i'm new here everyone trying to get my credit up a 100 points God Willing!!

[josemercedes1986]

Hi Everyone

I'm New to this Website i suscribe a few days ago i'm trying to build my credit at least 100 points so i can get a car. because my credit score is not Good.  i used credit karma to check my score but i know is buggy and useless at times. right now is 565 i'm trying to get to at least 100 God willing By april.  or maybe more i haven't use the all 3 major credit yet. to see my real credit score. once i'm ready to get a vehicle i want to print it out and check it out. and Go with A mindset. my history is i used to be a co-sign for auto loans but both are paid off not too far apart and i haven't see no update yet and i also have unsecured credit card a capital one mastercard off 300 dollars. that i'm using to build my credit just got it 3 months ago. to be exact. and my biggest issue which i think is holding my credit score to go up is my close bank of america that i max out a few years ago but i only have 700 dollars to finish paying it off. and i don't miss a payment and either credit card both get paid on time but i really want to try to paid off my Bank Of america as soon as possible. any help please that i could get from here would be amazing please. 

[ktl72455]

Have you pulled your Free Yearly credit reports from annualcreditreport.com to see what all is listed on all 3 credit bureau's?  Credit karma only shows Transunion.

Here is a link where you can look on your Experian Credit report. no score, but will give you insight.

http://creditmonitoring.target.com

Your capital one card is pretty new and as it gets older, your score will go up, I think at 6mo or a yr they might do a auto credit limit increase based on your credit profile so its good to look over things now for that and a auto loan to see if there is anything negative showing on your credit reports.

[josemercedes1986]

Thank i used to be the co-signed for 2 car loans and both car loans are paid off already but if i go to a dealer they will still see that the cars are still there. i wa wondering  how long will it show to the credit bureau that both car are paid off already? i still paying a close out visa card for from bank of america i'm hoping my credit will go up once i finish paying that credit card too.

[Shogun]

Who knows, you may already be there.  My CK score has been over 100 points lower than my FICO scores.

[ktl72455]

My CK is also lower than my TU fico score.  Pull the reports and you will find out. Auto Loans are like everything else, they update monthly.

Also Credit Karma only updates once a week.

[nma851]

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@josemercedes1986 wrote:

Hi Everyone

I'm New to this Website i suscribe a few days ago i'm trying to build my credit at least 100 points so i can get a car. because my credit score is not Good.  i used credit karma to check my score but i know is buggy and useless at times. right now is 565 i'm trying to get to at least 100 God willing By april.  or maybe more i haven't use the all 3 major credit yet. to see my real credit score. once i'm ready to get a vehicle i want to print it out and check it out. and Go with A mindset. my history is i used to be a co-sign for auto loans but both are paid off not too far apart and i haven't see no update yet and i also have unsecured credit card a capital one mastercard off 300 dollars. that i'm using to build my credit just got it 3 months ago. to be exact. and my biggest issue which i think is holding my credit score to go up is my close bank of america that i max out a few years ago but i only have 700 dollars to finish paying it off. and i don't miss a payment and either credit card both get paid on time but i really want to try to paid off my Bank Of america as soon as possible. any help please that i could get from here would be amazing please. 

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First off, WELCOME jose -  glad to have you hear & you're in good hands.  The folks on this forum DO go above & beyond to help us .  

Gotta say you're doing everything right & I'll also say I'm personally proud to hear of your rebuilding plans.  At a 565, while not a true FICO score, and as others have stated, have you had a chance to get all your CR's to look them over?  You MUST find all the baddies & make a plan if they exist as well.  I didn't see any remarks about any baddies so I'll assume, for now, that you have none.  

Having a CC with a balance that is closed (the BOA Visa) is not helping you at all right now - that is lowering your score as your utilization is at 100% since your CL is not taken into account on closed accounts.  If that account were still open, it would be factored into your UT & likely be much lower, thus raising your score.  However, you may not have had a choice with the BOA closure w/balance.  Your score is basically saying "Hey there is a balance with no credit available which equals 100% usage whether the balance is $50 or $5,000".  I would almost lay money that after paying that off, ASAP as you state you are doing, you'll see that score go up.  Has BOA had any lates or did you just close this w/balance on it?  If the latter, you're UT will plummet down once it is paid & score go up respectively.  Sure it was a mistake in hindsight but we've all made mistakes - especially when we do not know.  Lord knows I've made my fair share!!  There are MANY MANY factors going into a score & if you have not done so already, there are MANY great articles, posts, & discussions about what makes up your score courtesy of the folks here.  You may be surprised at what you do and do not know - I sure was!!!

Nonetheless, you've more/less answered your own question too about why your score is lower & I don't say that sarcastically at all - honest!  Between the high UT from that closed account, the UT from the $300 Cap one (Is this $300 your CL or BAL?), your UT is likely 100% still as of right now.  Assuming that $300 is your CL, and assuming you have no balance on it, your UT still = 100%+ since there is no available credit other than the Cap One to offset it.  Even then, the CL on the Cap One is insufficient to be below 100% UT if I am understanding your Post correctly.  You would need a TL with a limit of at least $800 to be below 100% UT since your total balance is higher than your available CL's.  If you have a balance on the Cap One, your UT is still 100%+.  Scenario #2:  Assuming $300 is the balance and NOT the CL on your Cap One, do you have the ability/sufficient available credit to transfer the BOA balance over or a combination of transferring/paying?  Obviously you don't want to do this if you have a low CL on the Cap One, i.e. "max it out" either; you'll just be switching one out for the other but at least it will be an open account so your UT will be calculated properly (well, not properly but much better depending on the CL/BAL/UT w/Cap One).  Hopefully this makes a bit more sense by using numbers from your actual situation.  

Until you're able to PIF that BOA, you're going to be a bit "stuck" per se at the 100% UT mark which is killing your score - but from what I've learned, unless I am wrong which is possible, that closed BOA w/balance still is what is hurting you the most along with a 3-month old TL w/Cap One (new account factoring in).  

My apologies if I am redundant at all; just trying to shed some more light so the OP can form a consensus. 

[HigherFico]

Well said...

Pay off that BofA right away.

[HigherFico]

Congrats on rebuilding. I just started as well.

[josemercedes1986]

no apologies at all my credit score had gone up 15 pts  since last month also went up 5 more points, everytime that i paid in full my capital one mastercard and i don't used it for 2 days the score goes up, so i'm hoping i'm going in the right direction about my Bank Of america VS card that is close out God Willing i will try my best too finish paying it either this month or at the beginning of next month. i'm doing my best to finish paying it off because. i really think that close out credit card that i max out when i was young. is what killing me. But God willing is that just one credit that was killing. my mastercard capital one once i got accepted into that i treat that one like is my baby i do use for small things because is 300 dollars is not that much. and so far i like it that way at the moment i'm sure capital one will get it up because i'm excellent paying that credit card.

 i'm hoping for 700 credit score by april and be able to buy a car that why i haven't buy a vehicle and i really want to be the buyer this time instead of the co-signer 

and Thank you So much !!

[Lasardo]

When you reach the 6 month mark with your Cap1 card you will indeed see a jump in your score.  I opened (2) Cap1 cards and  after paying  on-time for 6 months I saw a 40 point jump (approximately). I also send $50 a month to continue to raise my credit line..think of it as savings. 

As suggested it really is important to pull your reports to get a exact credit score.  MyFico will give you a discount if you call them directly (for details: PM me), Experian.com will give  you 7 days plus a break  down of everything on your report free then you can  cancel it within 7 days and will not have to pay anything, Transunion will do the same but myfico is going to give you the most accurate score. 

In addition to the secured cards have you thought about all those people you were a co-signer for returning the favor?  What I mean is that you more than likely need availible credit at your disposal or maybe you do not have a very long credit history, right?  The resolution to this is if someone you are close to (family/friend) can add you as an authorized user to their credit card, they need not give you a card either so there is no threat that you will use the card for purchases only a means to build credit.  If they have say $10k in availible credit that becomes YOUR availible credit, 20+ years of good credit history = your 20+ years of  good credit history. 

When I started to rebuild my BF applied for a AMEX with a 10k credit line, he added me to the account as a authorized user...that day I received an alert that my score went up 30 points!  Next I needed credit history so he added me to his wells Fargo....15 more points. Keep in mind once they remove you as an AU you lose what you gained but this may be exactly what you need to buy  a car.. Ask someone to add you temporarily until after you buy a car.   If you go to buy a home or car they will include the payment in your debt-to-income which states you are paying the minimun when you are not ..the primary card holder is, to resolve this issue is to have the primary send thier bank statements showing they are making  the payments.  I just  bought a house recently this is how we resolved my high debt to income. 

Also: take a second to read through my last post about "credit builder information" for Lasardo.  I just bumped it so if you page down topics you should find it, otherwise enter it in the search box you should find it.  Credit  Builders are an amazing way to build credit while saving money and are listed as installment loans which are worth more than credit cards using the Fico scoring system. Mine gave me about 30+ points...I went from 554 to 728 in exactly a year and removed 27 items, 2 judgments and 6 inquiry's AND just closed on my first house..I practically memorized the FCRA.. I am not bragging ..well, kinda ha ha, but I want you to know if you have ANY questions during your rebuilding period I would be more than happy to help out, you can PM me anytime. Good luck! Lasardo