where do I go from here

[vader77]

Hello all, been reading on the forums for a while and finally decided to as a question.  Been working on repairing my credit for a year or so, here is where I'm at:

I've had a lot of success getting items deleted - Removed - Berks Credit and Collections, Professional Account Management, Universal Collection Services, HSBC,  2 Judgements and a Tax Lien.\

I have added USAA Secured AMEX 4500, Cap One Secured $1000 and First Premier and Orchard, Both $300.  All 4 are Maxed out right now but will be paid off completely in Jan.

Baddies - Bankruptcy on home - discharged 4 yrs old and 2 Charge offs, HSBC and Cap One - both paid, both 4 yrs old.  Tried like heck to get them off and they wont budge.  Also have a bad Auto loan that was in collections but fully paid it off.

I have seen some success in raising my scores - 523 to 611 but thats it. 

Here are my questions - (1). will I see any score improvement when all the balances show zero on the 4 cards?  (2). I have a really good income and could afford to raise the limits on the USAA AMEX and the Cap One secured, will that help any? if so, how much should I raise them? (3) I have a current car loan from Santander, had it 3 years all good except for 2  30 days late 2 years ago, this is not reporting on my TU score (which is my best score)  If I tell TU to report this one will it help or hurt.

Thanks!

[vader77]

Sorry, above should read USAA secured AMEX $500, not 4500.

[annielorie]

Credit utilization is 30% of your fico score so get all your cards to zero except one and let that REPORT less than 9% for best scoring.  Raising your credit limits will help with your utilization and hopefully you can keep it under 25% and not let them max out again, creditors get nervous when you hit your limits and sometimes do a financial review.  I would make 2 payments between now and January not just one lump on a card as not to set off their internal bells on your accounts.  Good will those santander lates to death quite literally when u get then removed then have TR report the tradeline. Hope that helps

[Jutz]

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@vader77 wrote:

Hello all, been reading on the forums for a while and finally decided to as a question.  Been working on repairing my credit for a year or so, here is where I'm at:

I've had a lot of success getting items deleted - Removed - Berks Credit and Collections, Professional Account Management, Universal Collection Services, HSBC,  2 Judgements and a Tax Lien.\

I have added USAA Secured AMEX 4500, Cap One Secured $1000 and First Premier and Orchard, Both $300.  All 4 are Maxed out right now but will be paid off completely in Jan.

Baddies - Bankruptcy on home - discharged 4 yrs old and 2 Charge offs, HSBC and Cap One - both paid, both 4 yrs old.  Tried like heck to get them off and they wont budge.  Also have a bad Auto loan that was in collections but fully paid it off.

I have seen some success in raising my scores - 523 to 611 but thats it. 

Here are my questions - (1). will I see any score improvement when all the balances show zero on the 4 cards?  (2). I have a really good income and could afford to raise the limits on the USAA AMEX and the Cap One secured, will that help any? if so, how much should I raise them? (3) I have a current car loan from Santander, had it 3 years all good except for 2  30 days late 2 years ago, this is not reporting on my TU score (which is my best score)  If I tell TU to report this one will it help or hurt.

Thanks!

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Yes, you will see a gigantic bump from lowering your UTIL from 90%+ to <9%

[vader77]

Thanks for the input.  I did not realize that a lump sum payment may raise suspision.  Thanks again!

[Jutz]

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@annielorie wrote:

Credit utilization is 30% of your fico score so get all your cards to zero except one and let that REPORT less than 9% for best scoring.  Raising your credit limits will help with your utilization and hopefully you can keep it under 25% and not let them max out again, creditors get nervous when you hit your limits and sometimes do a financial review.  I would make 2 payments between now and January not just one lump on a card as not to set off their internal bells on your accounts.  Good will those santander lates to death quite literally when u get then removed then have TR report the tradeline. Hope that helps

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What internal bells?  I'm wondering what risk you're seeing in that.  Sudden ability to pay so they close the line while they have the chance?

[annielorie]

THe internal bells are that often when you pay in lump sums amounts that have run up cc often to a cl decrease. Dont know why but if youve read as many posts as I have in the past year you would see the pattern.  Maybe they think money laundering.

[Jutz]

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@annielorie wrote:

THe internal bells are that often when you pay in lump sums amounts that have run up cc often to a cl decrease. Dont know why but if youve read as many posts as I have in the past year you would see the pattern.  Maybe they think money laundering.

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K I got ya.  I was trying to figure out if you meant FICO or the CCC.  Yeah if I were an opportunistic CCC and saw a potential high risk customer all of a sudden PIF I might take that time to CLD or close

[annielorie]

psst wish I had enough money to be even considered for the stealth of money laundering LOL