them sit for a few days and pif before statement end. I use my cards for monthly bills and pay them off... I use my debit card for everything else. Do I need to leave $20 on one of them every month? Or continue the way I'm doing it?

[Anonymous]

Your initial post shows that your Amex is reporting 8k out of a limit of 10k.  That doesn't sound like you are paying off your cards.

But yes, your score will improve you you have almost all of your cards reporting $0 with one reporting something small, like $10 or $20.

[stargazer25]

---

@Anonymous wrote:

In an effort to rebuild credit, I have been paying off all accounts with the exception of 3: AMEX, Car loan, and student loans. I've received some amazing advice since joining my FICO so I figured I'd continue to absorb more advice from those with credit profiles I hope to achieve.

Here is my current credit profile:

CH7BK Filed 09/09; DC 12/09

Car loan - $7,800

Student Loans (Grad Student) - $140K -- No more loans -- Company pays for classes until graduation

AMEX - $8k balance on $10k CL

Capital One CC x2 - $1500 CL
First Premier CC x2 (Closing)

NFCU CC - $2kCL 

Macys/Old Navy CC - No balance. Only use for member rewards

I'm also an AU on two of my dad's CCs total CL of $30k

I do have a few baddies -- 2 collection accts reported 2015; 1 paid/closed (Credit Control Corp) and the other I'm trying to PFD. Lates -- Merrick updated 10/16 with over 120 late after being closed for over 3 years!! Trying to get that deleted. 2 lates from First Premier in 2015 (literally 2 days past 30 day mark) and 1 late from CapOne in 2013. 

I'm nowhere near perfect but I've paid everything on time and in full for almost 2 years on all accounts. My scores were up in the low 600s 2 weeks ago before a FORD dealership pulled my credit 20 times and my AMEX hasn't updated from my last payment... I didn't purchase the car once we couldn't negotiate a better loan amount and rate. 

I really want to join the garden this summer but before I do, I'd love to see my CLs increase and add NavCheck.AMEX will be paid off before summer and my car will be paid off before the end of the year... Should I do anything else to get my scores up? I'm hoping to reach 700s this year but once my scores fell below 600s, I'm not sure that'll happen. Use and pay off all cards. I'm trying to manage all debt this year so I can potentially purchase a home next year... 

How do I get more purchasing power? I make decent money but my credit doesn't reflect my hard work or efforts ...Help, oh knowledgable ones! 

---

The right credit mix is 3 credit cards (which you have) and an installment loan (which you also have). You can request CLI's on yur Cap1 cards if you haven't done so recently.

Once you pay off your AMEX that will help your UTIL rate.

You could try goodwilling the lates?

I wonder if you could dispute all the inquiries depending on how they are reporting.