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wow, it's worse than I thought

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remethy
New Contributor

wow, it's worse than I thought

I knew my credit was not good....creditkarma FAKO 625.  So tonight I bit the bullet and ordered scorewatch.  My real fico is 539.  OUCH.  Smiley Embarassed

 

The good news:

-my one and only collection is gone!  I was promised PFD over the phone a couple weeks ago, paid, and they deleted.  Yay!

-according to the simulator, I can definitely get myself up to 700 in the next 12-18 months, which is when I hope to buy a new house. 

 

The big things I need to do:  1) catch up my currently delinquent mortgage.  I'm expecting to have the $ I need to do that, within the next month.  That alone should get me to 600.  2) pay off 90% of my credit cards.  I should be able to do that over about 6-9 months.  And then just keep paying things on time.

 

I have some lates that I was hoping to GW away, but even if I can't, it looks like I can get where I need to be by spring/summer of 2014.  Which is good, because most of my lates are student loans, and I hear they're probably not going away no matter how hard I GW.

 

So how good is the simulator?  Is it pretty on target? 


Starting Score: EQ 539
Current Score: EQ 648, TU 617, EXP 623
Goal Score: 700 by 2/2014


Take the myFICO Fitness Challenge
Message 1 of 14
13 REPLIES 13
ashdawg143
Member

Re: wow, it's worse than I thought

Thats nothing. First, creditkarma is a FAKO, and is based on your Transunion Report. Myfico is legit, and is based on your Eq report. When I started I was 505. Tonight, I puff my chest out proudly at 660!!! For me, this is the equivalent of climbing mount everest barefoot!

 

The simulator is useless

Message 2 of 14
guiness56
Epic Contributor

Re: wow, it's worse than I thought


@ashdawg143 wrote:

Thats nothing. First, creditkarma is a FAKO, and is based on your Transunion Report. Myfico is legit, and is based on your Eq report. When I started I was 505. Tonight, I puff my chest out proudly at 660!!! For me, this is the equivalent of climbing mount everest barefoot!

 

The simulator is useless


Actually, myFICO has both TU and EQ FICO scores.

Message 3 of 14
rckstrscott
Valued Contributor

Re: wow, it's worse than I thought


@remethy wrote:

I knew my credit was not good....creditkarma FAKO 625.  So tonight I bit the bullet and ordered scorewatch.  My real fico is 539.  OUCH.  Smiley Embarassed

 

The good news:

-my one and only collection is gone!  I was promised PFD over the phone a couple weeks ago, paid, and they deleted.  Yay!

-according to the simulator, I can definitely get myself up to 700 in the next 12-18 months, which is when I hope to buy a new house. 

 

The big things I need to do:  1) catch up my currently delinquent mortgage.  I'm expecting to have the $ I need to do that, within the next month.  That alone should get me to 600.  2) pay off 90% of my credit cards.  I should be able to do that over about 6-9 months.  And then just keep paying things on time.

 

I have some lates that I was hoping to GW away, but even if I can't, it looks like I can get where I need to be by spring/summer of 2014.  Which is good, because most of my lates are student loans, and I hear they're probably not going away no matter how hard I GW.

 

So how good is the simulator?  Is it pretty on target? 


Don't trust the simulators. Learn how everything impacts your scoring and simulate it in your mind. It works better in my opinion.

 

And to respond to the previous poster Ashdog who said 'it's nothing', you need to remember that YMMV. I understand you were stating that to be supportive, and to showcase that scoring movement can happen fast. But this situation, and all situations are different. While there aren't many negative factors listed by the OP, the truth is, if those mortgage late payments are of the 90 and 120 day variety, that is bad news.

 

OP, what type of late payments are showing for the mortgage? 90 and 120 day late payments are not only FICO killers, they are FICO destroyers... If you have multiple 90 or 120 day lates, your dream of pusing 600 soon might be a stretch.

 

Now, if you have 30 day lates, and you pay your util down, you could be in good shape. It really depends on how your mortgage is reporting.

 

-scott

 

 

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
Message 4 of 14
Shogun
Moderator Emeritus

Re: wow, it's worse than I thought

My first Equifax pull was about 2 years ago and was 504.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 5 of 14
remethy
New Contributor

Re: wow, it's worse than I thought

the mortgage lates are 60 day except for one 90 day.  I was paying monthly to keep it from going any worse than 60 days, and unfortunately the customer service person on the phone wrote my checking account # down wrong.  November's payment failed to go through, and it went to 90 days.  By the time I found out it was too late to resubmit the payment.  Smiley Sad  I paid 2 payments the following month to get back to 60 and have kept it there.  This month I'm going to be able to make it current.   I'm going to beg and grovel and try to goodwill away the 90, since it was their mistake. 

 

Is there hope?  Or is that one 90 going to kill me? 


Starting Score: EQ 539
Current Score: EQ 648, TU 617, EXP 623
Goal Score: 700 by 2/2014


Take the myFICO Fitness Challenge
Message 6 of 14
fishbjc
Senior Contributor

Re: wow, it's worse than I thought

That 90 day is brutal,  my dh has two 120's....so I feel your pain!Smiley Sad  The good news is....everyday there is something new to learn, so applying that knowledge is important.  The rest is just a waiting game. 

 

Keep trying to GW that 90 day away.  Eventually one person may say YES!!!!

Message 7 of 14
Crossdivided
Established Contributor

Re: wow, it's worse than I thought


@Shogun wrote:

My first Equifax pull was about 2 years ago and was 504.


pffft...EQ FICO first pull 437 -FLEX-

 

JK...

 

Yeah the simulators arent accurate. I agree with Scott, youre better off learning the FICO model basics yourself. Theres plenty of detailed info out there on the net. Start with what effects FICO the most. Good place to start is how FICO weighs the factors in the score:

35%: Payment history (ie lates)

30%: Credit utilization (ie the perfect all 0 bal and 1 at 9% you always see talked about)

15%: Length of credit history (ie AAoA)

10%: Types of credit used (ie mix)

10%: Recent searches for credit (ie hard inquiries)

 

 

Message 8 of 14
dddewdrop
Valued Contributor

Re: wow, it's worse than I thought

Ya i have a baddy on mine where I got 90 days behind on a credit card and stayed 90 days behind for like a year so I have month after month alftl fer month of 90 days behind or more. This all ends in late 2011 so not very long ago when.  I settled for less than the amount owed. I am trying to GW that one away. I started my credit repair journey about a month ago by looking at my fako scores on creditkarma and they were 714 and 647.  I got a some real fico scores finally now and they were waaay lower as my sig shows so I feel your pain. I think I got hurt a little from recent inquiries but at least I have started my journey and am turning things around.

Message 9 of 14
remethy
New Contributor

Re: wow, it's worse than I thought

Here is what I have and my plan:

 

1) Mortgage (Wells Fargo) - currently 60 days late.  Bring this current by the end of March.  Request GW removal of the 90 day late from November where they processedmy payment wrong.  Pray.  GW some more.  Pray some more.

2) Car loan with Nissan Motor Acceptance - 30 day late in November 2012.  GW request sent, will keep trying on that.  Have a perfect payment record on this for 3 years,  except that one month, so maybe they will take pity on me.

3) BoA card, 2500 CL, maxed out.  Pay this off in June and keep it paid off.

4) MC from credit union, 10,000 CL, balance 8900.  Pay down to < 10% of CL by end of summer and keep it below that level.

5) will try to get another card around October if all is going well - maybe Walmart card for the FICO score.  Will use it minimally and pay off monthly.

6) keep paying things on time and hope to be to a decent score by June 2014 to try to buy a new house then.

 

I have no collections, chargeoffs, or judgements.  I have 22 positive accounts.  My only other lates are old student loan lates, dating back to 2010 and 2008.  These are due to me not turning in paperwork to renew my forbearance on time.  Stupid me.  I thought about GW for these.  But in looking over the history, I suspect that if they combed their files they might find a couple of other months they could change to late that are currently showing as ok.  So I think trying to GW these might just be poking a sleeping bear.  I think I will leave them alone for now.

 

Does this sound like a reasonable plan?  Is there something I should do differently?

 


Starting Score: EQ 539
Current Score: EQ 648, TU 617, EXP 623
Goal Score: 700 by 2/2014


Take the myFICO Fitness Challenge
Message 10 of 14
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