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Wish i would of known..

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Bleety17
Regular Contributor

Wish i would of known..

That two old charge off CCs from 4 years ago were still affecting my Revolving credit. I just assumed as soon as they were charged off that it

wouldnt affect it anymore. So sad to find out im at 149%  :/ No wonder i havent been able to get another CC. My scores now are TU 547 and EX 552

 

How big of a jump should i expect to see once both are at a 0 balance at the end of the month?

USAA Mastercard-$2000 USAA Visa-$2000 USAA SC-$600 NFCU-$12500 Walmart-$3500 BestBuy $1000 Navcheck 3000



Message 1 of 11
10 REPLIES 10
guiness56
Epic Contributor

Re: Wish i would of known..

I would say a good bump.  Do you have any more revolving besides those 2 COs?

Message 2 of 11
twall06
Frequent Contributor

Re: Wish i would of known..

Get a secured card if you do not already have one. I had several charge offs paid them all off and my score all went up as soon as i got my secured card.

Message 3 of 11
Bleety17
Regular Contributor

Re: Wish i would of known..

Nope. Only 1 auto loan. Jeeze does this make me feel dumb! I would of paid these off YEARS AGO.

 

Im assuming i need some type of revolving credit though. I will be getting the USAA Secured credit card this month as well.

USAA Mastercard-$2000 USAA Visa-$2000 USAA SC-$600 NFCU-$12500 Walmart-$3500 BestBuy $1000 Navcheck 3000



Message 4 of 11
js0319
Established Contributor

Re: Wish i would of known..

It depends on what else is affecting your credit score. I had two CO's that were affecting my score, in addition to multiple collections. When I paid one of them off, it drastically reduced my utilization from over 150% to less than 60%, but I only experienced an increase of 10 or 15 points (I forget exactly how much). YMMV.


AMEX PRG - NPSL I AMEX Everyday Preferred - $34.8k I Capital One Venture - $20k I Chase Sapphire Preferred - $25.5k I Chase Southwest Rapid Rewards Premier - $20.7k I Barclay Arrival + - $10k I Capital One Quicksilver - $10k I NFCU Flagship Rewards Visa Signature - $15k I NASA FCU - $10k I Texell FCU Visa - $5k I Chase Freedom - $9.9k I Citi Double Cash - $7.8k I Discover IT - $5k I NFCU CLOC - $15k I Total Unsecured Credit - $188,700

EQ FICO - 714 (5/24/16) I TU FICO - 772 (5/24/16) I EX FICO - 770 (5/24/16)
Message 5 of 11
Bleety17
Regular Contributor

Re: Wish i would of known..

going from 149 to 0 i would think at least 30 points or more..

 

But would going down to 0 instead of 7-9 percent be worse?

USAA Mastercard-$2000 USAA Visa-$2000 USAA SC-$600 NFCU-$12500 Walmart-$3500 BestBuy $1000 Navcheck 3000



Message 6 of 11
tooleman694
Valued Contributor

Re: Wish i would of known..

You are gonna see a huge jump.

Message 7 of 11
guiness56
Epic Contributor

Re: Wish i would of known..


@Bleety17 wrote:

That two old charge off CCs from 4 years ago were still affecting my Revolving credit. I just assumed as soon as they were charged off that it

wouldnt affect it anymore. So sad to find out im at 149%  :/ No wonder i havent been able to get another CC. My scores now are TU 547 and EX 552

 

How big of a jump should i expect to see once both are at a 0 balance at the end of the month?


Just curious.  You have your scores listed as TU and EX.  Would you happend to mean EQ?  EX hasn't sold their score to the consumer since Feb 2009.

Message 8 of 11
igids1
Regular Contributor

Re: Wish i would of known..

Does this apply to anything that is charged off, or just credit cards?

 

For instance I have a school reporting a charge off with a past due balance, is this factoring into my utilization? 

Message 9 of 11
Bleety17
Regular Contributor

Re: Wish i would of known..

Just credit cards and line of credit I believe..

Sorry I meant EQ didn't mean to put Experian.
USAA Mastercard-$2000 USAA Visa-$2000 USAA SC-$600 NFCU-$12500 Walmart-$3500 BestBuy $1000 Navcheck 3000



Message 10 of 11
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